Aug 172018
 
 August 17, 2018  Posted by at 1:34 pm Finance Tagged with: , , , , , , , , , , , ,  


William Hogarth Humours of an Election, Plate 2 1754

 

Two thirds of Americans want the Mueller investigation (inquisition, someone called it) over by the midterm elections. Trump lawyer Rudy Giuliani has said that if Mueller wants to interview Trump, he’ll have to do so before September 1, because the Trump camp doesn’t want to be the one to unduly influence the elections. Mueller himself appears to lean towards prolonging the case, and that may well be with an eye on doing exactly that.

And there’s something else as well: as soon as the investigation wraps up, Trump will demand a second special counsel, this time to scrutinize the role the ‘other side’ has played in the 2016 presidential election and its aftermath. He’s determined to get it, and he’ll fire both Jeff Sessions and Rod Rosenstein if they try to stand in his way.

There have of course been tons of signs that it’s going to happen, but we got two significant ones just the past few days. The first is the termination of John Brennan’s security clearance. It looks impossible that no additional clearances will be revoked. There are more people who have them but would also be part of a second special counsel’s investigation. That doesn’t rhyme.

The second sign is Senator Rand Paul’s call for immunity for Julian Assange to come talk to the US senate about what he knows about Russian involvement in the 2016 election. Obviously, we know that he denies its very existence, and has offered to provide evidence to that end. But before he could do that, a potential deal with the DOJ to do so was torpedoed by then FBI chief James Comey and Senator Mark Warner.

Both will also be part of the second investigation. Rand Paul’s motivation is simple: Assange’s testimony could be a very significant part of the process of figuring out what actually happened. And that should be what everybody in Washington wants. Question is if they all really do. That’s -ostensibly- why there is the first, the Mueller Russian collusion, investigation. Truth finding.

But Mueller doesn’t appear to have found much of anything. At least, that we know of. He’s locked up Paul Manafort on charges unrelated to collusion, put him in isolation and dragged him before a jury. But don’t be surprised if Manafort is acquitted by that jury one of these days. The case against him seemed a lot more solid before than it does now. A jury that asks the judge to re-define ‘reasonable doubt’ already is in doubt, reasonable or not. And that is what reasonable doubt means.

 

But it wasn’t just Brennan and Comey and Peter Strzok and Lisa Page and all the rest of them in the intelligence community who played questionable roles around the election and the accusations of Russian meddling in it. The American media were also there, and very prominently. Which is why when 300 papers publish editorials pushing against Trump ‘attacking’ the media, you can’t help but -wryly- smile.

Why does Trump attack the press? Because they’ve been attacking him for two years, and they’re not letting go. So the press can attack the president, but he cannot fight back. That’s the rationale, but with the Mueller investigation not going anywhere it’s a hard one to keep alive.

There are three reasons for the behavior of the New York Times, WaPo, MSNBC, CNN et al. The first is political, they’re Democrat hornblowers. The second is their owners have a personal thing against Donald Trump. But these get trumped by the third reason: Trump is their golden goose. Their opposition makes them a fortune. All they need to do is publish articles 24/7 denouncing him. And they have for two years.

That puts the 300 papers’ editorials in a strange light. Many of them would have been fighting for their very lives if not for anti-Trump rhetoric. All 300 fit neatly and easily in one echo chamber. And, to put it mildly, inside that chamber, not everyone is always asking for evidence of everything that’s being said.

It’s not difficult to whoop up a storm there without crossing all your t’s. And after doing just that for 2 years and change, it seems perhaps a tad hypocritical to claim that you are honest journalists just trying to provide people with the news as it happened.

Because when you’ve published hundreds, thousands of articles about Russian meddling, and the special counsel that was named to a large degree because of those articles, fails to come up with any evidence of it, it will become obvious that you’ve not just, and honestly, been reporting the news ‘as it happened’. You have instead been making things up because you knew that would sell better.

And when the second special counsel starts, where will American media be? Sure, it may not happen before the midterms, and you may have hopes that the Democrats win those bigly, but even if that comes to pass (slim chance), Trump will still be president, and the hearings and interviews won’t be soft and mild. Also, there will be serious questions, under oath, about leaks to the press.

 

Still, whichever side of this particular fence you’re on, there’s one thing we should all be able to agree on. That is, when we get to count how many of the 300 editorials have actually mentioned, let alone defended, Julian Assange, and I’ll bet you that number is painfully close to zero, that is where we find out how honest this defense of the free press is.

