Apr 092019
 


Paul Cézanne Bibémus quarry 1898-1900

 

Trump is Right to Blow Up the Fed (Christopher Whalen)
What Would Stocks Do in “a World Without Buybacks,” Goldman Asks (WS)
Nunes Sends AG Barr Eight Criminal Referrals For Leaks (G.)
Theresa May Forced To Delay Brexit After Historic Win For MPs (G.)
Theresa May To Ask Merkel And Macron For Brexit Delay (R.)
May Risks Wrath Of Tory Brexiters To Plead With EU For More Time (G.)
IMF Economist Warns On Australia Property Slide (AFR)
Stretched Australians Unable To Reduce Debt (AFR)
US Proposes New Tariffs On EU Products Over Airbus Subsidies (AFP)
The Curse of the Thinking Class (Kunstler)
Ecuador Removes Official Close To Assange From London Embassy (SBS)
Brexiteers to Communists And Everything Between Unite For Julian Assange (CF)
Pesticides And Antibiotics Polluting Streams Across Europe (G.)
Nepal Expedition To Remeasure Height Of Mount Everest (AFP)

 

 

But blow it up for real then. What are the odds of that given that the Fed protects the riches of the rich?

Trump is Right to Blow Up the Fed (Christopher Whalen)

Last week, President Donald Trump set the economics community aflame by suggesting that he will appoint businessman and presidential aspirant Herman Cain to the Federal Reserve Board. Even more than political economist Stephen Moore, the critics maintain, Cain represents a threat to the cabal that has controlled the central bank for decades. Why? Because Cain is a successful executive who founded a real business, took risks, and created jobs, things most academic economists will never ever do. Media outlets and other allied constituencies have howled with rage at the prospect of President Trump “packing the Fed,” a distant reference to attempts by President Franklin D. Roosevelt to pack the Supreme Court in the 1930s.

Those worried about the independence of the Federal Reserve Board should reconsider. Independence from what exactly? While the Fed is meant to be independent from the executive branch on a day-to-day basis, it is certainly not independent of Congress or the law. Yet the Fed in recent years has shown a troubling tendency to deviate from its legal mandate and make up new authorities to fit the changing economic situation. Case in point: the dubious notion that we should seek a 2 percent rate of inflation. Anybody who cares to read the 1978 Humphrey Hawkins law will know that the Fed is directed by Congress to seek full employment and then zero inflation. Not 2 percent, but zero.

Yet going back a decade and more, the Fed, led by luminaries such as Janet Yellen and Ben Bernanke, has advanced a policy of actively embracing inflation. And neither Bernanke nor Yellen bothered to consult Congress when they decided to discard their legal responsibilities. Quantitative easing, to take another example, represents a vast inflation of the financial markets and housing, yet Fed officials actually appear in public and talk about the conundrum presented by “low inflation.” The inflation in home prices that occurred during and after the Fed’s purchase of trillions in securities has permanently raised the price of housing in many parts of the country, preventing millions from purchasing homes. Yellen confesses to be “perplexed” by the dearth of home purchases by young families, but she is the cause of the malady.

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You are not allowed to know the value of the things you buy.

What Would Stocks Do in “a World Without Buybacks,” Goldman Asks (WS)

In the fourth quarter 2018, share repurchases soared 62.8% from a year earlier to a record $223 billion, beating the prior quarterly record set in the third quarter last year, of $204 billion, according to S&P Dow Jones Indices on March 25. It was the fourth quarterly record in a row, the longest such streak in the 20 years of the data. For the whole year 2018, share buybacks soared 55% year-over-year to a record $806 billion, beating the prior record of $589 billion set in 2007 by a blistering 37%! The record buybacks in Q4 came even as stock prices declined on average 5.3%, according to S&P Down Jones Indices. On some bad days during the quarter, corporations were about the only ones left buying their shares.

For the year 2018, these were the top super-duper buyback queens:
Apple: $74.2 billion
Oracle: $29.3 billion
Wells Fargo $21.0 billion
Microsoft: $16.3 billion
Merck: $9.1 billion


But who, outside of corporations buying back their own shares, was buying shares? Goldman Sachs strategists answered this question in a report cited by Bloomberg, that used data from the Federal Reserve to determine “net US equity demand.” These are the largest investor categories other than corporate buybacks, five-year totals:
Foreign investors shed $234 billion.
Pension funds shed $901 billion, possibly to keep asset-class allocations on target as share prices soared.
Stock mutual funds shed $217 billion.
Life insurers added 61 billion
Households added $223 billion.

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Also part of Russiagate.

Nunes Sends AG Barr Eight Criminal Referrals For Leaks (G.)

The “absolutely horrific” leak of Donald Trump’s contentious 2017 phone call with Malcolm Turnbull could lead to criminal charges. Devin Nunes, the highest-ranking Republican member on the US House of Representatives intelligence committee, announced on Sunday he was sending eight criminal referrals to the US attorney general, William Barr. One is aimed at finding out who leaked transcripts of the US president’s phone call with Turnbull on 28 January 2017, a call with the then Mexican president, Enrique Peña Nieto, and former national security adviser Michael Flynn’s communications with a Russian ambassador.

“You had conversations with the president of the United States and the prime minister of Australia leak,” Nunes told Fox News. “You had leaks of President Trump talking to the president of Mexico leak. “We all know the travesty of General Flynn. “Nobody knows where those supposed transcripts came from. “Those are just three examples that are absolutely horrific but there’s things that are even worse that were leaked, and there were only two or three reporters involved in this, so it would not be hard to get to the bottom of.” The Trump-Turnbull phone call transcript leak to the Washington Post rocked the usually solid US-Australian alliance, with both nations going into damage control when it was revealed the president abruptly cut short the planned hour-long call to just 24 minutes.

The transcript showed Turnbull pushing Trump to support the asylum seeker deal struck with the former US president Barack Obama. It was Trump’s last of numerous calls with world leaders that day, including the Russian president, Vladimir Putin. “Putin was a pleasant call,” Trump told Turnbull. “This is ridiculous.” Nunes said the eight referrals “are classified or sensitive” so he was unable to offer details. “Five of them are what I would call straight up referrals, so just referrals that name someone and name the specific crimes,” Nunes said. “Those crimes are lying to Congress, misleading Congress, leaking classified information.”

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How far removed are we from the Article 50 activation being withdrawn by the UK?

Theresa May Forced To Delay Brexit After Historic Win For MPs (G.)

Backbench MPs have passed historic legislation to delay article 50, forcing the government to set out its timetable for the length of the Brexit delay in order to prevent the UK exiting the EU with no deal. In extraordinary circumstances, the bill devised by Labour’s Yvette Cooper and the Conservative Oliver Letwin passed its final stages in the House of Lords on Monday night and was approved by the Commons that evening. The swift passage of the bill, which took just three sitting days to complete, was made possible by the success of an unprecedented amendment which allowed MPs to seize control of parliamentary business on particular days, meaning the government could not block its progress.


The EU Withdrawal (No 5) Act received royal assent just after 11pm on Monday night, forcing the prime minister to extend the article 50 process and to set out the length of the extension in the Commons on Tuesday. The Commons leader, Andrea Leadsom, said the government would no longer block the progress of the bill after it was passed by the Lords on Monday evening, but she called it a “huge dog’s dinner” and criticised how little time for debate the bill had been given.

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Take back control! Ask for permission!

Theresa May To Ask Merkel And Macron For Brexit Delay (R.)

British Prime Minister Theresa May will meet German Chancellor Angela Merkel and French President Emmanuel Macron on Tuesday to argue for a Brexit delay while her ministers hold crisis talks with Labour to try to break the deadlock in London. Britain’s departure from the EU has already been delayed once but May is asking for yet more time as she courts veteran socialist Jeremy Corbyn, whose opposition Labour Party wants to keep Britain more closely tied to the bloc after Brexit. “The Prime Minister has not yet moved off her red lines so we can reach a compromise,” Corbyn said ahead of further talks between his team and government ministers on Tuesday. While May travels to Berlin and Paris ahead of an emergency EU summit in Brussels on Wednesday, British lawmakers will hold a 90-minute debate on her proposal to delay Britain’s EU departure date to June 30 from April 12.

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There is no way out anymore.

May Risks Wrath Of Tory Brexiters To Plead With EU For More Time (G.)

Theresa May will go to Paris and Berlin to plead with Angela Merkel and Emmanuel Macron for a Brexit extension on Tuesday, promising to be a good member of the European Union until departure day and claiming talks with Labour have a serious chance of reaching a deal. Before an emergency European summit this week, the prime minister will head to the continent to make the case for extending article 50 only until the end of June. However, she is also being forced to make pledges that the UK would abide by EU rules for however long it is a member, given that a longer delay and participation in European elections now look like the most likely option.

EU leaders will decide at the talks on Wednesday night whether to grant an extension to article 50 at all but are most likely to offer a longer delay of up to a year involving strict conditions forcing the UK into “sincere cooperation” with the rest of the bloc. That prospect appeared to be acknowledged on Monday when the Conservative party drew the ire of hard Brexiters – already seeking an indicative confidence vote in the prime minister – by telling potential local election candidates it is preparing to fight in the European elections in May, and asking potential MEPs to put themselves forward.

To avoid EU elections, May would probably have to pass her deal by 12 April and have all the necessary legislation pushed through parliament by the day of the polls on 23 May. If no extension is granted and no withdrawal agreement passed, the UK will leave the EU without a deal on Friday.

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I don’t understand things like this: “..whichever party wins the next election will have its work cut out for it sustaining Australia’s near three-decade run of continuous economic growth.

You’re going to have to accept that growth may halt over 30 years, and to realize that may be a good thing.

IMF Economist Warns On Australia Property Slide (AFR)

Australia’s housing market contraction is worse than first thought, says a top IMF analyst, leaving the economy in what he called a “delicate situation” that boosts the need for faster infrastructure spending and even potential interest rate cuts. In an exclusive interview, the International Monetary Fund’s lead economist for Australia, Thomas Helbling, endorsed last week’s federal budget forecasts for recognising the “weaker outlook” and its use of sober commodity price forecasts. However, Dr Helbling warned the negative fallout from what the IMF will this week admit is a greater-than-anticipated property market downturn in Australia requires more effort by governments to deliver new sources of growth to make up for a worsening shortfall.


Dr Helbling implied the pace of infrastructure spending – as measured in the national accounts – has fallen short of what was scheduled in recent budget figures. “I think given where the economy is now, that this growth impetus comes forward is important in the current cyclical setting. “The ambition [on infrastructure spending] is in many senses welcome,” he said. “The housing market downturn is sort of sagging on the demand side, so you want to have other demand sources pulling.” The assessment by Dr Helbling suggests whichever party wins the next election will have its work cut out for it sustaining Australia’s near three-decade run of continuous economic growth.

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3 decades of growth, right?

Stretched Australians Unable To Reduce Debt (AFR)

Less than a third of Australians expect to reduce their debt load this year – down from 60 per cent last year – and not because they don’t want to but because they can’t, a survey by EY shows. Australia’s household debt-to-income ratio is 190 per cent, and the Reserve Bank of Australia says it remains one of the biggest vulnerabilities in the economy. The heightened level of debt is unlikely to change even with interest rates expected to fall over the coming year, and the introduction of income tax cuts helping some to reduce debt rather than increase spending.

When survey respondents were asked whether they expected to reduce, increase or keep personal and household debt at the same level, 28 per cent said they would reduce their debt level, down from 60 per cent in last year’s survey. In 2018, 73 per cent of high-income earners ($150,000 or more) said they expected to pay down debt. That has fallen to 37 per cent. “Given that our survey also showed that over 60 per cent of Australians are ‘extremely’ concerned about the increasing cost of living – the cost of essential services and increasing energy prices – it seems that more households are not paying down debt because they do not have the capacity to do so,” EY chief economist Jo Masters said.


[..] The number who said they would increase their debt level over the next 12 months has risen to 16 per cent, up from 4 per cent last year. In the income bracket of $70,000-$149,999 the number of people looking to increase debt has risen to 21 per cent up from just 6 per cent last year. The number in that income bracket who were looking to decrease their debt dropped to 34 per cent from 62 per cent last year.

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Dear Americans, you’re going to pay more for your European wine and cheeses so attention is deflected from Boeing.

US Proposes New Tariffs On EU Products Over Airbus Subsidies (AFP)

The US on Monday threatened to impose tariff counter measures of up to $11.2 billion on a host of European products in response to subsidies received by aircraft maker Airbus. In a statement, the office of the US Trade Representative (USTR) said the World Trade Organization (WTO) had repeatedly found that EU subsidies to Airbus have caused adverse effects to the United States. “This case has been in litigation for 14 years, and the time has come for action,” said US Trade Representative Robert Lighthizer.


