Mar 202021
 
 March 20, 2021  Posted by at 9:01 am Finance Tagged with: , , , , , , , , ,  26 Responses »


Gilles Mostaert Sodom and Gomorrah 1597

 

Joe Biden’s Dire Opening Chapter On The World Stage (Kimball)
Biden And Blinken’s Unprovoked Attacks On Russia And China Backfire (Ritter)
SecDef Austin Warns North Korea: US “Ready To Fight Tonight” (ZH)
Moscow Snubs Biden At UN, Only Sends Junior Diplomat To Virtual Summit (RT)
Putin Challenges Biden To Stair-Climbing Contest (BBee)
Erdogan Says Biden Comments On Putin ‘Unacceptable’ (R.)
Erdogan Fires Second Central Bank Chief In 4 Months (ZH)
Fauci Claims Babies, Toddlers Need To Be Vaccinated For Herd Immunity (SN)
Drugmakers Promise Investors They’ll Soon Hike Covid-19 Vaccine Prices
ONS Admits Ignoring Manufacturer Instructions in PCR Testing (LDS)
The ‘Independent’ Report Claiming Uyghur Genocide (CN)
UK Government Borrowing Hits February Record (BBC)
Toxic Chemicals, Plummeting Sperm Counts, Shrinking Penises (Erin Brockovich)

 

 

 

 

 

 

“I am not sure whether air-sickness bags were deployed. It was Alaska, after all, so maybe they just opened the window.”

Joe Biden’s Dire Opening Chapter On The World Stage (Kimball)

Consider, to take a very recent example, the exchange between the United States secretary of state, Antony Blinken, and the Chinese director of the Office of the Central Commission for Foreign Affairs Yang Jiechi, known to admirers and lackeys as ‘Tiger Yang’. The venue was Anchorage, Alaska, where Messrs. Blinken and Yang, along with assorted colleagues and retainers, met for a free and frank exchange of views. On the run up to the meeting, Blinken talked tough. ‘This is an important opportunity for us to lay out in very frank terms,’ he said, ‘the many concerns we have with Beijing’s actions and behavior that are challenging the security, prosperity and values of the US and our allies.’ Very frank. It was the first high-level meeting between members of the Biden administration and their Chinese counterparts. To say that it was a public relations disaster for the US is to understate the case.

Blinken and his sidekick, Jake Sullivan, a Hillary Clinton factotum who is now national security adviser, sat down to read China the riot act. It was not a success. Blinken emitted carefully polished clichés about our ‘deep concern’ over Chinas actions with regard to Hong Kong, Taiwan and other hot spots, its bullying of various European countries, and its campaign of cyber attacks against the US. This behavior, said Blinken, consulting that great compendium of diplomatic nostrums he learned in school, threatens ‘the rules-based order that maintains global stability’. I am not sure whether air-sickness bags were deployed. It was Alaska, after all, so maybe they just opened the window. Yang, speaking through a translator, shot back: ‘You can’t blame this problem on somebody else.’ Blinken went on to say that now, under Joe Biden, the United States was ‘back’ (where did it go, Tony?) and was ‘reengaging’ with its allies on the world stage.

Here’s where that short imperative I mentioned came in. The United States, said Yang, in one of the most dismissive diplomatic rejoinders I have ever heard, does not have the ‘qualifications’ to address China ‘from a position of strength’. F, my dear Blinken, you. [..] The Anchorage outrage was not an isolated incident. On the contrary, though it is early days yet in the Biden-Harris (or Harris-Biden) administration, a pattern of contempt for America and its leaders seems to be taking hold. In the course of a ‘what-flavor-is-your-milkshake’ valen- er, interview with George ‘I <3 Hillary’ Stephanopoulos, Biden was asked if he thought Russian president Vladimir Putin was a ‘killer’. He answered yes, in response to which Putin said he wished Biden the best of health and suggested they livestream a debate. Can you imagine what that would be like?

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It’s not fully impossible that they got what they wanted.

