Mar 202019
 
 March 20, 2019  Posted by at 9:27 am Finance Tagged with: , , , , , , , , , , , , , ,  


Salvador Dali Birth of liquid desires 1932

 

Monsanto’s Roundup Substantial Factor In Man’s Cancer, Jury Finds (G.)
Miami Bans The Use Of Glyphosate In A Step To Improve Water Quality (NoC)
Off-Duty Pilot Saved Doomed 737 From Nosedive Day Before Deadly Crash (ZH)
Most People Want Higher Taxes On Rich To Support Poor – OECD (G.)
Shifting Hopes As Republicans, Democrats Wait For Mueller (AP)
Schiff: Real Question Is If Trump Is Under Influence Of A Foreign Power (NBC)
Mueller Suspected Cohen May Have Been Acting As Foreign Agent In 2017 (G.)
EU’s Barnier: UK Can’t Delay Brexit Without Clear Plan Of Action (Ind.)
Theresa May Asks Eu For Brexit Delay With Cabinet In Deadlock (G.)
Theresa May Will Not Ask EU For Long Brexit Extension (BBC)
Tory MPs Vow To Quit Party If Boris Johnson Becomes Leader (G.)
Chinese Companies Default On Their Debts At An ‘Unprecedented’ Level (CNBC)
Foreigners Buy Up Athens Real Estate For Short-Term Rentals (K.)

 

 

Underlying lesson: stop poisoning your food and the soil it grows in.

But don’t count out Monsanto’s legal department.

Monsanto’s Roundup Substantial Factor In Man’s Cancer, Jury Finds (G.)

A federal jury in San Francisco found Monsanto’s Roundup herbicide was a substantial factor in causing the cancer of a California man, in a landmark verdict that could affect hundreds of other cases. Edwin Hardeman of Santa Rosa was the first person to challenge Monsanto’s Roundup in a federal trial and alleged that his exposure to Roundup caused him to develop non-Hodgkin’s lymphoma (NHL), a cancer that affects the immune system. In the next phase of the case, the jury will weigh liability and damages, and Hardeman’s lawyers will present arguments about Monsanto’s influence on government regulators and cancer research.

During the trial, the 70-year-old Santa Rosa man testified that he had sprayed the herbicide for nearly three decades and at one time got it on his skin before he was diagnosed with cancer. He used the chemical to control weeds and poison oak on his properties, starting in 1986. Hardeman’s case is considered a “bellwether” trial for hundreds of other plaintiffs in the US with similar claims, which means the verdict could affect future litigation and other cancer patients and families. Monsanto, now owned by the German pharmaceutical company Bayer, is facing more than 9,000 similar lawsuits across the US.

The unanimous ruling on Tuesday follows a historic verdict last August in which a California jury in state court ruled that Roundup caused the terminal cancer of Dewayne Johnson, a former school groundskeeper. That jury said Monsanto failed to warn Johnson of Roundup’s health hazards and “acted with malice or oppression”, awarding Johnson $289m in damages. Hardeman’s trial has been more limited in scope. While Johnson’s attorneys argued that Monsanto had “bullied” scientists and fought to suppress negative studies about its product, the federal judge barred Hardeman’s lawyers from discussing Monsanto’s alleged influence on research and regulations during the hearings.

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2 weeks old, but highly relevant.

Miami Bans The Use Of Glyphosate In A Step To Improve Water Quality (NoC)

Miami, Florida voted unanimously to ban the use of glyphosate by city departments and contractors. The controversial herbicide is the active ingredient in Monsanto’s – now Bayer after an acquisition took place over a year ago – popular weed-killer, Roundup. But concerns surrounding the safety and proliferation of glyphosate continue to grow and the city of Miami took it upon themselves to effectively enact the resolution right after passage, The Miami Times reported. Miami Commissioner Ken Russell started the investigation into the city’s use of glyphosate after officials believed the runoff from the herbicide “might have contributed to the recent blue-green algae bloom and red tide that impacted the state last year,” EcoWatch reported.

“Water quality issues are so important to the city of Miami, and we can be one of the worst polluters as a municipality,” Russell told The Miami New Times. “We ask for residents to make a change in their habits and that they be conscious of what they put in their gardens, but when I realized the totality of what the city uses at any given time, we had to change our habits.” Miami Director of Resiliency and Public Works Alan Dodd determined that Miami was responsible for using 4,800 gallons of glyphosate a year on the streets and sidewalks to kill weeds. While Dodd stopped the use of the herbicide, Russell took it a step further and sponsored a city-wide ban on glyphosate to make sure it was no longer used by any departments.

According to Waterkeeper: “herbicides and fertilizers are often applied in excess to lawns and landscapes and can be lost to the environment in stormwater runoff and can degrade the water quality of streams, rivers, canals, lakes, and coastal waters. They can also contribute to the creation of harmful algal blooms and the destruction of critically important habitats like sea grass beds and coral reefs.”

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One of the big selling points for the 737MAX was that airlines didn’t have to spend a fortune to re-train their pilots. Even though the MCAS system that caused the crashes was brand new.

