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Debt Rattle May 18 2021

May 182021

May 18, 2021 Posted by Raúl Ilargi Meijer at 9:00 am Finance Tagged with: Biden, Blinken, Israel, Neanderthals, Palestine, Russia, Texas 57 Responses »

Gustav Klimt The Park 1909

• Texas Reports Zero COVID Deaths 2 Months After Biden Said ‘Neanderthals’ (NW)

• 42% Of Russians Do Not Want To Be Vaccinated Against Covid-19 (Tickle)

• Learn From History – Or Repeat It (Denninger)

• The False God (Jim Kunstler)

• Dutch Municipalities Spy On Citizens On Social Media (VK)

• Q&A With Antonio Garcia-Martinez (Taibbi)

• US Blocks New Draft UN Statement On Mideast Violence (MSN)

• You Are Writing History With Your Bloody Hands -Erdogan to Biden (ZH)

• Earth and Humanity: Myth and Reality (Nate Hagens)

Riddle me this, Batman.

• Texas Reports Zero COVID Deaths 2 Months After Biden Said ‘Neanderthals’ (NW)

Texas Governor Greg Abbott caught heat from Democratic lawmakers when he announced on March 2 this year he would fully reopen the state by the next week. Mississippi lawmakers declared a similar reopening plan about the same time. The idea was to get more people acclimated back to normal life, including businesses at full capacity and sports arenas full of fans again. For Texas, the governor wanted businesses back at 100 percent and placed filled up again, from school halls to dance halls. President Joe Biden called such reopening plans as “Neanderthals thinking.” “I hope everybody has realized by now these masks make a difference. We are on the cusp of being able to fundamentally change the nature of this disease because of the way we are able to get vaccine in people’s arms,” Biden said in the White House on March 3.

“The last thing we need is the Neanderthal thinking that in the meantime everything’s fine, take off your mask, forget it. It still matters. … It’s critical, critical, critical, critical that they follow the science.” Texas blazed its own path and reopened for business, and the Texas Rangers had a ballpark full of cheering fans for its home opener last month. On Sunday, just a couple of hours after a major PGA event in Dallas and the NCAA FCS college football national championship in Frisco, Abbott reported that the state had no COVID-related deaths the previous 24 hours, and that the seven-day positivity rate was the lowest it’s been since records have been taken—which was March 2020.

Biden expressed disappointment in those states that had plans to fully reopen, saying the goal was for every American adult to receive vaccinations before starting big gatherings, with a target date of July 4 for families to get together and celebrate. “We’ve been able to move that all the way up to the end of May to have enough for every American, to get every adult American to get a shot,” Biden said in March. Biden was 0-for-2 against Texas when, after the Rangers baseball organization said it planned to open at full capacity following Abbott’s executive order, the president called that decision a “mistake.” Rangers general manager Jon Daniels shrugged off that comment and said he still hoped for a full venue on opening day, which he got.

Herd immunity.

• 42% Of Russians Do Not Want To Be Vaccinated Against Covid-19 (Tickle)

A Russian survey has revealed that more than two-fifths (42%) of citizens do not intend to be vaccinated against Covid-19 “under any circumstances,” a result that may explain the country’s poorly performing inoculation program. Conducted by recruitment company Superjob’s research center, the survey also revealed that one-in-five (20%) unvaccinated Russians would get jabbed if it meant they could travel abroad. The poll came after Greece’s announcement that they would be willing to accept tourists vaccinated with Sputnik V. The results found that 18% of Russians yet to be inoculated plan to get the shot even without any other incentive. Some 42% said they absolutely do not want to get vaccinated, even if it is the only option for a trip to another country, and 20% found it difficult to decide.

The results from this survey may go some way to explaining why the Russian vaccination campaign has gotten off to a slow start. In late April, Deputy Prime Minister Tatyana Golikova said more than 11.1 million people have received the first shot of a Covid-19 vaccine, with 6.8 million fully inoculated. The country’s authorities do not regularly release data, but the latest aggregated figures on the unofficial website gogov suggests that the current figure of people to have received both jabs is now around 9.8 million. Russia has approved three domestic Covid-19 vaccines, with Sputnik V being the most well-known. The vaccine has now been registered in 66 countries, having most recently passed tests in Ecuador.

“That sort of cult game is how you wind up turning a nation into Jonestown.”

• Learn From History – Or Repeat It (Denninger)

Adults live in reality where facts are collected, hypotheses are formed, tests are made against said hypothesis and then the results are published. Then, reasoned adults make their own decisions for themselves and their families, weighing personal risk and benefit based on those published results. Children and psychotics live in a fantasy world where they believe you snap your fingers and get what you want. When you allow either of the latter two to ascend to positions of power and influence within government your entire nation is standing on a ledge believing you can fly. There are myriad examples of this, such as believing you can replace combustion fuels with batteries and solar cells or wind turbines; this is crazy-land nonsense as nobody has figured out how to violate the laws of physics, and you just saw a small version of it with the Colonial pipeline.

There’s a virus going around, I hear, that has a near-zero death rate in children but in fantasy-land we must stab them with a dangerous drug lest they get infected with something that they may have already had and won’t hurt them anyway. We refuse to adult and admit that roughly a third of the people who died were within six months to a year of their “use by” date, living in rest homes where half of those admitted die within six months and at least three quarters of the rest who succumbed had destroyed their bodies on purpose, making themselves vulnerable to what, in almost everyone else, is a case of the flu. Rather than deal with these facts, which were known almost immediately in 2020, we instead engaged in a mass-delusional episode akin to putting magic mushrooms in the nation’s water supply, and led the public to believe they’d all die unless they walked around with diapers on their face scared of non-existent snakes coming out of the roadway that were going to spit venom in their mouth.

Worse, when people got said flu we told them there were no treatments which was a knowing lie and let a bunch of ghouls chortle at the $30,000 they were going to get for a toe-tag in a few days while your grandmother choked to death on her own spit. We’re still doing the same damn thing not just here but in fact worldwide so we can scare people into being stabbed on a subscription basis for immense profit with an unknown risk of pulling the black ball and killing a huge percentage of the public. LSD is a hell of a drug and I don’t give a crap what you do with or to yourself but the effects of same, no matter how the crazy got in one’s head, have no place near or on the levers of power. That sort of cult game is how you wind up turning a nation into Jonestown.

For half a million Americans or so over the last year Jonestown has already arrived and now we’re playing the same game without about half the population while attempting to enlist children in drinking the KoolAid. It’s grape-flavored; go ahead and take a big slug. I promise it won’t hurt. Much.

CDC admits at least 94% of Deaths from Corona Virus were wrong.
https://twitter.com/i/status/1394417021333524484

“..insufficiently tested exotic experiments desperately employed against something that looks more and more like a bio-weapon that the government itself was complicit in creating.”

• The False God (Jim Kunstler)

[..] as the time-frame for inflation compresses, the people notice that their money won’t buy what they need, and they get restless, perhaps dangerously so. In the process, the government begins to look incompetent, on top of the usual perception that it is corrupt, and before you know it, legitimacy slips through the widening cracks of the floor. Until now, the authorities have been successful in pitting citizens against each other, and the ill-will unleashed has been spectacular. But the memes of “white supremacy” are so obviously dishonest that they’ve only succeeded in hugely pissing off the substantial demographic of white people who struggle desperately to remain employed, housed, mobile, and capable of raising children who are not being driven crazy.

The coronavirus situation is not so reassuring. We are one more serious up-wave of illness from tanking whatever remains of this vaporific economy. An emerging pattern suggests that higher vaccination rates might generate new-and-improved iterations of the disease more efficiently — just as the government tries more aggressively to sell vaccination to the public. The public is also noticing the alarming statistics, and many remain unconvinced that the vaccines are even vaccines in the usual sense, but rather insufficiently tested exotic experiments desperately employed against something that looks more and more like a bio-weapon that the government itself was complicit in creating.

My state of New York is supposedly “reopening” today. Who’s not longing to get back to “normal?” But who’s not a little anxious that mixing normally with other people won’t start the whole cycle all over again? And, anyway, who doesn’t wonder whether normal is really a thing of the past now, disappearing in the rear-view mirror? Just as the hopeful meme floats over the Internet that the storm is over, we fail to see that there’s a larger storm of history whirling around us that we’re only in the eye of.

Google translate. Spied on by nincompoops.

• Dutch Municipalities Spy On Citizens On Social Media (VK)

Dutch municipalities monitor citizens on social media on a large scale. They use fake accounts for this, a method that municipalities are not allowed to use. This has emerged from research by the NHL Stenden University of Applied Sciences and the University of Groningen on behalf of the Police and Science research program. Municipalities keep an eye on Facebook groups, Twitter profiles and other social media to gain insight into possible disturbances such as riots and demonstrations. Municipal officials are often unaware that they are breaking the law, the investigation shows. More than half do not know which rules and protocols apply. The results are based on answers to a questionnaire of 156 of the 352 Dutch municipalities.

Almost one in six of the municipalities surveyed uses fake accounts, a method that only police and intelligence services are allowed to use under strict conditions. In some cases, city officials enter private Facebook groups under false names. For example, at the time of the refugee crisis, an official writes to have secretly joined private Facebook groups to see “what’s going on”. Municipalities search online for social assistance fraud by searching for extra earnings on Marktplaats. Social media is also used to check flight stories of asylum seekers. Searching online under fake names, storing personal data and entering private groups are a serious infringement of citizens’ rights, says Bart Custers, professor of Law and Data Science at Leiden University. “It is simply prohibited. Municipalities are not allowed to play for the police or intelligence service. ”

Arbitration and serious privacy violations lurk. Custers: “If the government goes online with a fake account, it is working under cover, for example, the police must ask the judge for permission. This is not the work of municipalities. “Moreover, there is a risk that personal data will leak. “There seems to be hardly any discussion within municipalities about what is and is not allowed,” says Willem Bantema, responsible researcher and sociologist of law at NHL Stenden University of Applied Sciences. The research shows that in about one third of the municipalities no data protection officer is involved in online monitoring, although this is required by law. According to the researchers, small and medium-sized municipalities in particular do not comply with the rules. Large cities generally have better policy in order.

“Do you realize if an artist went into producing their art, whatever it is, literary or nonfiction or whatever, and thought about the consequences, the art would be total shit?”

• Q&A With Antonio Garcia-Martinez (Taibbi)

After training generations of Americans to forego personal lives and work their brains to mush in service of bigger profits, corporate leaders are waking up to find their companies staffed by people so psychologically dependent upon validation from work that they’re a net minus from a production standpoint, forcing bosses to beg them to shut up, go home, and get lives. Not many modern Americans know how to do any of those things, however, as can be seen in cases like that of Garcia-Martinez, where 2,000 employees claimed to be literally incapable of sharing a vast corporate structure with someone who once wrote a book containing passages they might have disagreed with, if they’d actually read it.

“The thought of conflating your entire political, moral, social, family, and religious being with your professional persona,” Garcia-Martinez says, “I think is extraordinarily fraught and difficult.” Another irony: despite the progressive sheen of these campaigns, Slack agitation doesn’t represent a resurgence of labor. Unions used the strength of the whole workforce to protect the rights of the individual employee, among other things insisting that management not act without due process, evidence, etc. Slack, as has been seen in cases like Antonio’s, or the oustings at the New York Times of editor James Bennet and reporter Donald McNeil, often urges companies to bypass process and act in the heat of the moment. In any case, it’s a weird kind of liberalism that tries to override management to get employees fired, but that’s where we are in the modern American workplace.

I asked Antonio about these and other issues, from his perspective: TK: You’ve had multiple careers, and clearly took writing seriously. How will episodes like this affect people who might try to write or take creative detours in their careers? Antonio Garcia-Martinez: Kat Rosenfield was tweeting about this and I love her and it’s great that she’s defending me. Do you want art? People are saying, “Well, you should have realized the consequences… I feel like saying: “Do you realize if an artist went into producing their art, whatever it is, literary or nonfiction or whatever, and thought about the consequences, the art would be total shit?”

Looking at it bigger, there’s a lot of political ideologies like Nazism and communism that thought that art should be subservient to politics, and that art can only serve a political end. Those movements did not end well. I don’t think we want that in our liberal democratic society. I think that’s a bizarre ideological way of looking at the world, from the wokesters who treat this as a quasi-religion.

3 times now.

• US Blocks New Draft UN Statement On Mideast Violence (MSN)

The United States on Monday blocked — for the third time in a week — the adoption of a joint UN Security Council statement calling for a halt to Israeli-Palestinian violence, triggering a new emergency closed-door session set for Tuesday. The text drafted by China, Tunisia and Norway was submitted late Sunday for approval Monday by the council’s 15 members, as Israeli jets continued to pound the Gaza Strip and the death toll from a week of violence passed 200. The United States indicated that they “could not currently support an expression” by the Security Council, one diplomat told AFP. The Norwegian diplomatic mission to the UN announced that the Security Council would hold a new emergency closed-door meeting on the Israeli-Palestinian conflict Tuesday — its fourth since May 10.

“The situation on the ground continues to deteriorate. Innocent civilians continue being killed and injured. We repeat: stop the fire. End hostilities now,” the delegation said on Twitter. The Security Council has held three emergency meetings on the escalating violence in the past week, the latest on Sunday, without reaching a common position — with Israel’s main ally the United States accused of obstructionism. UN spokesman Stephane Dujarric underlined the importance of taking a consolidated position on the conflict. “I would really restate the need for a very strong and unified voice from the Security Council, which we think will carry weight,” he told a press conference.

Yeah, get Erdogan some support. Well played.

• You Are Writing History With Your Bloody Hands -Erdogan to Biden (ZH)

Turkish President Recep Tayyip Erdogan on Monday blasted the Joe Biden administration for standing idly by while the civilian body count piles up in Gaza after one week of unrelenting Israeli airstrikes. And even more than this Turkey is outraged over new reports that Biden approved a $735 million dollar weapons sale from the United States to Israel. “You are writing history with your bloody hands,” Erdogan said in remarks addressed to President Biden. The stinging rebuke came after a meeting with this cabinet over the continuing Gaza crisis. Turkey has long been a staunch supporter of Palestinian rights, though Erdogan’s rule has in recent years seen relations with Israel reach a low-point given the hardline Islamist leanings of his Justice and Development Party.

The Hill reports of the massive US weapons sale to Israel that “A majority of the possible sale is of Boeing-made Joint Direct Attack Munitions, equipment that can make unguided bombs dropped from aircraft into guided missiles, the aide confirmed.” “The window for Congress to block this sale is for all intents and purposes closed,” The Hill wrote, also noting outrage among a handful of Democrat progressives. Following a meeting with his Cabinet, Erdogan issued a rebuke to the U.S. president, saying: “Now, unfortunately, you (Biden) are writing history with your bloody hands with this event (in which) Gaza is being attacked with seriously disproportionate force causing the martyrdom of thousands of people. You have forced us to say this.”

And specifically on the new reports of Biden-approved weapons sales to the Jewish state, Erdogan scolded further: “Today we saw Biden’s signature on weapons sales to Israel,” Erdogan said in reference to US media reports of a new arms shipment approved by the Biden administration. “Palestinian territories are awash with persecution, suffering and blood, like many other territories that lost the peace with the end of the Ottomans. And you are supporting that,” Erdogan said. This apparently marks the end of previously reported attempts of Erdogan to reach out to the administration, following warmer (despite at times tense) personal relations with Trump, given that Monday’s comments mark the harshest words Erdogan has unleashed on Biden since his January arrival in the White House.

Good friend Nate sent this. Really, Nate, 3 hours?

• Earth and Humanity: Myth and Reality (Nate Hagens)

This video is a condensation of 15+ years work exploring the human predicament. This talk outlines some core myths and stories in modern culture and contrasts them to our underlying biophysical (biological and physical) realities. There will be a web portal in near future going a bit deeper on these topics for use in education and outreach on societal interventions. Here is the chronological myth order and time stamp. They can be watched in any order, but this order makes the most sense (so we decided).

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“Close up of a wolf spider.”

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Debt Rattle May 10 2021

May 102021

May 10, 2021 Posted by Raúl Ilargi Meijer at 8:37 am Finance Tagged with: Blinken, Colonial, Covid19, dancing, debt jubilee, Fauci, ivermectin, Passenger Locator Forms, Russia 88 Responses »

Daniel Garber Lambertville holiday 1941

• When You Become A Health Threat, And Removing Your Rights A Formality (CHD)

• COVID-19 Rewired Our Brains (NR)

• DC Mayor Bans Dancing At Weddings & Other Absurdities (Black)

• Fauci Says Wearing Masks May Eventually Become ‘Seasonal’ (NYP)

• Covid-19 Patient Receives Ivermectin From Elmhurst Hospital (F32)

• Canadian Preacher Pawlowski Arrested For Defying Public Health Orders (ET)

• Antony Blinken Lectures the World on Press Freedom (Greenwald)

• Colonial Fails To Restart Hacked Pipeline, US Declares State Of Emergency (ZH)

• Russian Criminal Group Suspected In Colonial Pipeline Ransomware Attack (NBC)

• Reducing Debt Via A Modern Debt Jubilee (Steve Keen)

I’m going to trust my immune system
https://twitter.com/i/status/1391536048237420545

“..they are digging a six-foot legislative hole in which to lay freedom of movement and the concept of bodily integrity to rest..”

• When You Become A Health Threat, And Removing Your Rights A Formality (CHD)

Since the WHO declared a pandemic, Europe has seen the advent of two curious legal instruments: the Digital Green Certificate (DGC) and Passenger Locator Forms (PLFs). Working shoulder-to-shoulder as a draconian ‘universal framework’, they are digging a six-foot legislative hole in which to lay freedom of movement and the concept of bodily integrity to rest. Until now you have been able to travel freely. Generally, you required proof of identity and citizenship, ie a passport. Sometimes there were visa and medical requirements. Within the Schengen Zone meanwhile, European citizens didn’t even need a passport. And until now, you had command over your own body. You could choose your medicine, for example. If you got sick, generally speaking, you decided on your treatment.

You could only be imprisoned if you did something wrong. Until now you were a person, a citizen; free to move and bodily autonomous. You may have noticed that this has all changed. However you may not realise how and to what a dramatic extent this has changed, or why. It’s not that you can’t travel anymore. The State will still let you travel—in return for certain permissions. Before you can move, you will let the State do things to your body; conduct an unsanitary test or administer an experimental gene therapy for example—whether or not you are sick. Then, as you begin to move, the State will track and imprison you as it sees fit. So, to travel, you will have to give up the right to decide what happens to your body. Instead, in certain matters, you will let the State decide. Why? Because the State presumes you are a threat to public health, and you accept this.

“One would normally expect that a variety of experts would come up with a variety of recommendations, precisely because, like everyone else, they value the risks differently.”

• COVID-19 Rewired Our Brains (NR)

It’s as if a circuit has been fused. While caution and restrictive behavior can be justified by a conscience informed by the risks, the human mind can also make calculations based on superstition. And one frighteningly common one is the equation of science with truth, fear with realism, and caution with virtue. In individuals, we can easily observe these sorts of calculations, with personal tragedies large and small: people who missed out on one last comforting grasp of the hands before a loved one died, or whose marriages were wrecked by the atmosphere of fear and paranoia. But the problem is clearly social as well as political. Once the truth-caution-virtue circuit was fused, we found it much harder to introduce good news and new information. We lost the capacity to acknowledge the provisional nature of our judgments.