Biden And Blinken’s Unprovoked Attacks On Russia And China Backfire (Ritter)

In attacking the moral character of Russia’s president and China’s human rights record, the Biden administration opened the door for a critical examination of America’s own troubled history.President Joe Biden has defined his administration with the mantra of “America is back,” hinting at a return to what he and his supporters believe to be the halcyon days of President Barack Obama’s two-term tenure as president, as well as a sharp departure from the policies and practices of the man who usurped Hillary Clinton’s bite at the presidential apple, Donald Trump. In an effort to “build back better,” as Biden is wont to exclaim, his administration has embraced an ambitious agenda that aggressively seeks to both promote and install America as the world’s indispensable nation.

And yet, in the span of less than 24 hours, the president and his primary foreign policy advisor, Secretary of State Antony Blinken, managed to undermine the very policies they sought to promote through a combination of narcissistic posturing and plain diplomatic incompetence. By labeling Russian President Vladimir Putin a “soulless killer,” Biden put US-Russian relations in their worst posture since the Cold War. And Blinken, during the Biden administration’s initial meeting between the US and China, managed to unleash the ire and rage of Beijing by forgoing any pretense at diplomatic norms and aggressively calling out China on a host of issues which touched upon its sovereignty. The collapse of what passed for a coordinated position of diplomatically confronting both Russia and China has left the US scrambling to navigate through the detritus of its own policy shipwreck.

[..] If Biden and Psaki believed that US-Russian relations would return to square one following Biden’s undiplomatic insult, Putin quickly put that notion to bed. “The US authorities in general seek certain relations with us but only in areas the US is interested in, and on their own terms,” Putin said. “They think that we are just like them but we aren’t. Our genetic, cultural and moral codes are different. However, we know how to protect our interests. We will work with them [the US], but only in areas we are interested in and on terms we find favorable. They will have to take it into account, despite attempts to stop our development, sanctions and insults. We will be guided by our national interests when boosting relations with all countries, including the United States,” he concluded.

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The plan: Biden does Putin, Blinken does China, Austin does North Korea. Coincidence?

SecDef Austin Warns North Korea: US “Ready To Fight Tonight” (ZH)

In an unusually blunt threat and warning even for the Pentagon, Secretary of Defense Lloyd Austin said that US forces are ready to “fight tonight” in comments aimed at North Korea after an angry Pyongyang denounced the resumption of joint military exercises between the US and South Korea. “Our force remains ready to fight tonight, and we continue to make progress toward the eventual transition of wartime Operational Control to a [Republic of Korea]-commanded, future Combined Forces Command,” Austin said on Thursday.

He issued the words from Seoul at the tail end of his Asia trip this week alongside Secretary of State Antony Blinken and South Korean leaders. Secretary Blinken had continued his denuclearization of the peninsula message, saying, “We are committed to the denuclearization of North Korea, reducing the broader threat the DPRK poses to the United States and our allies, and improving the lives of all Koreans, including the people of North Korea who continue to suffer widespread and systematic abuses at the hands of their repressive government.”

Pyongyang on Thursday slammed what DPRK first vice foreign minister Choe Son Hui called a “lunatic” and “hostile” policy. The senior North Korean diplomat said of the question of denuclearization talks that there will be no contact with Washington “unless the US rolls back its hostile policy towards the DPRK.” She said further: “Therefore, we will disregard such an attempt of the US in the future, too.” The “new regime” in the US, she added, had only put forward a “lunatic theory of ‘threat from north Korea’ and groundless rhetoric about ‘complete denuclearisation'”. The Biden administration has reportedly been attempting to reach out to the North via various diplomatic channels since mid-February, but to no avail.

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“Russia’s diplomatic mission was the only one that did not send its top figure to greet the American president.”

Moscow Snubs Biden At UN, Only Sends Junior Diplomat To Virtual Summit (RT)

Russia was the only nation that refused to send its top UN representative to talks with US President Joe Biden on Thursday, electing instead to dispatch a junior envoy, as a diplomatic row between Moscow and Washington worsens. President Biden had invited permanent representatives from the United Nations Security Council, on which Moscow has continuous representation, to discuss his country’s “commitment to values-based global leadership.” In addition, the president called for action on crises in regions across the world, including Myanmar, Ethiopia, Syria, and Yemen. However, Dmitry Polyanskiy, second-in-command to Russia’s permanent representative, Vassily Nebenzia, confirmed on Friday that neither had attended the meeting.