Off-Duty Pilot Saved Doomed 737 From Nosedive Day Before Deadly Crash (ZH)

An off-duty pilot hitching a ride in the cockpit jumpseat of a doomed 737 Max 8 last October reportedly saved the plane just one day before it crashed off the coast of Indonesia while being operated by a different crew, killing 189 onboard. According to Bloomberg, the ‘dead-head’ pilot on the earlier flight from Bali to Jakarta was able to explain to the crew how to disable a malfunctioning flight-control system by cutting power to a motor driving the nose of the plane down. The previously undisclosed detail supports the suggestion that a lack of training is may be at least partially to blame in the March 10 crash of another 727 Max 8.

“The previously undisclosed detail on the earlier Lion Air flight represents a new clue in the mystery of how some 737 Max pilots faced with the malfunction have been able to avert disaster while the others lost control of their planes and crashed. The presence of a third pilot in the cockpit wasn’t contained in Indonesia’s National Transportation Safety Committee’s Nov. 28 report on the crash and hasn’t previously been reported.” -Bloomberg As we noted last week, several pilots had repeatedly warned federal authorities of the Max 8’s shortcomings, with one pilot describing the plane’s flight manual as “inadequate and almost criminally insufficient.”

“The fact that this airplane requires such jury-rigging to fly is a red flag. Now we know the systems employed are error-prone — even if the pilots aren’t sure what those systems are, what redundancies are in place and failure modes. I am left to wonder: what else don’t I know?” wrote the captain. “After the Lion Air crash, two U.S. pilots’ unions said the potential risks of the system, known as the Maneuvering Characteristics Augmentation System, or MCAS, hadn’t been sufficiently spelled out in their manuals or training. None of the documentation for the Max aircraft included an explanation, the union leaders said.” -Bloomberg

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Curious coming from the OECD.

Most People Want Higher Taxes On Rich To Support Poor – OECD (G.)

A majority of people living in developed countries want their government to increase taxes on the rich in order to help the poorest in society, according to a major global study. In all 21 countries included in the OECD study, more than half of those polled said they were in favour when asked: “Should the government tax the rich more than they currently do in order to support the poor?” The OECD said the survey of 22,000 people was “deeply troubling” and revealed that nearly 60% of respondents do not think they are getting their “fair share” back for the taxes they pay.

Only one in five people thought that they would easily be able to access state benefits in the event of a crisis, with many raising concerns about healthcare. Almost six in 10 said their government ignored their views and concerns. “This is a wake-up call for policy makers,” Ángel Gurría, the Organisation for Economic Co-operation and Development secretary-general, said. “Too many people feel they cannot count fully on their government when they need help. “A better understanding of the factors driving this perception and why people feel they are struggling is essential to making social protection more effective and efficient. We must restore trust and confidence in government and promote equality of opportunity.”

The survey comes as politicians and campaigners across the world call for higher taxes on the super-rich to fund essential services for the poor. Several of the Democratic candidates for US president in the 2020 election, including Elizabeth Warren, Bernie Sanders and Alexandria Ocasio-Cortez, have proposed new taxes on the super-rich to address inequality. The gilets jaunes (yellow vests) protesters in France have also demanded the wealthy shoulder a larger share of the tax burden. Almost 80% of people in Portugal and Greece said they wanted their governments to impose higher taxes on the wealthy. In the US more than half of those surveyed supported extra taxes on the wealthy. The OECD did not set an income level for what constituents wealthy.

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The end of one probe will give birth to many others.

Shifting Hopes As Republicans, Democrats Wait For Mueller (AP)

It’s a witch hunt, a vendetta, the worst presidential harassment in history. That’s what President Donald Trump has shouted for two years about the special counsel’s Russia probe. Now, barring an eleventh-hour surprise, Trump and his allies are starting to see it as something potentially very different: a political opportunity. With Robert Mueller’s findings expected any day, the president has grown increasingly confident the report will produce what he insisted all along — no clear evidence of a conspiracy between Russia and his 2016 campaign. And Trump and his advisers are considering how to weaponize those possible findings for the 2020 race, according to current and former White House officials and presidential confidants who spoke on condition of anonymity to discuss private conversations.

A change is underway as well among congressional Democrats, who have long believed the report would offer damning evidence against the president. The Democrats are busy building new avenues for evidence to come out, opening a broad array of investigations of Trump’s White House and businesses that go far beyond Mueller’s focus on Russian interference to help Trump beat Democrat Hillary Clinton. It’s a striking role reversal. No one knows exactly what Mueller will say, but Trump, his allies and members of Congress are trying to map out the post-probe political dynamics.

[..] If the report proves anticlimactic, says former House Speaker Newt Gingrich, a strong Trump ally, “there would no longer be any justification for what the House Dems want to do. They have their report, they had the guy they wanted writing it, and he had the full power of the federal government behind him and they still didn’t get the president. “Trump can say: Here is the report. I didn’t fire Mueller, I didn’t interfere with him. If you want to keep investigating me, it just shows that it is purely partisan.”

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What then is the real question about Adam Schiff?