The fact that a huge portion of the vulnerable population in America has been vaccinated — in many counties well over 70 percent of people 65 and older are now fully vaccinated —doesn’t change behavior as fast as the news about the virus altered our behavior last spring. This is made worse because the “costs” of much mitigating behavior are mostly diffuse. They are in the depressed business environment for entertainment, food, and tourism. Or we see them in the heightened levels of depression that people experience because of prolonged social isolation. Many people who had the financial option of making their lockdown super-tight simply don’t go out enough to realize how free and sociable most people in their community have been. They have become unused to the risks and the pleasures of life that the less fearful or the more essential workers never could get away from. And this faulty equivalence of truth, fear, and caution doesn’t afflict only individuals or the environment of major cities. It afflicts our institutions.

It is why the Centers for Disease Control can get bullied by the teachers’ union into delaying its recommendation to fully reopen schools. The teachers’ unions have no public-health expertise, no special knowledge of epidemiology. What they had on their side was a pervasive reflex that more caution can never be wrong or harmful. The association of danger with permissiveness has warped the “expert class” that is supposed to inform the public. Throughout the pandemic, public-health officials have betrayed their view that they do not trust the public with good news; they seem to fear that an inch given will be a mile taken. And so, even during one of the most successful vaccine rollouts in the world, CDC director Rochelle Walensky warned of “impending doom” just a month ago. But no doom was in the offing.

And the expert class has also corrupted itself. The short circuit of the pandemic has led to a dramatic tightening of groupthink among public-health pundits. One would normally expect that a variety of experts would come up with a variety of recommendations, precisely because, like everyone else, they value the risks differently. But instead, public-health pontificators have tried to guard their authority with an ersatz sheen of unanimity. When Dr. Martin Kulldorff expressed his view that the pause of Johnson & Johnson’s vaccine would do more harm than good, the CDC threw him off its vaccine-safety advisory committee. Four days later, Johnson & Johnson’s vaccine was made available again, but the visible dissent was too much to abide. Kulldorff had pioneered many of the processes by which the CDC detects the safety of vaccines.

But he had expressed his view that the urge to vaccinate everyone was as superstitious as being anti-vaccine. Twitter, preposterously, put a misinformation tag on this tweet, based on the superstition that there is only one valid “expert” answer — and no valid debates among experts. Kulldorff’s worst crime, apparently, was expressing his views in person in the presence of Governor Ron DeSantis of Florida.

“..the CIA’s new mission is not gathering and analyzing intelligence to defend the nation. It’s fighting back against the patriarchy. America’s enemies are shaking in their boots.”

• DC Mayor Bans Dancing At Weddings & Other Absurdities (Black)

The CIA has gone full woke in an “unapologetically me” campaign designed to drive new recruits to the agency. In the video, we hear from a CIA officer who tells us, “I am a woman of color. I am a mom. I am a cis gender Millennial who’s been diagnosed with generalized anxiety disorder. . . I am intersectional. But my existence is not a box checking exercise.” Wait, what? If your existence isn’t about box checking, why did you literally just check off all the boxes in which you identify? Racial identity: check. Gender identity: check. Disability: check. The video goes on to showcase all the diversity and inclusion awards that the officer won during her time at the CIA. And she continues: “At 36, I refuse to internalize misguided patriarchal ideas of what a woman can or should be.”

There you have it— the CIA’s new mission is not gathering and analyzing intelligence to defend the nation. It’s fighting back against the patriarchy. America’s enemies are shaking in their boots. The Mayor of Washington DC has issued a health order which demands wedding guests stay seated at wedding receptions. The order specifically notes that at weddings, “Attendees and guests must remain seated and socially distanced from each other and other household groups… Standing and dancing receptions are not allowed.” Standing… is now illegal. The real irony here is that Washington DC is one of the MOST VACCINATED cities in the US, with 631,000 vaccine doses administered out of an adult population (according to census data) of 577,000.

The Australian health department has banned travelers from entering Australia within 14 days of having been in India. The government says this order falls under the authority of the Biosecurity Act. This applies to Australian citizens as well, who could incur a fine of up to $66,600 and 5 years in prison for boarding a flight home. When asked about this insanity, the Prime Minister said, “I think the likelihood of any of that occurring is pretty much zero.” I guess that makes it OK. Of course, the likelihood would be exactly zero if his government hadn’t issued the ridiculous order to begin with.

Not the Onion: facemasks for the flu.

• Fauci Says Wearing Masks May Eventually Become ‘Seasonal’ (NYP)

Dr. Anthony Fauci predicted Sunday that mask-wearing could eventually become “seasonal” as protection against ailments like the flu that can also be spread through the air. He said Americans over the course of the pandemic have gotten used to wearing face coverings, which “diminishes respiratory diseases.” “We’ve had practically a non-existent flu season this year merely because people were doing the kinds of public health things that were directed predominantly against COVID-19,” Fauci, the country’s top infectious disease expert, said on NBC News’ “Meet the Press.”

“So it is conceivable that as we go on, a year or two or more from now, that during certain seasonal periods when you have respiratory-borne viruses like the flu, people might actually elect to wear masks to diminish the likelihood that you’ll spread these respiratory-borne diseases,” Fauci continued. He also predicted that we won’t see another surge in COVID-19 cases this fall if the majority of Americans get the vaccine. “The fact that we have vaccines right now … is really a game changer,” Fauci said on NBC. “I mean, if we get, which we will, to the goals that the president has established — namely if we get 70 percent of the people vaccinated by the Fourth of July, namely one single dose and even more thereafter — you may see blips, but if we handle them well, it is unlikely that you’ll see the kind of surge that we saw in the late fall and the early winter,” he said.

Experts have been warning that the country is in danger of not reaching herd immunity because of the decline in people getting inoculated. “That’s the reason … why we plead with people to get vaccinated because the larger proportion of the population that’s vaccinated, the less likelihood that in a season like the coming fall or winter you’re going to see a significant surge,” Fauci said. “That’s the wild card that we have now that we didn’t have last fall or the last winter.”

The woman’s in an induced coma and they still refused.

• Covid-19 Patient Receives Ivermectin From Elmhurst Hospital (F32)

The first dose of ivermectin was administered by Elmhurst Hospital Monday night, three days after a judge ordered the hospital to honor a family’s request to treat their mother. Some doctors say ivermectin is a highly effective COVID treatment, but it is not approved for that use by the FDA. “[Elmhurst Hospital] basically just shut it out. They will not allow a doctor to use one of the world’s safest medicines despite the increasing amounts of evidence to show that it’s effective,” said Dr. Pierre Kory of the Frontline COVID-19 Critical Care Alliance (FCCCA). The hospital initially refused to give 68-year-old Nurije Fype the drug, in defiance of a judge’s orders. But her daughter Desi Fype said on Monday night, they reversed course and allowed an outside doctor to come in and administer the drug to her mother.

The FCCCA has released several studies it says show overwhelming evidence that ivermectin has “large-magnitude benefits” when it comes to fighting COVID. “All independent groups of scientists, all concluding the same thing: that the evidence suggests that it should be the standard of care,” Dr. Kory said. The family attorney told FOX 32 after one dose of ivermectin Monday night, Nurije Fype is already showing signs of improvement. Desi Fype of Elmhurst fought for days to get doctors at Elmhurst Hospital to treat her mother with ivermectin. Nurije Fype is in a medically induced coma at the hospital. Late last week, a judge ordered the hospital to administer the drug to Fype, but the family and their lawyers say the hospital continued to refuse until Monday night.

“We went to court,” said Desi Fype. “We have a judge’s order, so you have to comply with that.” “I think the judge’s dismay and horror at what they’re doing matches mine. It’s inexcusable,” said Dr. Kory. “They’re behaving indefensibly when a woman’s life is in the balance.” The FDA has a page on its website titled, “Why you should not use ivermectin to treat or prevent COVID-19.” The page says the drug has only been approved at very specific doses to treat parasitic worms, and that it’s dangerous at large doses.

I like Artur.

• Canadian Preacher Pawlowski Arrested For Defying Public Health Orders (ET)

“Earlier today, police arrested two organizers of a church service who were in violation of a new court order obtained by Alberta Health Services (AHS) in relation to mandatory compliance of public health orders for gatherings,” said the Calgary Police Service in a statement on Saturday. His brother, David Pawlowski, was also taken into police custody. Both were charged with allegedly organizing an illegal in-person gathering as well as “requesting, inciting or inviting others” to join them, according to police. The force said that Alberta’s provincial government obtained a bench order from a court that applies to “protests, demonstrations and rallies” that imposes “new restrictions on organizers of protests and demonstrations requiring compliance with public health orders including masking, physical distancing and attendance limits.”

“It is important to understand that law enforcement recognizes people’s desire to participate in faith-based gatherings as well as the right to protest. However, as we find ourselves in the midst of a global pandemic, we all must comply with public health orders in order to ensure everyone’s safety and wellbeing,” the police service added. A video uploaded on Twitter that appeared to show his arrest on a highway included Pawlowski’s voice: “If you are watching this video, it means that they have successfully arrested me.” It included a link to a crowdfunding website for his legal defense. During the COVID-19 pandemic, the Pawlowski brothers have held gatherings and have denied officials’ entry into their church located in Dover, Calgary, according to reports.

Pawlowski drew headlines several weeks ago after he compared police with the Nazi Gestapo paramilitary forces and fascists. “And they did it again! Today, the Gestapo Attacked our Church Again! History is being repeated in front of our eyes! Another sad day for Freedom and democracy!” Pawlowski wrote on April 24.

See under hypocrisy in your Thesaurus.

• Antony Blinken Lectures the World on Press Freedom (Greenwald)

Continuing his world tour doling out righteous lectures to the world, U.S. Secretary of State Antony Blinken on Thursday proclaimed — in a sermon you have to hear to believe — that few things are more sacred in a democracy than “independent journalism.” Speaking to Radio Free Europe, Blinken paid homage to “World Press Freedom Day”; claimed that “the United States stands strongly with independent journalism”; explained that “the foundation of any democratic system” entails “holding leaders accountable” and “informing citizens”; and warned that “countries that deny freedom of the press are countries that don’t have a lot of confidence in themselves or in their systems.”

The rhetorical cherry on top of that cake came when he posed this question: “What is to be afraid of in informing the people and holding leaders accountable?” The Secretary of State then issued this vow: “Everywhere journalism and freedom of the press is challenged, we will stand with journalists and with that freedom.” [..] That the Biden administration is such a stalwart believer in the sanctity of independent journalism and is devoted to defending it wherever it is threatened would come as a great surprise to many, many people. Among them would be Julian Assange, the founder of WikiLeaks and the person responsible for breaking more major stories about the actions of top U.S. officials than virtually all U.S. journalists employed in the corporate press combined.

Currently, Assange is sitting in a cell in the British high-security Belmarsh prison because the Biden administration is not only trying to extradite him to stand trial on espionage charges for having published documents embarrassing to the U.S. Government and the Democratic Party but also has appealed a British judge’s January ruling rejecting that extradition request. The Biden administration is doing all of this, noted The New York Times, despite the fact that “human rights and civil liberties groups had asked the [administration] to abandon the effort to prosecute Mr. Assange, arguing that the case . . . could establish a precedent posing a grave threat to press freedoms” — press freedoms, exactly the value which Blinken just righteously spent the week celebrating and vowing to uphold.

Colonial transports over half of the gasoline and diesel consumed on the east coast every day..

• Colonial Fails To Restart Hacked Pipeline, US Declares State Of Emergency (ZH)

The US government declared a state of emergency late on Sunday, lifting limits on the transport of fuels by road in a bid to keep gas supply lines open as fears of shortages spiked after the continued shutdown of the Colonial Pipeline. “This Declaration addresses the emergency conditions creating a need for immediate transportation of gasoline, diesel, jet fuel, and other refined petroleum products and provides necessary relief,” the Department of Transportation said. White House Press Sec Jen Psaki added that “as the Administration works to mitigate potential disruptions to supply as a result of the Colonial Pipeline incident, @USDOT is taking action today to allow flexibility for truckers in 17 states.” The move lifted limits on the transport of fuels by road to ease the fallout from the continuing closure of the Colonial pipeline, which carries almost half the fuel consumed on the US East Coast, following a ransomware cyber attack on Friday.

The decision comes as the government scrambles to deal with the fallout from the closure of Colonial, the biggest refined products pipeline in the US, transporting 2.5m barrels of fuel a day from refineries on the Gulf Coast to markets such as Atlanta, Washington and New York (see more below). If the pipeline is not quickly reopened the impact on prices could become more severe in the coming days, said Patrick De Haan, head of petroleum analysis at data provider GasBuddy. “We’re realizing the gravity of it is maybe worse than what we’d expected,” said De Haan. “There’s still a little breathing room, we’re starting to run low on it. But Monday, Tuesday if there’s no news, you know we’re dealing with something fairly significant.”

Yes, yes, it’s the Russians again.

Although Russian hackers often freelance for the Kremlin, early indications suggest that this was a criminal scheme — not an attack by a nation-state..

• Russian Criminal Group Suspected In Colonial Pipeline Ransomware Attack (NBC)

A Russian criminal group may be responsible for a ransomware attack that shut down a major U.S. fuel pipeline, two sources familiar with the matter said Sunday. The group, known as DarkSide, is relatively new, but it has a sophisticated approach to the business of extortion, the sources said. Commerce Secretary Gina Raimondo said Sunday that the White House was working to help Colonial Pipeline, the Georgia-based company that operates the pipeline, to restart its 5,500-mile network. The system, which runs from Texas to New Jersey, transports 45 percent of the East Coast’s fuel supply. In a statement Sunday, the company said that some smaller lateral lines were operational but that the main lines remained down.

“We are in the process of restoring service to other laterals and will bring our full system back online only when we believe it is safe to do so, and in full compliance with the approval of all federal regulations,” the company said. Raimondo said on CBS’ “Face the Nation” that the effort to restart the network was “an all-hands-on-deck effort right now.” “We are working closely with the company, state and local officials to make sure that they get back up to normal operations as quickly as possible and there aren’t disruptions in supply,” she said, adding: “Unfortunately, these sorts of attacks are becoming more frequent. They’re here to stay.” A White House official said Sunday that the Energy Department is leading the government’s response. Agencies are planning for a number of scenarios in which the region’s fuel supply takes a hit, the official said.

On Saturday, Colonial Pipeline blamed the cyberattack on ransomware and said some of its information technology systems were affected. It said it “proactively” took “certain systems offline to contain the threat.” The company has not said what was demanded or who made the demand. Although Russian hackers often freelance for the Kremlin, early indications suggest that this was a criminal scheme — not an attack by a nation-state — the sources said. But the fact that Colonial had to shut down the country’s largest gasoline pipeline underscores just how vulnerable the U.S. cyber infrastructure is to criminals and national adversaries, such as Russia, China and Iran, experts say.

“This could be the most impactful ransomware attack in history, a cyber disaster turning into a real-world catastrophe,” said Andrew Rubin, CEO and co-founder of Illumio, a cybersecurity company. “It’s an absolute nightmare, and it’s a recurring nightmare,” he said. “Organizations continue to rely and invest entirely on detection, as if they can stop all breaches from happening. But this approach misses attacks over and over again. Before the next inevitable breach, the president and Congress need to take action on our broken security model.”

Note the velocity of money.

• Reducing Debt Via A Modern Debt Jubilee (Steve Keen)

This paper models a Modern Debt Jubilee using Minsky, an Open Source (i.e., free) system dynamics program. Minsky’s unique feature, called a “Godley Table”, is a double-entry bookkeeping table that makes it much easier to model financial dynamics than it is in standard system dynamics programs. The key outcomes of the model are: • The Jubilee reduces overall debt levels, relative to GDP;The private debt to GDP ratio falls immediately because of the Jubilee;
Government debt rises as much as private debt falls, but the government debt to GDP ratio rises less because of the stimulatory effects of the Jubilee on GDP; The total debt to GDP ratio therefore falls immediately as a result of the Jubilee; and • Over time, the Jubilee stimulates the economy because the fall in indebtedness boosts aggregate demand, by transferring money from those who spend slowly (primarily bankers) to those who spend quickly (workers). A policy which requires an initial increase in government debt – as fiat-created money replaces credit-based money – thus ends up reducing both government and private debt relative to GDP – see Figure 6.

Figure 6: A Modern Debt Jubilee reduces both private and government debt ratios

How does this magic happen? The basic mechanism is that the Modern Debt Jubilee (MDJ) reduces the inequality that rising level of private debt have caused. A higher level of private debt, even with falling interest rates, results in a larger fraction of the economy’s money residing in the financial sector rather than the real economy – the shops and factories where physical output are produced, and profits and wages are actually generated. The Modern Debt Jubilee reverses this: by reducing private debt levels, less debt-servicing is needed, and therefore more of the existing amount of money turns up in the hands of workers, who spend much more rapidly than do bankers. Because they spend more rapidly, that money expands activity in the firm sector, causing GDP to rise. The increase in what mainstream economists call the “velocity of money” (see Figure 7) generates more GDP from the same amount of money, and debt to GDP ratios fall over time.

Figure 7: Rising velocity of money because of the Jubilee

A Modern Debt Jubilee thus reverses Fisher’s Paradox. Private debt is reduced, but the stock of money remains constant, and as a bonus, it ends up in the hands of people who spend more rapidly. So private debt falls, and GDP rises as a result, reducing the private debt to GDP ratio even further. The increase in economic activity is so great that, over time, even the government debt to GDP ratio falls as a result of the Jubilee.

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Debt Rattle March 20 2021

Mar 202021

March 20, 2021 Posted by Raúl Ilargi Meijer at 9:01 am Finance Tagged with: Austin, Biden, BIS, Blinken, Erdogan, Fauci, PCR, Putin, sperm, vaccines 26 Responses »

Gilles Mostaert Sodom and Gomorrah 1597

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

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

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

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

• Putin Challenges Biden To Stair-Climbing Contest (BBee)

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

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

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

• Drugmakers Promise Investors They’ll Soon Hike Covid-19 Vaccine Prices

• ONS Admits Ignoring Manufacturer Instructions in PCR Testing (LDS)

• The ‘Independent’ Report Claiming Uyghur Genocide (CN)

• UK Government Borrowing Hits February Record (BBC)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• Putin Challenges Biden To Stair-Climbing Contest (BBee)

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

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

Easy.

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

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

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

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

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

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

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

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

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

How scary would you like it?

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

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

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

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

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

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

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

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

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

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

• ONS Admits Ignoring Manufacturer Instructions in PCR Testing (LDS)

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

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

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

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

We need more questions for this narrative.

• The ‘Independent’ Report Claiming Uyghur Genocide (CN)

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

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

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

Well, well. Get your MMT at the BBC.

• UK Government Borrowing Hits February Record (BBC)

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

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

We’ll defeat ourselves yet.