“Our ultimate goal is to reach an agreement with the EU to end all WTO-inconsistent subsidies to large civil aircraft. When the EU ends these harmful subsidies, the additional US duties imposed in response can be lifted.” The statement added that the final amount it would seek in duties was subject to arbitration at the WTO, the result of which was expected this summer. The USTR’s preliminary list extends to 14 pages and contains a number of products in the civil aviation sector, including Airbus aircraft.

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“.. a hopeless attempt to preserve their reputations and perhaps even their livelihoods.”

The Curse of the Thinking Class (Kunstler)

What is a bigger emergency: the destruction of all those towns, cities, and lives in flyover-land, or the S & P stock index going down twenty points? The choice made by the “experts” the past ten years is obvious: pump the financial markets at all costs by using dishonest policy interventions which they are smart enough to know will eventually blow up the banking system. They did it to preserve their reputations long enough to retire out of their jobs. The trouble is that the damage is now so extreme that when the time comes for them to apologize it will not be enough. They will lose their freedom and perhaps their heads. The neuroticism and dishonesty is exactly what turned two of this country’s most sacred and noble endeavors, higher education and medicine, into disgraceful rackets.

Sunday night, CBS 60 Minutes covered both bases in their lead story about how the NYU medical school recently declared its program tuition-free. This great triumph was due to an enormous cash gift from one of the founders of the Home Depot company, billionaire Ken Langone. Nowhere in the broadcast did CBS raise the question as to how the cost of a degree became so outrageous in the first place. Or how Mr. Langone made his fortune by putting every local hardware store in America out of business, which enabled him to capture the annual incomes of ten thousand small business owners and their employees. NYU’s grand gesture is just a way to paper over the shame of the University executives’ role in the college loan racket that may destroy countless lives.

[..] RussiaGate, of course, has been the most acute locus of neurotic dishonesty across this land the past two years. The primary information organs of the thinking class — The New York Times, The WashPo, CNN, MSNBC — have not only omitted to apologize for the dangerous hysteria they knowingly propagated, but they persist in supporting the matrix of fantasies at all costs in what must now be seen as a hopeless attempt to preserve their reputations and perhaps even their livelihoods. The repudiation of this nonsense by chief inquisitor Robert Mueller could not be more absolute, even if he was compelled by reality against his own wishes and instincts to do it. And now, what avenue will all this diseased animus of the thinking class go down in its destructive, shame-fueled frenzy to justify itself?

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I thought they’d already gotten rid of everyone even a little sympathetic to him.

Ecuador Removes Official Close To Assange From London Embassy (SBS)

The Ecuadorian government has removed an official from its London embassy accused of having a close rapport with WikiLeaks founder Julian Assange. Foreign Minister Jose Valencia has told Democracia radio in Quito the civil servant “worked in a very close way” with Assange. Valencia did not provide the official’s name or go into any detail, other than to say that embassy workers must respond first to the Ecuadorian state. The removal comes as tensions between Ecuador and Assange continue to mount. Ecuador recently accused WikiLeaks of helping spread leaked personal documents belonging to President Lenin Moreno.

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Cassandra’s been reporting from the street in front of the embassy. Undercover cops galore.

Brexiteers to Communists And Everything Between Unite For Julian Assange (CF)

The mainstream media tells us we live in an age of “hyper-partisanship.” But that’s not what I witnessed outside the Ecuadorian Embassy in London, where populist right-wingers, anti-imperialist socialists, Brexit supporters and even liberals stood united against the political establishment’s seven-year persecution of WikiLeaks and Julian Assange. Protesters from nearly every part of the political spectrum could be found outside the embassy during my three-day expedition, galvanized by reports that Assange may soon be expelled from the building where he has been living under political asylum since 2012.

On Saturday afternoon, England’s Yellow Vests and Brexit supporters flooded the area in support of the WikiLeaks publisher. A few steps away from them, also flying the flag for WikiLeaks, was an out-and-proud communist wearing a Black Lives Matter shirt, wheeling around a slogan-adorned cart praising Cuban revolutionaries. It was the first sign that both the far-left and the populist right, despite the gulf of their differences, could stand together in support of a free press. Both leftists and the pro-Brexit right wing crowd chanted “which side are you on” together to the police. They also found common cause in their distrust of the mainstream media, chanting “Fake News BBC” for several minutes – a reference to the notoriously biased British Broadcasting Corporation, the U.K,’s state-backed broadcaster.


Over the next few days, more than one leftist activist told me of their special disdain for BBC reporter John Sweeney, and one even expressed quiet praise for the populist Islam critic Tommy Robinson’s work exposing the BBC in general and Sweeney in particular. The following day, it was the turn of Latin American leftists to have a show of force. Scattered right-wing activists danced along with an upbeat protest organized by socialist Ecuadorian expats in support of Assange. The group held signs branding Ecuadorian President Lenin Moreno a traitor along with banners demanding that the WikiLeaks founder be protected — while standing around Che Guevara flags.


Ciaron O’Reilly has been camped outside the embassy for over 130 days

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“The pollution was so severe in places that the ditchwater itself could have been used as a pesticide.”

Don’t allow Monsanto and Syngenta to play the good guys, as they do here.

Pesticides And Antibiotics Polluting Streams Across Europe (G.)

Pesticides and antibiotics are polluting streams across Europe, a study has found. Scientists say the contamination is dangerous for wildlife and may increase the development of drug-resistant microbes. More than 100 pesticides and 21 drugs were detected in the 29 waterways analysed in 10 European nations, including the UK. A quarter of the chemicals identified are banned, while half of the streams analysed had at least one pesticide above permitted levels.

[..] One of the world’s biggest pesticide makers, Syngenta, announced a “major shift in global strategy” on Monday, to take on board society’s concerns and reduce residues in the environment. “There is an undeniable demand for a shift in our industry,” said Alexandra Brand, the chief sustainability officer of Syngenta. “We will put our innovation more strongly in the service of helping farms become resilient to changing climates and better able to adapt to consumer requirements, including reducing carbon emissions and reversing soil erosion and biodiversity decline.” Another major pesticide manufacturer, Bayer, said on Monday it was making public all 107 studies submitted to European regulators on the safety of its controversial herbicide glyphosate.

[..] The testing techniques used in the new research meant only a subset of pesticides could be detected. Two very common pesticides – glyphosate and chlorothalonil – were not included in the study.. [..] Irish Water said on Monday that EU pesticide levels were being breached in public water supplies across Ireland. In Switzerland, another new study found that soils in 93% of organic farms were contaminated with insecticides, as were 80% of the areas farmers set aside for wildlife. Research revealed in 2013 that insecticides were devastating dragonflies, snails and other water-based species in the Netherlands. The pollution was so severe in places that the ditchwater itself could have been used as a pesticide.

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1000s of highly sophisticated satellites in orbit but they still need climbers to measure a mountain.

Nepal Expedition To Remeasure Height Of Mount Everest (AFP)

Nepal is sending a team of government-appointed climbers up Mount Everest to remeasure its height, officials said Monday, hoping to quash persistent speculation that the world’s tallest mountain has shrunk. Four government surveyors will depart Wednesday for Everest, which lies on the Himalayan range straddling the border of Nepal and China. Its official height is 8,848 metres (29,029 feet), first recorded by an Indian survey in 1954. Numerous other teams have measured the peak, although the 1954 height remains the widely accepted figure. But a heated debate erupted in the aftermath of a massive earthquake in Nepal in 2015, with suggestions the powerful tremor had knocked height off the lofty peak.

Nepal’s Survey Department commissioned a team of surveyors in 2017 to prepare for an Everest expedition in the hope of putting the matter to rest. “We are sending a team because there were questions regarding the height of Everest after the earthquake,” the expedition’s co-ordinator from the Survey Department, Susheel Dangol, told AFP. Four government surveyors have spent two years fine tuning their methodology for measuring the peak, collecting readings from the ground and training for the extreme conditions they will encounter at the top of the world. They will ascend the treacherous mountain armed with advanced equipment to collect the remaining data to derive the true height of the peak, officials say.

[..] In May 1999 an American team added two metres to Everest’s height when it used GPS technology to survey the peak. That figure is now used by the US National Geographic Society, but otherwise not widely accepted. Later, Nepal became embroiled in a diplomatic row with China after the latter claimed the peak was four metres shorter than the accepted height.

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Apr 062019
 


Dante Gabriel Rossetti Monna Vanna 1866

 

Cross-Party Talks Fail As Labour Says May Unable To Compromise (G.)
France, Spain and Belgium ‘Ready For No-Deal Brexit Next Week’ (G.)
Sucker Punch (Jim Kunstler)
The Russian Collusion Hoax Meets An Unbelievable End (Nunes)
Boeing Slashes 737 Production By 20% (ZH)
Trump Says Economy Would Take Off Like ‘A Rocket Ship’ If Fed Cut Rates (CNBC)
Ray Dalio Says Capitalism Needs Urgent Reform (MW)
Kondratiev – Riding the Economic Wave (Kerevan)
EU Charges BMW, Daimler and VW With Collusion Over Emissions (G.)
Australian Housing Downturn Becomes Widespread |(ZH)
Saudi Arabia Threatens To Ditch Petrodollar (R.)

 

 

6 days to April 12. May can’t offer Labour anything the Brexiteers don’t want. And vice versa. Thing is, that was obvious 3 years ago.

The problem is not the idea of Brexit, it’s purely the execution.

Cross-Party Talks Fail As Labour Says May Unable To Compromise (G.)

Theresa May’s prospects of cobbling together a cross-party majority to convince EU leaders to grant a short Brexit delay next week appear to be slipping away after Labour claimed she had failed to offer “real change or compromise” in talks. The prime minister made a dramatic pledge to open the door to talks with Labour on Tuesday after a marathon cabinet meeting. But after two days of negotiations and an exchange of letters on Friday, Labour issued a statement criticising the prime minister for failing to offer “real change or compromise”.= “We urge the prime minister to come forward with genuine changes to her deal in an effort to find an alternative that can win support in parliament and bring the country together,” a spokesperson said.


The pessimistic note came after May wrote to the European council president, Donald Tusk, on Friday morning, asking for Brexit to be delayed until 30 June, while cross-party talks continue. Even before Labour’s statement, EU politicians responded with bemusement to her failure to offer a concrete plan for assembling a coalition behind a workable deal – increasing the risk that they will take a tough line at next Wednesday’s summit. May’s letter suggested that the UK was preparing to field candidates in European parliamentary elections on 23 May if no deal could be reached.

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Don’t be surprised if one country just says NO. Or more than one. For a new extension, May will need a new plan. She has none.

France, Spain and Belgium ‘Ready For No-Deal Brexit Next Week’ (G.)

France has won the support of Spain and Belgium after signalling its readiness for a no-deal Brexit on 12 April if there are no significant new British proposals, according to a note of an EU27 meeting seen by the Guardian. The diplomatic cable reveals that the French ambassador secured the support of Spanish and Belgian colleagues in arguing that there should only be, at most, a short article 50 extension to avoid an instant financial crisis, saying: “We could probably extend for a couple of weeks to prepare ourselves in the markets.” The chances of Theresa May’s proposal of an extension to 30 June succeeding appeared slim as France’s position in the private diplomatic meeting was echoed by an official statement reiterating its opposition to any further Brexit delay without a clear British plan.


May wrote to the president of the European council, Donald Tusk, on Friday to ask for the delay until 30 June while she battles to win cross-party agreement on a way forward. EU states are extremely sceptical that an extension to 30 June will resolve anything in Westminster. Tusk is pushing the EU to offer at a summit next Wednesday what he has described as a “flextension” in which the UK would be given a year-long extension with an option to come out early if the deal is ratified.

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“Mr. Mueller produced a brief of arguments pro-and-con about obstruction for others to decide upon. In doing that, he was out of order, and maliciously so.”

Sucker Punch (Jim Kunstler)

Having disgraced themselves with full immersion in the barren RussiaGate “narrative,” the Resistance is now tripling down on RussiaGate’s successor gambit: obstruction of justice where there was no crime in the first place. What exactly was that bit of mischief Robert Mueller inserted in his final report, saying that “…while this report does not conclude that the President committed a crime, it also does not exonerate him?” It’s this simple: prosecutors are charged with finding crimes. If there is insufficient evidence to bring a case, then that is the end of the matter. Prosecutors, special or otherwise, are not authorized to offer hypothetical accounts where they can’t bring a criminal case. But Mr. Mueller produced a brief of arguments pro-and-con about obstruction for others to decide upon.