If for you the free press means that you should be able to write and broadcast whatever you want, even if it’s lacking in evidence, as much of the Russiagate stuff obviously is, and you ‘forget’ to mention a man who has really been attacked and persecuted for years, for publishing files that are all about evidence, you are not honest, and therefore probably not worth saving.

Julian Assange and WikiLeaks are the essence of the free press. A press that is neutral, objective, fearless and determined to get the truth out. The New York Times and CNN simply don’t fit that description -anymore-. So when their editors publish calls to protect free press, but they leave out the one person who really represents free press, and the one person who’s been tortured for exactly that, you have zero credibility.

Sure, you may appear to have credibility in your echo chamber, but that’s not where real life takes place, where evidence is available and where people can make up their own minds based on objective facts provided by real journalists.

You guys just blew this big time. You don’t care about free press, you care about your own asses. And the second special counsel is coming. Good luck. Oh, and we won’t forget your silencing of Assange, or your attacks on him. If you refuse to do it, WE will free the press.

 

 

Aug 162018
 
 August 16, 2018  Posted by at 8:51 am Finance Tagged with: , , , , , , , , , , , , ,  


Vasily Polenov Moscow courtyard 1878

 

Turkish Lira Rallies As Qatar Makes $15bn Loan Pledge (G.)
Turkey Slashes Capacity Of Banks To Bet Against Struggling Lira (CNBC)
Turkey Joins Russia In Liquidating US Treasuries (ZH)
Turkey Wants Its Share Of Syria’s Reconstruction (AlM)
Italy, Not Turkey, Is The Biggest Threat To European Banks (CNBC)
RBS Bankers Joked About Destroying The US Housing Market (G.)
Elizabeth Warren Unveils Bold New Plan To Reshape American Capitalism (G.)
Our “Prosperity” Is Now Dependent on Predatory Globalization (CHS)
EU Rebuffs Idea Of Escalating Brexit Talks To Leaders’ Summit (G.)
Trump Strikes Back at ‘Ringleader’ Brennan (Ray McGovern)
Trump Is Right: America Was ‘Built On Tariffs’ (MW)
Rand Paul Thinks Julian Assange Should Be Granted Immunity for Testimony (GP)
Australia’s Record Household Debt Is A Ticking Time Bomb (ZH)
SEC Serves Tesla With Subpoena (CNBC)
Monsanto’s Roundup Found In Wide Range Of Cereals Aimed At Children (G.)

 

 

$15 billion is chump change.

Turkish Lira Rallies As Qatar Makes $15bn Loan Pledge (G.)

Turkey’s beleagured currency has bounced back from record lows after Qatar pledged to shore up the banking sector’s shaky finances with loans worth $15bn. A week after a diplomatic spat with the US sent the lira into a tailspin, the agreement with Qatar was calculated to help Turkey avoid having to ask the IMF for emergency funding. Officials in Ankara said the Qatari money would be “channeled into Turkey’s financial markets and banks”, with the implication that the investment would be enough to head off a banking collapse. However, while the investment gave the Turkish lira much-needed respite, the US president Donald Trump’s announcement of further trade sanctions against Ankara, along with concerns about the rising value of the dollar and weak profits in Chinese tech firms, sent global financial markets into reverse.

[..] Mohamed A El-Erian, the chief economic adviser at the German insurer Allianz, tweeted that Erdogan’s policies, including the Qatari investment, would act like sticking plaster, leaving the possibility open for an IMF rescue. He said: “This is part of the Turkish government’s strategy to avoid the IMF by finding alternative external support. To be a sustainable stabilizer, funding needs to be larger and reach the central bank.” However, the lira rallied by 6% after the Qatari pledge and a separate move by Turkey’s central bank to boost the finances of the country’s banks. In an effort to defend the lira, Turkey’s central bank tightened its rules on currency swaps and other foreign exchange transactions, limiting the ability of banks to supply lira to foreign financial companies.

Read more …

It’s hardly ever a good sign when short sellers are curtailed. Question is why are they shorting?

Turkey Slashes Capacity Of Banks To Bet Against Struggling Lira (CNBC)

Action by Turkey’s banking regulator has stymied investor ability to buy and short the lira, helping the currency to gain value in overnight trade. The Banking Regulation and Supervision Agency (BRSA) has reduced the amount of swap market contracts that offshore banks can undertake, reducing their access to the beleaguered currency. A swap is where on flow of cash income, usually a fixed or steady rate, is swapped for a typically riskier flow of income. The derivative contract is set for a fixed period. The BRSA has stipulated that banks now cannot run swap contracts for no more than 25% of the equity that they hold. The figure was previously 50%.