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

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

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

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

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Putin is 1000x Biden

Mar 192021

March 19, 2021 Posted by Raúl Ilargi Meijer at 7:05 pm Finance Tagged with: Biden, Blinken, China, CIA, Krainer, Max Headroom, NATO, Navalny, novichok, Pentagon, Putin, Skripal 13 Responses »

Brian Griffin Memorial to the Conquerors of Space, Moscow, Russia 1974

In the space of just 24 hours, Joe Biden and Antony Blinken managed to make Donald Trump look like a perfect diplomat. And we must wonder why that is. Why did Biden call Putin a soulless killer, and Blinken invoke a 20 minute tirade from Chinese top diplomat Yang Jiechi in Alaska? Is it just stupidity, which is quite possible, or is it orchestrated, which you might suspect given it took so little time to insult America’s alleged two biggest adversaries? Reuters:

Secretary of State Antony Blinken told China’s top diplomat, Yang Jiechi, and State Councilor Wang Yi in Anchorage that the U.S. side would discuss its “deep concerns” about Chinese actions in Xinjiang, Hong Kong and Taiwan, as well as cyber attacks on the United States and economic coercion of allies. “Each of these actions threaten the rules-based order that maintains global stability,” he said. …Yang hit back, accusing the United States of using its military might and financial supremacy to pressure countries and of abusing national security to threaten the future of international trade.

He said Xinjiang, Hong Kong and Taiwan were all inseparable parts of Chinese territory and China firmly opposed US interference in its internal affairs. Yang said human rights in the United States were at a low point with Black Americans being “slaughtered” and added that the United States should handle its own affairs and China its own. Yang said it was necessary to abandon a “Cold War mentality,” and confrontation and added: “The way we see the relationship with the United States is as President Xi Jinping has said, that is we hope to see no confrontation, no conflict, mutual respect and win-win cooperation with the United States.”

It’s time that people understand Joe Biden is an entirely scripted actor. Not well-scripted, and not a good actor, but still. His comments about Putin being a “killer with no soul” are insane, they scrape the bottom of the bottom of the barrel of diplomacy, they insult not just Putin, and thereby all of Russia, and threaten world peace, but they’re not his. They were written for him. Biden keeps reminding me of Max Headroom, an early MTV thing. Cartoon character. Scripted.

The CIA, Pentagon, NATO, Boeing, Raytheon, you name them, all badly need to conserve the image of Putin as Satan, because he’s their “raison d’être”. Putin is the figurehead for why the US spends 10 times more than Russia on “defense”, and still ends up with inferior weaponry. The CIA thought they had it all won when they put Yeltsin in the Kremlin, and started to take over all resources of the country with the most natural resources on the planet.

And then Putin came, and prevented that take-over. It’s hilarious to see how that same CIA now tries to push Alexey Navalny, a virtual nobody in Russia, as “opposition leader”, just as even Amnesty take their hands off of him, and reverse their nutty “prisoner of conscience” moniker, because all of a sudden they realize he called Muslims “flies and cockroaches”. Navalny, like Yeltsin, is a CIA asset, plain and simple.

The narrative of him being poisoned with novichok, the deadliest poison in the world, which never seems to kill anyone when Russians use it on their enemies, of course goes back to the “poisoning” of father and daughter Skripal in the UK 3 years ago, who didn’t die either, but haven’t been heard from since. It’s a narrative: evil Putin poisons people. But if you look at the background, none of the people he supposedly targets are ever a threat to him. They just serve the narrative. Just like Joe Biden does. That’s his role.

Driving all this blubber are people like neocon man and wife team Robert Kagan and Victoria Nuland and their ilk, the latter a driving force behind the 2014 Maidan coup in Ukraine, who were outsmarted by Putin’s peaceful and democratic take-over take-back of Crimea, and are still mightily pissed off about that. And guess what, Nuland is now back in Joe Biden’s US government.

Skripal was a Russia military intelligence officer who turned double agent and spied for Britain. That would have been enough for any country to either lock him up for a very long time or simply eliminate him, certainly in the US. It happens all the time. But Putin let him leave to live in Britain. Ergo: he can’t have been that much of a threat. And then years later they want to kill him anyway, and send two clowns who screw up the operation with the deadliest poison in the world? That theory only works if you think Russians, and Russian intelligence, are the stupidest on the planet. While ex-KGB agent Putin is in charge. Then he must be stupid too.

Who buys that? Well, Americans do. Because their media do nothing but repeat Putin is Satan messages. And corrupt too. Navalny recently had a story about some multi-billion “castle” Putin allegedly owns, western media ate it up, and then it turns out to be some empty shell, like those cardboard store fronts you see in western movies. But this is not about truth anymore. It‘s about how endless repetition makes lies “believable” to gullible people – of which America has a seemingly endless supply. They can only sell you the story about how stupid Russians supposedly are if they assume you are really stupid.

Putin won’t starve when he retires, but we have no indications that he stole billions either. That’s a narrative that’s been repeated for all twenty odd years he’s led Russia. America’s war industry needs an enemy, so they create one. It all just serves to show ever more that “US intelligence” is an oxymoron. And that Biden is a moron, period.

ZeroHedge is (re?)running a series of articles by US hedge fund manager Alex Krainer, who noticed how, especially in 2014 post-Maidan, the Putin stories ran in the MSM, and started looking into it. And then wrote a book about it. In 2018, he wrote 3 articles on the topic. Here are some excerpts, but do read all of it:

Is Vladimir Putin Evil? – 1

In the aftermath of the 2008 financial crisis Putin declared publicly that he bore responsibility to ensure that the 1998 crisis would not repeat itself on his watch. His government also took proactive steps to limit the fallout from the crisis. In July 2008, Putin personally went to the town of Pikalyevo in Leningrad Oblast to confront the directors and owners of a large metallurgical factory. This was not long after the owners had shut the facility down, suspending without pay thousands of their workers.

Addressing the gathering, Putin excoriated them, saying that because of their unprofessional conduct and greed, thousands of families would find themselves destitute. This was unacceptable to his government and he ordered the owners to restart the facility, else the government would do it without them. He further ordered the management to immediately (“deadline today”) pay all workers’ salary arrears, amounting to more than 41 million rubles. [..]
Putin publicly chastised Oleg Deripaska, once Russia’s richest man, and other Russian businessmen at a meeting in Pikalyovo.

Putin took similar action protecting the ordinary people in another crisis situation. During his first winter as president, entire towns and villages across the far east of the country counting as many as 400,000 inhabitants, lost heating for the lack of coal. A serious crisis emerged with mines shutting down, workers out in the streets and even hospitals ceasing to function because of the cold. But the coal for heating was available in Russia, only most of it was already allotted for export. Vladimir Putin didn’t think that Russian people should suffer freezing conditions all winter in order for that coal to be exchanged for American dollars. He decreed that export of coal be stopped immediately and that all available quantities be sent back to Siberia to fuel the boiler stations.

Is Vladimir Putin Evil? – 2

According to his chief of security, Alexander Korzhakov, Boris Yeltsin worked about two hours per day. The rest he spent eating, drinking, playing tennis, hunting or enjoying some other pastime. Vladimir Putin reportedly works exceptionally long hours and several of his advisers and ministers have testified to working with him until very late into the night and then receiving a call from him early in the morning the next day. Exiled banker and former oligarch Sergei Pugachev described his experience: “we hardly parted company, we met on a daily basis from early morning to late evening until 3, until 4 AM, every day, every day. We naturally discussed matters of state business development, the state of the economy and so on. Putin needed someone who understood and knew those matters well. (Harding, Smith and Maynard 2015)

Some of his advisors and ministers reported meeting with him to discuss some matter within their own domain of specialty only to be startled in realizing that Putin commanded a more detailed understanding of that very matter than they themselves had. Being that immersed in and devoted to his occupation enables Vladimir Putin to hold his famous marathon press conferences when he speaks for three or four hours answering journalists questions with accurate and detailed information and without teleprompters. His 14th annual call-in marathon in 2016 lasted 3 and a half hours during which he took and answered 80 questions!

[..] I wondered if the Russians wouldn’t in the end get Edward Snowden and trade him for some big concession from their “American partners” who were clearly extremely keen on getting the renegade whistle-blower. I remember thinking that the outcome of that incident would give us an important indication of what Vladimir Putin was made of: would he do the right thing and offer Snowden asylum and protection, or would he end up trading him off? My gut feeling was that Putin would indeed do the right thing, but at the same time I cringed at the thought that I might end up disappointed. After several weeks of legal procedures, on July 31st 2013, Snowden was granted asylum in Russia.

Is Vladimir Putin Evil? – 3

In a speech to the Federal Assembly in 2005, Putin drew on the philosophy of Ivan Ilyin to outline the limitations of state power: “State power cannot oversee and dictate the creative states of the soul and mind, the inner states of love, freedom and goodwill. The state cannot demand from its citizens faith, prayer, love, goodness and conviction. It cannot regulate scientific, religious and artistic creation… It should not intervene in moral, family and daily private life, and only when extremely necessary should it impinge on people’s economic initiative and creativity.”

It is unusual for a politician to speak of such things as states of the soul and mind or the “inner states of love” to a gathering of other politicians but these ideas do appear to run as a theme in Putin’s conception of political leadership. At the 15th Congress of the Russian Geographical Society, he ventured the following statement: “In general, love is the whole meaning of life, of being. Love of family, of children, and of the motherland. It is such a multifaceted phenomenon that is the basis of all our actions.” To a Westerner, exposed to a relentless defamation of Vladimir Putin, this may be difficult to believe. After all, we know that he was a KGB agent, that he routinely ordered assassinations of his critics and political opponents, that he has made himself the wealthiest man in the world, and many other similarly negative “facts” about him.

And Scott Ritter has it right:

Biden’s Tough-Guy Flexing At ‘Soulless Killer’ Putin Would Be Funny If The Consequences Weren’t So Serious

[..] the likelihood of the Biden-Putin meeting occurring as described by Joe Biden is slim to none. When Biden made his trip to the Kremlin in 2011, he was fronting for the Obama administration’s “reset” with Russia. There was no opportunity, or need, for Biden’s faux machismo. The two men did meet, but as part of delegations discussing the possibility for improving relations. Not only would Biden’s insulting verbal flexing have been wildly inappropriate and inconsistent with the larger policy objectives of his visit, but it ran counter to his own feelings, expressed at the time, about Russia.

“Russia has the best engineers in the world,” Biden said in a press conference after his meeting with Putin (who was serving as Russia’s prime minister, not president, at the time.) “Russia has intellectual capital. Russia is a great nation.” These are not words one utters after telling a Russian leader in private that he has “no soul.”

Biden’s struggle with the truth is well known, so it should come as no surprise to anyone that he possibly made up a meeting with Putin. Biden has been caught plagiarizing a speech delivered by former British Labour Party leader Neil Kinnock, lied about his academic record and accomplishments, and manufactured from whole cloth a narrative that has him participating in the civil rights movement of the 1960s. Biden’s lies all have one goal in common: to make him out to be that which he is not. So, too, his apparent lie about calling Putin soulless.

Biden is desperate to be a ‘tough guy’. But for that reputation to stick vis-à-vis Putin, there had to be a ‘showdown’ moment, where the good guy faced off against the bad guy and called him out. Since no such event exists, Biden had to make one up. And, like most of his lies, Biden repeats them long enough and often enough that they take on a life of their own, embraced as fact by unquestioning journalists.

Joe Biden only has a veneer, a semblance, of credibility, and that’s only because US media never ask him any serious questions. Not just because he never did any press-ops after becoming president, but also because even if he did, they still wouldn’t.

Putin, on the other hand, saved his country from America, globalism, and the worst outgrowths of capitalism and neocons. The US no longer has any meaningful dialogue with Russia anymore, which is of course utterly insane (but yeah, the narrative), but the Alaska meeting does give us an insight into where this train is about to be headed next.

Biden is no match for Putin in any way shape or form, but that doesn’t matter much “back home” as long as the press reports on just one side of the situation. We could have a great relationship with Russia, mutually beneficial, but that is too much of a threat to certain forces in the country. And those forces just came back into power.

Putin’s weak point is he would like to retire, but can’t find anyone he trusts to take over. And the CIA is ready to pounce as soon as he leaves. Biden is no problem for him, but finding a successor as smart as himself, is.

And you know, do you see Joe Biden take on the entire Russian intelligence apparatus, on his own? Just saying. And asking for a friend.

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Debt Rattle March 19 2021

Mar 192021

March 19, 2021 Posted by Raúl Ilargi Meijer at 8:38 am Finance Tagged with: Biden, Blinken, COVID, Cuomo, homeless, infrastructure, Putin, Russia, vaccine 35 Responses »

Camille Corot Study for “The Destruction of Sodom” 1843

• Biden’s Tough-Guy Flexing At ‘Soulless Killer’ Putin Would Be Funny If.. (RT)

• Putin Challenges Biden To A Live Public ‘Discussion’ (JTN)

• Biden ‘Clearly Doesn’t Want Good Relations’ With Russia – Kremlin (RT)

• A Brief List Of Official Russia Claims That Proved To Be Bogus (Taibbi)

• Journalists Yesterday Spread a Significant Lie All Over Twitter (Greenwald)

• US and China Publicly Rebuke Each Other In First Major Talks Of Biden Era (G.)

• Covid Spiking In Over A Dozen States—Most With High Vaccination Rates (F.)

• Norwegian Scientists Say AstraZeneca DID Cause Blood Clots (RT)

• Your Unvaccinated Kid Is Like a Vaccinated Grandma (Oster)

• How The US Military Subverted The Afghan Peace Agreement (GZ)

• FBI Now Probing Cuomo’s Corporate Immunity Law (DO)

• Without Trump, Is A “Depression In Television” Coming? (Taibbi)

• Building or Unbuilding America? (Nomi Prins)

• Growth Of US Homelessness During 2020 Was Devastating – HUD (NPR)

My thought exactly. He made the whole thing up. Or rather, someone did it for him.

• Biden’s Tough-Guy Flexing At ‘Soulless Killer’ Putin Would Be Funny If.. (RT)

[..] the likelihood of the Biden-Putin meeting occurring as described by Joe Biden is slim to none. When Biden made his trip to the Kremlin in 2011, he was fronting for the Obama administration’s “reset” with Russia. There was no opportunity, or need, for Biden’s faux machismo. The two men did meet, but as part of delegations discussing the possibility for improving relations. Not only would Biden’s insulting verbal flexing have been wildly inappropriate and inconsistent with the larger policy objectives of his visit, but it ran counter to his own feelings, expressed at the time, about Russia. “Russia has the best engineers in the world,” Biden said in a press conference after his meeting with Putin (who was serving as Russia’s prime minister, not president, at the time.) “Russia has intellectual capital. Russia is a great nation.”

These are not words one utters after telling a Russian leader in private that he has “no soul.” Biden’s struggle with the truth is well known, so it should come as no surprise to anyone that he possibly made up a meeting with Putin. Biden has been caught plagiarizing a speech delivered by former British Labour Party leader Neil Kinnock, lied about his academic record and accomplishments, and manufactured from whole cloth a narrative that has him participating in the civil rights movement of the 1960s. Biden’s lies all have one goal in common: to make him out to be that which he is not. So, too, his apparent lie about calling Putin soulless. Biden is desperate to be a ‘tough guy’. But for that reputation to stick vis-à-vis Putin, there had to be a ‘showdown’ moment, where the good guy faced off against the bad guy and called him out.

Since no such event exists, Biden had to make one up. And, like most of his lies, Biden repeats them long enough and often enough that they take on a life of their own, embraced as fact by unquestioning journalists. In his interview with Stephanopoulos, Biden raised the findings of the DNI report, and his conversation with Putin. “He will pay a price. We had a long talk, he and I. I know him relatively well and the conversation started off [like this]: I said, ‘I know you and you know me. If I establish this occurred, then be prepared.’”

Biden does not know Putin well at all. If he did, he would know that the last thing that would give the Russian leader pause were the fanciful tough-guy posturing of a geriatric president. There is little doubt that the Biden administration will impose additional sanctions against Russia in the days and weeks to come, citing the report as justification. There is also little doubt that these sanctions will have no impact whatsoever on the policies and practices of the Russian government. But that is not the point. Biden is not flexing for the benefit of Putin. His audience is the American people, and part and parcel of a coordinated campaign designed to drive home his mantra that “America is back.”

Biden’s too busy.

• Putin Challenges Biden To A Live Public ‘Discussion’ (JTN)

Russian President Vladimir Putin has suggested that he and American President Joe Biden engage in a live public “discussion.” The Russian leader’s proposal comes after Biden, when asked earlier this week during an ABC News interview whether he believes Putin is a killer, responded that he does believe that. A U.S. intelligence report indicates that Putin authorized influence operations related to the 2020 U.S. election, and during the interview Biden said that Putin “will pay a price.” Biden said that he told Putin: “If I establish this occurred, then be prepared.”

The intelligence report states in part: “We assess that Russian President Putin authorized, and a range of Russian government organizations conducted, influence operations aimed at denigrating President Biden’s candidacy and the Democratic Party, supporting former President Trump, undermining public confidence in the electoral process, and exacerbating sociopolitical divisions in the US.” “I’ve just thought of this now,” the Russian president told a Russian state television reporter, according to ABC News. “I want to propose to President Biden to continue our discussion, but on the condition that we do it basically live, as it’s called. Without any delays and directly in an open, direct discussion. It seems to me that would be interesting for the people of Russia and for the people of the United States.”

Putin suggested that the “discussion” with Biden could be held on Friday or Monday: “I don’t want to put this off for long. I want to go the taiga this weekend to relax a little,” Putin said. “So we could do it tomorrow or Monday. We are ready at any time convenient for the American side.” When asked during Thursday’s press briefing if the idea is one that the administration would consider, White House Press Secretary Jen Psaki told the reporter she would need to “get back to you if that is something we are entertaining,” and noted that Biden will be busy in Georgia on Friday.

Recalling your ambassador is a serious step.

• Biden ‘Clearly Doesn’t Want Good Relations’ With Russia – Kremlin (RT)

The Kremlin has claimed that comments from American President Joe Biden, in which he said he believes his Russian counterpart, Vladimir Putin, to be a “killer,” is proof Washington isn’t serious about relations with the country. Speaking to journalists on Thursday, Kremlin spokesman Dmitry Peskov said there was no precedent for the remarks in the history of the two nations. “These are very bad statements by the US president,” he added. “He clearly doesn’t want to establish a relationship with our country, and we will proceed on that basis.” In the TV interview with ABC, which aired on Wednesday, Biden was asked by chief anchor George Stephanopoulos whether he thought Putin was “a killer.” “Mmm hmm, I do,” he replied.

He added that he had warned the Russian leader that the US would take action if it found evidence of Moscow meddling in the country’s 2020 presidential election. “He will pay a price,” Biden said. “We had a long talk, he and I… I know him relatively well. And the conversation started off, I said, ‘I know you and you know me. If I establish this occurred, then be prepared.’” A joint report by Washington’s spy agencies, published the day before, alleged that Russia was behind a campaign to “denigrate” Biden’s reputation during the campaign. The Kremlin has blasted the allegations, insisting it had not engaged in political smears against any candidates.