In doing that, he was out of order, and maliciously so. Of course, Attorney General Barr took up the offer and declared the case closed, as he properly should where the prosecutor could not conclude that a crime was committed. One hopes that the AG also instructed Mr. Mueller and his staff to shut the fuck up vis-à-vis further ex post facto “anonymous source” speculation in the news media. But, of course, the Mueller staff — which inexplicably included lawyers who worked for the Clinton Foundation and the Democratic National Committee — at once started insinuating to New York Times reporters that the full report would contain an arsenal of bombshells reigniting enough suspicion to fuel several congressional committee investigations.

The objective apparently is to keep Mr. Trump burdened, hobbled, and disabled for the remainder of his term, and especially in preparation for the 2020 election against whoever emerges from the crowd of lightweights and geriatric cases now roistering through the primary states. It also leaves the door open for the Resistance to prosecute an impeachment case, since that is a political matter, not a law enforcement action. This blog is not associated with any court other than public opinion, and I am free to hypothesize on the meaning of Mr. Mueller’s curious gambit, so here goes: Mr. Barr, long before being considered for his current job, published his opinion that there was no case for obstruction of justice in the RussiaGate affair. By punting the decision to Mr. Barr, Mr. Mueller sets up the AG for being accused of prejudice in the matter — and, more to the point, has managed to generate a new brushfire in the press.

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Investigate the road the Steele dossier traveled. Might be all you need.

The Russian Collusion Hoax Meets An Unbelievable End (Nunes)

It is astonishing that intelligence leaders did not immediately recognize they were being manipulated in an information operation or understand the danger that the dossier could contain deliberate disinformation from Steele’s Russian sources. In fact, it is impossible to believe in light of everything we now know about the FBI’s conduct of this investigation, including the astounding level of anti-Trump animus shown by high-level FBI figures like Peter Strzok and Lisa Page, as well as the inspector general’s discovery of a shocking number of leaks by FBI officials.

It’s now clear that top intelligence officials were perfectly well aware of the dubiousness of the dossier, but they embraced it anyway because it justified actions they wanted to take – turning the full force of our intelligence agencies first against a political candidate and then against a sitting president. The hoax itself was a gift to our nation’s adversaries, most notably Russia. The abuse of intelligence for political purposes is insidious in any democracy. It undermines trust in democratic institutions, and it damages the reputation of the brave men and women who are working to keep us safe. This unethical conduct has had major repercussions on America’s body politic, creating a yearslong political crisis whose full effects remain to be seen.

Having extensively investigated this abuse, House Intelligence Committee Republicans will soon be submitting criminal referrals on numerous individuals involved in these matters. These people must be held to account to prevent similar abuses from occurring in the future. The men and women of our intelligence community perform an essential service defending American national security, and their ability to carry out their mission cannot be compromised by biased actors who seek to transform the intelligence agencies into weapons of political warfare.

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The only thing they talk about is software. But if anything goes wrong, these people will be guillotined.

Boeing Slashes 737 Production By 20% (ZH)

Just a few hours after Ethiopian Airlines warned of a “stigma” associated with the 737 Max that may make them choose not to take delivery of the planes they ordered, Boeing has released a statement after-hours that the company will slash production of the 737 plane from 52 to 42 airplanes per month. Bloomberg reports that Boeing plans to coordinate with customers and suppliers to blunt the financial impact of the slowdown, and for now it doesn’t plan to lay off workers from the 737 program. “When the Max returns to the skies, we’ve promised our airline customers and their passengers and crews that it will be as safe as any airplane ever to fly,” Boeing Chief Executive Officer Dennis Muilenburg said in a statement Friday after the market close.


Boeing had planned to hike output of the 737, a workhorse for budget carriers, about 10 percent by midyear, to meet the backlogs. [..] if the issues are not resolved in a timely manner and production of the 737 MAX needs to be halted for an extended period of time, it would take about 0.15% off the level of GDP, or about 0.6%-point off the quarterly annualized growth rate of GDP in the quarter in which production is stopped. [..] the value of total shipments of aircraft by domestic producers in the US totaled $129 billion in 2016. Extrapolating that figure using monthly shipments data by the aircraft and parts industry implies a similar figure for 2018, around $130 billion.

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End the Fed.

Trump Says Economy Would Take Off Like ‘A Rocket Ship’ If Fed Cut Rates (CNBC)

President Donald Trump said Friday the U.S. economy would climb like “a rocket ship” if the Federal Reserve cut interest rates. Commenting after a strong jobs report for March, Trump said the Fed “really slowed us down” in terms of economic growth, and that “there’s no inflation.” “I think they should drop rates and get rid of quantitative tightening,” Trump told reporters, referring to the Fed’s policy of selling securities to unwind its balance sheet, a stimulus put in place during the financial crisis. “You would see a rocket ship. Despite that we’re doing very well.” White House aides have called for the Fed to cut interests rates by as much as 50 basis points. Following the Fed’s most recent meeting in March, the central bank decided to maintain interest rates and hold off on any further increases this year.

As Trump’s chief economic adviser Larry Kudlow did on Friday, Federal Reserve Chairman Jerome Powell highlighted the slowing global economy. “We’re facing a worldwide slowdown [as] Europe is not doing well,” Kudlow said on Bloomberg TV. But unlike the White House, the Fed did not conclude in March that slowing global growth means the bank should begin cutting rates. Trump has been heavily critical of Powell’s decisions at the Fed, going as far as to say that “the Fed has gone crazy” with raising rates. Trump has blamed Powell’s decision-making for drops in the stock market, calling him “loco” for steadily raising rates in 2018 and saying choosing Powell for Fed chairman was the worst mistake of his presidency,

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Capitalism needs capitalism first of all. For that to happen, the Fed will have to be dismantled. You can’t have capitalism without functioning markets. Ergo: America doesn’t appear to like capitalism, or it would make sure it exists.

Ray Dalio Says Capitalism Needs Urgent Reform (MW)

Ray Dalio, founder of Bridgewater Associates LP, the world’s biggest hedge fund, says capitalism has developed into a system that is promoting an ever-wider wealth gap that puts the very existence of the United States at risk. In a two-part series published on LinkedIn, the noted investor argues that capitalism is now in need of reform — and offered ways to accomplish it: ‘I have also seen capitalism evolve in a way that it is not working well for the majority of Americans because it’s producing self-reinforcing spirals up for the haves and down for the have-nots. This is creating widening income/wealth/opportunity gaps that pose existential threats to the United States because these gaps are bringing about damaging domestic and international conflicts and weakening America’s condition.’

[..] Today, however, the system has produced little or no real income growth for most people for decades, according to the Dalio essay on LinkedIn. Prime-age workers in the bottom 60% have had no real (inflation-adjusted) income growth since 1980, and the percentage of children who grow up to earn more than their parents has fallen to 50% from 90% in 1970. The wealth gap is at its widest point since the late 1930s, with the top 1% owning more than the bottom 90% combined, “which,” Dalio notes, “is the same sort of wealth gap that existed during the 1935-40 period (a period that brought in an era of great internal and external conflicts for most countries).”

Most people in the bottom 60% “are poor,” he writes. About 40% of all Americans would struggle to raise $400 in the event of an emergency, he says, citing a recent Federal Reserve study. The childhood poverty rate stands at 17.5% and has not shown meaningful improvement in decades. That, in turn, leads to poor academic achievement, low productivity and low incomes.

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It’s good when people who are not familar with it learn about Kondratieff (though I’ve seen better write-ups), but again: the Fed has become the economy, so what is real anymore?

Kondratiev – Riding the Economic Wave (Kerevan)

There is a rich literature trying to identify the cause, in particular the work of the Belgian economist, the late, great Ernest Mandel. Crudely, it works like this. Social and economic conditions mature to spark a runaway investment boom in the latest cluster of new technologies. After a period, excess investment and increased competition lower rates of profitability, curbing the boom. At the same time – because this is as much a sociological as an economic process – growth expands the global workforce, both in numbers and geographically. The new, militant workforce launches social struggles to capture some of the wealth created in the boom.


This, in turn, adds to the squeeze on profits. The peak and early down wave are characterised by violent social conflicts, whose outcome determines the length of the contraction. To date each K-wave has seen a crushing of social protest and a halt to wage growth, if not a fall in real incomes for the working class. Thus conditions accumulate for a fresh investment boom, as profitability recovers. The ultimate trigger for the new upcycle is investment in the next bunch of new technologies, which simultaneously provide monopoly profits and a new set of markets.

Where precisely are we in the Kondratiev cycle? There is a dispute about this. Economists convinced by the Kondratiev theory largely agree there was a strong up-phase following the Second World War, lasting till the early 1970s. This was driven by the collapse in European wages imposed earlier by the Nazis and by the universal adoption of Fordist, mass production techniques. This expansion turned into a downswing in the 1970s and early 1980s, as profitability declined and the revived European economies (linked through the early Common Market) eroded American competitiveness.


The dispute concerns what happened next – the era of Reagan, Thatcher, neoliberalism and globalisation, running up to the present. In 1998, the American economic historian Robert Brenner published a hugely influential account of global capitalism which claimed to identify a super downswing running from circa 1970 to the turn of the millennium. Brenner rejected the notion global capitalism had (or was likely) to regain profitability, citing excess capacity rather than working class resistance as the primary driver. He pointed to the sudden stagnation in the Japanese economy, in the 1990s, as a precursor for the West’s future.

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Youi’re going to have to go after individuals, not allow them to hide behind corporations.

EU Charges BMW, Daimler and VW With Collusion Over Emissions (G.)

The European commission has charged BMW, Daimler and Volkswagen with colluding to limit the introduction of clean emissions technology, in the preliminary findings of an antitrust investigation. The car manufacturers have 10 weeks to respond and could face fines of billions of euros – up to 10% of their global annual turnover – if their explanations are rejected. A similar cartel case the commission took out in 2014 against MAN, Volvo/Renault, Daimler, Iveco and DAF ended with €2.93bn (£2.53bn) of penalties being levied. The EU’s competition commissioner, Margrethe Vestager, said: “Companies can cooperate in many ways to improve the quality of their products. However, EU competition rules do not allow them to collude on exactly the opposite: not to improve their products, not to compete on quality.”


She added: “Daimler, VW and BMW may have broken EU competition rules. As a result, European consumers may have been denied the opportunity to buy cars with the best available technology.” The EU announcement follows raids on the auto manufacturers in July 2017 after allegations in Der Spiegel that they had met in secret working groups in the 1990s to coordinate a response to diesel emissions limits. Between 2006 and 2014, the commission suspects that the “circle of five” carmakers – including VW’s Audi and Porsche divisions – colluded to limit, delay or avoid the introduction of selective catalytic reduction systems (SCRs) and “Otto” particle filters.

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The drought comes one drop at a time.

Australian Housing Downturn Becomes Widespread |(ZH)

After a three-decade boom, the Australian economy is finally facing a recession. The outlook for the economy is exceptionally bleak this year, as the decline in housing prices is more widespread than thought, according to a new report from CoreLogic. National home prices recorded a month-on-month decline of 0.60% in March, which CoreLogic noted was the smallest rate of monthly decline since October. “While the pace of falls has slowed in March, the scope of the downturn has become more geographically widespread,” CoreLogic head of research Tim Lawless said. All eight capital cities in Australia posted declines, with Sydney recording the most significant price drop of .90% month-on-month.

Quarterly, the value of single-family homes and condos declined 3.9%, followed by Melbourne (3.4%), Sydney (3.2%), Perth (2.9%), and Brisbane (1.1%). Prices in Canberra were unchanged. Sydney recorded the most significant annual decline of 10.9%. Melbourne followed with 9.8%. Australia’s regional housing markets have also deteriorated. Regional areas outside Sydney declined by 3.6% over the past year while regional Queensland saw a 1.6% decline. Regional Western Australia experienced a 9.5% decline over the past year, and for the past five years, values in the region have collapsed by 25.8%

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It’s not entirely Fake News, but it’s certainly No News. There’s one competitor for the USD, and that’s the renminbi, which nobody wants because it’s not traded freely. End of story.

Saudi Arabia Threatens To Ditch Petrodollar (R.)

Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said. They said the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had been discussed with OPEC members and one source briefed on Saudi oil policy said Riyadh had also communicated the threat to senior U.S. energy officials.


