Mar 252020
 


Harris&Ewing Washington DC in April April 1924

 

Coronavirus Stimulus Package To Exceed $6 Trillion – Kudlow (NYP)
US Senate Leaders Reach Deal With White House On $2tn Coronavirus Package (G.)
Share Buybacks, $4.6 Trillion Driver of Stock Market Bubble, Are Toast (WS)
White House Tells New Yorkers Who Leave State To Self Quarantine (USAT)
LA To Shut Off Water, Power For Non-Essential Businesses That Stay Open (GP)
United States Could Become Coronavirus Epicenter – WHO (R.)
South Korea Says Trump Asked For Equipment To Fight Coronavirus (R.)
EU Left Italy Alone To Fight Coronavirus, Russia, China Didn’t – Ex-FM (RT)
EU Shrugs Off US Sanctions, Gives Millions In Coronavirus Aid To Iran (ZH)
EU Urged To Evacuate Asylum Seekers From Cramped Greek Camps (G.)
Czech Borders May Remain Closed For Two Years, Says Top Official (ExpCZ)
Turkey’s Coronavirus Situation Is Out Of Control – Health Experts (Ahval)
Bolsonaro Says He ‘Wouldn’t Feel Anything’ If Infected With COVID-19 (G.)
Australian Doctors Warned Off After Prescribing Hydroxychloroquine (G.)
Assange Lawyer Baltasar Garzon Hospitalized With Coronavirus (RT)
Pablo Escobar’s ‘Cocaine Hippos’: Invasive Species Restore A Lost World (G.)

 

 

Only yesterday, I quoted a tweet and said: “As for these numbers: It took 67 days from the first reported case to reach the first 100,000 cases, 11 days for the second 100,000 cases and just four days for the third 100,000 cases. 300,000 cases were reached sometime early March 22″.

It took two days to reach 400,000. Not even.

And Prince Charles has it.

 

 

Cases 434,568 (+ 42,621 from yesterday’s 391,947)

Deaths 19,062 (+ 2,464 from yesterday’s 17,138)

 

 

 

From Worldometer yesterday evening (before their day’s close)

 

 

From Worldometer -NOTE: mortality rate for closed cases is at 15% !! up 1% every day-

 

 

From SCMP:

 

 

From COVID2019Live.info:

 

 

From COVID2019.app:

 

 

 

 

“We’re heading for a rough period but it’s only going to weeks, we think. Weeks and months. It’s not going to be years, that’s for sure..”

Coronavirus Stimulus Package To Exceed $6 Trillion – Kudlow (NYP)

An emergency stimulus package to bailout the U.S. economy amid the coronavirus pandemic will total $6 trillion — a quarter of the entire country’s GDP, the White House said Tuesday. Trump administration economist Larry Kudlow said the package would include $4 trillion in lending power for the Federal Reserve as well as a $2 trillion aid package currently being hammered out by Congress. “This package will be the single largest main street assistance program in the history of the United States,” Kudlow said at the White House coronavirus task force briefing on Tuesday evening.

Included in the package is Congress’ almost $2 trillion emergency bill which, when passed, will issue direct checks for American families, bailouts for the airline industry and a $350 billion loan program for struggling small businesses. The other $4 trillion will allow the Federal Reserve to make huge emergency bailouts to whatever entity it chooses — a measure that was used to prop-up Wall Street firms from collapse during the 2008 financial crisis. “This legislation is urgently needed to bolster the economy,” Kudlow added, warning the economy had tough times ahead. “We’re heading for a rough period but it’s only going to weeks, we think. Weeks and months. It’s not going to be years, that’s for sure,” he said, echoing comments from President Trump that the economy will bounce back to its pre-pandemic high.

Kudlow, a former Reagan administration adviser and media personality, said the huge bailout would “position us for what I think can be an economic rebound later this year.” A tidal wave of U.S. workers are facing unemployment in the wake of the COVID-19 outbreak — with White House officials warning of a 20 percent unemployment rate.

Read more …

Forget about re-arranging deckchairs, these people are fighting while the Titanic sinks.

US Senate Leaders Reach Deal With White House On $2tn Coronavirus Package (G.)

US Senate leaders have reached a deal with the Trump administration on a nearly $2tn stimulus package to help rescue the American economy ravaged by the coronavirus pandemic as Donald Trump considers easing restrictions aimed at combating the contagion. After days of around-the-clock negotiations amongst senators and administration officials, a bipartisan compromise was struck over what is expected to be the largest US economic stimulus measure ever passed. “We have a deal,” said Eric Ueland, the White House legislative affairs director, just before 1am, adding that the text of the bill still needed to be completed.

“We have either, clear, explicit legislative text reflecting all parties or we know exactly where we’re going to land on legislative text as we continue to finish.” Senate majority leader Mitch McConnell confirmed a deal had been reached. The bill will then go to the House, and then to Donald Trump, who is expected to ratify it. Tempers flared on Monday on Capitol Hill as senators grappled with the need to pass the critical aid. Democrats twice blocked efforts to move forward with a vote on the legislation, arguing the proposal did not provide strong enough protections for workers, families and healthcare providers nor did it impose strict enough restrictions on businesses that receive federal bailout money.

Republicans, in turn, fumed that Democrats were playing politics in a time of crisis. Late into the night, Treasury secretary Steven Mnuchin and Ueland ironed out details with the Republican and Democratic Senate leaders. “This is not a juicy political opportunity,” McConnell, said in a remarks from the floor on Monday. “This is a national emergency.” The deal would provide direct payments of up to $1,200 to most adults and expand unemployment insurance. It also includes a $367bn program for small businesses, to allow them to pay employees who have to stay home due to the coronavirus pandemic.

The Waffle House Index is an informal measure of disaster severity, because all its restaurants stay open every hour of every day. After floods, tornados and hurricanes, Waffle Houses are quick to reopen, even with a limited menu.

Read more …

Why those bailouts must fail.