On Wednesday evening, Russia’s ambassador to the US, Anatoly Antonov, was recalled to Moscow for talks on the future of ties with Washington. Foreign Ministry spokeswoman Maria Zakharova said that consultations were needed “to analyze what to do and where to head in the context of relations with the US.” The remarks have sparked a wave of criticism from Russian officials. The speaker of the country’s parliament, Vyacheslav Volodin, added his voice to those claiming the remarks were indicative of a diplomatic rift. The top politician argued that “this is a tantrum that comes from powerlessness. Putin is our president, attacking him is an attack on our country.”

“We’ve spent the last five years watching as anonymous officials make major Russia-related claims, only to have those evidence-free claims fizzle.”

• A Brief List Of Official Russia Claims That Proved To Be Bogus (Taibbi)

The Office of the Director of National Intelligence (ODNI) has released a much-hyped, much-cited new report on “Foreign Threats to the 2020 Elections.” The key conclusion: “We assess that Russian President Putin authorized, and a range of Russian government organizations conducted, influence operations aimed at denigrating President Biden’s candidacy and the Democratic Party, supporting former President Trump, [and] undermining public confidence in the electoral process…” The report added Ukrainian legislator Andrey Derkach, described as having “ties” to “Russia’s intelligence services,” and Konstantin Kilimnik, a “Russian influence agent” (whatever that means), used “prominent U.S. persons” and “media conduits” to “launder their narratives” to American audiences.

The “narratives” included “misleading or unsubstantiated allegations against President Biden” (note they didn’t use the word “false”). They added a small caveat at the end: “Judgments are not intended to imply that we have proof that shows something to be a fact.” As Glenn Greenwald already pointed out, the “launder their narratives” passage was wolfed down by our intelligence services’ own “media conduits” here at home, and regurgitated as proof that the “Hunter Biden laptop story came from the Kremlin,” even though the report didn’t mention the laptop story at all. Exactly one prominent reporter, Chris Hayes, had the decency to admit this after advancing the claim initially. With regard to the broader assessment: how many times are we going to do this? We’ve spent the last five years watching as anonymous officials make major Russia-related claims, only to have those evidence-free claims fizzle.

From the much-ballyhooed “changed RNC platform” story (Robert Mueller found no evidence the changed Republican platform was “undertaken at the behest of candidate Trump or Russia”), to the notion that Julian Assange was engaged in a conspiracy with the Russians (Mueller found no evidence for this either), to Michael Cohen’s alleged secret meetings in Prague with Russian conspirators (“not true,” the FBI flatly concluded) to the story that Trump directed Cohen to lie to Congress (“not accurate,” said Mueller), to wild stories about Paul Manafort meeting Assange in the Ecuadorian embassy, to a “bombshell” tale about Trump foreknowledge of Wikileaks releases that blew up in CNN’s face in spectacular fashion, reporters for years chased unsubstantiated claims instead of waiting to see what they were based upon.

The latest report’s chief conclusions are assessments about Derkach and Kilimnik, information that the whole world knew before this report was released. Hell, even Rudy Giuliani, whose meeting with Derkach is supposedly the big scandal here, admitted there was a “50/50 chance” the guy was a Russian spy. Kilimnik meanwhile has now been characterized as having “ties” to Russian intelligence (Mueller), and as a “Russian intelligence officer” (Senate Intelligence Committee), and is now back to being a mere “influence agent.” If he is Russian intelligence, then John McCain’s International Republican Institute (where Kilimnik worked), as well as embassies in Kiev and Moscow (where Kilimnik regularly gave information, according to the New York Times), have a lot of explaining to do.

“..these career spies and propagandists, led by Obama CIA Director and serial liar John Brennan..”

• Journalists Yesterday Spread a Significant Lie All Over Twitter (Greenwald)

Journalists with the largest and most influential media outlets disseminated an outright and quite significant lie on Tuesday to hundreds of thousands of people, if not millions, on Twitter. While some of them were shamed into acknowledging the falsity of their claim, many refused to, causing it to continue to spread up until this very moment. It is well worth examining how they function because this is how they deceive the public again and again, and it is why public trust in their pronouncements has justifiably plummeted. The lie they told involved claims of Russian involvement in the procurement of Hunter Biden’s laptop. In the weeks leading up to the 2020 election, The New York Post obtained that laptop and published a series of articles about the Biden family’s business dealings in Ukraine, China and elsewhere.

In response, Twitter banned the posting of any links to that reporting and locked The Post out of its Twitter account for close to two weeks, while Facebook, through a long-time Democratic operative, announced that it would algorithmically suppress the reporting. The excuse used by those social media companies for censoring this reporting was the same invoked by media outlets to justify their refusal to report the contents of these documents: namely, that the materials were “Russian disinformation.” That claim of “Russian disinformation” was concocted by a group of several dozen former CIA officials and other operatives of the intelligence community devoted to defeating Trump.

Immediately after The Post published its first story about Hunter Biden’s business dealings in Ukraine that traded on his influence with his father, these career spies and propagandists, led by Obama CIA Director and serial liar John Brennan, published a letter asserting that the appearance of these Biden documents “has all the classic earmarks of a Russian information operation.” News outlets uncritically hyped this claim as fact even though these security state operatives themselves admitted: “We want to emphasize that we do not know if the emails…are genuine or not and that we do not have evidence of Russian involvement — just that our experience makes us deeply suspicious that the Russian government played a significant role in this case.” Even though this claim came from trained liars who, with uncharacteristic candor, acknowledged that they did not “have evidence” for their claim, media outlets uncritically ratified this assertion.

Blinken got his ass handed to him.

• US and China Publicly Rebuke Each Other In First Major Talks Of Biden Era (G.)

The United States and China have clashed over human rights during their first face-to-face high-level talks since Joe Biden took office, with one senior Chinese official urging the US to address “deep-seated” issues such as racism, and accusing his American counterparts of “condescension”.Any hopes that the meeting, in Anchorage, would reset bilateral ties after years of tensions over trade and cyber security during Donald Trump’s presidency evaporated when US secretary of state Antony Blinken and national security adviser Jake Sullivan opened their meeting with China’s top diplomat Yang Jiechi and state councillor Wang Yi.

After Blinken referred to rising global concern over Beijing’s human rights record, Yang said: “We hope that United States will do better on human rights. The fact is that there are many problems within the United States regarding human rights, which is admitted by the US itself,” he said in a 15-minute speech that appeared to irritate Blinken. He added that US human rights issues were “deep-seated … they did not just emerge over the past four years, such as Black Lives Matter”. In his opening remarks Blinken had said world leaders had voiced “deep satisfaction” that the US was re-engaging with the international community after four years of Trump’s “America First” doctrine. “I’m also hearing deep concern about some of the actions your government is taking.”

Blinken, who added he had heard similar sentiments during his visits this week to Japan and South Korea, said the Biden administration and its allies were united in pushing back against China’s increasing authoritarianism and assertiveness at home and abroad. In response, Yang angrily demanded that the US stop pushing its own version of democracy at a time when it was dealing with discontent among its own population. “We believe that it is important for the United States to change its own image and to stop advancing its own democracy in the rest of the world,” he said. “Many people within the United States actually have little confidence in the democracy of the United States.” “China will not accept unwarranted accusations from the US side,” Yang said, adding that recent developments had plunged relations “into a period of unprecedented difficulty” that “has damaged the interests of our two peoples.”

Watch until the end. Utterly brutal. Completely outclassed.

This is bad, folks.pic.twitter.com/0lW4YYXwqB

— Mike Cernovich (@Cernovich) March 19, 2021

Get healthy.

• Covid Spiking In Over A Dozen States—Most With High Vaccination Rates (F.)

Coronavirus cases are again spiking in 13 U.S. states, according to an analysis of trends over the past week, including some states among the highest in vaccination rates as health experts warn more contagious variants of Covid-19 will soon dominate the United States. An Axios analysis found Michigan by far leading the way in new cases, with the 7-day rolling average spiking by more than 53%. Michigan is above the U.S. average in terms of vaccination rate, according to Johns Hopkins University, but cases, positivity rate and hospitalizations are all on the rise. State health officials have placed the blame on highly contagious new variants now spreading in the state, as health experts caution national vaccination efforts are a race against the contagious strains.

Other states among the highest in vaccination rates, including West Virginia, Maine and Montana are also dealing with case spikes. Only two of the states with rising cases—Mississippi and New Hampshire—are below the U.S. average in terms of vaccination rate, according to Johns Hopkins. Top health officials, including Dr. Anthony Fauci and CDC Director Dr. Rochelle Walensky, have said a variant that originated in the U.K. could become the dominant strain in the U.S. by the end of the month. That strain is believed to be some 56% more contagious and perhaps twice as deadly than the existing dominant strain in the United States. Health experts say the country is continuing to move in the right direction as a whole, with the vaccine effort hopefully ending the pandemic this year.

But what had been a rapid national case decline starting in January has slowed significantly over the past few weeks, with the U.S. continuing to average over 50,000 new cases a day, a plateau level Fauci said “concerns me.” Top health officials and President Joe Biden are also advising against expansive reopening measures that states are putting into effect, including some that have decided to lift mask mandates.

“The clotting in those patients was triggered by a very specific “strong immune response” likely caused as a result of the AstraZeneca jab..”

• Norwegian Scientists Say AstraZeneca DID Cause Blood Clots (RT)

Norwegian scientists have linked the AstraZeneca vaccine and blood clots – a condition seen in some people that led countries around the world to halt its use. But British and Dutch medics say there’s no evidence for such a link. “The cause of our patients’ condition has now been found,” Pal Andre Holme, the head of a research group at the Oslo University Hospital, told Norway’s VG media outlet. He was referring to the cases of three health workers under the age of 50 who suffered from severe blood clotting after receiving the AstraZeneca jab. One of the medics then died on Monday. The clotting in those patients was triggered by a very specific “strong immune response” likely caused as a result of the AstraZeneca jab, Holme explained.

In collaboration with the University Hospital of North Norway, Holme’s team detected specific antibodies that “activate” platelets and in some cases can lead to blood clots. Asked by VG if the vaccine was the “most likely” cause of this specific immune response, Holme said he believes “there is no other thing” in the history of the three individual patients which would generate such a response. None of the three patients had a history of similar health issues before, he said. I am pretty sure it is these antibodies that are the cause and I see no other reason than that it is the vaccine that triggers them.

The professor still admitted that such side effects are likely to be very rare since “we are talking about very specific antibodies.” Norway halted the use of the AstraZeneca jab in its vaccination campaign alongside many other European nations. Some 120,000 Norwegians already received the jabs produced by the British-Swedish company. According to Norwegian media, “very few” serious side effects were reported by those vaccinated to date. [..] Norwegian scientists revealed the results of their analysis just as the British medical regulator, MHRA, said that it found no evidence that could prove the link between the Oxford-AstraZeneca vaccine and blood clotting.

“This type of blood clot can occur naturally in people who have not been vaccinated, as well as in those suffering from COVID-19,” the MHRA CEO, Dr. June Raine, said in a statement, adding that her agency’s “thorough and careful review” showed that blood clots in veins of affected persons are occurring just as often as they would “in the absence of vaccination.”

But you still want to vaccinate all kids?

• Your Unvaccinated Kid Is Like a Vaccinated Grandma (Oster)

Different vaccines yield different results, but all of the vaccines approved by the FDA (Pfizer-BioNTech’s, Moderna’s, and Johnson & Johnson’s) are very effective, which is why the CDC has indicated that vaccinated individuals can interact unmasked with other vaccinated individuals. It hasn’t yet commented on flying, but I’m guessing the CDC will relax its flying advisories for vaccinated individuals in the next few weeks. It will continue to recommend masks, for the sake of protecting the unvaccinated population, because the science on transmission by the vaccinated is still hazy. Now think about your child. The CDC has published some risk assessments by age. For comparison’s sake, I’ll phrase the findings the way I would the results of a vaccine trial:

Being a child aged 5 to 17 is 99.9 percent protective against the risk of death and 98 percent protective against hospitalization. For children 0 to 4, these numbers are 99.9 percent (death) and 96 percent (hospitalization). The central goal of vaccination is preventing serious illness and death. From this standpoint, being a child is a really great vaccine. Your unvaccinated first grader appears to have about as much protection from serious illness as a vaccinated grandmother. Comparisons are more difficult when it comes to the risk of any infection at all. An Israeli study undergoing peer review found that the Pfizer vaccine reduces infection in asymptomatic cases by about 90 percent, and in symptomatic cases by almost 94 percent.

Child case counts haven’t been well documented, in part because asymptomatic infection appears to be so common among kids. However, the available data suggest that children are less likely than adults to contract the coronavirus, but more likely to contract it than a vaccinated grandmother. (Below, I’ll address the latest thinking on variants, and research on the possible long-term effects of less-than-serious infections, which remains murky, and controversial.) This news may feel a little mixed: Yes, kids are protected from serious illness, just like their vaccinated grandparents, but they are not as protected from contracting the virus at all. Here is where the concept of herd immunity comes in to save the summer. If the Israeli Pfizer study is anywhere near right, then case rates will fall once a large share of adults are vaccinated. They are likely to fall a lot as the virus finds fewer and fewer receptive hosts.

Must have war.

• How The US Military Subverted The Afghan Peace Agreement (GZ)

In an exclusive interview with The Grayzone Col. Douglas Macgregor, a former senior advisor to the Acting Secretary of Defense, revealed that President Donald Trump shocked the US military only days after the election last November by signing a presidential order calling for the withdrawal of all remaining US troops from Afghanistan by the end of the year. As Macgregor explained to The Grayzone, the order to withdraw was met with intense pressure from the Chairman of the Joint Chiefs of Staff, Gen. Mark M. Milley, which caused the president to capitulate. Trump agreed to withdraw only half of the 5,000 remaining troops in the country. Neither Trump’s order nor the pressure from the JCS Chairman was reported by the national media at the time.

The president’s surrender represented the Pentagon’s latest victory in a year-long campaign to sabotage the US-Taliban peace agreement signed in February 2020. Military and DOD leaders thus extended the disastrous and unpopular 20-year US war in Afghanistan into the administration of President Joseph Biden. The subversion of the peace agreement with the Taliban initiated by the US military leadership in Washington and Afghanistan began almost as soon as Trump’s personal envoy Zalmay Khalilzad negotiated a tentative deal in November 2019. The campaign to undermine presidential authority was actively supported by then-Secretary of Defense Mark Esper.

“Critics say that the immunity law removed a key deterrent to corporate malfeasance, and victims and their families were subsequently stripped of their legal rights.”

• FBI Now Probing Cuomo’s Corporate Immunity Law (DO)

Federal law enforcement officials are scrutinizing New York Gov. Andrew Cuomo’s controversial move to help his donor shield nursing home executives from legal consequences during the COVID-19 pandemic, according to a new report. The probe follows a Daily Poster investigative series detailing how one of Cuomo’s biggest donors, the Greater New York Hospital Association (GNYHA) — a lobby group that represents hospital systems and nursing home operators — said it “drafted and aggressively advocated for” the corporate immunity provision. Cuomo’s administration quietly inserted the measure into his state’s budget as thousands lay dying from COVID-19 in New York nursing homes.

Critics say that the immunity law removed a key deterrent to corporate malfeasance, and victims and their families were subsequently stripped of their legal rights. Cuomo’s original executive order shielding front line health care workers from lawsuits was widely reported, but not the governor’s separate budget language extending immunity to hospital and nursing home corporations’ executives and board members. On Thursday, THE CITY disclosed that federal investigators looking into Cuomo’s handling of nursing home policy are now specifically asking questions about the immunity provision. The New York news outlet reports:

“FBI investigators probing the Cuomo administration’s handling of nursing homes during the pandemic last spring are seeking information about a state budget provision that gave operators legal immunity, THE CITY has learned. In recent weeks, FBI officials have been looking to interview members of Gov. Andrew Cuomo’s staff and other state officials about the eleventh-hour addition to the state budget last March, according to three people familiar with the matter. The measure granted nursing homes and hospitals broad legal protections against lawsuits and criminal liability for care provided to residents and patients during the pandemic. FBI officials started to make house calls this month, showing up at people’s residences and leaving business cards, according to the three sources. Investigators’ questions have focused primarily on the nursing home immunity provision and how it “got in the state budget,” said one legislative source, who did not want to be named because of the ongoing probe.”

Not coming, but already here.

• Without Trump, Is A “Depression In Television” Coming? (Taibbi)

[..] the Democratic Party’s response to Trump — which involved multiple efforts to remove him, premised on the idea that every day he spent in the Oval Office was an existential threat to humanity — allowed stations to turn every day of the Trump years into a baby-down-a-well story (the baby was democracy). Between the Mueller investigation, two impeachments, the Kavanaugh confirmation, multiple border crises, the “Treason in Helsinki” fiasco, and a hundred other tales, every day could be pitched as a drop-everything emergency. Add the partisan rooting angle, and you had ratings gold. Imagine three or four dozen Super Bowls a year, each one played in the middle of a category 5 hurricane, and you come close to grasping the magnitude of the gift that Donald Trump was to MSNBC, Fox, and CNN.

Six or seven years ago, it was common to see CNN or MSNBC fall outside the top 20 rated cable networks, below titans like Disney, USA, TBS, and the History Channel. By 2020, the three top networks on cable — not just news networks, but overall — were Fox News, MSNBC, and CNN. The fact that news ate away so much of the market share of the entertainment business in the Trump years raises questions about what exactly we were watching. Jump in your Dr. Who police box and go back to 2014, the last year Trump was not a major political figure. The cable news genre had what Variety described as an “overall down year.” It was a particularly grim time for CNN and MSNBC:

Total Primetime Viewers, 2014 Change
Fox News 1.779 million (even)
MSNBC 600,000 (down 8%)
CNN 528,000 (down 8%)
HLN 337,000 (down 16%)

CNN exemplified the pre-Trump dilemma. In 2011, the network’s average primetime viewership was 689,000. That dropped to 670,000 in 2012, and the year after that, in 2013, it fell all the way to 568,000, a 20-year low. Imagine the pucker factor at Time Warner the next year, when CNN’s entire 8-11 p.m. programming slate dropped 8% off that 20-year dip. 2013 was CNN’s first year under the management of Jeff Zucker, whose career arc leading into the Trump years was a dazzling study in failing upward. He was named head of NBC Entertainment in 2000, and rode the successes of a handful of shows — including, notably, The Apprentice — into a job as CEO of NBC Universal, where he presided over one of the most disastrous tenures of any TV executive in history. Under his leadership, NBC dropped to fourth behind ABC, CBS, and Fox, amid catastrophic decisions like trying to move Jay Leno into primetime.

When Zucker moved to CNN, he trumpeted a new plan to save the news. This is from Politico in 2013: “Zucker has told staff he wants to “broaden the definition of what news is,” meaning more sports, more entertainment, more human interest stories — and, at times, less politics.” That didn’t work out so well in 2014, though to be fair to Zucker, the ratings narrative started reversing at least somewhat before Trump jumped on the scene. But the first giant leap forward for the business as a whole came in 2015, when CNN’s average primetime audience soared to 730,000, a 30% increase, in significant part because it hosted two Republican debates starring Trump.