BlueBay Asset Management strategist Timothy Ash said in a note Wednesday that Turkey’s central bankers had finally taken action to restrict international access to lira. “They are killing offshore TRY (lira) liquidity to stop foreigners shorting the lira,” he said before adding “why did they not do all this much earlier?” [..] This year the dollar has gained more than 60% in value versus the lira, and the Turkish currency has become the world’s worst performer this year.

Read more …

Maybe Turkey simply needs the money?!

Turkey Joins Russia In Liquidating US Treasuries (ZH)

Last month, when we reported that Russia had liquidated the bulk of its US Treasury holdings in just two months, we said that “we can’t help but wonder – as the Yuan-denominated oil futures were launched, trade wars were threatened, and as more sanctions were unleashed on Russia – if this wasn’t a dress-rehearsal, carefully coordinated with Beijing to field test what would happen if/when China also starts to liquidate its own Treasury holdings.” As it turns out, Russia did lead the way, but not for China. Instead, another recent US foreign nemesis, Turkey, was set to follow in Putin’s footsteps of “diversifying away from the dollar”, and in the June Treasury International Capital, Turkey completely dropped off the list of major holders of US Treasurys, which has a $30 billion floor to be classified as a “major holder.”

According to the US Treasury, Turkey’s holdings of bonds, bills and notes tumbled by 52% since the end of 2017, dropping to $28.8 billion in June from $32.6 billion in May and $61.2 billion at the recent high of November of 2016. [..] The selloffs took place well before a diplomatic fallout between the US and both Turkey and Russia resulted in new sets of sanctions and tariffs imposed on both nations. The Trump administration last week imposed new sanctions against Russia in response to the nerve agent poisoning in the U.K. of a former Russian spy and his daughter. Meanwhile, the Turkish selloff certainly continued into July and August as U.S. relations with Turkey deteriorated this week

Read more …

It‘s in Putin’s hands.

Turkey Wants Its Share Of Syria’s Reconstruction (AlM)

Although Turkey publicly appears to sustain its anti-Bashar al-Assad stance on Syria, it is actually getting ready for a new Syria that will allow Assad to stay on as the country’s president. While a termination of the de facto Kurdish autonomy in northern Syria seems to be the first precondition for a possible normalization between Ankara and Damascus, there is another unspoken condition as well: the allotment of a share in Syria’s reconstruction. Naturally, the Assad administration does not have the intention to allot any share to Turkey, which is accused of supporting anti-regime military groups that have destroyed the country and looted Aleppo’s industrial zones. However, Turkey’s control of a sizable territory in northern Syria and its cooperation with Russia make it difficult for Damascus to exclude Turkey from these calculations.

Turkey’s influence over opposition groups that could have a bearing on the Geneva process can not be dismissed. Turkey has been able to preserve its most important trading partner position with Syria despite the seven-year-old conflict. Its geographical proximity to Syria, logistical superiority and advanced capacity of its construction sector encourages Turkey to obtain a substantial part in the reconstruction process. Moreover, Turkey is currently organizing local entities in al-Bab, Jarablus, Azaz, Cobanbey and Afrin that are de facto under its control. It is also setting up systems for security, education, religion and even issuing ID cards to residents. In addition it has started building a road network.

Read more …

“The issues in Italy… in the next three months are going to dictate the whole European banking narrative for the next three to five years,”

Italy, Not Turkey, Is The Biggest Threat To European Banks (CNBC)

The European Central Bank (ECB) was reported Friday to be concerned that the ongoing currency crisis in Turkey could result in problems for the continent’s banks. However, the real problem for Europe’s banking industry is Italy and what happens in that country in the coming months, an analyst said Tuesday. “The issues in Italy… in the next three months are going to dictate the whole European banking narrative for the next three to five years,” Tom Kinmonth, fixed income strategist at ABN Amro, told CNBC’s “Squawk Box Europe.” Italy’s economy is the third largest in the European Union and the country’s new coalition government is currently working on next year’s budget.

Its financial plan will be closely scrutinized by European authorities and, more importantly, by market players, following promises to increase public spending. Investors are wary of rises in pensions and state benefits, given that Italy already has a significantly high public debt pile — the second largest in the euro zone, at about 130% of GDP. If market players do not approve of the next budget, due around October, then borrowing costs for Italy are likely to go up, which in turn could affect neighboring European countries. It could also create problems for certain European banks that hold Italian debt.