Share Buybacks, $4.6 Trillion Driver of Stock Market Bubble, Are Toast (WS)

Share buybacks by companies in the S&P 500 Index in the fourth quarter 2019, before the Coronavirus was even a factor, fell 18% from a year earlier, to $181.6 billion, after falling 13% and 14% year-over-year in the prior two quarters, from the blistering tax-cut records set in 2018, according to S&P Dow Jones Indices today. For the full year, buybacks fell 9.6% from the tax-cut record in 2018, to $729 billion in 2019, the second highest annual total ever. Since the beginning of 2012, these companies have bought back $4.6 trillion with a T of their own shares. To provide a comparison of how big this T-number really is: It blows past the magnitude of Germany’s annual GDP.

Share buybacks were considered illegal market manipulation until 1982, when the SEC issued Rule 10b-18 which provided corporations a “safe harbor” to buy back their own shares. The only thing that share buybacks are supposed to accomplish is to manipulate up share prices. The four biggest US banks were among the 10 biggest share buyback queens in terms of the amount of capital they wasted on share buybacks in Q4 2019. Combined they incinerated $95 billion in capital last year, and $275 billion over the past five years (if your smartphone clips the 6-column table, slide the table to the left):

But now, Financial Crisis 2 has kicked in, and the share buybacks of these four banks along with the share buybacks of other banks have dropped to zero, along with many other companies that are now facing a liquidity crisis. The banks could have used those funds to shore up their capital, which would have been useful now as the bubbles in corporate debt and commercial real estate, that the Fed was so worried about, are coming unglued. But aside from generating fees for Wall Street, share buybacks do zero for the economy. What would have happened in the US economy if that $4.6 trillion in capital that companies incinerated by buying back their own shares since 2012 would have been invested in equipment, structures, expansion projects, and people, or would have been used to reduce debt so that companies, such as Boeing and the airlines, wouldn’t be in such a precarious situation today?

That capital that was incinerated by companies buying back their own shares would come in handy for companies that are now begging for and getting mega-bailouts from taxpayers and to an even larger extent from the Federal Reserve. “COVID-19 has significantly changed the 2020 landscape, as dividends are under pressure and buybacks appear to be gasping for air,” said the report by S&P Dow Jones Indices, adding that “buybacks must now compete with other corporate priorities as uncertainty over liquidity is at its highest since the 2008 financial crisis.” For Q2 2020, buybacks are “expected to be dismal,” and for the rest of the year, “buybacks may see a complete reversal of the 2018 buyback bonanza.” And the report by S&P Dow Jones Indices adds, even after the bottom is perceived to be in, “buybacks may be slow to come back” as companies, struggling for cash, limit spending amid potential government restrictions on buybacks and their dismal public image.

Read more …

New York City: “..56% of all the coronavirus cases in the United States, as well as 60% of all new cases..”

White House Tells New Yorkers Who Leave State To Self Quarantine (USAT)

Travelers leaving the New York metro area should self-quarantine for 14 days to make sure they aren’t passing on the coronavirus, a member of the White House Coronavirus Task Force said Tuesday. In making the recommendation, task force coordinator Deborah Birx said that the quarantine should apply even to those who aren’t showing symptoms. She said many travelers are headed to locations outside New York City, from Long Island to North Carolina or other states. Brix said 56% of all the coronavirus cases in the United States, as well as 60% of all new cases, are coming from the New York metro area. Greater New York City also accounts for 31% of deaths in the country.


The recommendation follows an order that took effect Tuesday by Florida Gov. Ron DeSantis requiring anyone flying to Florida from New York, New Jersey or Connecticut to self-isolate for 14 days upon arrival. Alaska and Hawaii are also requiring anyone arriving from other states to self-quarantine. Already, New Yorkers have been ordered to stay in their homes and the city has virtually shut down in an effort to quell spread of the virus.

Read more …

“..Our city will rise again..”

LA To Shut Off Water, Power For Non-Essential Businesses That Stay Open (GP)

Los Angeles Mayor Eric Garcetti has announced that the city will be shutting off water and power to any non-essential businesses that defied orders and stayed open during the coronavirus crisis. During his Tuesday press briefing Garcetti announced that the Department of Water and Power will be shutting off services for the businesses that don’t comply with the “safer at home” ordinance. “This behavior is irresponsible and selfish,” Garcetti said of businesses that remained open. KTLA reports that neighborhood prosecutors will implement safety measures and will contact the businesses before issuing further action, according to Garcetti.


“The easiest way to avoid a visit is to follow the rules,” he said. The mayor also noted that Los Angeles is “six to 12 days behind New York” for being hit with a wave of coronavirus cases. He said that he does not believe his city will be running as normal by Easter. “The peak is not here yet,” he said. “It will be bad.” The grimness of his press conference did not end there. He also warned residents to be “prepared for some of the darkness that is ahead.” “Each one of us can be a light. We can light a match of hope. We can navigate that tunnel with each other and not alone. And more importantly, what we do can ensure that more people exit that tunnel together… and that our city will rise again,” he added.

Read more …

Could become? It already is.

United States Could Become Coronavirus Epicenter – WHO (R.)

The United States has the potential to become the new epicenter of the coronavirus pandemic due to a “very large acceleration” in infections there, the World Health Organization said on Tuesday. The highly contagious respiratory virus has infected more than 42,000 people in the United States, prompting more governors to join states ordering Americans to stay at home. Over the past 24 hours, 85 percent of new cases worldwide were from Europe and the United States, WHO spokeswoman Margaret Harris told reporters. Of those, 40 percent were from the United States. Asked whether the United States could become the new epicenter, she said: “We are now seeing a very large acceleration in cases in the U.S. So it does have that potential. We cannot say that is the case yet but it does have that potential.”


“…They (the United States) have a very large outbreak and an outbreak that is increasing in intensity,” Harris added. However, she identified some positive signs such as more comprehensive testing, and further efforts to isolate the sick and trace their immediate contacts exposed to the virus. She also referred to “extremely heartwarming” stories of how Americans were helping each other during the crisis. [..] Harris said that new records were to be expected each day until new confinement measures begin to take effect. Up until now, Europe has been the center of transmission with Italy the most badly-hit country with the world’s highest number of deaths, although fatalities have begun slowing there. Asked about a potential tipping point in Italy, she said: “There is a glimmer of hope there. We’ve seen in the last two days fewer new cases and deaths in Italy but it’s very, very early days yet.”