The news business had never seen anything like the Trump effect. The first Republican debate on Fox drew 25 million viewers and was the most-watched non-sports event in the history of cable, while the second debate drew 23 million and was merely the top show in the history of CNN. Taking note of all this was Trump himself, whose poll numbers were dipping a bit at the end of 2015. Some were predicting his demise. To this, Trump snapped, “I’m not a masochist,” and promised he’d pull out if his numbers worsened. However, he said, if he did, “There’d be a major collapse of television ratings,” adding a poisonous prediction: “It would become a depression in television.”

“The cost of what we need but haven’t done to modernize our infrastructure has expanded to $5.6 trillion over the last 20 years ($3 trillion in the last decade alone)”

• Building or Unbuilding America? (Nomi Prins)

During the Trump years, the phrase “Infrastructure Week” rang out as a sort of Groundhog Day-style punchline. What began in June 2017 as a failed effort by The Donald’s White House and a Republican Senate to focus on the desperately needed rebuilding of American infrastructure morphed into a meme and a running joke in Washington. Despite the focus in recent years on President Trump’s failure to do anything for the country’s crumbling infrastructure, here’s a sad reality: considered over a longer period of time, Washington’s political failure to fund the repairing, modernizing, or in some cases simply the building of that national infrastructure has proven a remarkably bipartisan “effort.”

After all, the same grand unfulfilled ambitions for infrastructure were part and parcel of the Obama White House from 2009 on and could well typify the Biden years, if Congress doesn’t get its act together (or the filibuster doesn’t go down in flames). The disastrous electric grid power outages that occurred during the recent deep freeze in Texas are but the latest example of the pressing need for infrastructure upgrades and investments of every sort. If nothing is done, more people will suffer, more jobs will be lost, and the economy will face drastic consequences. Since the mid-twentieth century, when most of this country’s modern infrastructure systems were first established, the population has doubled. Not only are American roads, airports, electric grids, waterways, railways and more distinctly outdated, but today’s crucial telecommunications sector hasn’t ever been subjected to a comprehensive broadband strategy.

Worse yet, what’s known as America’s “infrastructure gap” only continues to widen. The cost of what we need but haven’t done to modernize our infrastructure has expanded to $5.6 trillion over the last 20 years ($3 trillion in the last decade alone), according to a report by the American Society of Civil Engineers (ASCE). Some estimates now even run as high as $7 trillion. In other words, as old infrastructure deteriorates and new infrastructure and technology are needed, the cost of addressing this ongoing problem only escalates. Currently, there is a $1-trillion backlog of (yet unapproved) deferred-maintenance funding floating around Capitol Hill. Without action in the reasonable future, certain kinds of American infrastructure could, like that Texas energy grid, soon be deemed unsafe.

Make the right to housing a law.

• Growth Of US Homelessness During 2020 Was Devastating – HUD (NPR)

The nation’s homeless population grew last year for the fourth year in a row. On a single night in January 2020, there were more than 580,000 individuals who were homeless in the United States, a 2% increase from the year before. The numbers, released by the Department of Housing and Urban Development Thursday, do not reflect the impact of the pandemic. “And we know the pandemic has only made the homelessness crisis worse,” HUD Secretary Marcia Fudge said in a video message accompanying the report. She called the numbers “devastating” and said the nation has a “moral responsibility to end homelessness.” Among the report’s more sobering findings: homelessness among veterans and families did not improve for the first time in many years.

Also, more than 106,000 children were homeless during the once-a-year count, conducted in most communities across the nation. While the majority of homeless children were in shelters or transitional housing, almost 11,000 were living outside. As has been the case for years, a disproportionate share of those experiencing homelessness were Black — about 39% of the total, though African Americans make up about 13% of the nation’s overall population. Twenty-three percent of those who were homeless last year identified as Hispanic or Latino. California was home to the largest number of people experiencing homelessness — 161,548 — according to the 2020 count. A quarter of all homeless individuals in the United States were living in either New York City or Los Angeles. For the first time since the government began doing the annual count, the number of single adults living outside — 209,413 — exceeded the number of individuals living in shelters — 199,478.

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It is a mark of prudence never to place our complete trust in those who have deceived us even once.
~ Rene Descartes

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Debt Rattle January 28 2021

Jan 282021

January 28, 2021 Posted by Raúl Ilargi Meijer at 10:19 am Finance Tagged with: AMC, arms sales, Biden, Blinken, Davos, GameStop, India, Navalny, Proud Boys, Putin, unity, vaccines, WallStreetBets 43 Responses »

Gustave Courbet The cliffs of Étretat after the storm 1870

• GameStop, AMC, 4 Other “Most Shorted Stocks” Jump 135% to 538% (WS)

• GameStop’s Three Largest Shareholders Earn Over $2bn Amid Stock Surge (G.)

• Putin Calls Out Big Tech In Davos (RT)

• US Weighing Action Against Russia For Navalny Detention – Blinken (ZH)

• Biden Freezes Arms Sales To Saudis & UAE (ZH)

• Do The Democrats Really Want Unity? (Turley)

• Indian Tribe: Biden Just ‘Attacked’ Our Sovereignty (TH)

• Proud Boys Leader Was ‘Prolific’ Informer For Law Enforcement (R.)

• German Minister Sees COVID19 Vaccine Shortage Well Into April (R.)

• Farmers’ Protests Reflect Existential Crisis of Indian Agriculture (OffG)

• Twitter Releases New Community-Based Tool To Find Witches (BBee)

WallStreetBets is back up. Today could be epic.

Only loneliness is safe.

Hedge funds have lost many billions because other people have taken over their game.

• GameStop, AMC, 4 Other “Most Shorted Stocks” Jump 135% to 538% (WS)

What a hilarious show this zoo that has gone nuts has turned into. White House Press Secretary Jen Psaki came out today and said the White House “economic team including Secretary Yellen” were “monitoring the situation.” The situation being total utter mania in the most shorted stocks, such as GameStop and AMC. The SEC came out and said today it too is “actively monitoring” the options and equities markets. “Consistent with our mission to protect investors and maintain fair, orderly, and efficient markets…” which was when humongous laughter drowned out the rest. Did the SEC really say “efficient markets????” Hahahahaha. Fed Chair Jerome Powell, during the post-meeting press conference today, was asked right off the bat about the mania around GameStop and similar mania stocks, and he refused to comment.

This came after Alexandria Ocasio-Cortez tweeted in her inimitable style: “Gotta admit it’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino.” The mania revolves around the most shorted stocks, shorted by hedge funds that hoped to make a killing when those stocks collapse. Short sellers have to borrow the shares and sell them, hoping that their prices will collapse, and that they can buy them back for a song and close out their position with a huge profit. And a bunch of hedge funds jumped into this shorting of the-most-shorted-stocks business, and at one point the short interest of GameStop shares [GME] was over 140% of the float, which is ridiculous, and a sign that hedge funds were taking enormous risks.

They will all have to buy those shares to close out their positions. But who is going to sell them those shares? Well, folks figured this out, and they were ganging up on these hedge funds, organizing their Wall Street revolt on the social media, particularly on the WallStreetBets subreddit. Most of these stocks have a relatively small float – that’s why the hedge funds shorted them in the first place because stocks with a small float are a lot easier to manipulate, and Wall Street has long gotten fat off manipulating stocks. And those traders on Reddit also figured out that stocks with a small float are the easiest to manipulate if enough people got together. And they figured out that stocks that were massively shorted and didn’t have many sellers left could be driven up to the point where those that were short those stocks would panic-buy those stocks to cover their short positions and curtail their losses, and that panic buying, with no eager sellers on the other side, would trigger a huge surge in prices, which could wipe out those hated hedge funds.

Tucker Charles Payne GameStop
https://twitter.com/i/status/1354624888166772739

But if these people sell, the WallStreetBets game could be up.

• GameStop’s Three Largest Shareholders Earn Over $2bn Amid Stock Surge (G.)

The three largest shareholders in GameStop, the video game retailer at the center of a frenzied dual between Wall Street and small investors, have made more than $2bn from the company’s astronomic recent share rise. Stock in the company continued its vertiginous rise on Wednesday, hitting a fresh 52-week high of $354.83, making the 13% stake held by Ryan Cohen, 34, GameStop’s largest single shareholder, worth more than $1.3bn. Over the past two weeks, according to CNBC, Cohen’s net worth increased an average of $90m a day, or nearly $4m per hour, as GameStop stock has surged more than 1,550% this year alone. Other winners include Donald Foss, the 76-year-old founder and former CEO of Credit Acceptance Corp, a subprime auto lender. Foss bought 5% of GameStop early last year for around $12m. His stake is now worth more than $500m.

GameStop chief executive George Sherman has seen his 3.4% stake jump to a value of about $350m. On Reddit, where many of the small investors have strategized over their investments, small investors too have boasted of their outside gains from beating Wall Street. But some in Wall Street are also making huge gains. BlackRock, the world’s largest asset manager, owned 9.2m shares in GameStop at the end of December, according to a regulatory filing. If it still holds all those shares, they were worth more than $3bn on Wednesday. The gains comes as thousands of small investors have poured into the stock and forced Wall Street hedge funds, including Melvin Capital and Citron, which were betting on GameStop’s collapse, to take billions in losses.

Shouldn’t this have come from western leaders?

• Putin Calls Out Big Tech In Davos (RT)

Big Tech companies have become rivals to governments, but there are doubts over the benefits of their monopoly for society, Russia’s President Vladimir Putin said, during a virtual meeting of the annual World Economic Forum. “Where is the line between a successful global business, in-demand services and consolidation of big data – and attempts to harshly and unilaterally govern society, replace legitimate democratic institutions, restrict one’s natural right to decide for themselves how to live, what to choose, what stance to express freely?” Putin wondered.

Addressing the role of social media giants in the recent election in the US, the Russian leader pointed out that these companies “in some areas have de facto become rivals to the government.” Billions of users spend large parts of their lives on the platforms and, from the point of view of those companies, their monopolistic position is favorable for organizing economic and technological processes, Putin explained. “But there’s a question of how such monopolism fits the interest of society,” he stressed.

Oh please…

• US Weighing Action Against Russia For Navalny Detention – Blinken (ZH)

A day after the Senate confirmed President Biden’s nominee, veteran diplomat Antony Blinken, as the secretary of state, Blinken gave his first press conference Wednesday afternoon. Revealing where Biden’s foreign policy emphasis will be over the coming months, he came out swinging against Putin (who else?) and Russia (in addition to mention of Iran and China in the course of the briefing), voicing that the US is “deeply concerned” about jailed opposition activist and politician Alexei Navalny. Blinken said the US administration is now mulling “actions in response to his detention in Russia,” according to Reuters. He highlighted continued concerns for Navalny’s “security and safety”. To review, Navalny is serving a 30-day jail sentence for skipping probation related to a 2014 criminal conviction.

He recently returned to Moscow from Berlin where he had been recovering from an alleged nerve agent poisoning in August. He and German investigators have claimed it was part of a Russian intelligence assassination attempt on orders from Putin, with the Russian president brushing off the accusations given Navalny is “not important enough” to be a target of state security and intelligence services. Navalny is now urging his supporters to the streets in defiance of the government. “We have a deep concern for Mr. Navalny’s safety and security and the larger point is that his voice is the voice of many, many, many Russians and it should be heard, not muzzled,” Blinken said in his statements, also noting the US is not ruling out any punitive action on the table.

He further said he finds it striking that the Putin government is so “frightened of one man, Mr. Navalny” – in an echo of earlier comments he made. Blinken said in the press briefing: “It remains striking to me how concerned and maybe even scared the Russian government seems to be of one man, Mr. Navalny.” He said the Biden White House is closely watching the human rights situation inside Russia, following Saturday protests where hundreds were reportedly detained in demonstrations and clashes with police which were deemed ‘unauthorized’.[..] “Blinken said at his first press briefing after being sworn in that the Biden administration was reviewing how to respond to actions by Russia, including the alleged use of chemical weapons in an attack on Navalny, the Solar Winds cyber attack, reports of bounties on American forces and interference in U.S. elections.”

Looks good at face value.

But WSJ: “U.S. officials said it isn’t unusual for a new administration to review arms sales approved by a predecessor, and that despite the pause, many of the transactions are likely to ultimately go forward.”

• Biden Freezes Arms Sales To Saudis & UAE (ZH)

On Wednesday the Biden administration issued a freeze of all US arms sales to Saudi Arabia and the United Arab Emirates at a moment Congressional scrutiny of America’s support to the Saudi-led coalition waging war in Yemen grows. US involvement in the war goes all the way back to the Obama administration, with Trump also in the last months of his presidency approving billions in new arms sales to the kingdom. In particular Lockheed Martin produced F-35 stealth fighters that were set to be transferred to the UAE the have been “temporarily” blocked along with munitions to the Saudis, among other sales. Prior reports suggested the prior Trump deal was to send as many as 50 advanced F-35 fighters to the UAE.

The AP cited officials who identified “that among the deals being paused is a massive $23 billion transfer of stealth F-35 fighters to the United Arab Emirates.” “That sale and several other massive purchases of U.S. weaponry by Gulf Arab countries had been harshly criticized by Democrats in Congress,” the report added. The State Department said of the “temporary pause” that it is “temporarily pausing the implementation of some pending U.S. defense transfers and sales under Foreign Military Sales and Direct Commercial Sales to allow incoming leadership an opportunity to review.” And Axios further details that “The sales of F-35 jets and attack drones to the UAE and a large supply of munitions to Saudi Arabia will be paused pending a review.” It added that it “signals a major policy shift from the Trump era, and may herald sharp tensions with both Gulf countries.”

Well, yes, a unity where they get to call all the shots.

• Do The Democrats Really Want Unity? (Turley)

Democrats are moving aggressively to muscle through an ambitious agenda in Congress that may raise serious constitutional questions and cause even greater political divisions. After noon, the real President Biden set to work on a host of executive orders. In the first two days, Biden signed almost three dozen new executive orders, ranging from stopping deportations of undocumented persons to extending a freeze on student loan payments, from mandating mask-wearing to guaranteeing access by transgender children to bathrooms and sports. Some of these executive orders, if implemented directly, could be challenged in court. However, Trump and other modern presidents have increasingly used such orders to set new priorities and policies.

What is happening on Capitol Hill is far more concerning. Democratic leaders are pushing Biden to act unilaterally, as did President Obama when faced with a divided Congress. Obama actually used his State of the Union address to declare his intent to circumvent the legislative branch after it refused to pass his legislation in areas such as the environment and immigration. Senate Majority Leader Chuck Schumer (D-N.Y.) and other Democrats have called on Biden to simply cancel student debt up to $50,000 per student, wiping out billions in debt and potential federal revenue. That is a major unilateral decision when the national debt is approaching $28 trillion — one done without debate or deliberation. (In fairness, students are being crushed by such debt during the pandemic and, more importantly, Congress previously gave broad authority to the Education secretary over debt management.)

Other calls for sweeping new decisions, from immigration to wealth distribution, are more concerning. Democrats insist they won both houses and the White House and, as President Obama once said, “elections have consequences.” However, this election was not an overwhelming victory or endorsement. Rather, it shows a country divided virtually down the middle. While voters clearly rejected Trump and his controversial leadership, they voted widely for Republicans down the ticket. The House saw a significant loss of Democratic seats and has one of the slimmest majorities in modern history. The Senate is divided literally in half, and a majority is only possible with Vice President Harris voting to break ties on the floor.

Clearly, voters did not support the agenda of the far left, and many seem to have preferred divided government. Yet, many on the left do not want to wait for a broader mandate to implement sweeping changes. They are pushing for the District of Columbia to be made a state, likely adding a two-vote majority for Democrats in the Senate. At the same time, there is a push to end the filibuster. Many Democrats are calling for Schumer to end that long-standing protection of minority rights in the Senate. Schumer has refused to guarantee that he will protect the filibuster tradition, even though he demanded that it be preserved during years of Republican Senate control.

“Indian lands are not federal public lands. Any actions on our lands and interests can only be taken after effective tribal consultation.”

• Indian Tribe: Biden Just ‘Attacked’ Our Sovereignty (TH)

The Ute Indian Tribe, the second largest Indian reservation in the United States, sent a letter to Acting Secretary of the Interior Scott de la Vega about President Joe Biden’s executive order that put a 60-day moratorium on permits relating to onshore and offshore oil and gas development. Those permits also include drilling. According to the Tribe’s Chairman, Luke Duncan, the executive order will have a harmful impact on his people. He is asking for the Department of the Interior to make an exemption to the order, allowing for permits to take place on tribal lands. “Your order is a direct attack on our economy, sovereignty, and our right to self-determination,” Duncan wrote. “Indian lands are not federal public lands. Any actions on our lands and interests can only be taken after effective tribal consultation.”

Duncan called on de la Vega to either completely withdraw the executive order or amend it so tribal sovereignty laws are respected. Last year, Congress passed the Great American Outdoors Act, which reallocates fees from drilling on Bureau of Land Management lands to the National Parks Service and National Forest Service. The money is used for maintaining those parks and forests. According to the Colorado Sun, BLM currently has 26.3 million acres under lease to oil and gas producers. Not having new permits threatens conservation efforts across the country.

That should make him popular…

• Proud Boys Leader Was ‘Prolific’ Informer For Law Enforcement (R.)

Enrique Tarrio, the leader of the Proud Boys extremist group, has a past as an informer for federal and local law enforcement, repeatedly working undercover for investigators after he was arrested in 2012, according to a former prosecutor and a transcript of a 2014 federal court proceeding obtained by Reuters. In the Miami hearing, a federal prosecutor, a Federal Bureau of Investigation agent and Tarrio’s own lawyer described his undercover work and said he had helped authorities prosecute more than a dozen people in various cases involving drugs, gambling and human smuggling. Tarrio, in an interview with Reuters Tuesday, denied working undercover or cooperating in cases against others. “I don’t know any of this,” he said, when asked about the transcript. “I don’t recall any of this.”

Law-enforcement officials and the court transcript contradict Tarrio’s denial. In a statement to Reuters, the former federal prosecutor in Tarrio’s case, Vanessa Singh Johannes, confirmed that “he cooperated with local and federal law enforcement, to aid in the prosecution of those running other, separate criminal enterprises, ranging from running marijuana grow houses in Miami to operating pharmaceutical fraud schemes.” Tarrio, 36, is a high-profile figure who organizes and leads the right-wing Proud Boys in their confrontations with those they believe to be Antifa, short for “anti-fascism,” an amorphous and often violent leftist movement. The Proud Boys were involved in the deadly insurrection at the Capitol January 6.

The vaccine wars have started. Get yourself some vitamin D.

• German Minister Sees COVID19 Vaccine Shortage Well Into April (R.)