Schiff: Real Question Is If Trump Is Under Influence Of A Foreign Power (NBC)

Nearly two years into his investigation, special counsel Robert Mueller has not accused any member of the Trump campaign of conspiring with the 2016 election interference effort — and it’s not clear whether he will. But legal experts, along with the congressman leading the House Russia investigation, tell NBC News that the most important question investigators must answer is one that may never have been suitable for the criminal courts: Whether President Trump or anyone around him is under the influence of a foreign government. “It’s more important to know what Trump is NOW than to know what he did in 2016,” said Martin Lederman, professor at the Georgetown University Law Center and former deputy assistant attorney general in the Department of Justice’s Office of Legal Counsel during the Obama administration.

“It’s more important to know whether he has been compromised as president than whether his conduct during the campaign constituted a crime.” Whether Mueller will answer that question in the absence of criminal charges is unclear. But in an interview with NBC News, House Intelligence Committee Chairman Adam Schiff said he is steering his investigation in a new direction to focus on it — and he will demand any relevant evidence compiled by the FBI or Mueller’s team. The California Democrat also expressed concern that Mueller hasn’t fully investigated Trump’s possible financial history with Russia. “From what we can see either publicly or otherwise, it’s very much an open question whether this is something the special counsel has looked at,” Schiff told NBC News.

Schiff said the public testimony from former Trump lawyer Michael Cohen that in 2016 Trump stood to earn hundreds of millions of dollars from a secret Moscow real estate project is a staggering conflict of interest that must be fully explored. “I certainly agree that the counterintelligence investigation may be more important than the criminal investigation because it goes to a present threat to our national security — whether the president and anybody around him are compromised by a foreign power,” Schiff said. “That’s not necessarily an issue that can be covered in indictments.”

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Sore losers all around.

Mueller Suspected Cohen May Have Been Acting As Foreign Agent In 2017 (G.)

Robert Mueller persuaded a judge within weeks of being made special counsel in 2017 that Michael Cohen, Donald Trump’s legal fixer, may have been secretly working for a foreign government. Legal filings unsealed on Tuesday said investigators working for Mueller were granted access to Cohen’s personal email account on 18 July 2017 on the basis that he may have broken several laws, including those on unregistered foreign agents. Cohen’s suspected efforts were not detailed in the documents. Cohen, one of Trump’s closest advisers for a decade, was known to have been paid in 2017 for consulting work by a state-controlled South Korean aviation company and a bank in Kazakhstan.

The filings said Mueller’s investigators were looking in Cohen’s Gmail account for records on any “funds or benefits” he received from foreign governments or companies, as well as any files revealing efforts by Cohen to work on their behalf. The court documents were released by a federal judge in New York, where Cohen pleaded guilty last year to campaign finance and personal financial crimes. They were originally filed by investigators in April last year to obtain additional search warrants. It was not previously known that Cohen was suspected of crimes relating to representing foreigners without registering with US authorities, and no such charges were brought against him. Cohen was sentenced to three years in prison and is due to be jailed in May.

The filings released on Tuesday ran to hundreds of pages. More than 19 pages, apparently relating to the campaign finance scheme, were entirely blacked out, indicating that it remains under investigation. Cohen directly implicated Trump in the scheme, which involved hush-money payments to women who alleged during the 2016 campaign that they had affairs with Trump. Some legal analysts have said Trump could be vulnerable to prosecution for the scheme once he leaves office. He denies breaking any laws.

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9 days and it gets serious.

EU’s Barnier: UK Can’t Delay Brexit Without Clear Plan Of Action (Ind.)

The EU has said Britain cannot delay Brexit without a clear plan for what happens next, indicating only an election, a new referendum or major compromise on Theresa May’s red lines will suffice. In an ultimatum, Michel Barnier said there would need to be a “new event or new political process” to secure an extension to the Article 50 negotiating period. Brussels’ intervention represents yet another blow for the prime minister, who planned to ask for a delay at this week’s European Council meeting as part of a drive to finally push through her twice-defeated Brexit deal. She is already having to grapple with the new obstacle thrown in front of her by Commons speaker John Bercow who has tried to block her from putting the deal in front of MPs for a third time.

Any move to secure a long delay to Brexit is likely to infuriate Leave-backing Tory MPs and could even lead to cabinet resignations. A meeting of her top ministers on Tuesday ended with Brexiteer ministers making grave warnings about the collapse of their party if it fails to deliver Britain’s departure. Theresa May is set to write to European Council president Donald Tusk, laying out her proposal to delay Brexit beyond March 29 – something that requires the approval of all 27 remaining member states at the summit on Thursday. The Independent understands that one approach being considered is to ask for a lengthy extension to the Article 50 period, with the option of an early break if Ms May can get her deal through parliament.

But Mr Barnier poured cold water on the idea, telling a reporter who asked him about it: “You said both short and long – well, it’s either one or the other, isn’t it?” He added: “My feeling is … a longer extension needs to be linked to something new. There needs to be a new event or a new political process.” Mr Barnier told a news conference in Brussels: “It is our duty to ask whether this extension would be useful because an extension will be something which would extend uncertainty, and uncertainty costs.” He again warned that the UK would need to propose “something new” to justify a lengthy extension. A “new event” can only really mean giving the British public a Final Say referendum or an election, while a new process is likely to refer to a push to rewrite Ms May’s strategy to include a closer relationship with the EU, possibly a permanent customs union.