Read more …

Every government asks every other government for help.

South Korea Says Trump Asked For Equipment To Fight Coronavirus (R.)

President Donald Trump asked South Korea to send medical equipment to the United States to fight the coronavirus, promising to help Korean companies gain U.S. government approval, South Korea’s presidential office said. South Korea’s President Moon Jae-in offered to send the equipment if his country has any spare, his Blue House office said in a statement late on Tuesday, after the 23 minute phone call, which it said was arranged at Trump’s urgent request. The request for help highlights the diverging paths the two countries took since both discovered their first coronavirus cases on the same day.


South Korea rolled out widespread testing within days, swiftly launching an aggressive program to isolate confirmed cases and trace their contacts. After a big early outbreak, it won praise for slowing the spread of the disease with comparatively little disruption and just 125 deaths, and has brought the number of new infections per day to below 100 for the past 13 straight days. The United States did little testing initially, and has now been shutting parts of the country en masse, with fast-growing outbreaks in a number of states and thousands of new cases per day. Moon told Trump that South Korea “will provide as much support as possible, if there is spare medical equipment in Korea”.

Read more …

The EU fails even where you think it wouldn’t be possible.

EU Left Italy Alone To Fight Coronavirus, Russia, China Didn’t – Ex-FM (RT)

The EU’s initial response to the massive outbreak of coronavirus in Italy was largely “inadequate,” and a lack of European solidarity opened the doors for Russia and China, former Italian Foreign Minister Franco Frattini told RT. The new epicenter of the dreaded pandemic, Italy, has been struggling to stop the spread of Covid-19 for weeks now. The disease has already killed more than six thousand people in the country, with over 60 thousand people infected. The EU clearly underestimated the virus, blaming the outbreak in Italy on its national healthcare system flaws, according to the two-time foreign minister and OSCE representative. As a result, Brussels, which preaches pan-European solidarity, failed to act when this solidarity was needed in the face of a crisis that eventually affected the entire bloc.

Frankly speaking, Brussels is not doing enough. At the very first moment, Italy was practically alone against the virus. Many said it was all because of the Italian habits, because Italians do not respect the rules. Suddenly, they realized all the other countries were equally affected. The situation in other major EU states like Germany and France deteriorated rapidly, forcing them to deal with thousands of infected on their own soil. “Everyone just focused on the situation at home before even thinking about helping others,” Andrea Giannotti, the executive director of the Italian Institute of Eurasian Studies, told RT. The lack of solidarity was recently noted from outside of the bloc – Serbian President Aleksandar Vucic decried European solidarity as a myth, while praising Beijing for its assistance. His remarks came after Serbia received five million masks from China, which it could not get in Europe.

The EU is now trying “to do more” and somehow “make up” for its initial poor execution of a coordinated response, former Italian MP Dario Rivolta said.

Read more …

Proper thing to do, but what about the refugees in Greece?

EU Shrugs Off US Sanctions, Gives Millions In Coronavirus Aid To Iran (ZH)

The White House has not backed off it’s ‘maximum pressure’ campaign on Iran even as the Islamic Republic’s Covid-19 cases and deaths continue to soar, approaching 25,000 confirmed cases Tuesday. Despite even close US ally Britain quietly signalling it’s had enough of Washington’s ill-timed pressures, Secretary of State Pompeo has upped the ante further, on Monday accusing the Iranian regime of everything from hoarding masks and equipment to intentionally spreading the deadly disease to at least five countries. But it appears Europe has finally begun to shirk US demands. On Monday EU foreign policy chief Joseph Borrell announced 20 million euros in new aid to Iran, and more crucially said the body will support Tehran’s request for IMF assistance.

“We’ve not been able to provide a lot of humanitarian help but there is some 20 million euros in the pipeline … that we expect to be delivered over the next weeks,” Borrell said in a video news conference Monday. “We also agree in supporting the request by Iran and also by Venezuela to the International Monetary Fund to have financial support,” he said further but without disclosing details. European officials consider the situation as urgent and see the US pressure campaign as greatly exacerbating the death toll given Iran lacks much of the basic medicines and equipment to treat at-risk patients and mitigate the outbreak. Recently Iranian health officials said shockingly that one person is dying from the virus every 10 minutes.

The pressure for some kind of dramatic blanket easing of US sanctions is only set to grow, given that last week Iran’s leaders for the first time in a half-century turned to the IMF. Bloomberg reported of the urgent IMF appeal: “Iranians say that their economy is weak and unable to cope with the humanitarian toll because of the U.S. sanctions. Last week, Iran turned to the International Monetary Fund for the first time since the 1960s for aid, though Ali Vaez, the Crisis Group’s Iran project director, said the U.S. may try to block the IMF loan in order to keep up the pressure on the regime.”

Read more …

They don’t care. They haven’t in 5 years.

EU Urged To Evacuate Asylum Seekers From Cramped Greek Camps (G.)

The European Union has been urged to evacuate asylum seekers from overcrowded camps on the Greek islands in order to save lives. The European parliament’s civil liberties, justice and home affairs committee has called for the evacuation of 42,000 people on the Greek islands as “an urgent preventive” measure to avoid “many deaths” from coronavirus. Holding facilities on all five Aegean isles opposite the Turkish coast are currently six times over capacity. The first case of Covid-19 on the islands was confirmed earlier this month when a Greek woman on Lesbos, the island long on the frontline of the refugee crisis, tested positive. A Greek man, recently returned from Thailand, was diagnosed with the virus on Monday, reinforcing fears of an outbreak in camps seen as especially high-risk environments .