Instead, he revealed, Anna Evstigneeva, one of three more junior deputies, had joined the talks with Biden in their place. She reportedly made no remarks. RIA Novosti reports that Russia’s diplomatic mission was the only one that did not send its top figure to greet the American president. The decision comes amid a week in which Biden and his Russian counterpart, President Vladimir Putin, have traded barbs in the press. In an explosive interview with ABC earlier this week, Biden was asked whether he thought Putin was a killer. “Mmm hmm, I do,” Biden replied. On Thursday, the Russian leader responded, arguing that judging other countries is often “like looking in a mirror.” “When I was a kid, when we were arguing with each other in the playground, we used to say, ‘Whatever you say [about others] is what you are yourself,’” Putin said.

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“The winner of the contest will gain control of the other country.”

Putin Challenges Biden To Stair-Climbing Contest (BBee)

Vladimir Putin has challenged Joe Biden to a contest of wits, strength, and cunning: a stair-ascending contest. The winner of the contest will gain control of the other country. “Stair-ascending contest, me and you, right now, let’s go,” said Putin as he met with the American president. “He who wins become supreme glorious leader forever of other puny weak man.” Biden agreed to the contest, though it wasn’t clear he knew who this man was or where they were. “3… 2… 1… climb!” shouted the referee before firing off a pistol. Biden got off to a rocky start as he was startled by the gunshot and scurried off in the wrong direction. Putin, meanwhile, just walked up the stairs.


Biden started gaining on him as his handlers corralled him and pointed him in the right direction, but he kept falling over and tumbling down the stairs. It all looked good for Russia until Putin had to stop a few times to sign execution papers for journalists who criticized him, squandering his lead. Finally, Biden jumped in a stair lift and started to close the gap, but it was too little, too late, and Putin emerged at the top of the 30-step staircase victorious. Well, thanks to Biden losing the stair contest, we are now part of Russia. We also just want to say that Vladimir Putin is one fine fellow and a fantastic man, and he deserved to win and we welcome him as our new leader for life.

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Easy.

Erdogan Says Biden Comments On Putin ‘Unacceptable’ (R.)

Turkish President Tayyip Erdogan said on Friday that Joe Biden’s comments about Russia’s Vladimir Putin, in which he said he thought he was a killer, were “unacceptable” and unfitting of a U.S. president. In a TV interview broadcast on Wednesday, Biden said “I do” when asked if he believed Putin was a killer, prompting U.S.-Russia ties to sink to a new low. Putin later responded that “he who said it, did it.” “Mr. Biden’s statements about Mr. Putin are not fitting of a president, and a president coming out and using such remarks against the president of a country like Russia is truly unacceptable, not something that can be stomached,” Erdogan told reporters in Istanbul.


“In my opinion, Mr. Putin has done what is necessary by giving a very, very smart and elegant answer,” he added. Ties between Ankara and Washington, NATO allies, have been strained over a host of issues in recent years including Turkey’s record on human rights and freedoms, its acquisition of Russian defence systems and policy differences in Syria. The United States, which along with other western allies has accused Ankara of straying from NATO and the western bloc, last year imposed sanctions on Turkey over the Russian defences. Turkey called that a “grave mistake”.

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Not so easy. Erdogan still wants to control what he can’t.

Erdogan Fires Second Central Bank Chief In 4 Months (ZH)

On Thursday, moments after the Central Bank of Turkey unexpectedly hiked rates by a whopping 200bps – double the consensus expectation – to 19% from 17%, the highest rate since the country’s panicked scramble to contain the collapse of the Turkish lira during the economic turmoil of 2018, we said that “unfortunately for Turkey – whose economy will now grind to yet another halt – it had no choice: inflation had accelerated for a fifth month in February as oil rallied and the impact of last year’s lira weakness lingered, while capital outflows soared. The upward trend fueled expectations the central bank would try to rein in prices by raising interest rates… but nobody had expected a 200 bps rate hike.”

Also in our kneejerk response to the rate hike decision, we said that the relatively new CBRT head, Agbal, “was damned if he did and damned if he didn’t: on one hand the lira was plunging angering Erdogan, so he had to stabilize it… on the other the only way to do so was by hiking rates, which would anger Erdogan even more.” We also quoted from the CBRT’s decision, noting that the bank has decided “to implement a front-loaded and strong additional monetary tightening,” explicitly stating that this “statement is guaranteed to enrage Turkey’s dictator.” Bottom line: Erdogan would be furious either way.