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What I liked about this when I read it yesterday was May refusing to say how long an extension she was asking for.

Theresa May Asks Eu For Brexit Delay With Cabinet In Deadlock (G.)

Theresa May will be forced to write to EU leaders on Wednesday and beg them to delay Brexit, with her cabinet deadlocked over the best way out of what Downing Street now concedes is a “crisis”. The government had maintained until the last possible moment that Brexit could go ahead as planned on 29 March or after a brief “technical extension”. But after the Speaker, John Bercow, ruled the prime minister could not put her deal to parliament unchanged for a third “meaningful vote,” her spokesman conceded it was now too late to leave with a deal.

He said May would write to the European council president, Donald Tusk, to ask for an extension to article 50, before EU leaders meet in Brussels on Thursday. He declined to say how long a delay she would request, or for what purpose, simply insisting: “You’re going to have to wait for that letter to be published.” Asked whether May agreed with the solicitor general, Robert Buckland, who described the situation after Bercow’s ruling on Monday as a “constitutional crisis”, her spokesman said: “If you were to look back at the speech the prime minister gave, just before meaningful vote two, she said that if MPs did not support meaningful vote two we would be in a crisis. Events yesterday tell you that that situation has come to pass.”

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It doesn’t matter what she asks for, but what they are willing to give.

Theresa May Will Not Ask EU For Long Brexit Extension (BBC)

Theresa May will not be asking the EU for a long delay when she formally requests that Brexit is postponed. Number 10 said the PM shared the public’s “frustration” at Parliament’s “failure to take a decision”. EU Brexit negotiator Michel Barnier has said the EU will not grant a delay without a “concrete plan” from the UK about what they would do with it. Under current law, the UK will leave the EU – with or without a deal – in nine days. BBC assistant political editor Norman Smith said the delay would not be beyond the end of June. Any delay will have to be agreed by all 27 EU member states and Mrs May is heading to Brussels on Thursday to discuss the matter with fellow leaders.

Explaining that Mrs May “won’t be asking for a long extension” when she writes to the EU, Number 10 said: “There is a case for giving Parliament a bit more time to agree a way forward, but the people of this country have been waiting nearly three years now. “They are fed up with Parliament’s failure to take a decision and the PM shares their frustration.” It comes after MPs rejected the withdrawal deal Mrs May has negotiated with the EU for a second time last week by 149 votes. They also voted in favour of ruling out leaving the EU without a deal, and in favour of extending the Brexit process.

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All these people love the sound of their own voices.

Tory MPs Vow To Quit Party If Boris Johnson Becomes Leader (G.)

Conservative MPs are orchestrating against a potential leadership campaign by Boris Johnson, with several talking of resigning the whip if he were to become party leader. With Tories convinced that Theresa May’s days in No 10 are numbered, MPs are feverishly discussing who will seek to replace her, how organised the teams are and whether a general election would be necessary. Johnson is the current favourite of Brexit-backing Tory activists, who will pick the leader out of a final two candidates. However, the former London mayor would first have to clear the hurdle of convincing Conservative MPs to put him on the final list of two.

One minister said she would leave the party if Johnson and his supporters, such as Jacob Rees-Mogg, took over the Conservatives. Another minister said he knew of five or six Conservatives who were openly saying they were so opposed to a Johnson premiership that they could not stay in the party run by him and a group of “Brexit ultras”. Anna Soubry, the former Tory minister who quit to join the new Independent Group, said she believed “people will leave” if Johnson were to become prime minister. [..] Backers of Johnson believe MPs could swing behind him if they believe an election is not far away, because he is already a household name to put up against Labour’s Jeremy Corbyn.

“Who outside Westminster has heard of Dominic Raab?” asked one Brexit supporting MP who wants Johnson to deliver May a message that she must stand down soon regardless of whether her Brexit deal passes. “Boris still has the star quality that we would need with the electorate to beat Corbyn if there is going to be an election soon. And there is going to be an election in 2019 if you look at parliament.”

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Something’s brewing.

Chinese Companies Default On Their Debts At An ‘Unprecedented’ Level (CNBC)

An economic slowdown and extremely tight credit conditions pushed corporate debt to a record high in China last year, according to experts. Defaults for Chinese corporate bonds — issued in both U.S. dollars and the Chinese yuan — soared last year, according to numbers from two banks. Japanese bank Nomura’s estimates, provided to CNBC, were even higher, putting the size of defaults in onshore bonds — or yuan-denominated bonds — at 159.6 billion yuan ($23.8 billion) last year. That number is roughly four times more than its 2017 estimate. Offshore corporate dollar bonds, or U.S. dollar-denominated debt issued by Chinese companies, followed the same trend.