Read more …

And they’re still in business.

RBS Bankers Joked About Destroying The US Housing Market (G.)

RBS bankers joked about destroying the US housing market after making millions by trading loans that staff described as “total fucking garbage”, according to transcripts released as part of a $4.9bn (£3.8bn) settlement with US prosecutors. Details of internal conversations at the bank emerged just weeks before the 10-year anniversary of the financial crisis, which saw RBS rescued with a £45bn bailout from the UK government. The US Department of Justice (DoJ) criticised RBS over its trade in residential mortgage backed securities (RMBS) – financial instruments underwritten by risky home loans that are cited as pivotal in the global banking crash. It said the bank made “false and misleading representations” to investors in order to sell more of the RMBS, which are forecast to result in losses of $55bn to investors.

Transcripts published alongside the settlement reveal the attitude among senior bankers at RBS towards some of the products they sold. The bank’s chief credit officer in the US referred to selling investors products backed by “total fucking garbage” loans with “fraud [that] was so rampant … [and] all random”. He added that “the loans are all disguised to, you know, look okay kind of … in a data file.” The DoJ said senior RBS executives “showed little regard for their misconduct and, internally, made light of it”. In one exchange, as the extent of the contagion in the banking industry was becoming clear, RBS’ head trader received a call from a friend who said: “[I’m] sure your parents never imagine[d] they’d raise a son who [would] destroy the housing market in the richest nation on the planet.” He responded: “I take exception to the word ‘destroy.’ I am more comfortable with ‘severely damage.’”

Read more …

No chance until the whole thing collapses.

Elizabeth Warren Unveils Bold New Plan To Reshape American Capitalism (G.)

Elizabeth Warren, the Massachusetts senator tipped as a Democratic presidential candidate in 2020, has unveiled new plans for legislation aimed at reining in big corporations, redistributing wealth, and giving workers and local communities a bigger say. Warren will introduce the bill dubbed the Accountable Capitalism Act on Wednesday. The proposal aims to alter a model she says has caused corporations to chase profits for shareholders to the detriment of workers. Under the legislation, corporations with more than $1bn in annual revenue would be required to obtain a corporate charter from the federal government – and the document would mandate that companies not just consider the financial interests of shareholders.

Instead, businesses would have to consider all major corporate stakeholders – which could include workers, customers, and the cities and towns where those corporations operate. Anyone who owns shares in the company could sue if they believed corporate directors were not meeting their obligations. Employees at large corporations would be able to elect at least 40% of the board of directors. An estimated 3,500 public US companies and hundreds of other private companies would be covered by the mandates. [..] Large companies dedicated 93% of their earnings to shareholders between 2007 and 2016 – a shift from the early 1980s, when they sent less than half their revenue to shareholders and spent the rest on employees and other priorities, Warren said.

Read more …

Here’s what Warren wants to change.

Our “Prosperity” Is Now Dependent on Predatory Globalization (CHS)

So here’s the story explaining why “free” trade and globalization create so much wonderful prosperity for all of us: I find a nation with cheap labor and no environmental laws anxious to give me cheap land and tax credits, so I move my factory from my high-cost, highly regulated nation to the low-cost nation, and keep all the profits I reap from the move for myself. Yea for free trade, I’m now far wealthier than I was before. That’s the story. Feel better about “free” trade and globalization now? Oh wait a minute, there’s something missing–the part about “prosperity for all of us.” Here’s labor’s share of U.S. GDP, which includes imports and exports, i.e. trade:

Notice how labor’s share of the economy tanked once globalization / offshoring kicked into high gear? Now let’s see what happened to corporate profits at that same point in time:

Imagine that–corporate profits skyrocketed once globalization / offshoring kicked into high gear. Explain that part about “makes us all prosperous” again, because there’s no data to support that narrative. What’s interesting about all this is the way that politicians are openly threatening voters with recession if they vote against globalization. In other words, whatever “prosperity” is still being distributed to the bottom 80% is now dependent on a predatory version of globalization.

Read more …

Britain simply refuses to understand what the EU is. May can only get what she wants if the EU bends itself out of shape. Not going to happen.

EU Rebuffs Idea Of Escalating Brexit Talks To Leaders’ Summit (G.)