The chances of the U.S. bill known as NOPEC coming into force are slim and Saudi Arabia would be unlikely to follow through, but the fact Riyadh is considering such a drastic step is a sign of the kingdom’s annoyance about potential U.S. legal challenges to OPEC. In the unlikely event Riyadh were to ditch the dollar, it would undermine the its status as the world’s main reserve currency, reduce Washington’s clout in global trade and weaken its ability to enforce sanctions on nation states. “The Saudis know they have the dollar as the nuclear option,” one of the sources familiar with the matter said. “The Saudis say: let the Americans pass NOPEC and it would be the U.S. economy that would fall apart,” another source said.

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Apr 052019
 
 April 5, 2019  Posted by at 7:55 am Finance Tagged with: , , , , , , , , , , , , ,  


Jack Delano Diner along U.S. Highway No. 1 near Berwyn, Maryland 1940

 

WikiLeaks Says Assange to Be Expelled Within ‘Hours to Days’ (TeleSur)
Barr Defends His Summary Of Mueller Report, And The Delay (AP)
Boeing Admits ANOTHER Glitch In 737 MAX Software (RT)
WTO Rules Against US And Boeing In Mammoth Trade Row With EU (DW)
Rising Risk Of US And China Housing Slump Causing Recession – IMF (G.)
Theresa May To Make Written Brexit Offer To Jeremy Corbyn (G.)
EU’s Donald Tusk ‘Suggests Flexible Brexit Delay’ (BBC)
Angela Merkel Promises To Back Ireland In Avoiding Hard Border (G.)
Currency-Trading Algos “Flummoxed” by Rapid-Fire Brexit Headlines (WS)
Marine Plastic Pollution Costs The World Up To $2.5 Billion A Year (G.)
Great Barrier Reef Suffers 89% Collapse In New Coral (G.)
Bavaria To Pass ‘Save The Bees’ Petition Into Law In Landmark Move (G.)
Attenborough’s First Act As An Eco-Warrior (G.)

 

 

Sad sad day. Time to pray.

WikiLeaks Says Assange to Be Expelled Within ‘Hours to Days’ (TeleSur)

Julian Assange will be expelled from the Ecuadorean embassy in London, England within “hours to days,” high-ranking Ecuadorean state officials told WikiLeaks. Acording to reports, an agreement between the United Kingdom and the South American nation has been reached regarding Assange’s imminent arrest. The Ina Papers offshore scandal will be used as a pretext, WikiLeaks says.Earlier this week, Ecuadorean President Lenin Moreno argued that WikiLeaks founder, Julian Assange, has “repeatedly violated” the terms of his asylum in the embassy and that he will “make a decision in the short term.”

Ecuador’s head of state, interviewed by the local Radio Broadcasters’ Association, said Assange does not have the right to “hack private accounts or phones” and cannot intervene in the politics of other countries, especially those that have friendly relations with Ecuador. The Wikileaks founder accepted political asylum in 2012 to avoid extradition to Sweden to face allegations of sex crimes, which have been dropped. However, in the last two years, ever since Moreno took office, a new set of draconian measures have reduced his fundamental rights, in regards to freedom of speech, visits and movement inside the diplomatic mission.

Assange, who was granted Ecuadoran citizenship in December 2017, legally cannot be extradited as Article 25 of Ecuador’s 2008 constitution forbids extradition of nationals. Yet he has denounced attempts, influenced by U.S. pressure, to strip him of this right. A United Nations Special Rapporteur on Privacy is due to visit Assange on Wednesday to investigate Ecuador’s spying on the activist. Ecuador filed a complaint with the rapporteur Monday denouncing WikiLeaks and others for reporting on the INA Papers offshore scandal engulfing its president.

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Just because the losers are sore, he has to defend himself?

Barr Defends His Summary Of Mueller Report, And The Delay (AP)

Attorney General William Barr on Thursday defended his handling of special counsel Robert Mueller’s report on the Russia investigation, saying the confidential document contains sensitive grand jury material that prevented it from being immediately released to the public. The statement came as Barr confronts concerns that his four-page letter summarizing Mueller’s conclusions unduly sanitized the full report in President Donald Trump’s favor, including on the key question of whether the president obstructed justice. House Democrats on Wednesday approved subpoenas for Mueller’s entire report and any exhibits and other underlying evidence that the Justice Department might withhold.

The disparity in length between Barr’s letter and Mueller’s full report, which totals nearly 400 pages, raises the likelihood of additional significant information that was put forward by the special counsel’s office but not immediately shared by the attorney general. In Thursday’s statement, Barr defended the decision to release a brief summary letter two days after receiving the report on March 22. He has previously said he did not believe it would be in the public’s interest to release the full document in piecemeal or gradual fashion, and that he did not intend for his letter summarizing Mueller’s “principal conclusions” to be an “exhaustive recounting” of the special counsel’s investigation.

Barr is now expected to release the entire report, with redactions, by mid-April. “Given the extraordinary public interest in the matter, the Attorney General decided to release the report’s bottom-line findings and his conclusions immediately — without attempting to summarize the report — with the understanding that the report itself would be released after the redaction process,” the Justice Department statement said. The statement also said that every page of Mueller’s report was marked that it may contain grand jury material “and therefore could not immediately be released.”

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Boeing wants you to believe it’s about software. The media helps. “It’s just a little coding error, and we’re real sorry for it, but we’ll fix it in no time.” It’s a narrative, carefully constructed.

Boeing Admits ANOTHER Glitch In 737 MAX Software (RT)

After a report on the fatal crash of Ethiopian Airlines blamed a 737 MAX software error, Boeing reportedly revealed a second glitch. The “relatively minor” but still critical problem will delay 737s returning to service. In a report on last month’s crash that killed all 157 on board of the ill-fated airliner, Ethiopia blamed Boeing’s MCAS software that caused the jet to nosedive. On Thursday, Boeing confirmed to the Washington Post that it had found another software problem. The problem affects flaps and other flight stabilization hardware, according to two unnamed Federal Aviation Administration officials cited by the Post. The FAA has classified it as critical to flight safety and ordered a fix.


It will take weeks for the problem to be patched, meaning that the 737 Max fleet will remain grounded for the foreseeable future. Ethiopian Airlines Flight 302 plunged into a field shortly after takeoff in early March. Indonesian Lion Air Flight 610 nosedived into the sea last October, killing all 189 passengers and crew. Investigators noted “clear similarities” between both accidents. On Thursday, Boeing CEO Dennis Muilenburg offered condolences for “lives lost” and said the company was “relentlessly focused on safety to ensure tragedies like this never happen again.” The Ethiopian government report said the crew of Flight 302 “had performed all the procedures, repeatedly, provided by [Boeing], but was not able to control the aircraft.”

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“.. the EU was also failing to stop its own illegal subsidies for Europe’s Airbus..”

WTO Rules Against US And Boeing In Mammoth Trade Row With EU (DW)

US aerospace giant Boeing has received unfair tax breaks in the US state of Washington, an appellate panel in the WTO ruled on Thursday. The tax break of some $100 million annually harmed the sales of Boeing’s European rival Airbus, according to the WTO officials. The decision, which is not subject to appeal, opens the way for the EU to claim billions in damages. The damages are estimated based on the negative impact of the subsidies and not the subsidy itself. EU trade officials described the ruling as a “final victory” in the 15-year-long dispute. “The Appellate Body has now settled this case definitively, confirming our view the US has continued to subsidise Boeing despite WTO rulings to the contrary,” European Trade Commissioner Cecilia Malmstrom said in a statement.


However, a 2018 ruling by the WTO already found that the EU was also failing to stop its own illegal subsidies for Europe’s Airbus. Washington has since claimed an unspecified amount in damages and a WTO mediator is still examining this claim. The EU and the US have traded accusations on illegally subsidizing their respective aircraft manufacturers since 2004. The alleged subsidies vary from tax breaks and government research and development funding, to state issued loans, as both sides seek to give their companies a leg up in the global rivalry. In 2011, the WTO found that Boeing received $5.3 billion in illegal subsidies between 1989 and 2006. The verdict was confirmed in 2012. In late 2016, the WTO found some US subsidies have continued despite the global body declaring them illegal, and the Thursday verdict confirmed this decision.

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A China housing slump. Now that’s dangerous.

Rising Risk Of US And China Housing Slump Causing Recession – IMF (G.)

A growing number of homes in the US and China are teetering on the brink of a price slump that would drag their economies into a recession, the International Monetary Fund has warned. Using the latest evidence from global housing markets, the Washington-based organisation said there was a clear increase in the risk of a housing price collapse in both countries after years of ultra-low interest rates and loose lending by financial institutions. Ahead of its annual meeting next week, the IMF’s research showed a strong connection between falling house prices and declines in activity across the economy between 1990 and 2017, illustrating the power of housing markets to trigger wider slumps in GDP growth.


It follows similar concerns from US economists that the global recovery has been running out of steam since 2008 and slowdowns in the US and Chinese economies are likely to undermine worldwide growth. Recent falls in housing activity and relatively high long-term borrowing rates have also been seen as signals of a recession, possibly as soon as next year, in the US. Blackrock, the world’s largest fund manager, told investors that traders were becoming increasingly worried about the potential for a recession in the US. Christine Lagarde, head of the IMF, said this week that rising trade tensions, concerns about Brexit and tougher financial conditions as central banks raised interest rates had “increasingly unsettled” the global economy over recent months.

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Yada yada.

Theresa May To Make Written Brexit Offer To Jeremy Corbyn (G.)

Theresa May is expected to write to Jeremy Corbyn to set out the government’s offer on Brexit, with negotiations due to resume in Downing Street on Friday. With just five days to go before the prime minister must travel to Brussels to request a further Brexit delay from EU leaders, little progress appears to have been made on finding a compromise deal both Labour and the Conservatives can back. But after the government delegation reported back to May on Thursday, officials began drafting a letter setting out a way forward. One government source suggested that, in accordance with Labour’s demands, it would include the proposal that a confirmatory referendum on any Brexit deal be offered to MPs as an option in any vote next week.


After Thursday’s discussions in Downing Street, Corbyn sent a note to Labour MPs, saying: “Agenda items were customs arrangements, single market alignment including rights and protections, agencies and programmes, internal security, legal underpinning to any agreements and confirmatory vote.” Technical talks lasted four and a half hours, but both sides emerged cautious about how much progress had been made. [..] A deal including a customs union would be explosive in the Conservative party as the majority of Tory MPs oppose such a move. Hardline Eurosceptic MPs are still furious, with many plotting moves against the prime minister, despite there being no formal Conservative party mechanism to move a motion of no confidence in her until December.

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They’re going to be in the European elections.

EU’s Donald Tusk ‘Suggests Flexible Brexit Delay’ (BBC)

European Council President Donald Tusk is proposing to offer the UK a 12-month “flexible” extension to its Brexit date, according to a senior EU source. His plan would allow the UK to leave sooner if Parliament ratifies a deal, but it would need to be agreed by EU leaders at a summit next week. The UK’s Conservatives and Labour Party are set to continue Brexit talks later. Attorney General Geoffrey Cox has told the BBC that if they fail, the delay is “likely to be a long one”. The UK is due to leave the EU on 12 April and, as yet, no withdrawal deal has been approved by MPs. Downing Street said “technical” talks between Labour and the Conservatives on Thursday had been “productive” and would continue on Friday.


Prime Minister Theresa May has said a further postponement to the Brexit date is needed if the UK is to avoid leaving the EU without a deal, a scenario both EU leaders and many British MPs believe would create problems for businesses and cause difficulties at ports. However, the PM wants to keep any delay as short as possible. To do that, she and Labour leader Jeremy Corbyn would need to agree a proposal for MPs to vote on before 10 April, when EU leaders are expected to consider any extension request at an emergency summit. If they cannot, Mrs May has said a number of options would be put to MPs “to determine which course to pursue”.

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The de facto European president hasn’t said much for a long time.

Angela Merkel Promises To Back Ireland In Avoiding Hard Border (G.)

Angela Merkel has pledged the European Union’s support for averting a hard border on the island of Ireland despite concern this could undermine the single market in the event of a no-deal Brexit. The German chancellor expressed solidarity with the Irish government in a visit to Dublin on Thursday and urged the UK to present a viable plan to avert crashing out of the EU next week. Asked if averting a border was compatible with protecting the single market, Merkel told a press conference: “Where there’s a will, there’s a way … we simply have to do this, we simply have to be successful.” The chancellor was speaking after meeting the Irish taoiseach, Leo Varadkar, and a group of people from Northern Ireland and the border area who told of lives and livelihoods lost during the Troubles.