Germany’s health minister said on Thursday he expects the current shortage of coronavirus vaccines to continue well into April, as the government faced new criticism over the pace of its vaccination programme. “We will still have at least 10 tough weeks with a shortage of vaccine,” Jens Spahn said in a Tweet, adding that he wanted to call a summit of federal and regional leaders in Germany to discuss vaccinations. On Thursday, Germany’s top-selling Bild newspaper described the problems around procuring enough vaccines as a “scandal”. Spahn said he wanted to invite pharmaceutical companies and the manufacturers of vaccines to a meeting, to make sure that Europe gets its fair share of shots and to see where it was possible to do more to support the process.

He added that he recognised that producing vaccines was very complicated and building up production could not just be done in a few weeks if quality standards were to be upheld. On Tuesday, Spahn supported European Union proposals to set up a register of exports of COVID-19 vaccines, as tensions grow with AstraZeneca and Pfizer over sudden supply cuts just a month after the bloc started vaccinating citizens. Germany reported 17,553 new coronavirus cases on Thursday, bringing the total to 2,178,828, and another 941 deaths. [..] Germany is preparing entry restrictions for travellers from Britain, Brazil and South Africa, the interior ministry said on Thursday, as concerns of more contagious coronavirus variants are rising.

800 million rural population.

• Farmers’ Protests Reflect Existential Crisis of Indian Agriculture (OffG)

With over 800 million people, rural India is arguably the most interesting and complex place on the planet but is plagued by farmer suicides, child malnourishment, growing unemployment, increased informalisation, indebtedness and an overall collapse of agriculture. Given that India is still an agrarian-based society, renowned journalist P Sainath says what is taking place can be described as a crisis of civilisation proportions and can be explained in just five words: hijack of agriculture by corporations. He notes the process by which it is being done in five words too: predatory commercialisation of the countryside. And another five words to describe the outcome: biggest displacement in our history.

In late November 2018, a charter was released by the All India Kisan Sangharsh Coordination Committee (an umbrella group of around 250 farmers’ organisations) to coincide with the massive, well-publicised farmers’ march that was then taking place in Delhi. The charter stated: “Farmers are not just a residue from our past; farmers, agriculture and village India are integral to the future of India and the world; as bearers of historic knowledge, skills and culture; as agents of food safety, security and sovereignty; and as guardians of biodiversity and ecological sustainability.” The farmers stated that they were alarmed at the economic, ecological, social and existential crisis of Indian agriculture as well as the persistent state neglect of the sector and discrimination against farming communities.

They were also concerned about the deepening penetration of large, predatory and profit hungry corporations, farmers’ suicide across the country and the unbearable burden of indebtedness and the widening disparities between farmers and other sectors. The charter called on the Indian parliament to immediately hold a special session to pass and enact two bills that were of, by and for the farmers of India. If passed by parliament, among other things, the Farmers’ Freedom from Indebtedness Bill 2018 would have provided for the complete loan waiver for all farmers and agricultural workers.

The second bill, The Farmers’ Right to Guaranteed Remunerative Minimum Support Prices for Agricultural Commodities Bill 2018, would have seen the government take measures to bring down the input cost of farming through specific regulation of the prices of seeds, agriculture machinery and equipment, diesel, fertilisers and insecticides, while making purchase of farm produce below the minimum support price (MSP) both illegal and punishable.

And anyone else you don’t like.

• Twitter Releases New Community-Based Tool To Find Witches (BBee)

SALEM, MA—In a new, innovative way to handle the growing problem of witchcraft, Twitter’s Salem division has now released a community-based tool, Witchwatch, to crowdsource witch identification. “Instead of having all the decision-making of who is and who isn’t a witch in the hands of a few magistrates,” said Chief Magistrate William Stoughton, “we’re going to empower the community to identify all those who have had congress with the devil.” Anyone can apply to be a part of Witchwatch (though those who have previously been accused of witchcraft will be disqualified).

Participants in Witchwatch will receive a form on which they can write down suspected witches, supporting each accusation with evidence of witchcraft, such as unexplained illness or failing crops. = If enough different individuals accuse the same person of witchcraft, that person will have a “suspected witch” warning accompanying everything he or she says. And with even more accusations, the suspect will be burned at the stake.= “It’s a great system that’s already correctly identified witches in a few test markets,” Stoughton said. “We’ll soon release it throughout all of Salem and then hopefully after that, it can be used to combat the problem of witches worldwide.”

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Debt Rattle January 27 2021

Jan 272021

January 27, 2021 Posted by Raúl Ilargi Meijer at 10:04 am Finance Tagged with: Biden, Big Tech, Bill Gates, Blinken, censorship, COVID, deportation, DOJ, FBI, open source, Oxford, plastics, term limits 32 Responses »

Gustave Courbet Sunset on Lake Geneva 1876

• Bill Gates Advised Oxford to Ditch Open Source COVID Vaccine (MPN)

• FBI Knew DOJ Was Preparing To Fire Comey Long Before Trump Ordered It (JTN)

• Washington Will Remain Militarized Until At Least March (Greenwald)

• Biden is Already Breaking Promises (Lawrence)

• Legal Counteroffensive Against Big Tech Crackdown On Conservative Dissent (JTN)

• Meet the Censored: Status Coup (Taibbi)

• US Billionaires ‘Have Received $1.1tn Windfall In Covid Pandemic’ (G.)

• Ted Cruz Attempts To Impose Term Limits On Members Of Congress (JTN)

• Judge Bars President Joe Biden From Enforcing 100-Day Deportation Ban (AP)

• Migrants Increasing At “Concerning Rate” On Southern Border – CBP Agent (ZH)

• Ghislaine Maxwell Asks To Throw Out Case Over Epstein Plea Deal (G.)

• UK Sells Arms To Nearly 80% Of Countries Under Restrictions (G.)

• Humans Are Estimated To Eat A Credit Card Worth Of Plastic Every Week (USPIRG)

Tulsi Brennan Schiff
https://twitter.com/i/status/1354035548524957697

“As a result, the planet’s poor will have to wait until at least 2024 to be immunized.”

• Bill Gates Advised Oxford to Ditch Open Source COVID Vaccine (MPN)

Europe is reeling from the shock news that biotech giant AstraZeneca will not be delivering anything like the number of vaccines it promised. The company informed European Union officials that they will only be supplying 31 million doses to 27 E.U. countries, rather than the 80 million they had promised would arrive by the end of March. Italian Prime Minister Giuseppe Conti predicted that the news would reap “enormous damage” on the continent that has already sustained over 32 million confirmed cases and 703,000 deaths due to COVID-19. The Oxford-AstraZeneca vaccine had been hailed last year as a miracle in the global fight against the coronavirus primarily because the research team at Oxford University had promised to share the rights to its product with any and all drugmakers, meaning that poorer countries could produce and inoculate their citizens at cost price ($3-$4 per shot — a fraction of the price of those from Pfizer or Moderna).

Last year, economist and drug patent reform advocate Dean Baker told MintPress that, “The Oxford vaccine is even more striking, since the point was to pay researchers, but not to rely on patent monopolies to generate large profits. We ended up with a cheaper, better vaccine…It would be great if we could take away some lessons from the experience of vaccine development in this crisis and get away from the antiquated patent monopoly mechanism for financing research.” However, behind the scenes, the Oxford team reneged on their promise, signing an exclusive deal with pharmaceutical giant AstraZeneca, who made no commitment to selling the lifesaving vaccine at a low price. Even less well-known is that the decision was taken at the behest of Microsoft co-founder Bill Gates.

“We went to Oxford and said, ‘Hey, you’re doing brilliant work,’” Gates said, “But…you really need to team up.” The 65-year-old tech tycoon is a strong proponent of patents and spends much of his time shaping global health policy. James Love, director of Knowledge Ecology International, a nonprofit that works to expand access to medical technology, said that “Gates has staked out this outsized role in the vaccine world…He has an ideological belief that the intellectual property system is a wonderful mechanism that is necessary for innovation and prosperity.” The decision to put profit before people is likely to have a devastating impact on the Global South. Poor countries are not in a position to inoculate their entire populations, especially as the world’s wealthiest nations hoard the large majority of the available vaccines while refusing to support moves by companies in the Global South to produce them for themselves.

As a result, the planet’s poor will have to wait until at least 2024 to be immunized. This latest news is unlikely to do anything but set that clock further back. Unable to secure a profit in immunizing Africans, Asians, and Latin Americans, Western multinationals have turned their back on those regions, prioritizing those who can pay the most. As a result, those in the Global South have turned to Russia and China for help. While Western media have dismissed these efforts as “vaccine diplomacy” and a “charm offensive,” while casting doubt on the Sputnik V vaccine’s efficacy, global opinion studies show the Russian offering is actually the most trusted option.

Special Counsel.

• FBI Knew DOJ Was Preparing To Fire Comey Long Before Trump Ordered It (JTN)

Newly declassified FBI memos provide startling new details that undercut the frenzied 2017 effort to investigate Donald Trump for obstruction, revealing the FBI knew Director James Comey’s firing had been conceived by Justice Department leadership long before the president pulled the trigger during a key moment in the Russia probe. The memos written in May 2017 by Acting Director Andrew McCabe and a lieutenant also provide contemporaneous proof for some of the more jaw-dropping lore of the now-discredited Russia collusion scandal. For instance, the memos directly state that then-Deputy Attorney General Rod Rosenstein offered to wear a wire to secretly record Trump in the Oval Office and that Rosenstein also wanted to seek Comey’s advice — after his termination — on a possible Russia special counsel. The bureau nixed both ideas, the memos show.

The documents — declassified by Trump during his final 24 hours in office — also provide a tantalizing list of names the Trump administration considered for FBI director, including former Democratic Senator Joe Lieberman, ex-director and eventual Russia Special Counsel Robert Mueller, and retired Gen. John Kelly. Eventually, Trump settled on former prosecutor Chris Wray for the job. But the memos’ most explosive revelations chronicle the decision by McCabe in his early days on the job to open a formal investigation of Trump on the grounds that Comey’s firing may have been an act of obstruction of justice designed to thwart the Russia probe. The notes show McCabe informed Rosenstein during a May 16, 2017 meeting — one of their first after Comey was fired and McCabe became acting director — that he had opened the obstruction probe.

“I explained that the purpose of the investigation was to investigate allegations of possible collusion between the President and the Russian government, possible obstruction of justice related to the firing of FBI Director James Comey and possible conspiracy to obstruct justice,” McCabe wrote in typewritten notes of the meeting. One of McCabe’s lieutenants who also attended the meeting, then-bureau attorney Lisa Page, took her own notes, observing that Rosenstein’s expressed outrage over Comey’s firing seemed odd since Rosenstein had revealed to FBI officials he and then-Attorney General Jeff Sessions had been contemplating it since January 2017. “This was a strange comment,” Page wrote, “because it was my understanding that the DAG had previously indicated that he and AG Sessions had been discussing firing Director Comey since January, but given the nature of the conversation there was no room for follow-up.”

“The option to use active duty forces in a law enforcement role should only be used as a matter of last resort, and only in the most urgent and dire of situations.”

• Washington Will Remain Militarized Until At Least March (Greenwald)

Washington, DC has been continuously militarized beginning the week leading up to Joe Biden’s inauguration, when 20,000 National Guard troops were deployed onto the streets of the nation’s capital. The original justification was that this show of massive force was necessary to secure the inauguration in light of the January 6 riot at the Capitol. But with the inauguration over and done, those troops remain and are not going anywhere any time soon. Working with federal law enforcement agencies, the National Guard Bureau announced on Monday that between 5,000 and 7,000 troops will remain in Washington until at least mid-March. The rationale for this extraordinary, sustained domestic military presence has shifted several times, typically from anonymous U.S. law enforcement officials.

The original justification — the need to secure the inaugural festivities — is obviously no longer operative. So the new claim became that the impeachment trial of former President Trump that will take place in the Senate in February necessitated military reinforcements. On Sunday, Politico quoted “four people familiar with the matter” to claim that “Trump’s upcoming Senate impeachment trial poses a security concern that federal law enforcement officials told lawmakers last week requires as many as 5,000 National Guard troops to remain in Washington through mid-March.” The next day, AP, citing “a U.S. official,” said the ongoing troop deployment was needed due to “ominous chatter about killing legislators or attacking them outside of the U.S. Capitol.”

But the anonymous official acknowledged that “the threats that law enforcement agents are tracking vary in specificity and credibility.” Even National Guard troops complained that they “have so far been given no official justifications, threat reports or any explanation for the extended mission — nor have they seen any violence thus far.” It is hard to overstate what an extreme state of affairs it is to have a sustained military presence in American streets. Prior deployments have been rare, and usually were approved for a limited period and/or in order to quell a very specific, ongoing uprising — to ensure the peaceful segregation of public schools in the South, to respond to the unrest in Detroit and Chicago in the 1960s, or to quell the 1991 Los Angeles riots that erupted after the Rodney King trial.

Deploying National Guard or military troops for domestic law enforcement purposes is so dangerous that laws in place from the country’s founding strictly limit its use. It is meant only as a last resort, when concrete, specific threats are so overwhelming that they cannot be quelled by regular law enforcement absent military reinforcements. Deploying active military troops is an even graver step than putting National Guard soldiers on the streets, but they both present dangers. As Trump’s Defense Secretary said in response to calls from some over the summer to deploy troops in response to the Black Lives Matter and Antifa protests: “The option to use active duty forces in a law enforcement role should only be used as a matter of last resort, and only in the most urgent and dire of situations.”

“We want you to endorse our commitment to aggression, to unlawful interventions, to ‘regime change’ ops, to merciless sanctions, and altogether to the empire. But you must make it look nice. Make it look thoughtful and complicated and considered.”

• Biden is Already Breaking Promises (Lawrence)

[..] let’s draw the old lesson. You can have democracy at home or empire abroad, but you can’t have both. We will continue to suffer the latter under Joseph R. Biden, Jr. Those drawn into thinking the Biden regime would conduct America’s affairs abroad decently and humanely and in principled fashion will now discover they have been savagely sucker-punched. Those who understood from the outset that Biden’s people would go nowhere near the essential, determining questions of exceptionalism, universalism, and our consequent dedication to empire will be repelled but not surprised as the policy framework is revealed. In this case, the moment of truth came even before Biden’s inauguration.

His saccharine inauguration speech last Wednesday, with its Hallmark-card calls for unity, was quite secondary to the confirmation hearings the Senate Foreign Relations Committee held the previous day. In a matter of hours, Biden’s key national security people — Antony Blinken as secretary of state, Avril Haines as director of national intelligence, and Lloyd Austin as defense secretary — gave us a remarkably fulsome idea of what we are in for these next four years.Haines and Austin, neither of whose records are to be admired, are at bottom functionaries who were nominated and swiftly confirmed because they do what they are told and do not think too much—always a career-advancer in Washington. It is instead Blinken, who is said to enjoy some kind of “mind-meld” with Biden, that we must consider carefully. (Such a meld must be odd terrain.)

Blinken’s Senate testimony last Tuesday sprawled over four hours. It is best to scrutinize his remarks while seated in a chair with sturdy armrests, ideally to calm one’s nerves with a pot of chamomile tea. Seen or read as a whole, those four hours gave us an extraordinary display of how empire works and how it prolongs itself. One by one, Blinken’s senatorial interlocutors told him in so many words, “Son, this is what you need to say if you want our confirmation. We want you to endorse our commitment to aggression, to unlawful interventions, to ‘regime change’ ops, to merciless sanctions, and altogether to the empire. But you must make it look nice. Make it look thoughtful and complicated and considered.”

[..] Among Blinken’s many rather sad-to-witness “Yes sirs,” two standout: his finely chiseled endorsement of Pompeo’s reckless assassination a year ago of Qassem Soleimani, Iran’s revered military commander (“Taking him out was the right thing to do”), and his approval of the Trump administration’s decision to send lethal arms to the manically corrupt regime in Kiev (“Senator, I support providing that lethal defensive assistance to Ukraine,” when the Obama administration, from which he comes, did not.)

”.. their job, under state law, is to act as a steward for shareholders. That is their legal obligation. They are not to act as an extra-governmental arm of one party of another.”

• Legal Counteroffensive Against Big Tech Crackdown On Conservative Dissent (JTN)

Paxton said the tech firms also open themselves up to challenges under Section 230 of the Communications Decency Act of 1996, which offers broad legal immunities for social media networks that claim they are neutral platforms rather than media companies making editorial decisions. “These companies put themselves out as neutral platforms,” Paxton said. “If in reality, they’re not doing that, one, they don’t deserve the protection of federal law, special protection that no other company has. And two, they may need to be looked at under consumer protection laws, because they’re presenting consumers with a choice that says, ‘We are a platform that allows any speech,’ when in reality, they are controlling what speech is being put out there.”

Justin Danhof, general counsel for the National Center for Public Policy Research, faults conservatives themselves for long trying to brush aside the threat of social media viewpoint bias and censorship with hopeful assurances that “the free market will solve this.” “They said, ‘Just create a new platform,'” recalled Danhof. “‘If you don’t like censorship occurring on Facebook and Twitter against conservatives — which has been happening for a decade — create a new platform.’ So Parler did. But then [Big Tech] disappeared Parler.” Facebook and Twitter have both long denied any viewpoint bias against conservatives in their content moderation practices. Danhof compared what tech firms are doing in the United States to how these companies are acting in China.

“Apple — of course — deletes many apps from its app store, largely news apps, at the behest of the Chinese Communist Party,” Danhof said, alluding to deleted apps that pro-democracy activists in Hong Kong were using to communicate and to get news and information. “So clearly, in China, Apple is operating as an extra-governmental arm of the Chinese Communist Party — acting at the behest of the communists to do what they want,” Danhof said. “Well, we have folks like Nancy Pelosi and AOC, Kamala Harris in the United States calling on Twitter and Facebook and others to ban President Trump. And to take down Parler. And what are they doing? They’re honoring those requests.”

Twitter’s permanent ban of President Trump led to a dramatic loss of share value for the company. Danhof argues that the company’s political decision has hurt its investors, thus exposing the company to civil action by shareholders for breach of fiduciary duty. “Lawsuits should abound from shareholders,” Danhof said. “Because boards of directors and management — their job, under state law, is to act as a steward for shareholders. That is their legal obligation. They are not to act as an extra-governmental arm of one party of another.”

Live streamers.

• Meet the Censored: Status Coup (Taibbi)

On January 6th, Jon Farina, photographer and videographer for Jordan Chariton’s Status Coup outlet, captured horrifying images. At the Capitol, a pro-Trump mob tried to burst into the building, and a police officer who attempted to intercede was caught in a door. He cried out in pain, but the crowd was indifferent, chanting, “Heave, ho!” as they tried to break in. Farina, in the middle of the physical mayhem as photojournalists often are, caught the scene up close while 30,000 people watched the live feed. Farina’s footage rocketed around the world, and major press outlets celebrated his work as an example of hard-hitting reporting. CNN did a laudatory story about the freelance photojournalist, with Pamela Brown asking Farina to “bring us inside the mayhem.”

Other outlets like USA Today quoted his recollections of that day, and the likes of Steven Colbert on CBS, as well as ABC News, NBC, MSNBC, CNBC, the Guardian, the Wall Street Journal, CNN, the New York Post, the Daily Mail, and others used it as fodder for outraged coverage of the riot: For a week or so, Status Coup was feted for service on the front lines of responsible journalism. Nearly two weeks later, on January 18th, another Farina live stream was shut down by YouTube, thanks to policies that will make it very difficult for non-corporate media going forward to do live reporting. In fact, it’s not a stretch to say that if the incident from the 18th happened earlier, we may never have gotten the Capitol pictures.