MEPs fear that if the virus spreads it could become a public health emergency in the squalid camps, where thousands live in unsanitary conditions, often without electricity, heating or running water. “Many of those in the camps are already in precarious health situations due to the bad conditions in which they have lived for a long time,” states the letter from Juan Fernando López Aguilar, a Spanish socialist MEP, who chairs the committee. “There is no chance of isolation or social distancing, nor is it possible to ensure appropriate hygienic conditions,” he wrote. The letter adds that only six intensive care beds are available on Lesbos for residents and asylum seekers. The notorious Moria camp on Lesbos houses nearly 20,000 people in a space designed for 2,200.

[..] The MEPs want people over 60 with existing health conditions evacuated first, but do not spell out whether they should go to other EU member states or the Greek mainland. The European commission said it was working with Greece on an emergency response plan to deal with a potential outbreak of coronavirus on the islands. A commission spokesperson said Greek authorities were taking action to prevent the spread of the disease, with compulsory temperature testing of new arrivals to the camps, suspension of visits, regular cleaning of communal areas, and the setting up of quarantine and recovery areas. The spokesperson also referred to an ongoing push to encourage EU member states to give a home to unaccompanied children on the Greek islands. Seven countries pledged earlier this month to take in 1,600 children from the islands.

Read more …

“There is no time for pessimistic scenarios now..”?! Pray tell, when is that time?

Czech Borders May Remain Closed For Two Years, Says Top Official (ExpCZ)

Czech Crisis Staff head Roman Prymula told Czech Television today that border restrictions in the Czech Republic over the coronavirus situation may last up to two years, and largely depend on the management of the epidemic in other countries in Europe and across the globe, reports the Czech News Agency and Novinky.cz. While the situation in the Czech Republic is thought to improve from mid-April, estimates aren’t as optimistic for other countries in Europe. “The situation in other European countries will not be good,” Prymula told Czech Television. “There it will take months and long months.” According to Prymula, international travel will most likely be limited for the next year or two, and Czech residents should count on taking their summer holidays within the Czech Republic this year.

Prymula’s statements were supported by Czech Minister of Health Adam Vojtech. “The point is to avoid having a second or third wave of the epidemic, so that people from other countries such as Italy, France, Spain, Germany, do not begin to flow [into the Czech Republic],” he told Czech Television. “I do not want to provide false optimism, but I hope that it will be possible to keep the number to 10,000 [infected with coronavirus],” Prymula added. “We are able to operate effectively with up to 15,000 [cases].” [..] He further stated that if the number of infections does not exceed 8,500 by the end of March, it would be possible to ease the current restrictions on movement within the country during the following 10 days. This could theoretically take place place by the Easter holiday (April 12-13).

Prymula’s statement was “shocking”, said TOP 09 chairman Miroslav Kalousek. The statement has presented the urgent question of whether it was right that the emergency staff is headed by a person without political responsibility, Kalousek said. What was said is quite quite unfortunate, TOP 09 leader Marketa Adamova Pekarova said. There is no time for pessimistic scenarios now, she added.

Read more …

Turkey reported its first case only on March 11. It kept its soccer league going for much longer than others.

Turkey’s Coronavirus Situation Is Out Of Control – Health Experts (Ahval)

Health experts have warned that Turkey’s coronavirus situation is out of control and that deaths from the disease could soon be on a par with Italy or Spain, reported the Balkan Investigative Reporting Network on Tuesday. “The recent data on cases and death tolls shows that the situation is out of control in Turkey. If the necessary measures are not taken, Turkey will be like Italy or Spain, where the daily death toll is in the hundreds,” Emrah Altındis, a Turkish professor from Harvard University’s Medical Faculty, told BIRN. Turkey only reported its first coronavirus patient on March 11, but cases and deaths have rapidly risen since then.


The Turkish health minister confirmed on Tuesday seven more deaths due to the coronavirus and announced 343 new cases, raising the total number of cases in the country to 1,872. Turkey has halted incoming flights from dozens of countries and closed a wide range of non-essential businesses and venues, and announced a curfew on elderly and vulnerable citizens over the weekend, though it has refrained from enforcing a full lockdown. However, some medical experts have said that the measures are insufficient.

Read more …

“The first political suicide broadcast live on national radio and television..”

Bolsonaro Says He ‘Wouldn’t Feel Anything’ If Infected With COVID-19 (G.)

Brazil’s far-right president, Jair Bolsonaro, has claimed he “wouldn’t feel anything” if infected with coronavirus and rubbished efforts to contain the illness with large-scale quarantines as his country’s two biggest cities went into shutdown in a desperate bid to save lives. In a televised address to the nation on Tuesday night, Bolsonaro slammed what he branded the economically damaging “scorched earth” tactics being used to slow the advance of an illness that has now claimed about 15,000 lives around the world. “The virus has arrived and we are fighting it and soon it will pass,” claimed Bolsonaro, who is facing a growing backlash in Brazil for repeatedly dismissing coronavirus as a media “fantasy” and “trick”.

Bolsonaro’s incendiary remarks came as both Rio de Janeiro and São Paulo were placed under partial lockdown by municipal and state authorities who fear an explosion of cases in the coming days. João Doria, the governor of São Paulo, Brazil’s most economically important and populous state, has declared a 15-day quarantine period affecting about 46 million of Brazil’s 210 million citizens. Meanwhile Rio’s mayor, Marcello Crivella, has ordered an indefinite shutdown of that city’s commerce and schools with Rio’s state governor, Wilson Witzel, also introducing drastic measures to counter coronavirus.

But in his five-minute address – which sparked loud protests in both Rio and São Paulo – Bolsonaro railed against such steps and attacked the media for spreading a “feeling of dread” among the population by reporting on the death toll in Italy. “Our lives have to go on. Jobs must be kept … we must, yes, get back to normal,” Bolsonaro said as his government’s health officials announced that the number of deaths in Brazil had risen to 46 with more than 2,200 cases. “A small number of state and municipal authorities must abandon their scorched-earth ideas: the banning of public transport, the closing of commerce and mass confinement,” Bolsonaro said. “What is happening around the world has shown that the at-risk group are those over 60 years old. So why close schools? … Ninety per cent of us will show no sign [of infection] if we are infected.”