Merkel said the stories moved her. “I lived behind the Iron Curtain, so I know only too well what it means once borders vanish … what I have heard here will encourage me to explore ways and means to continue the peaceful co-existence.” Speaking at a joint press conference with Varadkar, the chancellor said Germany and the EU would consider an extension request to help the UK avoid a no-deal departure. “We need to be patient and understanding of the predicament that they are in. But of course, any further extension must require and must have a credible and realistic way forward.” She said she hoped Theresa May would be able to table a proposal by next Wednesday at a special European Council meeting. “We want to stand together as 27. Until the very last hour – I can say this from the German side – we will do everything in order to prevent a no-deal Brexit.”

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Brexit: Just like Waiting for Godot, but still faster than robots.

Currency-Trading Algos “Flummoxed” by Rapid-Fire Brexit Headlines (WS)

The drama of Brexit with all its arcane details of UK parliamentary procedures and rarely noted characters that suddenly appear prominently on the global stage and utter market-moving words has turned into a complicated mess that is generating too many rapid-fire headlines per day, often in a whiplash manner, and news-reading currency-trading algos haven’t been programmed for this and are overwhelmed. Bloomberg has published more than 1,000 Brexit headlines a day “on some days,” and Reuters “up to 400” Brexit headlines a day, according to a Reuters report. Other news outlets and wire services together also publish hundreds of headlines a day.


News-reading FX algos are programmed to react to all that instantly, but they don’t know what the next 10 Brexit stories over the next few moments are going to be, and that might put the trade on the wrong side of the next headline. Artificial Intelligence isn’t quite ready yet to sort all this out. Reuters describes it this way: As a divided government battles a divided parliament over a way forward, the chorus of characters who can now influence events has grown, flummoxing news-reading algorithms, or ‘algos’, which are designed to parse phrases from recognized speakers before executing a trade. “The model signals are more quantitative driven and rely on historical data feeds,” said Neil Jones, head of hedge fund currency sales at Mizuho in London. “Brexit headlines have thrown a spanner in their works for the sheer number of characters moving the currency on a daily basis.”

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Sounds like a nonsense number to me. Try a hundred times that for starters.

Marine Plastic Pollution Costs The World Up To $2.5 Billion A Year (G.)

Plastic pollution in the world’s oceans costs society billions of dollars every year in damaged and lost resources, research has found. Fisheries, aquaculture, recreational activities and global wellbeing are all negatively affected by plastic pollution, with an estimated 1-5% decline in the benefit humans derive from oceans. The resulting cost in such benefits, known as marine ecosystem value, is up to $2.5bn a year, according to a study published this week in Marine Pollution Bulletin. Plastic waste is also believed to cost up to $33,000 per ton in reduced environmental value, the study found. An estimated 8m tons of plastic pollution enter the world’s oceans every year.

Dr Nicola Beaumont, an environmental economist at Plymouth Marine Laboratory, who led the study, said the investigation was the first of its kind to explore the social and economic impact of plastics in the sea. “Our calculations are a first stab at ‘putting a price on plastic’. We know we have to do more research to refine, but we are convinced that already they are an underestimate of the real costs to global human society,” said Beaumont. The estimates do not take into account the direct and indirect impacts on the tourism, transport and fisheries industries, or on human health, the authors warned.

Plastic waste can be found all over the world – from the most populated coastlines to the most remote – and its impact on zooplankton, invertebrates, fish, turtles, birds and mammals is all negative, the study found. But authors discovered that plastics – which can remain buoyant for decades or longer, travelling distances of more than 3,000km from origin – create new habitats for bacteria and algae. These “colonies” increase the biogeographical range of bacteria and algae, thereby risking the spread of invasive species and disease, the research found.


A crab stuck in plastic in Verde Island Passage, Batangas City, Philippines. Photograph: Noel Guevara/Greenpeace/EPA

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No coral babies. Komodo island was closed to tourists, do the same for the Great Barrier.

Great Barrier Reef Suffers 89% Collapse In New Coral (G.)

The number of new corals on the Great Barrier Reef crashed by 89% after the climate change-induced mass bleaching of 2016 and 2017. Scientists have measured how many adult corals survived along the length of the world’s largest reef system and how many new corals they produced in 2018 in the aftermath of severe heat stress and coral mortality.The results, published in Nature, show not only a dramatic reduction in new coral recruitment compared with historic levels, but also a change in the types of coral species produced.


The paper’s lead author, coral scientist Terry Hughes from the ARC Centre of Excellence for Coral Reef Studies at James Cook University, said the results paint an uncertain picture for the reef in years to come if further bleaching events occur before corals have time to sufficiently recover – which typically takes a decade. “We’ve told the story of coral dying, we’ve told the story of some being winners and losers. Now we’ve got the next phase where species have a chance to recover,” Hughes said. “But what we’re seeing is that it’s happening a lot slower because we only have 10% of the babies.”

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Germans like their nature.

Bavaria To Pass ‘Save The Bees’ Petition Into Law In Landmark Move (G.)

Bavaria has announced that it will pass into law a popular “save the bees” petition that promises drastic changes in farming practices – without putting it to a referendum first. The landmark move comes amid increasingly alarming warnings from scientists that nearly half of all insect species are in rapid decline – a third of the crucial pollinators threatened with extinction. The petition launched in February to seek better protection of plant and animal species had become the most successful in the southern German region’s history, garnering 1.75m signatures. The proposal set a target for 20% of agricultural land to meet organic farming standards by 2025, before reaching 30% by 2030. 10% of green spaces in Bavaria would have to be turned into flowering meadows, and rivers and streams better protected from pesticides and fertilisers.


Rather than putting the petition to a referendum, Bavaria’s state premier, Markus Söder, announced it would simply be written into law, passing through parliament. “We are taking the text of the referendum word for word,” said Söder, leader of the conservative CSU party which governs the state in a coalition majority. The farming industry, which had sometimes felt marginalised in the environmental debate, would have to be given support to carry out the transformation, he added. Scientists in Germany and worldwide have sounded the alarm about massive insect losses in terms of species diversity and total biomass, with dire consequences for the animals that feed on them and for plants that require them for pollination.

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“..the herd we are watching is 70% smaller than it was 20 years ago.”

Attenborough’s First Act As An Eco-Warrior (G.)

It looks as spectacular as you would expect. Vast aerial sweeps across the Peruvian coast as millions of cormorants and boobies gather to feast on anchovies and breed, or across frozen tundra to watch herds of wildebeest head for the shelter of the forest in temperatures 40 degrees below freezing take your breath away. Then it catches in your throat, as you watch an orchid bee, in search of perfume to attract a mate, fall into a flower’s buckety petal and squeeze out of a tiny tunnel that deposits two sacks of pollen on its back; just as God, or a million years of evolutionary adjustments, intended. On every scale, it is amazing. You can only boggle at the endless precision of the natural world, and of the people who devote themselves to capturing its wonders.


This is Netflix’s first foray into nature programming – Our Planet, an eight-part, multimillion-dollar series, filmed by more than 600 crew members over four years in 50 countries and narrated by our very own David Attenborough. Produced largely by the team behind the BBC’s Planet Earth and Blue Planet, it looks very much like what they might have done next for Auntie if the Natural History Unit had given them their druthers (and Netflix’s budget). As with Planet Earth, it takes a different landscape every episode and fills the screen with incredible scenes. Lesser flamingos building mud mounds for their eggs and hatching thousands of chicks in unison. Eagles in combat in the air. Three of the 60 species of manakin birds doing their mating dances, each more jaw-droppingly complex than the last.


Just as God, or a million years of evolutionary adjustments, intended … an orchid bee. Photograph: Warwick Sloss/Silverback/Netflix

The routine from the blue manakin – which involves four birds who practise beforehand, with a juvenile male standing in for the prospective lady – will have you revising your own sexual decision-making. You’ll not be charmed by a pint and a compliment again, I assure you. Where it differs from BBC shows is in no longer ignoring or minimising the threats facing all the environments and animals on display. Hamstrung by the idea that any mention of eco-problems would make audiences switch off, and the broadcasters’ preferred strategy of hoping that sharing incredible sights around the world would inspire people to save them, nature programming has been taken to task for avoiding the issue, and not using their power to raise awareness of the dangers facing us all. Contextless stories don’t inspire us to change, after all; they just allow us to continue in our comfortable, fatal state of denial.


[..] Netflix has stolen their thunder by procuring his first outing as an in-yer-face eco-warrior. Our Planet places clearer emphasis on the fragility and interconnectedness of all the species and eco-systems on display, and on the huge impact humanity has had on them in so short a time. “In one human lifetime,” says Attenborough in the opening minutes, “wildlife populations have fallen by an average of 60%. The stability of nature can no longer be taken for granted.” Towards the end of the wildebeest scenes, he cuts the ground from under us by noting that the herd we are watching is 70% smaller than it was 20 years ago.


TV that may leave you jackknifing in pain … the wildebeest migration in Tanzania. Photograph: Sophie Lanfear/Silverback/Netflix

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Mar 262019
 
 March 26, 2019  Posted by at 10:09 am Finance Tagged with: , , , , , , , , , ,  


Jean Metzinger The blue bird 1912-13

 

Russiagate: The Great Tragic Comedy of Modern Journalism (Bivens)
Mueller Madness: The Media Pundits Who Got It Most Wrong (NYPost)
Mueller Probe Accusations Were ‘Equal To Treason’ – Sarah Sanders (MW)
As the Mueller Probe Ends, New Russiagate Myths Begin (Taibbi)
Apologies to President Trump (Hill)
Democrats Refuse To Retreat On Trump Legal Issues (G.)
Democrats Not Yet Ready To Conclude There’s No Russia Conspiracy (CNN)
Buyer’s Remorse (Kunstler)
Michael Avenatti Arrested On Extortion Charges (G.)
General Election Looms As Theresa May Calls Cabinet Talks (Ind.)
UK MPs Seize Control Of Brexit Process (G.)
Nasa Cancels All-Female Spacewalk, Citing Lack Of Spacesuit In Right Size (G.)

 

 

Lots of Mueller report coverage today. Can’t be helped. Who’s going to apologize to Russia?

 

 

Matt Bivens is a former editor of the St. Petersburg Times and the Moscow Times who has left journalism to become an emergency room doctor.

Russiagate: The Great Tragic Comedy of Modern Journalism (Bivens)

In its Russiagate coverage, The New York Times has repeatedly offered a graphic accusing the President’s retinue of “more than 100 contacts with Russian nationals.” This decision to question the loyalty of people who have had contact with a Russian national -so, for just knowing or meeting a Russian- has been a staple of New York Times coverage. “More than 100 contacts with Russian nationals.” It’s incredible that this can even be an allegation -in our paper of record- there in explainer graphics almost every day, for more than two years now. It smacks of the famous Senator Joseph McCarthy speeches in the 1950s: “I have in my hand a list of 205 [or 57, or 81]…” And yet no one ever seemed to mind.

After all, as former intelligence chief (and liar to Congress) James Clapper has asserted on television, “Russians are almost genetically driven to co-opt, penetrate, gain favor.” Worse, I may have already been co-opted and penetrated without even knowing it! As Clapper said recently on CNN when asked if Trump could be “a Russian asset,” it is “a possibility, and I would add to that a caveat, whether witting or unwitting.” Unwitting! So you can be an unwitting traitor? Infected with Russian mind-control, like a zombie? Yes. As mainstream media have argued repeatedly and quite explicitly. Consider the stunning set of short films on The New York Times op-ed webpages titled “Operation Infektion: How Russia Perfected the Art of War”.

[..] I was not surprised to see politicians up on their hind legs, panting mindlessly about Russians. But to see journalists at CNN, The New York Times, NPR, MSNBC, competing to be even dumber … hot on the trail of a non-story, recklessly discarding fairness and professionalism … dragging us gleefully down every rabbit hole … applauding the collateral damage to bystanders, as they indulge their collective rage against Donald Trump, their hysterical certainty that he must be a Russian asset … What can I say? It’s been heart-breaking. I know of smart, progressive-leaning journalists who politically oppose Donald Trump, but who feel like strangers in their own newsrooms, afraid to speak out against this mob psychosis. When I meet old colleagues, we have to feel each other out cautiously, until with relief we realize: Thank God, you’re not one of them – not one of the pod people from “Invasion of the Body Snatchers” that might point at me and scream.

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No, I don’t like having to go to the NY Post.

Mueller Madness: The Media Pundits Who Got It Most Wrong (NYPost)

Special counsel Robert Mueller has definitively put to rest the collusion theory of President Trump’s election. That’s not a little embarrassing for the many journalists, talking heads, celebrities and instant experts who spent more than two years furiously speculating about Moscow “pee-pee” tapes, treasonous rendezvous and the president’s imminent arrest. The president’s haters no doubt wish to memory-hole collusion and move on to the next anti-Trump theory. But not so fast: We want to laurel the punditry “champion” — the one who peddled the most nonsensical nonsense, the wildest inanities, the weirdest theories and unsubstantiated stories. That’s where your brackets come in.