Finally, we quoted SocGen EM strategist Phoenix Kalen who tried to justify the rate hike with some lofty sleight of logic by saying that “in a challenging context of domestic business and political pressure against further interest rate hikes, the CBRT has stepped up to the plate and delivered a resounding home run to underline its commitment to an inflation-targeting framework.” Kalen then said that the move “will go a long way toward bolstering both retail and foreign investor confidence that the CBRT under Governor Agbal will stay engaged in addressing deterioration in inflation expectations.” While we were impressed with Kalen’s attempt to make 5-D chess out of what was basically total chaos, our take was far more cynical Maybe… or maybe it will just force Erdogan to replace yet another CBRT governor.

Two days later, our cynical view proved correct again, because shortly after midnight on Saturday, and just two days after the larger than expected rate hike, Turkey’s President Recep Tayyip Erdogan fired the country’s third central bank governor in less than two years and replaced him with a fan of lowering interest rates. Naci Agbal, Turkey’s former finance minister who was appointed central bank chief last November, was fired by Erdogan and was replaced with Sahap Kavcioglu, according to a decree published after midnight on Saturday in the Official Gazette. Agbal’s abrupt termination is a clear retaliation by Erodgan for last week’s unexpectedly big rate hike, one which does not fit within the absurd confines of “Erdoganomics” whereby lower rates are somehow needed to fight inflation.

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How scary would you like it?

Fauci Claims Babies, Toddlers Need To Be Vaccinated For Herd Immunity (SN)

Dr Anthony Fauci has claimed that in order for herd immunity against coronavirus to be reached in the US, children and even babies will have to be vaccinated. Speaking during a Senate hearing, the chief medical adviser to the Biden administration said “I think we should be careful about wedding ourselves to this concept of herd immunity because we really do not know precisely, for this particular virus, what that is.” “We don’t really know what that magical point of herd immunity is, but we do know that if we get the overwhelming population vaccinated, we’re going to be in good shape. We ultimately would like to get and have to get children into that mix,” Fauci added. Appearing later on CBS News, Fauci outlined plans to vaccinate children as young as six month old babies early next year.


On Wednesday, Fauci dismissed concerns that mRNA COVID-19 vaccines could impact children’s genetics. “We’re going to be looking at multiple aspects of safety,” Fauci told reporters, adding “There is really no biological reason at all to indicate or even predict that you would even see any modification of a genetic profile when you’re dealing with mRNA, which has no way of integrating into the genome of a cell.” Vaccine manufacturers Pfizer-BioNTech and Moderna are both currently running tests of their mRNA vaccines in children. Moderna has also revealed that it has a study underway in children under 12 that will eventually include those as young as six month old babies. CDC figures show that of almost 400,000 US deaths counted as from COVID-19, just 93 were children 4-years-old and younger.

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“As this shifts from pandemic to endemic, we think there’s an opportunity here for us..”

Drugmakers Promise Investors They’ll Soon Hike Covid-19 Vaccine Prices (IC)

THE U.S. pharmaceutical firms behind the approved coronavirus vaccines — Johnson & Johnson, Moderna, and Pfizer — have quietly touted plans to raise prices on coronavirus vaccines in the near future and to capitalize on the virus’s lasting presence. While the companies have enjoyed a boost in goodwill from the rush to develop vaccines, drug industry executives have noted, the public is still sensitive to drug pricing and the reputational risk has, so far, curtailed their ability to reap large financial rewards. But that environment, they hope, will change once the pandemic ends: a date that drugmakers themselves reserve the right to declare. Pharmaceutical officials, speaking at recent conferences and on calls with investors, say they expect the virus will linger, morphing from a pandemic into a perennial endemic.