Nomura said the amount of such debt rose to $7 billion in 2018, from none the year before. “China witnessed an unprecedented wave of corporate bond defaults last year, in a fresh sign of wobbles hitting financial markets as slowdown deepens,” said DBS analysts in the report. According to DBS, the energy sector bailed on 46.4 billion yuan of payments in 2018 — making up almost 40 percent of all defaults in yuan-denominated debt. Consumer companies were the next worst hit, according to the bank’s report. “The default wave is extending into 2019 … Given the reduced risk appetite and huge maturing volume, the outlook is poor,” DBS said, adding that there are 3.5 trillion yuan in corporate bonds due this year.

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I got back to Athens a few days ago, and this is the talk of the town. Greeks being evicted from their apartments because some Chinese ‘investor’ is Airbnb-ing entire buildings. Soon there’ll be hardly any Greeks left in the city core, and it’ll turn into Disneyland.

Foreigners Buy Up Athens Real Estate For Short-Term Rentals (K.)

The Greek property market appears to have emerged from its decade-long hibernation: Bank of Greece figures showed that 1.35 billion euros flowed into the country last year for property purchases (mainly houses) by foreign investors. That figure constitutes a 172 percent annual increase, after an 86.5 percent rise in 2017, when inflows had amounted to 500 million euros. House prices increased 1.5 percent in 2018 compared to 2017, when there had been a 1 percent yearly decline. Realty professionals say that investments by foreign individuals and medium-sized investors in the local housing market peaked in 2018, with a focus on flats in the center of Athens, apartments in the southern suburbs of Attica and luxury holiday homes.

This huge rise was fed by the prospects for the utilization of apartments through short-term leasing platforms such as Airbnb, Booking and HomeAway, by the appeal of the Golden Visa program, which grants five-year residence permits to foreign nationals who invest at least 250,000 euros in Greek realty, and by the continued increase in tourism, which has raised demand for holiday homes. Data from the land registry of Athens concerning the first eight months of 2018 showed a 60 percent annual increase in transactions.

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Aug 302018
 
 August 30, 2018  Posted by at 8:14 am Finance Tagged with: , , , , , , , , , , , , ,  


Henri Matisse Trivaux pond 1916-17

 

Trump Says ‘No Reason’ For Military Exercises With South Korea (CNBC)
NATO Think Tank Continues Pre-Election Interference (RPI)
Whistleblower Exposes Key Player in FBI Russia Probe: “It Was A Set-Up” (SC)
CNN Lies About Cohen Story, Refuses to Comment (Greenwald)
The Media’s Chronic Misreporting on the Trump/Russia Story (Greenwald)
Russian Oligarch, DOJ And A Clear Case Of Collusion (ZH)
India’s Rupee Falls To An All-Time Low (CNBC)
Trade War Won’t Cause ‘Major’ Hit To China’s Economy – Morgan Stanley (CNBC)
Argentina Asks IMF For Early Release Of Standby Funds (R.)
Pound Sterling Rallies As Raab And Barnier Turn Optimistic On Brexit (Ind.)
EU’s Barnier Says Must Prepare For A ‘No-Deal’ Brexit (R.)
Car Manufacturing In Britain Fell By 11% In July (G.)
1000s Of British Expats Living In Spain Return To UK As Brexit Nears (Exp.)

 

 

“Trump’s announcement came a day after Secretary of Defense James Mattis said that there were no plans to cancel future exercises with South Korea.”

Trump Says ‘No Reason’ For Military Exercises With South Korea (CNBC)

President Donald Trump on Wednesday indicated that the U.S. will not participate in joint military exercises with South Korea, citing his “warm” relationship with North Korean leader Kim Jong Un, even as U.S. efforts to denuclearize the reclusive dictatorship have stalled. “There is no reason at this time to be spending large amounts of money on joint U.S.-South Korea war games,” Trump said in a string of tweets Wednesday. Trump’s announcement came a day after Secretary of Defense James Mattis said that there were no plans to cancel future exercises with South Korea.

“As you know, we took this step to suspend several of the larger exercises as a good-faith measure coming out of the Singapore summit,” Mattis said Tuesday at the Pentagon. It was his first press briefing in five months, a timeline that has included President Donald Trump’s high-profile meetings with North Korean leader Kim Jong Un and Russian President Vladimir Putin. “We have no plans at this time to suspend any more exercises. We will work very closely, as I said, with the secretary of State and what he needs done,” he added, noting that forces on the Korean Peninsula have continued with small-scale training exercises.

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On the Atlantic Council’s board: Henry Kissinger, Michael Hayden and Michael Chertoff. These are the people ‘advising’ Facebook on content.

NATO Think Tank Continues Pre-Election Interference (RPI)

On August 24 what is in effect the social media warfare division of the Atlantic Council published an article accusing the Russian television and print news outlet RT of running a one-sided attack against the Democratic Party and several leaders thereof ahead of this November’s politically pivotal Senate and House of Representatives elections. (Thirty-five Senate seats and all 435 House seats are being contested.) The Atlantic Council, until recently kept comparatively in the shadows for obvious reasons, is a think tank that has more than any other organization effected the transition of the NATO from a seeming Cold War relic with the break-up of the Warsaw Pact and the dissolution of the Soviet Union in 1991 to the world’s only and history’s first international military network with 70 members and partners on six continents currently.