Our contenders are divided into four groups (not unlike NCAA conferences): the print journalists, the cable TV talkers, the Twitterati and the network news reporters and “analysts.” And the brackets are seeded, with the most visible and influential figures contending against the lesser-known. In the Print category, the top seed is the never-Trump honcho Bill Kristol, who in August predicted that “Mueller will find there was collusion between Trump associates and Putin operatives; that Trump knew about it; and that Trump sought to cover it up and obstruct its investigation.” Or not. Pick your brackets — no, not for March Madness. This is Collusion Madness!


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“They are literally — the media and the Democrats — have called the president an agent of a foreign government. That is an accusation equal to treason, which is punishable by death in this country.”
Sarah Sanders

Maybe we can stop smearing her as well.

Mueller Probe Accusations Were ‘Equal To Treason’ – Sarah Sanders (MW)

President Donald Trump wasn’t the only one taking a victory lap a day after the Justice Department announced that the long-awaited Mueller report found no evidence that the president’s campaign “conspired or coordinated” with Russia to influence the 2016 presidential election. White House press secretary Sarah Sanders told “Today” show anchor Savannah Guthrie on Monday morning that Attorney General William Barr’s four-page letter to Congress summarizing the two-year investigation was a “total exoneration” of the president. What’s more, she called on the media and Democrats to apologize for “wasting” the past two years on treasonous charges.

The exchange between Sanders and Guthrie got heated at times, with the “Today” anchor — who has a law degree and previously covered courts — arguing with Sanders that the Barr letter is not a full exoneration. “Let’s be clear about what this report, what this letter is and what it isn’t,” said Guthrie. “It is a legal exoneration with regards to conspiracy and collusion. As to whether he obstructed justice, the special counsel doesn’t say. … Would you acknowledge that it is incorrect for the president to call this is a total exoneration? “It is complete and total exoneration, and here’s why — because the special counsel couldn’t make a decision one way or another — the way the process works is they then leave that up to the attorney general,” countered Sanders.

She also referred to the two-year, $25 million investigation as something that “never should have happened,” adding that “this should never happen to another president, and we want to make sure that the institution of the president is protected.”

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“..a roughly 33-month national ordeal (the first Russigate stories date back to July 2016) in which the public was encouraged, both by officials and the press, to believe Donald Trump was a compromised foreign agent.”

As the Mueller Probe Ends, New Russiagate Myths Begin (Taibbi)

On Sunday, Attorney General William Barr sent a letter to Congress, summarizing the findings of Special Counsel Robert Mueller’s Russia investigation. The most telling section, quoted directly from Mueller’s report, read: “[T]he investigation did not establish that members of the Trump Campaign conspired or coordinated with the Russian government in its election interference activities.” That one sentence should end a roughly 33-month national ordeal (the first Russigate stories date back to July 2016) in which the public was encouraged, both by officials and the press, to believe Donald Trump was a compromised foreign agent. After the 2016 election, the storyline instantly became that Trump was an illegitimate president, a foreign operative who’d cheated his way into office and would therefore need to be removed ahead of schedule.

There were too many stories that dwelled on this theme to count here, but we all saw them. New York asked, Was Trump “meeting his handler” in Helsinki? The Daily Beast asked, “Is he a Russian asset?” (Note: the extravagant use of hack spy-novel language during this period is going to look particularly ridiculous in history books decades from now.) Some outlets didn’t even put their beliefs in the form of a question. “Trump Is Compromised by Russia” read a not-unusual editorial in the New York Times last November. If you tried to protest that this had not been proven, that journalists should be more careful about leveling such serious accusations, the first line of response (if it wasn’t accusing you of being in league with Putin) was usually a version of: Be quiet, you don’t know what Mueller knows.

Mueller knows became the cornerstone belief of nearly all reporters who covered the Russial investigation. Journalists reveled in the idea of being kept out of the loop, thrilled to defer to the impenetrable steward of national secrets, the interview-proof Man of State. He was no blabbermouth Donald Trump, this Mueller! He won’t tell us a thing! “What Robert Mueller knows — and Isn’t Telling Us,” proclaimed Wired in February, going on to list the many areas where Mueller “probably knows far more than he’s willing to say.” Last month’s “What we know we don’t know from Mueller’s investigation,” by the Washington Post, marveled at Mueller’s ability to keep secrets. It made note of former Trump aide George Papadopoulos: “Mueller’s team kept him under wraps for months, with barely a hint of his importance.”

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“We treated any words he spoke in his own defense as if they were automatically to be disbelieved because he had uttered them. ”

Apologies to President Trump (Hill)

With the conclusions of special counsel Robert Mueller’s probe now known to a significant degree, it seems apologies are in order. However, judging by the recent past, apologies are not likely forthcoming from the responsible parties. In this context, it matters not whether one is a supporter or a critic of President Trump. Whatever his supposed flaws, the rampant accusations and speculation that shrouded Trump’s presidency, even before it began, ultimately have proven unfounded. Just as Trump said all along. Yet, each time Trump said so, some of us in the media lampooned him. We treated any words he spoke in his own defense as if they were automatically to be disbelieved because he had uttered them.

Some even declared his words to be “lies,” although they had no evidence to back up their claims. We in the media allowed unproven charges and false accusations to dominate the news landscape for more than two years, in a way that was wildly unbalanced and disproportionate to the evidence. We did a poor job of tracking down leaks of false information. We failed to reasonably weigh the motives of anonymous sources and those claiming to have secret, special evidence of Trump’s “treason.” As such, we reported a tremendous amount of false information, always to Trump’s detriment.

And when we corrected our mistakes, we often doubled down more than we apologized. We may have been technically wrong on that tiny point, we would acknowledge. But, in the same breath, we would insist that Trump was so obviously guilty of being Russian President Vladimir Putin’s puppet that the technical details hardly mattered. So, a round of apologies seem in order.

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Sure. Keep digging.

Democrats Refuse To Retreat On Trump Legal Issues (G.)

“It’s a shame that our country has had to go through this,” a defiant Trump said Sunday. “To be honest, it’s a shame that your president has had to go through this.” Democrats nonetheless demanded the release of the full Mueller report, while suggesting Barr’s summary could not be trusted given his prior criticisms of the special counsel investigation. “The fact that Special Counsel Mueller’s report does not exonerate the president on a charge as serious as obstruction of justice demonstrates how urgent it is that the full report and underlying documentation be made public without any further delay,” the Democratic leaders Chuck Schumer and Nancy Pelosi said in a statement.

“Given Mr Barr’s public record of bias against the special counsel’s inquiry, he is not a neutral observer and is not in a position to make objective determinations about the report.” Democrats took particular issue with the claim by Barr and Rod Rosenstein, the deputy attorney general, that Mueller’s evidence was insufficient to prove Trump had obstructed justice. The special counsel examined several actions by Trump in considering the question of obstruction, including his firing of the former FBI director James Comey, public and private attempts to pressure the former attorney general Jeff Sessions, and role in misleading the public about a meeting between his campaign and a Russian lawyer during the campaign.

In a joint statement, the Democratic chairmen of the House intelligence, judiciary and oversight committees called for the complete release of Mueller’s report and “all underlying documents”. “It is unacceptable that, after Special Counsel Mueller spent 22 months meticulously uncovering this evidence, Attorney General Barr made a decision not to charge the president in under 48 hours,” the chairmen said.

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When will they start attacking Bill Barr for real? And Mueller?

Democrats Not Yet Ready To Conclude There’s No Russia Conspiracy (CNN)

Special counsel Robert Mueller found that no one in the Trump campaign conspired with the Russian government in 2016 – but Democrats are not ready to accept that finding. In interviews since Attorney General William Barr issued his four-page letter on Sunday, Democrats have refused to accept that determination, saying there’s ample evidence of Trump campaign and Russia contacts that may not have risen to the level of criminal conduct. They are demanding the full release of the Mueller report to determine what else the special counsel found, and they say they will continue investigating ties between Trump and Russia.

But that strategy risks political backlash for Democrats if they are viewed as overreaching and probing into an area that has already been exhaustively investigated by a special counsel whose investigation turned up no criminal wrongdoing. “What I accept was there was apparently no criminal conspiracy … with the Russians,” Rep. Gerry Connolly, a Virginia Democrat, told CNN. “That doesn’t mean there wasn’t a lot of activity with the Russians that ranges from unsavory to treacherous.” [..] House Minority Leader Kevin McCarthy, a California Republican, and Minority Whip Steve Scalise, a Louisiana Republican, called for House Intelligence Chairman Adam Schiff’s resignation from the committee on Monday – payback after Schiff and the panel’s other Democrats pushed former Chairman Devin Nunes, a California Republican, to recuse himself from the panel’s Russia investigation in 2017.

“When you look at the claims that they’ve made, Chairman Schiff said he had more than circumstantial evidence that there was collusion. Whether he was misleading people or he was misled himself, he ought to be held accountable,” Scalise told reporters. “A lot of people, I think, should be angry today that for two years they’ve had people misleading and lying to them, saying there was collusion when there wasn’t.”

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“..the collusion that actually occurred between the Hillary campaign, the FBI, the DOJ, the CIA, the NSA, the UK’s MI6 intel agency, and the Obama White House, striving to prevent the election of a TV reality show star, and to disable him afterwards..”

Buyer’s Remorse (Kunstler)

What actually happened with RussiaGate? A cabal of government officials colluded with the Hillary Clinton campaign to interfere in the 2016 election and, failing to achieve their desired outcome, engineered a two-years-plus formal inquisition to deflect attention from their own misconduct and attempt to overthrow the election result. The Cable News characters, quite a few of them lawyers, were litigating the living shit out of the story on Sunday night in their usual spirit of obdurate rank dishonesty. For instance, Jeffrey Toobin, who plays Attorney General on CNN, went off on the infamous 2016 Trump Tower Meeting in which the president’s son, Donald, Jr., met with Russian lawyer Natalia V. Veselnitskaya.

Toobin omitted to mention that Ms. Veselnitskaya was, at that very time, on the payroll of Fusion GPS, Hillary Clinton’s “oppo” research contractor. In other words, Trump Junior was set up. That was characteristic of the collusion that actually occurred between the Hillary campaign, the FBI, the DOJ, the CIA, the NSA, the UK’s MI6 intel agency, and the Obama White House, striving to prevent the election of a TV reality show star, and to disable him afterwards — also of the news media’s role in the whole interminable scam of RussiaGate. Their fury and despair were as vivid the night of March 24, 2019, as on November 8, 2016. And now they will attempt to spark off a sequel.

[..] My favorite college professor and mentor, David Hamilton, once put a curious question to us when we were vexing him for some reason now forgotten: “Why,” he asked, “Did Achilles drag Hector around the city of Troy three times?” We twiddled our cigarettes and pulled our chins. “Because he was just that pissed,” he said.

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Who made this guy a star? You own that.

Michael Avenatti Arrested On Extortion Charges (G.)

The high-profile attorney Michael Avenatti was charged with trying to extort more than $20m from the sports company Nike. Avenatti, the former lawyer for Stormy Daniels and a prominent critic of Donald Trump, threatened to release damaging information about Nike unless it paid him off, according to a criminal complaint filed by federal authorities in New York. He was also charged with wire and bank fraud in a separate case in Los Angeles, where prosecutors said he embezzled money from a client. Avenatti, a California lawyer who has teased the idea of a presidential bid, rose to national fame as the lawyer for Daniels, the porn star who was paid off to keep quiet about an alleged sexual encounter with Donald Trump. They parted ways this month.

He used his prominence to try to extort millions from Nike, prosecutors alleged. He threatened to publicize allegations of misconduct against Nike unless the company paid a client he represented $1.5m, and paid Avenatti and another lawyer up to $25m to conduct an internal investigation, the criminal complaint says. “A suit and tie doesn’t mask the fact that at its core, this was an old-fashioned shakedown,” said Geoffrey Berman, the US attorney for the southern district of New York. Avenatti was arrested in New York on Monday morning and later appeared in court. He did not enter a plea and was released on a $300,000 bond.

Berman said Avenatti, 48, acted as an attorney bringing a case on behalf of a client merely to “provide cover for [his] extortionate demands for a massive payday for himself”, adding: “When lawyers use their law licenses as weapons as a guise to extort payments for themselves, they are no longer acting as attorneys. They are acting as criminals.”