European officials have poured cold water on hopes that Theresa May could negotiate Brexit with other EU leaders in September to break the deadlock over Britain’s departure. Diplomatic sources have rejected suggestions that May could hold direct talks on Brexit with the 27 other EU heads of state and government at a summit in Salzburg next month. “That is completely ridiculous, that is complete overspin of Salzburg,” one senior source told the Guardian. “It would mean that we would ditch our negotiating approach of the last two years and discuss at 28 instead of 27 to one, and I don’t see why this would happen.” Brexit talks are due to resume in Brussels on Thursday and Friday, the start of a new intense phase of negotiations, with the aim of reaching a deal in the autumn.

Since the referendum, the EU has insisted that all formal talks are led by the chief negotiator, Michel Barnier. May is allowed to update EU leaders on her plans at quarterly EU summits but is not in the room for discussions. Officials expect this approach to be continued at Salzburg, an informal summit on 20 September officially dedicated to migration. The meeting has been organised by Austria, which currently holds the EU rotating presidency, but it will be for the European council president, Donald Tusk, to decide whether to add Brexit to the agenda. The Salzburg gathering comes four weeks before an EU summit in Brussels, pencilled in by Barnier as the moment to strike a deal. Many in Brussels expect the deadline to slip to November or even December, squeezing the time available to ratify the text ahead of the UK’s departure on 29 March 2019.

Read more …

The view of a CIA veteran.

Trump Strikes Back at ‘Ringleader’ Brennan (Ray McGovern)

There’s more than meets the eye to President Donald Trump’s decision to revoke the security clearances that ex-CIA Director John Brennan enjoyed as a courtesy customarily afforded former directors. The President’s move is the second major sign that Brennan is about to be hoist on his own petard. It is one embroidered with rhetoric charging Trump with treason and, far more important, with documents now in the hands of congressional investigators showing Brennan’s ringleader role in the so-far unsuccessful attempts to derail Trump both before and after the 2016 election.

Brennan will fight hard to avoid being put on trial but will need united support from from his Deep State co-conspirators — a dubious proposition. One of Brennan’s major concerns at this point has to be whether the “honor-among-thieves” ethos will prevail, or whether some or all of his former partners in crime will latch onto the opportunity to “confess” to investigators: “Brennan made me do it.” Well before Monday night, when Trump lawyer Rudy Giuliani let a small bomb drop on Brennan, there was strong evidence that Brennan had been quarterbacking illegal operations against Trump. Giuliani added fuel to the fire when he told Sean Hannity of Fox news:

“I’m going to tell you who orchestrated, who was the quarterback for all this … The guy running it is Brennan, and he should be in front of a grand jury. Brennan took … a dossier that, unless he’s the biggest idiot intelligence agent that ever lived … it’s false; you can look at it and laugh at it. And he peddled it to [then Senate Majority Leader] Harry Reid, and that led to the request for the investigation. So you take a false dossier, get Senators involved, and you get a couple of Republican Senators, and they demand an investigation — a totally phony investigation.”

Read more …

History lessons always good.

Trump Is Right: America Was ‘Built On Tariffs’ (MW)

President Trump defended his use of tariffs to force other countries to renegotiate “unfair” trade deals by claiming that “our country was built on tariffs.” He’s right. America was a staunchly protectionist country for most of its history before World War II. One of the very first bills new President George Washington signed, for instance, was the Tariff Act of 1789. He inked the bill on July 4 of that year. The tariff of 1789 was designed to raise money for the new federal government, slash Revolutionary War debt and protect early-stage American industries from foreign competition. Then, as now, some industries sought protection in Congress from a flood of imports. Most goods entering the U.S. were subjected to a 5% tariff, though in a few cases the rates ranged as high as 50%.

It was the first of many tariffs that Congress passed over a century and a half. They generated the vast majority of the federal government’s revenue until the U.S. adopted an income tax in 1913. Tariffs have always been a source of controversy, however, starting with that very first one. Early on, the North preferred higher tariffs to protect infant American industries such as textiles from established English manufacturers. Alexander Hamilton, the nation’s first Treasury secretary, feared the U.S. would remain a weakling unless it built its own industries and became economically independent of the mother country. Over time the arguments on behalf of protectionism became closely tied to the emerging Republican party.

“Give us a protective tariff and we will have the greatest nation on earth,” a young politician named Abraham Lincoln said in 1847. Later, as the country’s 16th president, Lincoln rejected free trade and jacked up tariffs during the Civil War to pay for the North’s military campaigns.