And as Covid-19 mutations continue to spread and booster shots may be required on a regular basis, leaders from the three companies are enthusiastic about cashing in. “As this shifts from pandemic to endemic, we think there’s an opportunity here for us,” said Frank D’Amelio, the chief financial officer for Pfizer, at a conference. Additional factors, such as the need for booster shots, present “a significant opportunity for our vaccine from a demand perspective, from a pricing perspective, given the clinical profile of our vaccine.” Moderna and Johnson & Johnson have also pledged affordability for their vaccines for the duration of the pandemic but have indicated to investors that they plan to return to more “commercial” pricing as early as later this year.

The vaccines are already poised to be some of the most lucrative drugs of all time. The companies are expecting to bring in billions in profit this year alone, and all the major drugmakers with approved coronavirus vaccines received investments and backorders from government agencies. The U.S. government has fully financed the research and development of several coronavirus vaccines, including those produced by Moderna and Johnson & Johnson, to the tune of over $2 billion. The U.S. has also provided nearly $2 billion in payments to secure doses of Pfizer’s vaccine, which was developed in partnership with BioNTech, a company that received nearly $500 million in development assistance from the German government.

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“..it has been reporting PCR tests as positive when only a single coronavirus gene is detected..”

“Between a quarter and two thirds of positive results were affected..”

ONS Admits Ignoring Manufacturer Instructions in PCR Testing (LDS)

The Office for National Statistics has admitted that in its Covid infection survey it has been reporting PCR tests as positive when only a single coronavirus gene is detected, despite this being contrary to the instructions of the manufacturer that two or more target genes must be found before a positive result can be declared. According to a rapid response in the BMJ this week by Dr Martin Neil, a statistics professor at the University of London, targeting only a single gene in this way massively increases the risk of a false positive because of the possibility of cross-reactivity with other coronaviruses as well as prevalent bacteria or other contamination. Digging into the detail of the methods followed by the lighthouse laboratories which process the tests for the ONS, Professor Neil writes:

“The kit used by the Glasgow and Milton Keynes lighthouse laboratories is the ThermoFisher TaqPath RT-PCR which tests for the presence of three target genes from SARS-COV-2. Despite Corman et al originating the use of PCR testing for SARS-CoV-2 genes there is no agreed international standard for SARS-COV-2 testing. Instead, the World Health Organisation (WHO) leaves it up to the manufacturer to determine what genes to use and instructs end users to adhere to the manufacturer instructions for use. The WHO’s emergency use assessment for the ThermoFisher TaqPath kit includes the instruction manual and contained therein is an interpretation algorithm describing an unequivocal requirement that two or more target genes be detected before a positive result can be declared.

The latest revision of ThermoFisher’s instruction manual contains the same algorithm. The WHO have been sufficiently concerned about correct use of RT-PCR kits that on January 20th 2021 they issued a notice for PCR users imploring them to review manufacturer instructions for use carefully and adhere to them fully. The ONS’s report of December 5th 2020 lists SARS-CoV-2 positive results for valid two and three target gene combinations and the report of December 21st does the same, for samples processed by the Glasgow and Milton Keynes lighthouse laboratories. However, it also lists single gene detections as positive results.” Between a quarter and two thirds of positive results were affected, Professor Neil found.

“Over the period reported the maximum weekly percentage of positives on a single gene is 38% for the whole of the UK for the week of February 1st. The overall UK average was 23%. The maximum percentage reported is 65%, in East England in the week beginning October 5th. In Wales it was 50%, in Northern Ireland it is 55% and in Scotland it was 56%. The full data including averages and maxima/minima are given in.”

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We need more questions for this narrative.

The ‘Independent’ Report Claiming Uyghur Genocide (CN)

The report relies most substantially on the “expertise” of Adrian Zenz, the far-right evangelical ideologue, whose “scholarship” on China has been demonstrated to be flawed, riddled with falsehoods and dishonest statistical manipulation. The reliance on the voluminous but demonstrably fraudulent work of Zenz is not surprising, given that the report was financed by the Newlines Institute’s parent organization, the Fairfax University of America (FXUA). FXUA is a disgraced institution that Virginia state regulators moved to shut down in 2019 after finding that its “teachers weren’t qualified to teach their assigned courses”, academic quality was “patently deficient,” and plagiarism was “rampant” and ignored.