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It all comes apart.

General Election Looms As Theresa May Calls Cabinet Talks (Ind.)

Theresa May’s Brexit strategy has been left in disarray and her leadership under threat after three of her ministers resigned and MPs dramatically voted to take control of the process from the government. A total of 30 Tory MPs defied the party whip and supported a cross-party amendment which will allow MPs to potentially dictate the business of the House of Commons. The move could pave the way for a “softer” deal that keeps Britain closer to the European Union, as ministers warned of the prospect of a third UK general election in four years.

[..] More than 80 per cent of people think the government has handled Brexit badly, a new survey has found. The NatCen Social Research poll found that just 7 per cent of voters think Theresa May’s team has done well, while 81 per cent said the opposite. The figures are significantly worse for the government those from 2017, when only 41 per cent said Brexit was being managed badly, while 29 per cent thought the government was doing well.

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But May could still try and steer the country into a no-deal.

UK MPs Seize Control Of Brexit Process (G.)

MPs have inflicted a fresh humiliating defeat on Theresa May, voting to seize control of the parliamentary timetable to allow backbenchers to hold a series of votes on alternatives to her Brexit deal. An amendment tabled by former Tory minister Oliver Letwin passed, by 329 votes to 302 on Monday night, as MPs expressed their exasperation at the government’s failure to set out a fresh approach. The prime minister had earlier declined to say whether she would abide by the outcome of a process of “indicative votes”. The government issued a punchy statement after the amendment passed, warning that it “upends the balance between our democratic institutions and sets a dangerous, unpredictable precedent for the future”.

Three ministers resigned from government in order to back the Letwin amendment: the foreign affairs minister, Alistair Burt, the health minister Steve Brine and the business minister Richard Harrington. A total of 29 Tory MPs rebelled to vote for the amendment. Harrington, who has been outspoken in his warnings about the risk of a no-deal Brexit in recent weeks, accused the government of “playing roulette with the lives and livelihoods of the vast majority of people in this country” in his resignation letter. The amendment was drawn up by a cross-party group – led by Letwin and Labour’s Hilary Benn – and gives MPs a series of votes on the alternatives to May’s deal, such as a softer Brexit or revoking article 50.

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The pride of America. Once.

Nasa Cancels All-Female Spacewalk, Citing Lack Of Spacesuit In Right Size (G.)

Nasa’s plans for an all-female spacewalk have fallen through – at least in part because the agency doesn’t have enough spacesuits that fit the astronauts. Early this month, Nasa announced that Christina Koch and Anne McClain would take part in the first-of-its kind mission on 29 March, walking outside the international space station (ISS) to install new batteries. In the past, missions have been all-male or male-female. But in a press release on Monday, Nasa said its plans had changed, “in part” due to a shortage of outerwear.

McClain had “learned during her first spacewalk that a medium-size hard upper torso – essentially the shirt of the spacesuit – fits her best.” Only one such top can be made by Friday, the agency said, and it will go to Koch. When McClain took part in a spacewalk last week, she became the 13th woman to do so, Nasa says; Koch will be the 14th. McClain is now “tentatively scheduled” to perform her next one on 8 April.

[..] The first woman to perform a spacewalk was the Soviet cosmonaut Svetlana Savitskaya, 35 years ago. More than 500 people have been into space, but only 11% have been women, Reuters reported. But Koch and McClain were both part of Nasa’s 2013 class, which was half female. Fitting for spacesuits is a tricky business, according to Space.com, since microgravity makes you taller. McClain tweeted this month that she was 2in taller than when she launched.

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Mar 252019
 
 March 25, 2019  Posted by at 2:50 pm Primers Tagged with: , , , , , , , , , ,  


Yves Klein Leap into the Void 1960

 

Message to Bernie Sanders, Joe Biden, Kemala Harris, Tulsi Gabbard and the rest of the crew: you can stop asking for campaign donations, because you no longer stand a chance in the 2020 elections. Your own party, and the media who support you, made sure of that. Or rather, the only chance you would have is if you guys start another smear campaign against your president, and I wouldn’t recommend that.

I don’t want to start another Lock Her Up sequence, that’s too ugly for my taste. But three parties in this No Collusion disaster must be held accountable: US intelligence, the Democratic party, and the media. You can’t just let it go, too much water under the bridge. No can do. “The Democrats need to move on”, a recent ‘soft line’, is not good enough. They must be held to account.

Bill Barr can investigate the FBI and DOJ, but the obstacles there are obvious: investigating the investigators. The Democratic party would mean going after individuals, but sure, let’s see what Loretta Lynch, Debbie Wasserman-Schultz and Maxine Waters have to say for themselves and take it from there, before you get to Hillary. The media, though, is something else altogether.

Freedom of the press, and freedom of opinion, is one thing. Conducting a 2-year+ smear campaign against your own president is another. So what does US law say about this? Let’s hear it. Since Trump made Bill Barr the new Attorney General, Barr is instrumental in answering these questions. Is it a smear campaign? Is that acceptable? Is it legal? Asking for a friend.

Not a soul could blame me if I were to gloat because what I’ve said since the 2016 elections has been proven: there is no collusion between ‘the Russians’ and Donald Trump and there never was. But I don’t feel much like gloating because 1) it’s old news and 2) this tale is far from over. The media, and the Democrats, are not going to cave in, because they have nowhere left to ‘cave into’.

The biggest shame, I think, is not that the media will just keep doing what they have, but that a remnant, a residue of all the made-up narratives will remain in their audience’s minds, long after Robert Mueller has said it was all lies all that time. That the public will say: there’s been so much, surely some of it must be true?! The power of repetition.

 

The same media that has spun the collusion theme all this time will simply continue doing what it’s done, just perhaps without using that term -and not even that is sure. Don’t let’s forget, and I’ve said this 1000 times, that while there is a dose of genuine hatred of their own president involved, and some political issues, most of all it’s about their business model. Trump scandals mean readers and viewers. And money.

Because of that, or at least partly because of it, I would seriously like to ask what the odds are of putting Rachel Maddow behind bars. How many lies can you tell, and how often can you repeat them, about anyone, but certainly about your President, before someone calls you on it? Trump can’t really defend himself, or couldn’t as long as Mueller was busy, but this can’t be.

Does the fact that you work for the media protect you to the extent that you can just say anything? And Maddow of course is just an example, albeit an extreme one, but the same goes for CNN, New York Times et al. What freedoms do you have as a journalist? And at what point are you no longer a journalist at all? Who decides that?

BuzzFeed said Mueller was in possession of evidence that Trump directed Michael Cohen to lie to Congress. Mueller himself had to discredit that. The Guardian’s Luke Harding wrote a #1 NYT bestselling book called “Collusion” before writing an article with Dan Collins claiming that Manafort had met with Assange multiple times in London.

Not a word of that was true. But Harding And Collins and their editor still work at the Guardian, and no apologies or corrections were ever issued. And at some point you have no choice but to ask: where does it stop? Where do we draw the line? Can anyone who labels themselves a journalist and/or anyone employed by MSM, say anything they want? From sources:

The nonpartisan Tyndall Report pegged the total amount of time devoted to the story on the evening newscasts of ABC, CBS and NBC last year at 332 minutes, making it the second-most covered story after the Senate confirmation hearings of Supreme Court Justice Brett Kavanaugh.

According to a count by the Republican National Committee released Sunday, The [Washington] Post, The New York Times, CNN.com and MSNBC.com have written a combined 8,507 articles [since 2017] mentioning the special counsel’s investigation [into nonexistent collusion], some 13 articles a day. The cable news networks, particularly CNN and MSNBC, have added hundreds of hours of discussion about the topic, too.

And they wrote many more in 2016 as well. They were on a mission. Tyler Durden adds:

Mueller’s 40 FBI agents issued over 2,800 subpoenas, executed “nearly 500 search warrants,” and “obtained over 230 orders for communication records. They also issued 13 requests to foreign governments for evidence and interviewed approximately 500 witnesses.

All that time, and all those resources, dedicated to a figment of the imagination, invented out of this air to derail a presidential election and a presidency. Where do we think these people see their country go? I must admit I’m not sure about that one. But I see Bernie Sanders on the anti-Trump wagon, and AOC and Tulsi trying to get on, and I think: please don’t do that, it doesn’t go anywhere.

I’ve called for a second special counsel many times, and I can’t imagine there won’t be one, and as much as I think it’s desperately needed, it’s obvious at the same time that it can only divide the nation further.

There was a reason Trump was elected: people had gotten sick of what was there before, of what Republicans and Democrats had to offer. And there is absolutely nobody in either party who addresses that issue. In other words, there’s still nobody who is listening to those people. So they tune into Rachel Maddow and her kind of ‘reporting’.

Looks like Bill Barr will be badly needed. And that to restore the credibility of US intelligence, he will need to clean up the FBI and DOJ and get rid of all those who’ve taken part in the collusion debacle. A formidable task. I’d suggest he start with Maddow et al and take it from there. Find out who feeds the media their fantasy stories.

Oh, and now that collusion’s off the table, free Julian Assange. Let Robert Mueller show he’s not as much of a coward as he looks until now. To that end, let him swallow the Guccifer 2.0 nonsense as well. That Rachel Maddow makes things up from scratch, doesn’t mean Special Counsels should do that too. Mueller knows exactly what this is about.

A friend (not exactly a Trump fan) mailed me last night saying this was never a witch hunt. And I’m thinking: maybe that depends on how you define it. Here’s one definition: “an unforgiving, evidence-scant campaign against a group of people with unpopular views.” Not too far off, is it?

Time for spring cleaning, Bill Barr.

 

 

Mar 232019
 
 March 23, 2019  Posted by at 9:15 am Finance Tagged with: , , , , , , , , , ,  


Inge Morath Window washers 1958

 

France To Deploy Army Against Yellow Vests (G.)
Mueller Report Is Just The Start Of A New Russia Showdown (CNN)
Mueller-Dämmerung (CF)
Letter From US Attorney General To Lawmakers On Mueller Report (R.)
WikiLeaks Seeks To Publish Mueller Report In Full (RT)
May Urged To Go As She Hints At Pulling Third Vote On Brexit Deal (G.)
The EU Knows It, So Do Our Own MPs – Theresa May Is Finished (G.)
Secret Cabinet Document Reveals Chaotic Planning For No-Deal Brexit (G.)
Revoke Article 50 Petition Hits Three Million Signatures (Ind.)
Coercion Meets Its Match (Kunstler)

 

 

Using your army on your own land against your own people…

France To Deploy Army Against Yellow Vests (G.)

France has drafted in extra security forces including army troops to try to prevent any repeat of violence during gilets jaunes protests in Paris or other cities this weekend. Police, gendarmes and soldiers will be deployed in a show of force in the capital and in the southern city of Nice, where the president, Emmanuel Macron, will meet his Chinese counterpart, Xi Jinping, for a state visit on Sunday. Despite a ban on protests in parts of Nice, yellow vest organisers have called for a demonstration there on Saturday, the 19th day of action. Protests are also expected in other French cities. Critics see the deployment of troops from Operation Sentinelle, which was established after the 2015 terrorist attacks in Paris, as provocative.

Macron’s administration views the potential escalation of civil unrest as a serious challenge to its authority and is determined to regain the upper hand after it was accused of being unprepared for last week’s riots. Last weekend protests in Paris were hijacked by rioters and looters who destroyed luxury shops, newspaper kiosks and one of the country’s most exclusive restaurants on the Champs Élysées. The Paris police prefect was sacked after his officers were accused of failing to stop the unrest. The interior minister, Christophe Castaner, spoke to the mayor of Nice, Christian Estrosi, and the local prefect, Georges-François Leclerc, on Thursday to reassure them that security forces would be deployed to avoid a repeat of last weekend’s clashes and destruction.

[..] Officials say soldiers will be used this weekend to protect key buildings, freeing up police and gendarmes to control crowds. Bruno Leray, the Paris military chief, told French radio they could “go so far as to open fire …if their life is threatened or the life of those people they are defending”. The hard-left politician Jean-Luc Mélenchon said Leray’s admission was “grave” and could “feed a fatal escalation” of violence. A number of gilets jaunes have been injured by police firing rubber bullets. “Maintaining order is not a task to be given to the army. The army’s mission is to defend the nation against its enemies, and in no way can demonstrators be considered internal enemies,” Mélenchon wrote in a letter to the prime minister, Édouard Philippe, on Friday.

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Don’t say they didn’t warn you. This is their meal ticket.