Read more …

Paul has already topped the Iran regime change cabal. Let’s hope he gets his way again. Assange can be a very important Russiagate witness.

Rand Paul Thinks Julian Assange Should Be Granted Immunity for Testimony (GP)

Senator Rand Paul believes that WikiLeaks founder Julian Assange should be given immunity in exchange for him testifying before the Senate Intelligence Committee. Speaking to the Gateway Pundit, Senator Paul asserted that Assange likely has important information about the hack and that it’s unlikely he would agree to testify without immunity. “I think that he should be given immunity from prosecution in exchange for coming to the United States and testifying,” Senator Paul told the Gateway Pundit. “I think he’s been someone who has released a lot of information, and you can debate whether or not any of that has caused harm, but I think really he has information that is probably pertinent to the hacking of the Democratic emails that would be nice to hear.” “It’s probably unlikely to happen unless he is given some type of immunity from prosecution,” Senator Paul added.

[..] Christine Assange, Julian’s mother, has a list of things that she would like to see happen before her son agrees to testify. She told the Gateway Pundit that her wishes include an end to the WikiLeaks grand jury, a dismissal of charges against all WikiLeaks staff, safe passage for him to a nation where he can receive medical care and an agreement that there will be no future US extradition requests. She would also like to see the testimony conducted publicly through Skype.

Read more …

Household debt. Mortal enemy no. 1. Check it where you live.

Australia’s Record Household Debt Is A Ticking Time Bomb (ZH)

The Australian household debt to income ratio has ballooned to shocking levels over the past three decades as Sydney is ranked as one of the most overvalued cities in the world. According to the Daily Mail Australia, credit card bills, home mortgages, and personal loans now account for 189% of an average Australian household income, compared with just 60% in 1988, as Callus Thomas, Head of Research of Topdown Charts, demonstrates that record high household debt is a ticking time bomb. The average Australian credit card bill is roughly $3,272.70 as average income earners spend at least $2,000 a month on mortgage repayments, which has contributed to the affordability crisis, said the Daily Mail Australia.

The average Australian holds about a $400,000 mortgage after they put down 20% deposit for a $500,000 property. The paper notes that the loan would barely buy a one-bedroom unit in most outer suburbs, as full-time workers take in about $82,000 salary per annum and spend an alarming 40% on mortgage repayments. With household debt at crisis levels, CoreLogic said Australian home prices experienced their sharpest monthly drops in July since late 2011 as declines gathered momentum in Sydney and Melbourne (Sydney and Melbourne cover about 60% of Australia’s housing market by value and 40% by number). Nationally, the index of home prices dropped .60% in July from June, leading to an annual fall of 1.6%.

Read more …

The board may have to get rid of Musk. But what is Tesla without him?

SEC Serves Tesla With Subpoena (CNBC)

The Securities and Exchange Commisison has served Tesla with a subpoena after CEO Elon Musk tweeted that he was considering taking the company private and that he had the necessary funding lined up, according to reports from The New York Times and other outlets published Wednesday. Earlier reports said the SEC had intensified scrutiny of the automaker after the controversial tweet. A subpoena would be one of the first steps in a formal inquiry. Shares of Tesla were down 3% in afternoon trading, though they moved only a fraction of 1% following the Times article.

Musk publicly floated the possibility of taking the company private in a tweet that sent shares seesawing and company leadership scrambling. His statement that he had the “funding secured” came under particular scrutiny, as it may have violated an SEC rule that essentially stipulates public statements made by company executives must be true. Musk explained earlier this week that the Saudi Arabia sovereign wealth fund had expressed interest in taking Tesla private.

Read more …

Will this get the EU to move?

Monsanto’s Roundup Found In Wide Range Of Cereals Aimed At Children (G.)

Significant levels of the weedkilling chemical glyphosate have been found in an array of popular breakfast cereals, oats and snack bars marketed to US children, a new study has found. Tests revealed glyphosate, the active ingredient in the popular weedkiller brand Roundup, present in all but two of the 45 oat-derived products that were sampled by the Environmental Working Group, a public health organization. Nearly three in four of the products exceeded what the EWG classes safe for children to consume. Products with some of the highest levels of glyphosate include granola, oats and snack bars made by leading industry names Quaker, Kellogg’s and General Mills, which makes Cheerios.