Just days before the Newlines Institute published its “expert” report accusing China of genocide, an advisory board to the U.S. Department of Education recommended terminating recognition of FXUA’s accreditor, placing its license in jeopardy. The Newlines report presents no new material on the condition of Uyghur Muslims in China. Instead, it claims to have reviewed all of “the available evidence” and applied “international law to the evidence of the facts on the ground.” Rather than conducting a thorough and comprehensive review of “the available evidence,” the report restricted its survey to a narrow range of flawed pseudo-scholarship along with reports by U.S. government-backed lobbying fronts for the exiled Uyghur separatist movement. It was upon this faulty foundation that the report applies legal analysis related to the UN Genocide Convention.

Newlines’ report relies primarily on the dubious studies of Zenz, the U.S. government propaganda outlet, Radio Free Asia, and claims made by the U.S.-funded separatist network, the World Uyghur Congress. These three sources comprise more than one-third of the references used to construct the factual basis of the document, with Zenz as the most heavily relied upon source – cited on more than 50 occasions. Many of the remaining references cite the work of members of Newlines Institute’s “Uyghur Scholars Working Group,” of which Zenz is a founding member and which is made up of a small group of academics who collaborate with him and support his conclusions.

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Well, well. Get your MMT at the BBC.

UK Government Borrowing Hits February Record (BBC)

Ultimately, if it’s consistently spending much more than it has in the past, the state has to raise more money in taxes. But the key word there is “ultimately”. There is no urgency to repaying the government’s debt. More urgent are the debts of small businesses and poorer households. Ordinary households rightly fear getting into too much debt because if interest rates rise, lenders can close in and deploy lawyers and bailiffs with all the attendant unpleasantness. But it is profoundly wrong and misleading to infer that it’s like that for governments who issue their own sovereign currency. Unlike households, governments controlling their own currency can borrow without limit money that they have freshly created.


They therefore can’t go bankrupt. Because almost all of the money borrowed by the government in this financial year (by issuing gilts) will be owed to another public sector body, the Bank of England, it’s nothing like a household borrowing from a bank. And in fact, as the government tacitly acknowledged in its recent Budget, it makes sense in the midst of an economic contraction for the government to spend more, not less – not least because other parts of the economy (households and businesses) aren’t spending anything like what they normally would. Without the additional government spending the economic contraction would, without a shadow of a doubt, be worse.

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We’ll defeat ourselves yet.

Toxic Chemicals, Plummeting Sperm Counts, Shrinking Penises (Erin Brockovich)


The end of humankind? It may be coming sooner than we think, thanks to hormone-disrupting chemicals that are decimating fertility at an alarming rate around the globe. A new book called Countdown, by Shanna Swan, an environmental and reproductive epidemiologist at Icahn School of Medicine at Mount Sinai in New York, finds that sperm counts have dropped almost 60% since 1973. Following the trajectory we are on, Swan’s research suggests sperm counts could reach zero by 2045. Zero. Let that sink in. That would mean no babies. No reproduction. No more humans. Forgive me for asking: why isn’t the UN calling an emergency meeting on this right now? The chemicals to blame for this crisis are found in everything from plastic containers and food wrapping, to waterproof clothes and fragrances in cleaning products, to soaps and shampoos, to electronics and carpeting.

Some of them, called PFAS, are known as “forever chemicals”, because they don’t breakdown in the environment or the human body. They just accumulate and accumulate – doing more and more damage, minute by minute, hour by hour, day by day. Now, it seems, humanity is reaching a breaking point. Swan’s book is staggering in its findings. “In some parts of the world, the average twentysomething woman today is less fertile than her grandmother was at 35,” Swan writes. In addition to that, Swan finds that, on average, a man today will have half of the sperm his grandfather had. “The current state of reproductive affairs can’t continue much longer without threatening human survival,” writes Swan, adding: “It’s a global existential crisis.” That’s not hyperbole. That’s just science.

As if this wasn’t terrifying enough, Swan’s research finds that these chemicals aren’t just dramatically reducing semen quality, they are also shrinking penis size and volume of the testes. This is nothing short of a full-scale emergency for humanity. Swan’s book echoes previous research, which has found that PFAS harms sperm production, disrupts the male hormone and is correlated to a “reduction of semen quality, testicular volume and penile length”. These chemicals are literally confusing our bodies, making them send mix messages and go haywire.

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