All thirteen new full member states are in Eastern and Central Europe; four of them border Russia. Three months ago it began collaborating with Facebook to police and censor that and (presumably) soon after other social media companies which in recent decades have become the major sources of information and communication for the seven billion citizens of the planet. No modest undertaking. This is by way of follow up to a Directive on Social Media issued four years ago by NATO’s Supreme Headquarters Allied Powers Europe (SHAPE), the bloc’s military command in Europe (which also oversees activities in Israel and until the activation of U.S. Africa Command ten years ago almost all of Africa).

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Excellent from Sara Carter. I took these snippets to make the point that both Flynn and Papadopoulos feel threatened by Mueller, and can’t afford to defend themselves. That’s how Mueller gets guilty pleas.

Whistleblower Exposes Key Player in FBI Russia Probe: “It Was A Set-Up” (SC)

Halper was not only spying on Page for the FBI in 2016, but he had also made contact in September 2016 with another Trump campaign volunteer, George Papadopoulos. He invited Papadopoulos to London that September, luring him with a $3,000 paycheck to work on a research paper under contract. By this time the young Trump campaign volunteer had already been in contact London-based professor, Josef Mifsud, who had basically informed him that the Russians had damaging material about Democratic presidential candidate Hillary Clinton. Misfud’s role has also come into question by Congress. Eventually, Papadopoulos was swept into Robert Mueller’s Special Counsel investigation and pled guilty to one count of lying to the FBI.

His wife, Simona Papadopoulos, who’s been a vocal advocate for her husband, told SaraACarter.com that essentially he was forced to plead guilty because of threats from Mueller’s team and lack of financial resources. After testifying behind closed doors last month to the House Intelligence Committee, Simona told this outlet that she testified to Congress “as far as George is concerned, he met with individuals following the same pattern of behavior….and all of a sudden (Halper) was asking if he was doing anything with Russians…. This is the case with Halper, who is now proven to be a spy, possibly with (Australian Ambassador) Alexander Downer” who her husband met with in London.

[..] Flynn’s career with Trump ended as quickly as it came. He was forced to resign as Trump’s National Security Advisor 27 days after taking the job. The highly classified conversation between Flynn and former Russian Ambassador Sergey Kislyak was leaked to the Washington Post in January 2017 and he was later questioned by the FBI on that conversation. According to former FBI Director James Comey, the agents who interviewed Flynn did not believe he was lying, but in the end, Flynn pled guilty to one count of lying to Special Counsel Robert Mueller. He had already spent more than $1 million in lawyers fees and sold his home to help with the debt. According to sources, Flynn’s family was being threatened by the Mueller team.

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The sordid tale of Lanny Davis continues.

CNN Lies About Cohen Story, Refuses to Comment (Greenwald)

CNN’s blockbuster July 26 story – that Michael Cohen intended to tell Special Counsel Robert Mueller that he was present when Donald Trump was told in advance about his son’s Trump Tower meeting with various Russians – includes a key statement about its sourcing that credible reporting now suggests was designed to have misled its audience. Yet CNN simply refuses to address the serious ethical and journalistic questions raised about its conduct. The substance of the CNN story itself regarding Cohen – which made headline news all over all the world and which CNN hyped as a “bombshell” – has now been retracted by other news outlets that originally purported to “confirm” CNN’s story.

That’s because the anonymous source for this confirmation, Cohen lawyer Lanny Davis, now admits that, in essence, his “confirmation” was false. As a result, both the Washington Post and the NY Post outed Davis as their anonymous source and then effectively retracted their stories “confirming” parts of CNN’s report. CNN, however, has retracted nothing. All inquiries to the network are directed to a corporate spokesperson, who simply says: “We stand by our story, and are confident in our reporting of it.” A newsletter sent Sunday night from CNN’s two media reporters, Brian Stelter and Oliver Darcy, contained the same corporate language, but addressed none of the questions raised about CNN’s report.

It’s certainly possible that CNN had other sources for this story besides Davis, who now repudiates it. It’s hard to see how CNN’s story could be true given that Davis, Cohen’s own lawyer, explicitly says that Cohen has no information that Trump had prior knowledge of the Trump Tower meeting, that Cohen cannot and will not tell Mueller that this happened, and that Davis’ prior claims about Cohen’s knowledge and intentions are false. Axios reported that Cohen testified under oath to Congress that he has no knowledge that Trump had prior knowledge of the meeting and repeated this to leaders of the Senate Intelligence Committee again after CNN’s report. Davis now says Cohen – rather than intending to tell Mueller he has such information – stands by his long-time claim that he has none.

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From the same Glenn Greenwald article. False claims galore.

The Media’s Chronic Misreporting on the Trump/Russia Story (Greenwald)

The other self-serving tactic media outlets use in situations like this is to claim that their errors are just good faith and rare mistakes, and that those who report on their mistakes are exaggerating their significance. This claim was also prominently featured in the New Yorker’s critique of my work, and is reflexively applied to anyone who has critiqued the dominant media narrative on this story. This tactic is also itself highly deceitful. The reality is that from the start of the Trump/Russia story, the U.S. media has repeatedly and frequently – not rarely and periodically – gotten major stories completely wrong, always in the same direction: exaggerating the threat posed by Russia to the U.S., and concocting evidence of Trump/Russia collusion even when such evidence did not exist.