Mueller Report Is Just The Start Of A New Russia Showdown (CNN)

Robert Mueller’s latest service to America is all but complete. But the reverberations from his yet-to-be-revealed report could amount to inestimable political and constitutional consequences. The conclusion of the special counsel’s investigation was an important landmark in itself, at a moment in America’s modern history when governing institutions are under intense strain. It demonstrated that so far at least, a credible legal examination is possible into the most explosive of charges against an unchained President, without interference and despite the bitter polarization of the times. The question now is whether everyone accepts the result.

The nation could learn within days whether Mueller answered key inquiries: Did Trump cooperate with a hostile foreign power to win the 2016 election? Did he use that platform to seek to enrich himself with multi-billion dollar business deals in Russia? Did the President obstruct justice, including by firing FBI Director James Comey, in an effort to cover it all up? And is there any evidence to suggest why Trump often appears to be obedient to Russian President Vladimir Putin, following fears felt deep within the FBI that the US President was compromised? And can he explain the multiple suspicions contacts between Trump’s associates and Russians — both before and after the election — and the lies they all told about those relationships?

Trump’s team is already celebrating, claiming it is already clear that the President has already been vindicated since Mueller did not indict anyone for cooperating with Russian election meddling. The lack of charges against Trump’s son, Donald Jr. and his son-in-law Jared Kushner, who were involved in a 2016 Trump Tower meeting with Russians offering “dirt” on Hillary Clinton, especially disappointed his critics. Their escape proved the shrewdness of Trump’s consistent messaging that the only question that mattered in an investigation that held Washington spellbound for two years was whether there was collusion. “The fat lady has sung,” one Trump aide told CNN’s Jim Acosta.

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“..Trump is going to reach over, grab that report, roll it up tightly into a makeshift cudgel, and then beat the snot out of his opponents with it.”

Mueller-Dämmerung (CF)

if you’re going to accuse a sitting president of being a Russian intelligence asset, you kind of need to be able to prove it, or (a) you defeat the whole purpose of the exercise, (b) you destroy your own credibility, and (c) you present that sitting president with a powerful weapon he can use to bury you. This is not exactly rocket science. As any seasoned badass will tell you, when you’re resolving a conflict with another seasoned badass, you don’t take out a gun unless you’re going to use it. Taking a gun out, waving it around, and not shooting the other badass with it, is generally not a winning strategy. What often happens, if you’re dumb enough to do that, is that the other badass will take your gun from you and either shoot you or beat you senseless with it.

This is what Trump is about to do with Russiagate. When the Mueller report fails to present any evidence that he “colluded” with Russia to steal the election, Trump is going to reach over, grab that report, roll it up tightly into a makeshift cudgel, and then beat the snot out of his opponents with it. He is going to explain to the American people that the Democrats, the corporate media, Hollywood, the liberal intelligentsia, and elements of the intelligence agencies conspired to try to force him out of office with an unprecedented propaganda campaign and a groundless special investigation. He is going to explain to the American people that Russiagate, from start to finish, was, in his words, a ridiculous “witch hunt,” a childish story based on nothing. Then he’s going to tell them a different story.

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Hard to see why he shouldn’t release the whole thing.

Letter From US Attorney General To Lawmakers On Mueller Report (R.)

Dear Chairman Graham, Chairman Nadler, Ranking Member Feinstein, and Ranking Member Collins:

I write to notify you pursuant to 28 C.F.R. 600.9(a)(3) that Special Counsel Robert S. Mueller III has concluded his investigation of Russian interference in the 2016 election and related matters. In addition to this notification, the Special Counsel regulations require that I provide you with “a description and explanation of instances (if any) in which the Attorney General” or acting Attorney General “concluded that a proposed action by a Special Counsel was so inappropriate or unwarranted under established Departmental practices that it should not be pursued.” 28 C.F.R. 600.9(a)(3). There were no such instances during the Special Counsel’s investigation.

The Special Counsel has submitted to me today a “confidential report explaining the prosecution or delineation decisions” he has reached, as required by 28 C.F.R. 600.8(c). I am reviewing the report and anticipate that I may be in a position to advise you of the Special Counsel’s principal conclusions as soon as this weekend. Separately, I intend to consult with Deputy Attorney General Rosenstein and Special Counsel Mueller to determine what other information from the report can be released to Congress and the public consistent with the law, including the Special Counsel regulations, and the Department’s long-standing practices and policies. I remain committed to as much transparency as possible, and I will keep you informed as to the status of my review.

Finally, the Special Counsel regulations provide that “the Attorney General may determine that public release of” this notification “would be in the public interest.” I have so determined, and I will disclose this letter to the public after delivering it to you.

Sincerely,

William P. Barr

Attorney General

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But Russia!

WikiLeaks Seeks To Publish Mueller Report In Full (RT)

Whistleblowing website WikiLeaks has launched a fundraiser to “facilitate the full publication” of the long-awaited Russiagate report, as many wonder: why pay for a nothingburger that’s poised to be released to the public anyway? While some wondered if the WikiLeaks’ twitter account was ‘hacked’ by the Democrats, many wondered why the whistleblowers’ website would seek to raise so much money to publish ‘literally nothing.’ Most netizens, however, seemed puzzled by the initiative, with reactions ranging from accusations of trying to ‘bribe’ Robert Mueller to the idea that WikiLeaks is trying to get hold of the report to release a ‘redacted’ version of it.

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Major march in London today. But there will have to be very many people for it to have any effect.

May Urged To Go As She Hints At Pulling Third Vote On Brexit Deal (G.)

Pressure on Theresa May has reached new heights as ministers backed attempts to let parliament take control of the next stage of the Brexit process and MPs openly speculated that her time in office could end within weeks. As a beleaguered May returned from Brussels, MPs suggested her deal could lose by an even higher margin, with several saying the timing now required the prime minister to “fall on her sword”. May wrote to Tory MPs on Friday in an attempt to address some of the criticism and regain control over the process. In her letter, she even hinted she may not bring her deal back to parliament for the third time without “sufficient support” and apologised for the tone of her statement on Wednesday night where she blamed MPs for the Brexit impasse.

MPs had earlier suggested that it could be pointless for the prime minister to attempt to pass her deal next week, after a defiant statement by the Democratic Unionist party where they rejected the current state of negotiations. In her letter, May said the decision of the EU council meant she would bring back her deal next week “if it appears there is sufficient support and the Speaker permits it”. The prime minister said a number of colleagues had raised concerns about her speech in Downing Street on Wednesday. “You have a difficult job to do and it was not my intention to make it any more difficult,” she wrote, offering to hold more meetings with MPs next week. May will face further pressure from hundreds of thousands of members of the public expected to join the Put it to the People march in London on Saturday to demand a second referendum, after millions signed a petition to revoke article 50.

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“..that was the moment when Angela Merkel, Emmanuel Macron and others realised they were dealing with someone out of her depth, unable to perform at the level required for the job that needed doing.”

The EU Knows It, So Do Our Own MPs – Theresa May Is Finished (G.)

EU leaders cannot say explicitly that they no longer want to deal with the current prime minister. Urging regime change is beyond the pale of normal diplomacy among democratic states. But there is no effort to conceal the frustration in May or the evacuation of confidence in her as a negotiating partner. The one thing everyone in Brussels, Berlin and Paris had most wanted to avoid from an article 50 extension was giving May a licence to carry on behaving as she has done for what feels like an eternity. They could no longer tolerate the hollow shell of a prime minister shuttling back and forth between Tory hardliners demanding fantasy Brexits and Brussels negotiators who trade in realities.

There is a difference between patience with the prime minister and readiness to help her country navigate through its current crisis. There are still stores of goodwill available for Britain in Brussels, but they cannot be unlocked by May. The bankruptcy of May’s overseas enterprise has been coming since the day she set up shop in No 10. The squandering of credibility started almost at once, with the appointment of Boris Johnson as foreign secretary in 2016. Only someone with a tin ear for European sensibilities would have given the top diplomat job to a man known on the continent as a rogue peddler of anti-Brussels propaganda. Then there was the early negotiating period, during which EU leaders thought May’s robotic, inscrutable manner concealed a deep, strategic intelligence.

They came to realise that there was no mask. The inanity – the reciting of “Brexit means Brexit” even in private meetings – was not the cover story for a secret plan. It was the plan. The point of no return was the summit in Salzburg last September. May was invited to make the case for what was left of her “Chequers plan” to European heads of government. It was late. They were tired. There were other difficult matters to attend to. And instead of speaking candidly, persuasively, passionately or even just coherently, the British prime minister read mechanically from a text that was, in substance, no different from an op-ed article already published under her name in a German newspaper that morning. It was embarrassing and insulting.

Many European diplomats say that was the moment when Angela Merkel, Emmanuel Macron and others realised they were dealing with someone out of her depth, unable to perform at the level required for the job that needed doing.

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Chaos is the only thing that’s guaranteed.

Secret Cabinet Document Reveals Chaotic Planning For No-Deal Brexit (G.)

The extent and range of the impact of a no-deal Brexit is revealed in a confidential Cabinet Office document that warns of a “critical three-month phase” after leaving the EU during which the whole planning operation could be overwhelmed. The classified document, seen by the Guardian, sets out the command and control structures in Whitehall for coping with a no-deal departure and says government departments will have to firefight most problems for themselves – or risk a collapse of “Operation Yellowhammer”. “The … structure will quickly fall if too many decisions are unnecessarily escalated to the top levels that could have reasonably been dealt with internally …” the document says. It also concedes there are “likely to be unforeseen issues and impacts” of a no-deal Brexit that Operation Yellowhammer has been unable to predict.

The Cabinet Office has taken the lead in preparations for no deal and is desperately war-gaming scenarios in the event the UK leaves without a coherent plan. The document includes a flow-chart of a routine no-deal day in Whitehall – which starts at 7am with “situation reports” from across the UK being sent to ministers and senior officials, and continues with non-stop assessments and meetings until 5.30am the following day. This high tempo is likely to be necessary for months, the document says. One source with knowledge of Operation Yellowhammer made clear that while planning had stepped up, the overall picture remained chaotic and “rudderless”.

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You’ll need them out on the street. This weekend.

Revoke Article 50 Petition Hits Three Million Signatures (Ind.)

A petition calling for Article 50 to be revoked and Brexit cancelled has attracted more than three million signatures. The milestone, hit by midday on Friday, was reached after more than two million people signed up in less than 24 hours. It has since become the parliament website’s fastest growing petition despite the service crashing several times on Thursday, apparently unable to cope with demand as people voiced their discontent for Theresa May’s plans for the UK’s withdrawal from the European Union. Signatures continued to be added even after the threat of a no-deal exit on 29 March was removed when EU leaders agreed Brexit could be delayed. At one point nearly 2,000 people were signing up every minute.

Analysis by software firm Tableau of the 16,000 petitions running on the government website showed the revoke Article 50 petition had more than three times as many signatures as all the pro-Brexit petitions combined. After the number of signatures passed one million, the petitions committee, a cross-party group of MPs appointed to examine petitions to parliament, said the rate of signing was the highest its website had ever had to deal with. Organiser Margaret Anne Georgiadou wrote: “The government repeatedly claims exiting the EU is ‘the will of the people’. “We need to put a stop to this claim by proving the strength of public support now for remaining in the EU. A People’s Vote may not happen – so vote now.”

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US universities appear to become a lifeform all their own.

Coercion Meets Its Match (Kunstler)

It’s not hard to see how this fiasco developed and blossomed. In the 1960s, when I was in college, Marxism offered a neat, pre-engineered template for opposing the odious Establishment that blundered into the Vietnam War. Students then at least had skin in the game: the threat of getting drafted into the army and shipped over to die in the jungle for a senseless conflict. In fact, many young men unsuited for college took refuge there to evade the military. Then, with a bull market in Boomer Generation PhDs, the faculties were soon filled with the former Sixties radicals.

Many were Boomer women, who set out to explain and correct the evolving relations of men and women in the office workplace of the day. By then the war was over. The sick economy of the 1970s put an end to the ability of men to support a family and more women were forced to enter the office environment. Meanwhile radical progressivism needed an ever-fresh supply of new aggrieved parties to justify its agitation against the old Marxist bugbears of bourgeois values and structural oppression — and incidentally fuel academic careers. Hence, the multiplication of victims into handy intersectional categories.

By the 1980s, it also became evident that 60s civil rights legislation to end Jim Crow laws had not solved the quandaries of race in America, and that disappointment refreshed the progressive crusade to heal the world of injustice and inequality. Every other effort to produce equal outcomes for different categories of people had also proved disappointing, so now progressives resort to plain coercion to force equal outcomes at all costs, and nowhere is that behavior more overt than on campus the past decade.

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