One sample of Quaker Old Fashioned Oats measured at more than 1,000 parts per billion of glyphosate. The Environmental Protection Agency has a range of safe levels for glyphosate on crops such as corn, soybeans, grains and some fruits, spanning 0.1 to 310 parts per million. “I grew up eating Cheerios and Quaker Oats long before they were tainted with glyphosate,” said EWG’s president, Ken Cook. “No one wants to eat a weedkiller for breakfast, and no one should have to do so.” Cook said EWG will urge the EPA to limit the use of glyphosate on food crops but said companies should “step up” because of the “lawless” nature of the regulator under the Trump administration.

Read more …

Jul 222018
 
 July 22, 2018  Posted by at 8:44 am Finance Tagged with: , , , , , , , ,  


Paul Gauguin The Vision after the Sermon (Jacob wrestling with the Angel) 1888

 

Ecuador Will Imminently Withdraw Asylum for Julian Assange (Greenwald)
In Historic First, DOJ Releases Carter Page FISA Application (ZH)
Breannan And The 2016 Spy Scandal (Strassel)
UK To Refuse To Pay Brexit Bill Without Trade Deal (AFP)
Warning On Australia’s Looming Interest-Only Crisis (SMH)
German Industry Groups Warn US On Tariffs Ahead Of EU-US Meeting (R.)
NATO: Doomed To Destruction By Its Own Growth (SCF)
Hundreds of Syrian ‘White Helmets’ Evacuated By Israel to Jordan (R.)
Our Vanishingly Pleasant Land (McCarthy)

 

 

This is physically sickening. Checked front web pages of BBC, Guardian and Independent today: not a word. Hence: another gag order. Yes, there are journalists who don’t like Assange, but it’s not about liking him. It’s about your own freedom to speak. Guess that’s already gone then. I feel sick to my stomach.

Ecuador Will Imminently Withdraw Asylum for Julian Assange (Greenwald)

Ecuador’s president Lenin Moreno traveled to London on Friday for the ostensible purpose of speaking at the 2018 Global Disabilities Summit (Moreno has been using a wheelchair since being shot in a 1998 robbery attempt). The concealed, actual purpose of the President’s trip is to meet with British officials to finalize an agreement under which Ecuador will withdraw its asylum protection of Julian Assange, in place since 2012, eject him from the Ecuadorian Embassy in London, and then hand over the WikiLeaks founder to British authorities. Moreno’s itinerary also notably includes a trip to Madrid, where he will meet with Spanish officials still seething over Assange’s denunciation of human rights abuses perpetrated by Spain’s central government against protesters marching for Catalonia independence.

Almost three months ago, Ecuador blocked Assange from accessing the internet, and Assange has not been able to communicate with the outside world ever since. The primary factor in Ecuador’s decision to silence him was Spanish anger over Assange’s tweets about Catalonia. A source close to the Ecuadorian Foreign Ministry and the President’s office, unauthorized to speak publicly, has confirmed to the Intercept that Moreno is close to finalizing, if he has not already finalized, an agreement to hand over Assange to the UK within the next several weeks. The withdrawal of asylum and physical ejection of Assange could come as early as this week. On Friday, RT reported that Ecuador was preparing to enter into such an agreement.

The consequences of such an agreement depend in part on the concessions Ecuador extracts in exchange for withdrawing Assange’s asylum. But as former Ecuadorian President Rafael Correa told the Intercept in an interview in May, Moreno’s government has returned Ecuador to a highly “subservient” and “submissive” posture toward western governments.

Read more …

The only thing left on the menu is nothingburgers.

In Historic First, DOJ Releases Carter Page FISA Application (ZH)

The Department of Justice late Friday released via the FBI’s FOIA Vault a redacted copy of the Carter Page FISA warrant application and several renewals, which accuse Page of being a Russian spy, as summarized by the New York Times – which obtained a copy of the materials through a Freedom of Information Act (FOIA) lawsuit. Of note, in the nearly two years since the application was filed, Page hasn’t been charged with any of the allegations contained within it. The previously top-secret document is the first such release by the DOJ in the 40 years since the surveillance law was enacted. In April, the DOJ said they were “processing for potential redaction and release certain [Foreign Intelligence Surveillance Act] materials related to Carter Page,” after watchdog group Judicial Watch and several other organizations filed similar lawsuits.

The application reads in part: “Identity of the target The target of this application is Carter W. Page, a U.S. person, and an agent of a foreign power, described in detail below.” “The F.B.I. believes Page has been the subject of targeted recruitment by the Russian government,” the warrant application continues. A line was then redacted, and then it picked up with “undermine and influence the outcome of the 2016 U.S. presidential election in violation of U.S. criminal law. Mr. Page is a former foreign policy adviser to a candidate for U.S. president.” -NYT. The document then concludes that Page was allegedly “collaborating and conspiring with the Russian government,” which they viewed as probably cause to spy on him – and again, which Page has never been charged with.