Last December, I reported on what I call (and still believe) was the U.S. media’s “most humiliating debacle in ages”: a blatantly false and equally hyped CNN story claiming that an unknown person had emailed Donald Trump Jr. access to the WikiLeaks email archive before it was published: a story that MSNBC’s Ken Dilanian purported to “confirm.” That story – predictably and by design – generated huge headlines around the world, and was given breathless coverage on cable news given its obvious significance. In fact, the email in question was sent after WikiLeaks had published that archive to the entire world, rendering the magic-bullet email utterly worthless, not a massive scoop proving collusion.

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Swamp.

Russian Oligarch, DOJ And A Clear Case Of Collusion (ZH)

Steele and twice-demoted DOJ official Bruce Ohr communicated extensively about the Russian Oligarch as recently as February 2016, which included efforts to obtain a Visa for Deripaska to attend an Asia-Pacific Economic Cooperation meeting int he US. Deripaska is now banned from the United States as one of several Russians sanctioned in April in response to alleged 2016 election meddling. Ohr, meanwhile, was demoted twice after the DOJ’s Inspector General discovered that he lied about his involvement with opposition research firm Fusion GPS co-founder Glenn Simpson – who employed Steele. Ohr’s CIA-linked wife, Nellie, was also employed by Fusion as part of the firm’s anti-Trump efforts, and had ongoing communications with the ex-UK spy, Christopher Steele as well. What’s more, Ohr met with Deripaska according to Solomon.

“By 2015, Steele’s work had left him friendly with one of Deripaska’s lawyers, according to my sources. And when Ohr, then the associate deputy attorney general and a longtime acquaintance of Steele, sought help getting to meet Deripaska, Steele obliged. Deripaska, who frequently has appeared alongside Russian President Vladimir Putin at high-profile meetings, never really dealt with Steele, but he followed his lawyer’s recommendations and met with Ohr, my sources say. -The Hill The September 2015 meeting between Ohr, Deripaska and several FBI agents in New York sought the Russian billionaire’s assistance regarding organized crime investigations. That meeting was facilitated by Steele.

To recap: Bruce Ohr = the #4 official at the DOJ, met with a billionaire friend of Vladimir Putin, in a sit-down arranged by Christopher Steele. Steele and the DOJ, meanwhile, were accusing Donald Trump of collusion with Putin – while the Obama administration used Steele’s dodgy dossier to obtain a FISA warrant to spy on Trump campaign aide Carter Page. Talk about actual collusion!

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India’s still largely inward looking, but still, what is imported -oil!-gets much more expensive.

India’s Rupee Falls To An All-Time Low (CNBC)

The Indian rupee fell to a record low on Thursday morning, following a declining trend all year — which economists attributed to rising oil prices, broader emerging market concerns, and strong month-end dollar demand. It slid to 70.8100 against the dollar, after a previous new low just a day before at 70.475. That marked a 10.97 percent decline since the start of the year. “Weakening has accompanied rising investment concerns about emerging markets more broadly, as well as a widening current account deficit, itself largely the result of higher oil prices,” said a Deutsche Bank Wealth Management report on Thursday.

More expensive oil leads to a higher import bill for India, a net importer of oil. Higher oil prices also lead to a widening current account deficit — a measure of the flow of goods, services and investments in and out of the country. Oil prices have been up more than 7 percent since mid-August, DBS Economist Radhika Rao explained in a note following the previous record low on Wednesday. Along with that, end-month dollar demand has also added to the pace of currency sell-off, she said. “Markets get a sense that the authorities are tolerant of a weaker rupee, with little by way of jawboning or verbal intervention,” Rao added.

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I think Beijing is more nervous than this lets on.

Trade War Won’t Cause ‘Major’ Hit To China’s Economy – Morgan Stanley (CNBC)

The Chinese government will continue implementing measures in order to cushion its economy from the impact of the ongoing trade spat with the U.S., a leading China economist said Wednesday. “We are not expecting any major growth correction because we think the potential impact from trade tariffs will be partially cushioned by the policy easing measures taken by the policy makers,” Robin Xing, chief China economist at Morgan Stanley, told CNBC at the Morgan Stanley Technology, Media and Telecom Conference in Beijing. Just last week, the U.S. and China slapped tariffs on $16 billion worth of goods on each other. Both countries also imposed tit-for-tat levies on $34 billion worth of each other’s imports in July.

Market watchers are now keeping their eyes on a fresh round of U.S. tariffs on $200 billion worth of Chinese goods expected later this year. If the U.S. imposes those additional tariffs, the impact could be “amplified” by how connected supply chains in East Asia are to China, Xing said. In fact, the trade war’s disruption to supply chains could cut 0.7 percentage points from China’s growth, he said. That will spur Beijing to take up more meaningful easing measures such as tax cuts and boosts to credit and liquidity in China’s financial system.

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Sure, just sell all your assets.

Argentina Asks IMF For Early Release Of Standby Funds (R.)