[..] “The first political suicide broadcast live on national radio and television,” tweeted Ricardo Noblat, a prominent Brazilian journalist. Brian Winter, the editor-in-chief of Americas Quarterly, tweeted: “Pray for Brazil.”

Read more …

But there are a lot of positive reports too.

Australian Doctors Warned Off After Prescribing Hydroxychloroquine (G.)

Australia’s drugs regulator has been forced to restrict powers to prescribe a drug undergoing clinical trials to treat Covid-19, because doctors have been inappropriately prescribing it to themselves and their family members despite its potentially deadly side-effects. The anti-malarial drug hydroxychloroquine and the similar compound chloroquine are currently used mostly for patients with autoimmune diseases such as rheumatoid arthritis, but stocks in Australia have been diminished thanks to global publicity – including from Donald Trump – about the potential of the drug to treat Covid-19.


Hydroxychloroquine and chloroquine have potentially severe and even deadly side effects if used inappropriately, including heart failure and toxicity. Some Australian media outlets have wrongly reported the drug as a “cure” for the virus even though trials have been either inconclusive or too small to be useful, have only been conducted in test tubes, are not yet complete, or have not even received ethics approval. Australia’s Therapeutic Goods Administration said it was concerned about shortages of the drug for people who need it following increased off-label prescribing as a result of the Covid-19 reports. As well as heart attacks the drug can lead to irreversible eye damage and severe depletion of blood sugar potentially leading to coma, the TGA warned.

Read more …

I think today’s the day for the request to free Assange.

Assange Lawyer Baltasar Garzon Hospitalized With Coronavirus (RT)

Famous Spanish jurist Baltasar Garzon has been admitted to a hospital in Madrid after testing positive for Covid-19. He has provided legal counsel to WikiLeaks publisher Julian Assange, among other things. Garzon, 64, was admitted to the Ruber clinic in Madrid on Tuesday, after five days of high fever at home. He tested positive for the coronavirus and was given the prognosis of respiratory failure, Spanish media reported. The former judge of the National Court had self-isolated at his home after complaining about a fever and chest pains, before the symptoms worsened.


Garzon became famous as a judge who cracked down on the Basque separatist organization ETA, and pursued human rights abuse charges against Spain’s Franco government, the Pinochet junta in Chile, and the Argentine military dictatorship. He has provided legal counsel to Assange since 2012, finding himself under considerable pressure at times – such as when masked raiders broke into his office in 2017. The second hardest-hit country in Europe by the Covid-19 outbreak, Spain is struggling with almost 40,000 reported cases, of which 2,700 have been fatal so far.

Read more …

Your good news for today.

Pablo Escobar’s ‘Cocaine Hippos’: Invasive Species Restore A Lost World (G.)

When the drug lord Pablo Escobar was shot dead in 1993, he left behind a zoo stocked with wild animals alongside his multibillion dollar cocaine empire. The lions, giraffes and other exotic species were moved from the luxurious Hacienda Nápoles estate east of Medellín to new homes, but nearly three decades later, dozens of hippos, descendants of animals left behind, are thriving in small lakes in northern Colombia, making them the world’s largest invasive animal. Now scientists say that contrary to the conventional wisdom that large invasive herbivore mammals have strictly negative effects on their new environments, Escobar’s “cocaine” hippos show how introduced species can restore a lost world.

A team of conservation biologists has compared the traits and impacts on the ecosystems from large invasive herbivore species like the Colombian hippo with their extinct counterparts from the Late Pleistocene (around 116,000-12,000 years ago) period like mammoths, giants sloths and giant wombats. They found some modern day invasive species restore parts of ecosystems not seen since before humans began driving the widespread extinctions of megafauna. Their new study, published in Proceedings of the National Academy of Sciences, found that some introduced herbivore species are an almost perfect ecological match for extinct species from the Late Pleistocene, such as modern day wild horses known as mustangs and the extinct pre-domestic horses in North America, while others bring back a mixture of traits.

“The feral hippos in South America are similar in diet and body size to extinct giant llamas, while a bizarre type of extinct mammal – a notoungulata – shares with hippos large size and semiaquatic habitats,” explained study co-author John Rowan, Darwin fellow in organismic and evolutionary biology at the University of Massachusetts Amherst. “So, while hippos don’t perfectly replace any one extinct species, they restore parts of important ecologies across several species.”


Toxodon-Notoungulata

By comparing ecological traits of herbivore species from before the Late Pleistocene extinctions to the present day, such as body size, diet and habitat, researchers were able to quantify the extent to which introduced species were more or less similar to extinct predecessors. The analysis found that by introducing large herbivore species across the world, humans had restored lost ecological traits to many ecosystems, thereby counteracting a legacy of extinctions and making the world more like the pre-extinction late Pleistocene.

Read more …

 

Someone asked if this was performance art, fair enough. I was wondering what would happen if Trump did this.

 

 

 

 

Support us in virustime. Help the Automatic Earth survive. It’s good for you.

 

Oct 312018
 
 October 31, 2018  Posted by at 9:59 am Finance Tagged with: , , , , , , , , , , ,  9 Responses »


Francisco Goya Witches’ Sabbath 1798

 

US Calls For Yemen Ceasefire, Peace Talks ‘In The Next 30 Days’ (AFP)
Erdogan Urges Saudi Prosecutor To Find Out Who Ordered Khashoggi Hit (AFP)
Housing Market Now ‘Reminds Me Of 2006′ – Robert Shiller (MW)
China Debt Bomb Ready to Explode (Rickards)
China Factory Growth Weakest In Over 2 Years, Export Orders Slump Deepens (R.)
Ray Dalio Hails Paul Volcker As ‘The Greatest Man’ He Knows (MW)
The Monster Mash (Kunstler)
No-Deal Brexit Would Trigger Lengthy UK Recession – S&P (G.)
Welcome to the Jungle (Escobar)
After Germany’s Merkel Comes Chaos (John Rubino)
Ocean Shock (Reuters)

 

 

Both Mattis and Pompeo, a coordinated effort. 30 days seems ambitious, but MbS doesn‘t have much leverage left.