On the 18th, Farina was in Richmond, Virginia, where a significant rally of pro-gun protesters was expected. There had been widespread reports warning of unrest. CBS relayed FBI fears of “credible threats of violence,” while the Washington Post said officials were “on edge” ahead of the Martin Luther King Day protest, gearing up for a full-scale assault: Members of the National Guard are on standby. Plywood covers the windows of the State Capitol. Tall metal barricades surround Capitol Square, with police vehicles idling on pathways just inside locked pedestrian gates. Downtown streets will be closed; signs warning against carrying guns have gone up around the city. “The violent, lawless insurrection and assault on democracy and its institutions that unfolded last week in Washington, D.C., will not be tolerated in the city of Richmond,” Mayor Levar Stoney warned on Thursday.

The threats may have been credible, but when Farina began live-streaming to an audience of 6,000, the event turned out to be peaceful and unremarkable, though not without interest from a news perspective. “Frankly, there might have been more press than protesters,” Status Coup’s Chariton said later. “And while it was live, it was pretty informative. Jon talked to 4-5 people, and they pretty much all made it clear that they weren’t Trump supporters, that they didn’t support what happened in the Capitol. They were pretty relaxed compared to the propaganda ahead of time.” Despite the seeming unremarkableness of the event, it shut down abruptly mid-feed. Chariton assumed something happened on Farina’s end. “Then I got an email from YouTube, telling me we’d violated their ‘Firearms Policy.’ I wasn’t aware they had a firearms policy.”

And that’s just the 660 richest.

• US Billionaires ‘Have Received $1.1tn Windfall In Covid Pandemic’ (G.)

The richest 660 people in the US have collected a $1.1tn (£800bn) “windfall of wealth” since the coronavirus pandemic began, according to a report by a US progressive thinktank, the Institute for Policy Studies. The report found that the collective wealth of America’s 660 billionaires has risen by 39% since the World Health Organization declared that Covid-19 was a pandemic virus in March 2020. The billionaires combined wealth has increased from just under $3tn on 18 March 2020 to $4.1tn, according to Forbes magazine data. The report noted that there had also been “46 newly minted billionaires since the beginning of the pandemic”, when there were 614.

Chuck Collins, the director of the Institute for Policy Studies’ Program on Inequality and co-author of the Billionaire Bonanza 2020 report, said: “Billionaires are reaping unseemly windfalls of wealth during the pandemic. They benefit from having their competitors shut down or controlling technologies and services we are all dependent on in this unprecedented time. We should tax these windfall gains to pay for recovery.” Collins said the gains the billions have made since the crisis began could “pay for all the relief for working families contained in the $1.9tn coronavirus relief package proposed by President Biden, while leaving the nation’s richest households no worse off than they were before Covid-19 hit”.

Frank Clemente, the executive director of Americans for Tax Fairness, said: “While we can all rejoice that our nation’s response to the terrible pandemic is now in steadier and more caring hands, we can only lament that America’s billionaires are not making a meaningful contribution to that national effort, even as their wealth continues to soar. “The Covid crisis is crushing people of colour and low-income workers while billionaires who are nearly all white have seen fortunes skyrocket. This is why we need the fair-share taxes programme Joe Biden ran on, won on and is now ready to pursue.”

Fat chance.

• Ted Cruz Attempts To Impose Term Limits On Members Of Congress (JTN)

Texas GOP Sen. Ted Cruz on Tuesday reintroduced an amendment that would put term limits on members of Congress, saying the rise in “political careerism” is not what the country’s founders intended. “Today my colleagues and I reintroduced a constitutional amendment to impose #TermLimits on Members of Congress,” the Texas lawmaker tweeted. “The amendment would limit U.S. senators to two six-year terms and members of the U.S. House of Representatives to three two-year terms.” Cruz gained the support of fellow Republican Sens. Mike Braun and Todd Young of Indiana, Marco Rubio and Rick Scott of Florida, and Pat Toomey of Pennsylvania for the proposed constitutional amendment.

This marks the third time Cruz has introduced legislation to impose term limits on Congress, having also done so in 2017 and 2019. His previous attempts never made it to the Senate floor. “Every year, Congress spends billions of dollars on giveaways for the well-connected: Washington insiders get taxpayer money and members of Congress get re-elected, all while the system fails the American people,” Cruz said in a statement. “The rise of political careerism in today’s Congress is a sharp departure from what the Founders intended for our federal governing bodies. I have long called for this solution for the brokenness of Washington, D.C., and I will continue fighting to hold career politicians accountable.”

Immigration remains a touchy issue.

• Judge Bars President Joe Biden From Enforcing 100-Day Deportation Ban (AP)

A federal judge on Tuesday barred the U.S. government from enforcing a 100-day deportation moratorium that is a key immigration priority of President Joe Biden. U.S. District Judge Drew Tipton issued a temporary restraining order sought by Texas, which sued on Friday against a Department of Homeland Security memo that instructed immigration agencies to pause most deportations. Tipton said the Biden administration had failed “to provide any concrete, reasonable justification for a 100-day pause on deportations.” Tipton’s order is an early blow to the Biden administration, which has proposed far-reaching changes sought by immigration advocates, including a plan to legalize an estimated 11 million immigrants living in the U.S. illegally.

Biden promised during his campaign to pause most deportations for 100 days. The order represents a victory for Texas’ Republican leaders, who often sued to stop programs enacted by Biden’s Democratic predecessor, President Barack Obama. It also showed that just as Democratic-led states and immigration groups fought former President Donald Trump over immigration in court, often successfully, so too will Republicans with Biden in office. David Pekoske, the acting Homeland Security secretary, signed a memo on Biden’s first day directing immigration authorities to focus on national security and public safety threats as well as anyone apprehended entering the U.S. illegally after Nov. 1. That was a reversal from Trump administration policy that made anyone in the U.S. illegally a priority for deportation.

The 100-day moratorium went into effect Friday and applied to almost anyone who entered the U.S. without authorization before November. Texas Attorney General Ken Paxton argued that the moratorium violated federal law as well as an agreement Texas signed with the Department of Homeland Security late in the Trump administration. That agreement required Homeland Security to consult with Texas and other states before taking any action to “reduce, redirect, reprioritize, relax, or in any way modify immigration enforcement.”

Touchy.

• Migrants Increasing At “Concerning Rate” On Southern Border – CBP Agent (ZH)

As caravans build up in Honduras, migrants are increasing at a “concerning rate” at the United States southern border, according to Matthew Hudak, U.S. Customs and Border Protection (CBP) chief patrol agent of the Laredo sector in Texas. He warns that immigration is just a piece of the threat coupled with the pandemic health risk and other crimes along the border. “Like everybody, we’re tracking the formation of these caravans in Central America,” said Hudak. The Laredo Sector is one of nine CBP sectors along the southern border. It contains about 135 miles of the international border with Mexico. On Jan. 8, CBP Acting Commissioner Mark A. Morgan issued a statement on potential migrant caravans: “Do not waste your time and money, and do not risk your safety and health.”

According to Hudak, the Laredo Sector hasn’t seen a reduction of migrants in response to the statement. It has made over 30,000 arrests in this fiscal year, a 50 percent increase over the same period last year. Hudak added that similar trends are identified by other sectors on the southern border. The U.S. government fiscal year starts on Oct. 1. Hudak called the 50 percent increase “a pretty concerning rate.” He told The Epoch Times that some portions of the caravan of 9,000 migrants will make their way to the southern border. Part of the group was stopped in Guatemala on Jan. 16. Depending on the pace and the means with which these migrants travel, the arrival time at the U.S.-Mexico border may be between a few days and a few weeks. As of Jan. 21, he hasn’t yet seen a dramatic increase of migrants indicative of caravans arriving at the southern border.

Hudak said that human smuggling is usually achieved with systems shared with drug and firearm smuggling, and the fees migrants are charged feed larger criminal organizations. Therefore, he sees a more significant threat: “We may be talking about one piece of it, which is immigration, but it’s part of a much larger criminal enterprise.”

And the jury was too white.

• Ghislaine Maxwell Asks To Throw Out Case Over Epstein Plea Deal (G.)

Lawyers for Ghislaine Maxwell complained on Monday that the pool of grand jurors who indicted her was not diverse enough, according to new court documents. “The fact that Ms Maxwell herself is neither Black nor Hispanic does not deprive of her of standing to raise this challenge,” the attorneys wrote in court papers, arguing that the US constitution “entitles every defendant to object to a [pool] that is not designed to represent a fair cross section of the community, whether or not the systematically excluded groups are groups to which he himself belongs”. Maxwell’s purported concerns about diversity stem from the geographical circumstances surrounding her indictment.

Maxwell is facing charges in the southern district of New York’s Manhattan division relating to her alleged involvement in her late friend Jeffrey Epstein’s sex trafficking of minor girls. However, she was indicted by a grand jury in the SDNY’s White Plains division before her 2 July arrest, as Covid-19 had limited grand jury proceedings in Manhattan. White Plains grand jurors hail from counties outside of New York City. Maxwell’s attorneys said they were therefore “drawn from a community in which Black and Hispanic residents are significantly underrepresented by comparison. “The sixth amendment guarantees a criminal defendant a grand jury selected from a fair cross-section of the community.

“Ms Maxwell’s right under the sixth amendment to a grand jury drawn from a fair cross-section of the community applies to the grand jury that indicted her. “Here, the use of a White Plains jury resulted in the systematic underrepresentation of Black and Hispanic persons from the jury selection process, in violation of Ms Maxwell’s sixth amendment right.” Maxwell’s lawyers also argued that prosecutors could have waited to convene a grand jury in Manhattan, claiming that one such panel met “as early as” 25 June. “There appears to have been no reason, other than a publicity-driven desire to arrest Ms Maxwell on the anniversary of the Epstein indictment, why the government could not have waited until that time,” they said.

Maxwell’s attorneys made the claims as part of their push to dismiss her case. Among 12 arguments attacking the indictment, they said a non-prosecution deal Epstein reached with the federal government in 2008 should shield Maxwell too. The agreement sought to protect Epstein and those around him, but Maxwell was not identified by name in a document signed when Epstein agreed to plead guilty to state charges in Florida that forced him to register as a sex offender. Lawyers for Epstein planned to argue that the deal protected him against sex-trafficking charges in New York City.

Insane.

• UK Sells Arms To Nearly 80% Of Countries Under Restrictions (G.)

British ministers and officials have approved the sale of arms to nearly four-fifths of countries subject to arms embargos, trade sanctions or other restrictions over the past five years, according to analysis. The UK has exported military hardware to 58 countries of the 73 listed as subject to restrictions by the Department for International Trade (DIT), including sniper rifles to Pakistan, assault rifles to Kenya and naval equipment to China. The exports are legal but researchers with the group that compiled the report, Action on Armed Violence, said they represented “a systemic failure to consider the human rights record of states before exporting weapons to them”.

Countries covered by sanctions range from a handful where all arms sales are banned to a larger group covered by transit controls, where a special licence is required, for political, security or human rights reasons. Five countries listed by the trade department as key export markets for British arms makers: Bahrain, Bangladesh, Colombia, Egypt and Saudi Arabia, also feature on the Foreign Office’s latest list of 30 “human rights priority countries”, although not all are subject to sanctions. The report’s author, Murray Jones, of Action on Armed Violence, said his research – which reviewed UK export records between January 2015 and June 2020 – “demonstrates the frailty of the UK’s commitment to human rights abroad”.

Licences have been granted to export aircraft parts, riot shields and hundreds of sniper rifles to Pakistan, including 630 in 2016 and a further 20 in 2019, despite the Foreign Office warning in November of “increased pressure on civic space and freedom of expression” in the country, including threats to minorities. The sale of 3,000 assault rifles to Kenya for £9.45m was authorised in 2017, although security forces in the African country were accused by Amnesty International the year before of carrying out “enforced disappearances, extrajudicial executions and torture with impunity, killing at least 122 people”.

Even more insane.

• Humans Are Estimated To Eat A Credit Card Worth Of Plastic Every Week (USPIRG)

For years, we have known that the harmful effects of plastic are found everywhere in our natural environment. We’ve seen images of birds and sea turtles choking and entangling themselves to death on plastic waste. But beyond its impact on wildlife, microplastics are now concealed in the air we breathe, water we drink, and food we eat; humans are estimated to eat a credit card worth of plastic every week. We also know that plastic isn’t just harmful as physical waste; plastic products often contain harmful chemicals. A recent report compiled a summary of international research on endocrine-disrupting chemicals used to make plastic — including 144 chemicals/chemical groups known to be hazardous to human health — intended to give plastics attributes like antimicrobial properties, colorants, flame retardants, solvents, UV-stabilizers, and plasticizers.

The aforementioned report focuses on a specific kind of health effect seen in plastics and the chemicals they can leach, called endocrine or hormone disruption. Our hormones play crucial roles in many of our bodily systems and are vital to our reproductive development and growth. This means children are especially susceptible to the health risks of harmful chemicals found in plastic. The chemicals found in plastic products can linger in our environment even after the plastic has been cleaned up. A recent study found that when scientists introduced and then removed plastic from an aquatic environment, sea urchins still developed abnormal skeletons and nervous systems because of the chemicals left behind. To make matters worse, plastics have the unique ability to bind together chemicals that are otherwise more diluted in the environment, meaning they become carriers of all sorts of concentrated toxins.

Hazardous chemicals can be found in single-use plastic food wrapping and containers, which have direct contact with the food we eat and may introduce these chemicals into our bodies. One familiar example is BPA, which is well known due to “BPA-free” marketing and the European Union listing BPA as a substance of high concern. Exposure to BPA can affect brain development and behavior. BPA has also been linked to hormone disruption, reproductive problems in men and women and other harmful health impacts. There is a solution. Many of the most common single-use plastics polluting our environment contain toxic chemicals that harm human health. By banning unnecessary single-use materials — like plastic film used in plastic bags and polystyrene used in Styrofoam packaging — we could prevent a lot of these chemicals from seeping into the environment.

To reduce our risk of exposure to these toxic chemicals and maintain a cleaner environment, we must start by calling on our legislators to ban unnecessary single-use plastic and transition to non-toxic, reusable alternatives. Nothing we use for a few minutes should persist in our environments and threaten our health for generations.

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How memes are born…

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Debt Rattle January 21 2021

Jan 212021

January 21, 2021 Posted by Raúl Ilargi Meijer at 10:20 am Finance Tagged with: Biden, Blinken, Brennan, Executive Orders, face masks, globalism, inauguration, PCR, Silicon Valley, Trump, velocity of money 37 Responses »

Jackson Pollock Man with knife 1938-40

• WHO Warns That PCR COVID Tests Are More Likely To Give False Positives (PM)

• No Decline In Very High COVID Rates During 1st Week Of UK’s 3rd Lockdown (ITV)

• France Issues Warning Over Use Of Homemade Masks Against New Variants (G.)

• Biden To Sign 53 Executive Orders In First 10 Days (Hill)

• Inaugural Display Symbolizing 56 US States, Territories (JTN)

• Globalist “Manifesto” For Post-Trump Economic “Reset” (ZH)

• Biden Will Recognize Guaido As Venezuela’s Leader – Blinken (R.)

• US To Keep Embassy In Jerusalem – Blinken (AlJ)

• John Brennan’s ‘List’ Of Ideologies Biden Intel Community Should Go After (ZH)

• Call For New “Secret Police” Force to Spy on Trump Supporters (SN)

• Silicon Valley CEOs Can’t Decide Laws And Rules – EU Commission President (RT)

• Germany Enacts Major Overhaul of Its Competition Regime for the Digital Era (WSGR)

• The Fed’s Inconvenient Truth: Inflation Is “M.I.A.” (RIA)

We went from 24/7 negative about Trump to 24/7 positive about Joe Biden. And then they’ll find out that 24/7 positive does not induce clickbait. And then what happens after that?

And really? J-Lo singing Woody Guthrie to celebrate the DC culture?

Here’s the state of your media for the next 4 years:

Today’s best meme:

They’re actually going to do it, they’re going to lower the PCR cycle threshold as soon as Biden comes in? That would be hilarious.

“The notice was released only one hour after President Joe Biden was sworn into office..”

• WHO Warns That PCR COVID Tests Are More Likely To Give False Positives (PM)

The World Health Organization issued a notice on Wednesday warning medical professionals to follow instructions of PCR tests for coronavirus to avoid getting false positive results. The notice was released only one hour after President Joe Biden was sworn into office, leading some observers to question the timing of the release. If the PCR tests are resulting in false-positives, and that information is now used to mitigate the large positivity numbers, the number of case counts will begin to drop. The optics of a decreasing COVID-case count would be a boon for the launch of the Biden administration. The new guidance states that the “WHO reminds IVD users that disease prevalence alters the predictive value of test results; as disease prevalence decreases, the risk of false positive increases (2).”

The notice reads: “This means that the probability that a person who has a positive result (SARS-CoV-2 detected) is truly infected with SARS-CoV-2 decreases as prevalence decreases, irrespective of the claimed specificity.” Former President Donald Trump has been heavily criticized for his handling of the coronavirus pandemic, with the United States leading the world in both total cases and total deaths, although not per capita, according to official statistics. A big problem for Trump had been the continuous increase in COVID-case counts. If many of those cases were established as extant with the help of PCR tests that were resulting in false-positives, that would mean that the case count for which Trump was criticized was not a factual number.

In the UK, this will be a bitter fight.

• No Decline In Very High COVID Rates During 1st Week Of UK’s 3rd Lockdown (ITV)

The spread of coronavirus did not decline during the first week of England’s third lockdown, a study has shown. The latest React study, from Imperial College London and Ipsos Mori, states that during the initial 10 days of the third Covid-19 lockdown in England, “prevalence of coronavirus was very high with no evidence of decline”. Researchers also found that the prevalence of Covid-19 across England increased by 50% between early December and the second week of January. After testing more than 142,900 volunteers in England between January 6 and 15, they found that one in 63 people were infected. The report, which researchers said does not yet reflect the impact of the national lockdown, also showed there were “worrying suggestions of a recent uptick in infections”.

National prevalence of the virus increased by half, from 0.91% in early December to 1.58%, the latest React study showed. While there was a rise in prevalence across all adult age groups, it was highest in 18- to 24-year-olds, and more than doubled in the over 65s age group. London saw the highest regional prevalence, jumping from 1.21% to 2.8%, while there were also rises in the south east, east of England, West Midlands, south west and north west. The only region to see a decrease was Yorkshire and the Humber, and prevalence remained stable in the East Midlands and north east, but the researchers warned infection numbers are still high even in these areas. Additionally, they found large household sizes, living in a deprived neighbourhood, and areas with higher numbers of black and Asian individuals were associated with increased prevalence.

Better masks only make sense when a virus is more easily transmitted? None of the below makes sense.

• France Issues Warning Over Use Of Homemade Masks Against New Variants (G.)