Argentina is asking the IMF for early release of funds from the country’s $50 billion standby financing deal, President Mauricio Macri said in a televised address on Wednesday, a move aimed at calming turbulent markets. The country’s currency has weakened 40.79 percent in 2018. Investors are concerned that with high inflation, a weak economy and fallout from a global selloff in emerging markets, Argentina may have problems meeting its dollar debt obligation in 2019. “We have agreed with the IMF to advance all the necessary funds to guarantee compliance with the financial program next year,” Macri said. “This decision aims to eliminate any uncertainty.” The Argentine peso dropped to trade more than 6 percent lower against the dollar on the news.

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Michel Barnier, said the bloc is “prepared to offer a partnership with Britain such as has never been with any other third country..”

Pound Sterling Rallies As Raab And Barnier Turn Optimistic On Brexit (Ind.)

The pound has rallied against the dollar and the euro following bullish Brexit comments from both UK and EU officials. Sterling rose more than 1 per cent against the greenback to hit $1.3006, and was up 0.99 per cent against the euro to €1.1118. Brexit secretary Dominic Raab told the Lords EU committee on Wednesday that he was “confident a deal is within our sights”. He said: “We’re bringing ambition, pragmatism, energy and if, and I expect it will be, and if it is matched, we get a deal.” He said the 17 October deadline for a deal could be pushed back, but added: “I think it is important as we enter the final phase of the negotiations in the lead up to the October council – and the possibility that it may creep beyond that – we want to see some renewed energy.

“We’re bringing the ambition and the substance of our white paper on the future relationship and also I think some pragmatism to try and go the extra mile to get the deal that I think is in both sides interests. We need that to be matched obviously, it’s a negotiation.” Meanwhile the EU’s chief negotiator, Michel Barnier, said the bloc is “prepared to offer a partnership with Britain such as has never been with any other third country”. “That kind of bullishness has been in short supply of late – if it has ever been there at all – and had a hugely rejuvenating effect on the pound,” said Connor Campbell, financial analyst at Spreadex.

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But wait! Keep ’em guessing!

EU’s Barnier Says Must Prepare For A ‘No-Deal’ Brexit (R.)

The European Union’s chief Brexit negotiator Michel Barnier said on Thursday the bloc must prepare for a no-deal Brexit, even if its goal was an orderly exit. The EU needed to be well prepared for everything, Barnier said, telling German broadcaster Deutschlandfunk: “That includes the no-deal scenario.” He said the issue of the Irish border with Northern Ireland was “the most sensitive point” of the negotiations. Of a solution to the issue, he added: “I think that is possible.”

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The industry wants to both cry for help AND look strong.

Car Manufacturing In Britain Fell By 11% In July (G.)

The number of cars built in UK factories slumped by 11% last month compared with a year ago. Just over 121,000 cars left production lines, with a fall of 35% in models built for the UK, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). Car production for export in July fell by 4.2%. Despite the reduction, the sector remains on track to meet 2018 expectations, said the SMMT. Just under 955,500 cars were built in the first seven months of the year, down by 16% for the UK market and 1.2% for export. This marks an improvement on June, when production for the UK plunged 47%, although there was a 6% rise in cars made for export.

Model changes, operational adjustments and preparations for new emissions standards affected output last month, said the SMMT. Its chief executive, Mike Hawes, said: “While the industry is undoubtedly feeling the effects of recent uncertainty in the domestic market, drawing long-term conclusions from monthly snapshots requires a health warning. “The bigger picture is complex and month by month fluctuations are inevitable as manufacturers manage product cycles, operational changes and the delicate balance of supply and demand from market to market. “To ensure future growth, we need political and economic clarity at home, and the continuation of beneficial trading arrangements with the EU and other key markets.”

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Those were the days.

1000s Of British Expats Living In Spain Return To UK As Brexit Nears (Exp.)


Figures show the number of Brits living in Bendorm has fallen from around 5,000 before the 2007 financial crash to 2,825 last year. Almost 5,000 waved adios to Ibiza, Majorca and Menorca over the same period of time and by 2017, 14,981 expats remained on the Balearic islands. Spanish newspaper El Pais reported the total number of British residents in Spain had dropped from 397,892 to 240,785 – a fall of 157,107. It said data from Spain’s National Statistics Institute showed the number of residents from 15 EU-countries in Spain had fallen by a quarter but the number of British expats had fallen 40 percent. Between 2012 and 2017, the number of Britons leaving Spain outnumbered those who arrived. In the previous four years, 40,454 more Britons arrived in Spain than left.

The drop in expats was put down partly to a shake up in municipal enrolment regulations in Spain but many returnees fear Brexit will have a negative impact on their lives abroad while others say life on the continent has become too expensive with the devaluation of the pound. Michelle Ball, who has a shop in La Xara, Alicante having arriving in Valencia as a 14-year-old, said: “Many are returning because life has become incredibly expensive. “My mother has lost €160 a month in her pension since the Brexit referendum because of the devaluation of the pound. “Now her pension is €690. And since the Spanish government made changes a few years back she also has to pay a portion for her medicines. It’s not a lot but it doesn’t help either.”Sterling fell to its lowest against the euro in nearly a year yesterday after Theresa May played down the consequences of a no-deal Brexit.

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