US Calls For Yemen Ceasefire, Peace Talks ‘In The Next 30 Days’ (AFP)

The United States called Tuesday for a ceasefire and peace talks in Yemen, as the Saudi-led military coalition sent more than 10,000 new troops toward a vital rebel-held port city ahead of a new assault. Pentagon chief Jim Mattis said the US had been watching the conflict “for long enough,” adding that Saudi Arabia and the United Arab Emirates, which are in a US-backed coalition fighting Shiite Huthi rebels, are ready for talks. “We have got to move toward a peace effort here, and we can’t say we are going to do it some time in the future,” Mattis said at the US Institute of Peace in Washington. “We need to be doing this in the next 30 days.”

He said the US is calling for all warring parties to meet with United Nations special envoy Martin Griffiths in Sweden in November and “come to a solution.” US-Saudi ties have cooled in recent weeks after the murder of journalist Jamal Khashoggi, a prominent critic of the conservative kingdom, that has also tarnished the image of Crown Prince Mohammed bin Salman. Saudi Arabia and its allies intervened in the conflict between embattled Yemeni President Abedrabbo Mansour Hadi, whose government is recognized by the United Nations, and the Huthis in 2015. Nearly 10,000 people have since been killed and the country now stands at the brink of famine, with more than 22 million Yemenis — three quarters of the population — in need of humanitarian assistance.

[..] US Secretary of State Mike Pompeo called for an end to all coalition air strikes in Yemen’s populated areas. “The time is now for the cessation of hostilities, including missile and UAV (drone) strikes from Huthi-controlled areas into the Kingdom of Saudi Arabia and the United Arab Emirates,” Pompeo said in a statement. “Subsequently, coalition air strikes must cease in all populated areas in Yemen.”

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Body still not found.

Erdogan Urges Saudi Prosecutor To Find Out Who Ordered Khashoggi Hit (AFP)

Turkish President Recep Tayyip Erdogan on Tuesday called on Saudi Arabia’s chief prosecutor to find out who ordered the murder of journalist Jamal Khashoggi, and not spare “certain people” in his investigation. “Who sent these 15 people? As Saudi public prosecutor, you have to ask that question, so you can reveal it,” Erdogan said, referring to the 15-man team suspected of being behind the hit. “Now we have to solve this case. No need to prevaricate, it makes no sense to try to save certain people,” he told reporters in Ankara. Khashoggi was killed after entering the Saudi consulate in Istanbul on October 2 to obtain paperwork ahead of his upcoming wedding. His body has not yet been found.

[..] Erdogan said that during the talks Fidan requested the 18 suspects be sent to Turkey for trial, as the killing took place in Istanbul. The Istanbul prosecutor’s office last week prepared a written request for the extradition of the 18 suspects “involved in the premeditated murder”, the justice ministry said, but Riyadh rejected Ankara’s request. Erdogan also urged Saudi Foreign Minister Adel al-Jubeir to explain who the “local co-conspirators” were that were reportedly given Khashoggi’s body after his death. “Again either the Saudi foreign minister or the 18 suspects must explain who the local co-conspirators are. Let’s know who this co-conspirator is, we can shed further light. We cannot let this subject end mid-way.”

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Only this time it’s global.

Housing Market Now ‘Reminds Me Of 2006′ – Robert Shiller (MW)

Famed housing-watcher Robert Shiller said Tuesday that the weakening housing market reminded him of the last market top, just before the subprime housing bubble burst, slashing prices by nearly a third and costing millions of Americans their homes. Home price gains moderated again in the most recent version of the closely-watched housing index that bears his name, which was released Tuesday, and Shiller, a Nobel Prize-winning economist, told Yahoo Finance that such data shows “a sign of weakness.” Housing pivots take more time than those in the stock market, Shiller said. Still, “the housing market does have a momentum component and we’re seeing a clipping of momentum at this time.”

When a startled reporter reminded Shiller that 2006 predated the greatest financial crisis in a lifetime, the Yale economist acknowledged that any correction would likely be far less severe. “The drop in home prices in the financial crisis was the most severe drop in the U.S. market since my data begin in 1890,” Shiller said. “It could be that we’re primed to repeat it because it’s in our memory and we’re thinking about it but still I wouldn’t expect something as severe as the Great Financial Crisis coming on right now. There could be a significant correction or bear market, but I’m waiting and seeing now.”

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Foreign reserves runnning out.

China Debt Bomb Ready to Explode (Rickards)

The great Chinese growth slowdown has been proceeding in stages for the past two years. The reason is simple. Much of China’s “growth” (about 25% of the total) has consisted of wasted infrastructure investment in ghost cities and white elephant transportation infrastructure. That investment was financed with debt that now cannot be repaid. This was fine for creating short-term jobs and providing business to cement, glass and steel vendors, but it was not a sustainable model since the infrastructure either was not used at all or did not generate sufficient revenue. China’s future success depends on high-value-added technology and increased consumption. But shifting to intellectual property and the consumer means slowing down on infrastructure, which will slow the economy.

In turn, that means exposing the bad debt for what it is, which risks a financial and liquidity crisis. China started to do this last year but quickly turned tail when the economy slowed. Now the economy has slowed so much that markets are collapsing. But doesn’t China have over $1 trillion of reserves to prop up its financial system? On paper, that’s true. But in reality, China is “short” U.S. dollars. The Chinese may have $1.4 trillion of U.S. Treasury securities in its reserve position, but they need those assets possibly to bail out their banking system or defend the yuan. Meanwhile, the Chinese banking sector, which in many ways is an extension of the state, owes $318 billion in U.S. dollar-denominated deposits of commercial paper.