French health officials have advised people against wearing home-made fabric masks as they offer less protection against highly contagious new Covid-19 variants. The scientific committee, which reports back to the French government, says category 2 masks are unlikely to halt the spread of the “English variant” or new coronavirus strains from Brazil and South Africa. The experts’ advice, presented to ministers on Monday but not published, also suggested France double its social distancing rule from 1m to 2m. France’s Haut Conseil de Santé Publique (high council for public health – HCSP) decided over the weekend that many cloth masks, often preferred because they can be washed and reused, did not guarantee protection against the new variants. “Category 2 or material masks only filter 70%, while category 1 masks, like surgical masks, can go as high as 95% if worn properly.

As the variant is more easily transmitted, it is logical to use masks with the highest filtering power,” Daniel Camus, of the Pasteur Institute in Lille and a HCSP member told France Info. “We are not questioning the masks used up to now … but as we have no new weapons against them (new strains) the only thing we can do is to improve the weapons we already have,” Camus added. Home-made barrier masks made under Europe-wide established specifications are consider category 1. However, even though they are subject to making them more efficient filters, the HSPC said they may not guarantee the correct level of protection. Didier Lepelletier, the co-president of the committee’s Covid-19 working group, said everyone should now choose category 1 masks adding that home-made masks “have not been tested in terms of their performance”.

“Restoring America’s Place in the World”

-Rejoin Paris accord
-Fortify DACA
-Undo Muslim ban
-Stop border wall
-Order unified Covid response
-Eviction/foreclosure freeze —> 3/31
-Extend student loan pause —> 9/30
-Rescind Trump’s 1776 commish
-Undo Trump EO on Census

• Biden To Sign 53 Executive Orders In First 10 Days (Hill)

President Biden is poised to take action on 53 executive items over the next 10 days as he seeks to rapidly reverse some Trump administration policies and implement his own, according to a document outlining the schedule for Biden’s first two weeks in office. The document, which was circulated to individuals close to the administration and obtained by The Hill, shows that Biden will take executive action each weekday through the end of January, with each day centered around specific themes such as climate, economic relief, health care and immigration. The timetable lays out which days Biden is expected to act on anticipated items such as reversing the Mexico City policy, creating a task force to reunite separated migrant families and establishing a policing commission.

The schedule notes that the specifics of certain executive actions are to be determined, reflecting how the Biden team is still hashing out details as it takes office following delays in the transition after the November election. The themes are expected to extend into February, which has been designated around the idea of “Restoring America’s Place in the World,” according to the document. This week, Wednesday’s theme is focused on the inauguration and addressing “four crises” — the coronavirus pandemic, climate, the economy and equity. Among the items Biden will sign are an order mandating masks be worn on federal lands, an extension of eviction moratoriums, a repeal of Trump’s travel ban and a proclamation halting border wall construction.

Thursday’s theme will focus on the pandemic, according to the document. Biden is expected to sign off on executive orders to review the supply chain ahead of any use of the Defense Production Act and to implement public health measures on public transportation, airplanes and trains. Friday’s theme is economic relief, with two executive orders expected to be signed, according to the document. One will direct agencies to take action on Medicaid, Pell grants and unemployment insurance, while the other will restore collective bargaining rights to federal employees and initiate a rollback of a Trump administration rule on Schedule F. The theme for Monday is “Buy American,” and Biden will sign one executive order seeking to ensure agencies use U.S. suppliers.

Or it may be nothing.

• Inaugural Display Symbolizing 56 US States, Territories (JTN)

President-elect Joe Biden’s inauguration decor touting 56 U.S. states and territories provokes new questions about whether Biden will push for new statehood for six U.S. territories, which could aid the Democratic Party in the Electoral College. Under the U.S. Constitution, statehood requires only a simple majority in Congress, which could be achieved if Democrats decide to remove the 60-vote filibuster threshold currently in place in the Senate. As part of the “Field of Flags” display at the National Mall ahead of Biden’s inauguration, the Presidential Inaugural Committee planted nearly 200,000 state and territory flags on Monday night, meant to represent the American people unable to travel to Washington, D.C., for Inauguration Day due to the COVID-19 pandemic and security threats.

Fifty-six pillars of neon blue light, representing the U.S. states and territories, were also lit up for 46 seconds to mark the inauguration of the 46th president of the United States, Joe Biden. The prominent light beams were reminiscent of the grounds of the 9/11 Memorial in Manhattan. Biden has said he supports statehood for Puerto Rico and the District of Columbia. Other U.S. territories with permanent civilian populations include Guam, American Samoa, the Northern Mariana Islands, and the U.S. Virgin Islands.

[..] Historian Jason Steinhauer told Just the News on Tuesday that the National World War II Memorial “serves as a useful reference point for the Field of Flags display” because it contains 56 pillars representing each state and territory from its period, including the District of Columbia. Those 56 pillars represented a different assortment of states and territories from that time period: 48 states, plus the territories of Alaska and Hawaii, the District of Columbia, the Commonwealth of the Philippines, Puerto Rico, Guam, American Samoa, and the U.S. Virgin Islands. Steinhauer noted that memorial opened in 2004, during the George W. Bush administration.

In case you wondered who won.

• Globalist “Manifesto” For Post-Trump Economic “Reset” (ZH)

Proponents of the QAnon “conspiracy theory,” which the NYT can’t seem to stop writing about, are going to love seeing this. A memo that has reportedly been circulating among policymakers on both sides of the aisle for weeks was finally released to the press on Tuesday when Dealbook editor and CNBC “Squawk Box” host Andrew Ross Sorkin got the scoop: a memo penned by a group of senior-level bureaucrats, including – who else? – Henry Kissinger and former British Prime Minister Tony Blair has provided a kind of “blueprint” for the Biden Administration to undo all of President Trump’s trade-war tactics and other policies that didn’t exactly help promote free trade.

As Trump recounted in his farewell video published earlier Tuesday afternoon, his administration dramatically altered the American trade landscape, pulling the US out of the TPP, renegotiating Nafta into the USMCA, and – most consequentially, at things would turn out – the trade war with China, which inspired waves of hysterical lobbying by the Chamber of Commerce and special-interest groups from Big Tech to Wal-Mart and other major retailers, and others. So, as Biden prepares his first 100-day blitz of policy directives, many of the architects of the globalist system created by groups like the Trilateral Commission are joining with a gaggle of former cabinet-level officials (both Dems and GOP) along with the CEO of one of America’s largest banks, former British Labour Party Prime Minister Tony Blair and – who else? – Henry Kissinger, have essentially penned a manifesto that is being circulated among lawmakers, along with top-level officials in the cabinet and the West Wing, to help restore the globalist system that Trump helped to disrupt.

Who better to leak the story to than Andrew Sorkin, who first brought up the existence of the memo during an interview during Tuesday morning’s episode of “Squawk Box” on CNBC during a conversation with Harvard economist Austan Goolsbee. According to Sorkin’s column, “the memo comes from an under-the-radar group of global boldfaced names that act as a private advisory committee to JPMorgan Chase. They include Tony Blair, the former British prime minister; Condoleezza Rice and Henry Kissinger, two former secretaries of state; Robert Gates, the former secretary of defense; Alex Gorsky, chief executive of Johnson & Johnson; Bernard Arnault, chairman of LVMH; and Joseph C. Tsai, executive vice chairman of Alibaba, among others.” The group, which even Sorkin concedes is exclusively staffed with members of the “globalist part of the globalist establishment that fell out of favor during the Trump years, typically meets once a year in a far-flung location with JPMorgan’s chief, Jamie Dimon.”

But we’ll keep the craziest stuff.

• Biden Will Recognize Guaido As Venezuela’s Leader – Blinken (R.)

U.S. President-elect Joe Biden’s administration will continue to recognize Venezuelan opposition leader Juan Guaido as the South American country’s president, Anthony Blinken, Biden’s nominee for secretary of state, said on Tuesday. Blinken told members of the U.S. Senate that Biden would seek to “more effectively target” sanctions on the country, which aim to oust President Nicolas Maduro – who retains control of the country. Blinken said the new administration would look at more humanitarian assistance to the country. The United States, along with dozens of other countries, recognized Guaido – the leader of Venezuela’s opposition-held National Assembly – as the country’s president in January 2019, arguing Maduro’s 2018 re-election was rigged.

“We need an effective policy that can restore Venezuela to democracy, starting with free and fair elections,” Blinken said. Guaido’s push to oust Maduro – who has overseen a collapse in the once-prosperous OPEC nation’s economy and stands accused of corruption and human rights violations – has stalled. Maduro calls Guaido a U.S.-puppet seeking to oust him in a coup. His allies have expressed a desire to engage in negotiations with the Biden administration after years of tensions and escalating U.S. sanctions.

Remember the loud protests?

• US To Keep Embassy In Jerusalem – Blinken (AlJ)

The incoming administration of President-elect Joe Biden will keep the US embassy in Israel in Jerusalem, his nominee for secretary of state affirmed at his Senate confirmation hearing. “Do you agree that Jerusalem is the capital of Israel and do you commit that the United States will keep our embassy in Jerusalem?” asked Republican Senator Ted Cruz of Texas. “Yes and Yes,” said Antony Blinken in testimony on Tuesday. Outgoing President Donald Trump announced the US recognition of Jerusalem as Israel’s capital in December 2017. The US moved its embassy to Israel from Tel Aviv to Jerusalem in May of the following year.

Jerusalem remains at the heart of the decades-long Middle East conflict, with the Palestinian Authority (PA) insisting that East Jerusalem – illegally occupied by Israel since 1967 – should serve as the capital of a Palestinian state. “The only way to ensure Israel’s future as a Jewish, democratic state and to give the Palestinians a state to which they are entitled is through the so-called two-state solution,” Blinken said. “I think realistically, it’s hard to see near-term prospects for moving forward on that. What would be important is to make sure that neither party takes steps that make the already difficult process even more challenging,” he added.

The scariest face of them all. And that’s saying something.

• John Brennan’s ‘List’ Of Ideologies Biden Intel Community Should Go After (ZH)

Well this is alarming and ominous to say the least… Former CIA Director John Brennan told MSNBC in an interview on inauguration day that the intelligence community under newly sworn in President Biden is “moving in laser-like fashion” to try and uncover dangerous plots against the country. Naturally, there’s been much of this worrisome commentary about what political ideologies should be targeted and monitored coming out of NatSec hawks in the wake of the Capitol Hill mayhem of January 6. But this is the first time such a broad array of groups have been so bluntly lumped into a Pro-Trump “insurgency” by an influential media pundit and former spook. Brennan expressly said they are “violent” and remain a domestic threat.

He said in the MSNBC interview without the least concern for violation of Americans’ rights that intelligence agencies should look into “religious extremists, authoritarians, fascists, bigots, racists, nativists, even libertarians…”. He said these belief systems have come together under the umbrella of a supposed pro-Trump movement capable of committing violence. Ah yes, “even libertarians”… “I had white knuckles because of the nature of the threats,” he began by recalling his days as CIA Director. We’ve seen “the growth of this polarization in the United States and domestic violence and White supremacist groups,” he continued. Comparing this “threat” to a foreign insurgency which the US has lately battled overseas, he said it— “brings together an unholy alliance of religious extremists, authoritarians, fascists, bigots, racists, nativists, even libertarians.”

“Neither the FBI nor the NSA has the culture of brutal hostility toward their own country’s population needed to efficiently repress dissidents in the unfolding police state.”

• Call For New “Secret Police” Force to Spy on Trump Supporters (SN)

Perhaps channeling the spirit of the Soviet NKVD, leftists are now literally calling for a new “secret police” unit to be created at the federal level to spy on Trump supporters. In an article published by the Daily Beast, Jeff Stein argues that existing federal agencies like the FBI are ill-equipped to stop “white terror” because they missed signs of the the pre-planning of the Capitol building siege. The solution is to create a new “secret police” (yes, he literally uses those words) in order to “infiltrate and neutralize armed domestic extremists,” which according to the media’s latest narrative potentially includes 70 million Trump voters.

Stein even compares the Capitol breach to 9/11, an attack that killed nearly 3,000 people, and argues that a similar response to that should be directly inwardly against American citizens directed by a new “domestic spy agency.” “One response to the 9/11 tragedy may well get renewed attention after the Capitol assault—especially if armed white nationalists are successful in carrying out more attacks in the coming days and weeks: The call for a secret police,” he writes. The existence of a “secret police” force that subverts constitutional norms to repress the population is of course a hallmark of all dictatorial regimes, but that doesn’t appear to bother self-proclaimed “progressives.”

“Hundreds of Black Lives Matter/Antifa riots, some of which entailed firing mortars at, firebombing, or burning down police stations, did not qualify as domestic terrorism. But the Capitol Riot was terrorism, due to the usual double standard,” points out Dave Blount. He also hits the nail on the head about the real reason why the creation of a new secret police unit would be necessary. “Neither the FBI nor the NSA has the culture of brutal hostility toward their own country’s population needed to efficiently repress dissidents in the unfolding police state.”

Told, you, they will regret the Trump ban. Genie’s out of the bottle.

Mind you, she also said: “After four long years, Europe has a friend in the White House.”

• Silicon Valley CEOs Can’t Decide Laws And Rules – EU Commission President (RT)

European Commission President Ursula von der Leyen has sent a message to US tech companies ahead of President-elect Joe Biden’s inauguration, warning that Silicon Valley CEOs can’t decide their own laws and rules.
During a speech delivered in the European Parliament, von der Leyen laid out a series of areas in which the European Union (EU) is hoping to work with the incoming Biden administration, including climate change and the regulation of American-based tech companies that have an international reach. The EU has been working to introduce global standards for digital companies that provide a clear set of rules and responsibilities for the way they operate and the content that is distributed via their sites. However, rebuffing suggestions from tech giants to allow them to moderate themselves, von der Leyen was clear that governments must now intervene.

“This kind of decision must be taken in accordance with laws and rules…not by an arbitrary decision in the power of Silicon Valley CEOs.” Citing the recent attack on the US Capitol and linking the behavior of those President Donald Trump supporters to division and disinformation that appeared online, von der Leyen said in a tweet that regulation must be imposed on social media sites to “ensure that hate & fake news can no longer spread unchecked.” This is not the first time that the EU has sought to control the power of social media companies and tech giants. Google has been a target of the EU’s antitrust body in recent years, with the search engine having been hit with over $9 billion of fines, and further investigations are underway.

Germany does it “gründlich”.

• Germany Enacts Major Overhaul of Its Competition Regime for the Digital Era (WSGR)

On January 18, 2021, the 10th amendment of the German Act against Restraints of Competition (ARC) entered into force. The so-called “ARC Digitization Act,” designed to modernize German competition law enforcement for the era of big-data, i) creates sweeping new powers for the Federal Cartel Office (FCO) to regulate digital platform companies; ii) expands prohibitions on abuses of market power by firms with “relative market power” and firms that refuse access to data, networks, or infrastructure; and iii) raises the thresholds for German merger control. Because of the potential that large technology companies could be required to make dramatic changes to their current business practices, the FCO is poised to become one of the most consequential competition agencies for large technology companies.

Indeed, FCO President Mundt has repeatedly emphasized the willingness and readiness of his authority “not to squander the head start” and to apply the new rules soon after their entry into force. Under the new Section 19a of the ARC, the FCO gains novel powers to designate certain companies as having “paramount significance for competition across markets.” Upon making such a designation, the FCO can then order such companies to cease engaging in prohibited types of conduct, such as self-preferencing. The ARC Digitization Act also introduces changes to the burden of proof and the appeals process, designed to enhance the FCO’s ability to take swift action. The FCO may issue a decision declaring an undertaking to be of paramount significance for competition across markets.

The factors the FCO may consider in making this determination include:
• its dominant position in one or more markets;
• its financial strength or its access to other resources;
• its vertical integration and its activities on otherwise related markets;
• its access to data relevant for competition; and
• the importance of its activities for third parties’ access to supply and sales markets and its related influence on third parties’ business activities.

The qualitative nature of these factors provides the FCO with considerable discretion in making Section 19a declarations. As clarified by the German legislators’ explanatory memo, only a small number of (digital) “ecosystems” is likely to fulfill the threshold of having such “paramount significance.”2 The intended targets of the new rules are large and “often dominant” digital platform companies “with the resources and strategic position to significantly influence the commercial activities of third parties or expand their own activities to new markets and sectors.”3 We expect that the FCO will initially target “GAFA” and a few other (mostly U.S.-based) digital platforms.

An old favorite theme of mine: What if money doesn’t move?

• The Fed’s Inconvenient Truth: Inflation Is “M.I.A.” (RIA)

“The amount of money in the US economy is 25% higher than it was at the start of 2020, eclipsing any pace of money growth seen since the Federal Reserve was established (1913)” RB Advisors Deputy CIO Dan Suzuki. In recent weeks we have seen a non-stop flow of ominous statements like the one above. The author is 100% factual and it should be a cause for deep concern. Historically, such surges in the money supply were often met with significant inflation. While the sharp increase in the money supply provides context to the depth of our economic problems, our inflation warning bells are not ringing, at least not yet. Here is why.

Inflation, or aggregate price increases, results from economic activity, along with the amount of money and its velocity. A famous economic formula called the Monetary Exchange Equation uses those factors to create a mathematical identity that precisely determines the inflation rate. We co-authored an article with Brett Freeze entitled Stoking The Embers of Inflation. The article went into great detail about the monetary exchange equation. We summarize a few key points here: Per the inflation identity, the rate of inflation or deflation (%P) is equal to the rate of money growth (%M), plus the change in velocity (%V), less the rate of output growth (%Q).

• %M – As noted earlier, the change in the monetary base is a direct function of the Fed’s monetary policy actions. To increase or decrease the monetary base, the Fed buys and sells securities, typically U.S. Treasuries and more recently Mortgage-Backed Securities (MBS). • %V – Velocity is nominal GDP divided by the monetary base (Q/M). Velocity measures people’s willingness to hold cash or how often cash turns over. Lower velocity means that people are hoarding cash, which usually happens during periods of economic weakness, credit stress, and fear for banking institutions’ going-concern.

So if we exclude GDP, inflation is dependent on money supply and velocity changes. Money supply data is published weekly and easily forecastable with the Fed’s QE schedule. Velocity, on the other hand, is posted once a quarter and much more challenging to forecast. As such, let’s dive into velocity. Velocity is a measure of how fast cash circulates in an economy. We consider two extreme examples of money printing and monetary velocity to appreciate the interaction of money supply and velocity. • The Fed prints $10 trillion and buries it in a hole. • The Fed prints $10 trillion, sends each American a $30,000 check, and tells them they have five days to spend it or lose it The two examples have polar opposite effects on prices, despite the same massive increase in the money supply.

In example 1, the Fed does not affect inflation. The $10 trillion is not fungible as long as it stays buried. In example 2, hyperinflation would result as the new money rapidly circulates through the economy and dwarfs the economic system’s production capacity. Essentially, the demand for goods and services outstrips the supply. The amount of money greatly matters, but equally important is how it moves through the economy. The graph below compares the money supply chart above with the velocity of money and inflation.

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