From a bank’s perspective, borrowing in dollars is going short dollars because you need dollar assets to back up those liabilities if the original lenders want their money back. For the most part, the banks don’t have those assets because they converted the dollar to yuan to prop up local real estate Ponzis and local corporations. There’s not much left over to bail out the corporate, individual and real estate sectors. This is all part of a global “dollar shortage” attributable to Fed tightening, both in the forms of higher rates but also a reduction in base money. A dollar shortage seems implausible in a world where the Fed printed $4.4 trillion. But while the Fed was printing, the world borrowed over $70 trillion (on top of prior loans), so the dollar shortage is real. The math is inescapable.

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Everyone’s going to call on Beijing to come to the rescue.

China Factory Growth Weakest In Over 2 Years, Export Orders Slump Deepens (R.)

China’s manufacturing sector in October expanded at its weakest pace in over two years, hurt by slowing domestic and external demand, in a sign of deepening cracks in the economy from an intensifying trade war with the United States. Anxiety about China’s cooling growth and its likely drag on the global economy have vexed financial markets recently, and Wednesday’s official Purchasing Managers’ Index (PMI) indicates more stress for investors through coming months. The official PMI – which gives global investors their first look at business conditions in China at the start of the last quarter of the year – fell to 50.2 in October, the lowest since July 2016 and down from 50.8 in September.

It was a touch above the 50-point mark that separates growth from contraction for a 27th straight month, but undershot the 50.6 forecast in a Reuters poll. The latest reading suggests a further loss of momentum in the world’s second-biggest economy, and the deteriorating environment for businesses could prompt more policy support from Beijing on top of a raft of recent initiatives. “All the numbers from China’s PMI release today confirm a broad-based decline in economic activity,” said Raymond Yeung, chief economist for China at ANZ in a client note, adding that conditions for the private sector is “much worse” than headline data suggested. “Besides an expected reserve requirement ratio (RRR) cut next January, we expect future supportive policy actions to be measured. The government’s priority is to avoid a financial blow-up.”

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Not hard to be better than The Oracle, Bernanke and Yellen. But where was Volcker when these three went off the rails?

Ray Dalio Hails Paul Volcker As ‘The Greatest Man’ He Knows (MW)

Those weighty words of praise were tweeted out Tuesday by Ray Dalio, founder of hedge-fund behemoth Bridgewater Associates. Dalio’s social-media nod to the former Fed chair coincides with the release of Volcker’s memoir, “Keeping at It: The Quest for Sound Money and Good Government.”

In his new book, Volcker says he’s worried about the impact of money in politics and argues that the U.S. is devolving into a plutocracy. “We face a huge challenge in this country to restore a sense of public purpose and of trust in government,” he wrote in the book. “It will require critically needed reforms in our political processes and leaders who can restore and preserve a consensus upon which our great democracy can depend.” Volcker, 91, served as Fed chair from 1979 until 1987, and he’s widely credited for stopping runaway inflation during that time. He was also chairman of the Economic Recovery Advisory Board under Obama from 2009 to 2011.

Dalio wasn’t the only one to give Volcker some love in light of his memoir. Martin Wolf of the Financial Times is also a big fan, saying that he’s “the greatest man I have known,” because “he is endowed to the highest degree with what the Romans called virtus (virtue): moral courage, integrity, sagacity, prudence and devotion to the service of country.” Wolf said “the pinnacle of Volcker’s career” was when he achieved something many thought impossible: he slew inflation. “Great credit is due to Jimmy Carter, who appointed him, and Ronald Reagan, who supported him. But Volcker did it, despite great criticism,” Wolf explained. “The costs were huge. But he was right: it had to be done.”

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“And if it happens that the Dems don’t prevail, and don’t manage to get their hands on the machinery of congress — then what?”

The Monster Mash (Kunstler)

The Democratic Party war on white people and their dastardly privilege has been the theme all year long, with its flanking movement against white men especially and super-especially the hetero-normative white male villains who rape and oppress everybody else. Anyway, that’s the strategy du jour. I’m not persuaded that it’s going to work so well in the coming election. The party could not have issued a clearer message than “white men not welcome here.” Very well, then, they’ll vote somewhere else for somebody else. And if it happens that the Dems don’t prevail, and don’t manage to get their hands on the machinery of congress — then what?

For one thing, a lot of people get indicted, especially former top officers from various glades of the Intel swamp. It shouldn’t be a surprise, given the numbers of them already called before grand juries and fingered by inspectors general. But it may be shocking how high up the indictments go, and how serious the charges may be: sedition… treason…? These midterm election may bring the moment when the Democratic Party finally blows up, at least enough to sweep away the current coterie of desperate idiots running it. It’s time to shove the crybabies offstage and allow a few clear-eyed adults to take the room, including men, yes even white men. And let all the shrieking, clamoring, marginal freaks return to the margins, where they belong.

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That recession is now certain, deal or not. Even in case of a deal, 1000s of documents must be signed. A deal will not mean a return to BAU.

No-Deal Brexit Would Trigger Lengthy UK Recession – S&P (G.)

Britain’s economy will suffer rising unemployment and falling household incomes that would trigger a recession should Theresa May fail to secure a deal to prevent the UK crashing out of the European Union next year, according to analysis by the global rating agency Standard & Poor’s. Property prices would slump and inflation would spike to more than 5% in a scenario that S&P said had become more likely in recent months following deadlock with Brussels over a post-Brexit deal. In a warning that included a possible downgrade to the UK’s credit rating, which would bring with it an increase in the Treasury’s borrowing costs, S&P said it still expected both sides in the Brexit talks to come to an agreement before next March, when the UK is scheduled to leave the European Union.

But it warned that the chance of a “no-deal” Brexit had risen in recent months to such an extent that it needed to warn international investors about the potential challenges ahead. [..] S&P Global Ratings credit analyst Paul Watters, said: “Our base-case scenario is that the UK and the EU will agree and ratify a Brexit deal, leading to a transition phase lasting through 2020, followed by a free trade agreement. “But we believe the risk of no deal has increased sufficiently to become a relevant rating consideration. This reflects the inability thus far of the UK and EU to reach agreement on the Northern Irish border issue, the critical outstanding component of the proposed withdrawal treaty.”

Coming only a day after the chancellor said the failure to secure a deal would force him to hold an emergency budget, S&P’s analysis joins a welter of independent reports that forecast that a split from the EU without a deal will deal a serious blow to the prospects of the UK economy. Last month rival agency Moody’s said the risks to the British economy had “risen materially” in recent months.

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If you think Trump’s scary, this guy’s in a league of his own.

Welcome to the Jungle (Escobar)

It’s darkness at the break of (tropical) high noon. Jean Baudrillard once defined Brazil as “the chlorophyll of our planet”. And yet a land vastly associated worldwide with the soft power of creative joie de vivre has elected a fascist for president. Brazil is a land torn apart. Former paratrooper Jair Bolsonaro was elected with 55.63 percent of votes. Yet a record 31 million votes were ruled absent or null and void. No less than 46 million Brazilians voted for the Workers’ Party’s candidate, Fernando Haddad; a professor and former mayor of Sao Paulo, one of the crucial megalopolises of the Global South. The key startling fact is that over 76 million Brazilians did not vote for Bolsonaro. His first speech as president exuded the feeling of a trashy jihad by a fundamentalist sect laced with omnipresent vulgarity and the exhortation of a God-given dictatorship as the path towards a new Brazilian Golden Age.

French-Brazilian sociologist Michael Lowy has described the Bolsonaro phenomenon as “pathological politics on a large scale”. His ascension was facilitated by an unprecedented conjunction of toxic factors such as the massive social impact of crime in Brazil, leading to a widespread belief in violent repression as the only solution; the concerted rejection of the Workers’ Party, catalyzed by financial capital, rentiers, agribusiness and oligarchic interests; an evangelical tsunami; a “justice” system historically favoring the upper classes and embedded in State Department-funded “training” of judges and prosecutors, including the notorious Sergio Moro, whose single-minded goal during the alleged anti-corruption Car Wash investigation was to send Lula to prison; and the absolute aversion to democracy by vast sectors of the Brazilian ruling classes.

That is about to coalesce into a radically anti-popular, God-given, rolling neoliberal shock; paraphrasing Lenin, a case of fascism as the highest stage of neoliberalism. After all, when a fascist sells a “free market” agenda, all his sins are forgiven.

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My old buddy John Rubino is right, but the story’s bigger than this. Merkel’s been given far too much power.

After Germany’s Merkel Comes Chaos (John Rubino)

After a long, initially-successful run promoting European integration and mass immigration, German Chancellor Angela Merkel saw the bottom fall out of her political fortunes this year. This week she stepped down as leader of the formerly-dominant Christian Democrat party and promised not run again when her term as Chancellor ends in 2021. What happens next is almost certain to be chaotic, as the following chart (courtesy of this morning’s Wall Street Journal) makes clear. Note that in August of 2017 the two least popular parties were the far right Alternative for Germany (blue line) and the far left Greens (green line). In the ensuing 14 or so months AfG’s support rose from single digits to around 17% while the Greens rocketed from the bottom of the pack to 20%.

If you didn’t know what these two parties stood for you might think, “Fine, they’re new and interesting, so let them form a coalition and govern for a while.” Unfortunately they’re more likely to kill each other in street fights than work together, since the former want closed borders and free markets while the latter want increased regulation and unlimited immigration. The alternative to an AfG/Green coalition then becomes some combination of the remaining, more centrist (by European standards at least) parties. But the biggest of those parties – Merkel’s Christian Democrats and their coalition partner Social Democrats – are in freefall, precisely because of what they’ve done while in power. So there appears to be no way to put these puzzle pieces together to produce a stable government.

And – here’s where things get truly scary – a stable Germany under Merkel’s bland but firm hand has been the only thing holding the European Union and eurozone together. If Germany descends into internal turmoil without a coherent government to push the Italys and Hungarys around, European populists/nationalists will fill the resulting vacuum. Borders will be re-imposed within and without the EU, national government budgets – already above EU deficit limits in many cases – will explode. Already-debilitating debts will keep rising, and the ECB will be forced to bail out Italy for sure and probably several other member states after that.

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Intro to an elaborate series of reports by Reuters, kudos for the effort. Fish have moved north and deeper, leaving entire communities without their proteins.

Ocean Shock (Reuters)

To stand at the edge of an ocean is to face an eternity of waves and water, a shroud covering seven-tenths of the Earth. Hidden below are mountain ranges and canyons that rival anything on land. There you will find the Earth’s largest habitat, home to billions of plants and animals – the vast majority of the living things on the planet. In this little-seen world, swirling super-highway currents move warm water thousands of miles north and south from the tropics to cooler latitudes, while cold water pumps from the poles to warmer climes. It is a system that we take for granted as much as we do the circulation of our own blood. It substantially regulates the Earth’s temperature, and it has been mitigating the recent spike in atmospheric temperatures, soaking up much of human-generated heat and carbon dioxide.

Without these ocean gyres to moderate temperatures, the Earth would be uninhabitable. In the last few decades, however, the oceans have undergone unprecedented warming. Currents have shifted. These changes are for the most part invisible from land, but this hidden climate change has had a disturbing impact on marine life – in effect, creating an epic underwater refugee crisis. Reuters has discovered that from the waters off the East Coast of the United States to the coasts of West Africa, marine creatures are fleeing for their lives, and the communities that depend on them are facing disruption as a result. As waters warm, fish and other sea life are migrating poleward, seeking to maintain the even temperatures they need to thrive and breed.

The number of creatures involved in this massive diaspora may well dwarf any climate impacts yet seen on land. In the U.S. North Atlantic, for example, fisheries data show that in recent years, at least 85 percent of the nearly 70 federally tracked species have shifted north or deeper, or both, when compared to the norm over the past half-century. And the most dramatic of species shifts have occurred in the last 10 or 15 years. Fish have always followed changing conditions, sometimes with devastating effects for people, as the starvation that beset Norwegian fishing villages in past centuries when the herring failed to appear one season will attest. But what is happening today is different: The accelerating rise in sea temperatures, which scientists primarily attribute to the burning of fossil fuels, is causing a lasting shift in fisheries.

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