Page – who has repeatedly denied being a Russian spy, said in April that the FISA application was “beyond words,” and a “Joke,” while claiming that he has never served as an agent for a foreign government. We would also note that he hasn’t been charged as one. Page was targeted months earlier by FBI informant Stefan Halper, who formed a relationship with Page and several other Trump aides as part of the Obama administration’s active counterintelligence operation on the Trump campaign. While President Trump has characterized the entire counterintelligence operation as a “witch hunt,” an increasing chorus of frustrated GOP lawmakers have begun to echo his sentiment, as we are now in month 18 of post-inaugural investigation by the Department of Justice.

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When intelligence becomes partisan political, that’s a big problem.

Breannan And The 2016 Spy Scandal (Strassel)

Mr. Comey stands accused of flouting the rules, breaking the chain of command, abusing investigatory powers. Yet it seems far likelier that the FBI’s Trump investigation was a function of arrogance and overconfidence than some partisan plot. No such case can be made for Mr. Brennan. Before his nomination as CIA director, he served as a close Obama adviser. And the record shows he went on to use his position—as head of the most powerful spy agency in the world—to assist Hillary Clinton’s campaign (and keep his job).

Mr. Brennan has taken credit for launching the Trump investigation. At a House Intelligence Committee hearing in May 2017, he explained that he became “aware of intelligence and information about contacts between Russian officials and U.S. persons.” The CIA can’t investigate U.S. citizens, but he made sure that “every information and bit of intelligence” was “shared with the bureau,” meaning the FBI. This information, he said, “served as the basis for the FBI investigation.” My sources suggest Mr. Brennan was overstating his initial role, but either way, by his own testimony, he was an Obama-Clinton partisan was pushing information to the FBI and pressuring it to act.

More notable, Mr. Brennan then took the lead on shaping the narrative that Russia was interfering in the election specifically to help Mr. Trump – which quickly evolved into the Trump-collusion narrative. Team Clinton was eager to make the claim, especially in light of the Democratic National Committee server hack. Numerous reports show Mr. Brennan aggressively pushing the same line internally. Their problem was that as of July 2016 even then-Director of National Intelligence James Clapper didn’t buy it. He publicly refused to say who was responsible for the hack, or ascribe motivation. Mr. Brennan also couldn’t get the FBI to sign on to the view; the bureau continued to believe Russian cyberattacks were aimed at disrupting the U.S. political system generally, not aiding Mr. Trump.

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The UK already agreed to pay it.

UK To Refuse To Pay Brexit Bill Without Trade Deal (AFP)

Britain will only pay its EU divorce bill if the bloc agrees the framework for a future trade deal, the new Brexit Secretary warned in an interview published Sunday. Dominic Raab, who replaced David Davis after he quit the role earlier this month in protest over the government’s Brexit strategy, said “some conditionality between the two” was needed. He added that the Article 50 mechanism used to trigger Britain’s imminent exit from the European Union provided for new deal details. “Article 50 requires, as we negotiate the withdrawal agreement, that there’s a future framework for our new relationship going forward, so the two are linked,” Raab told the Sunday Telegraph.

“You can’t have one side fulfilling its side of the bargain and the other side not, or going slow, or failing to commit on its side. “So I think we do need to make sure that there’s some conditionality between the two.” The British government has sent mixed signals so far on the divorce bill. Prime Minister Theresa May agreed in December to a financial settlement totalling £35 to £39 billion ($46-51 billion, 39-44 billion euros) that ministers said depended on agreeing future trade ties. But cabinet members have since cast doubt on the position. Finance minister Philip Hammond said shortly afterwards he found it “inconceivable” Britain would not pay its bill, which he described as “not a credible scenario”.

The country is set to leave the bloc on March 30, but the two sides want to strike a divorce agreement by late October in order to give parliament enough time to endorse a deal. Raab met the EU’s top negotiator Michel Barnier for the first time on Friday, where he heard doubts over May’s new Brexit blueprint for the future relationship. But Barnier noted the priority in talks should be on finalising the initial divorce deal. A hardline stance by the British government on the financial settlement could complicate progress, with Raab insisting on the link with the bill and a future agreement. “Certainly it needs to go into the arrangements we have at international level with our EU partners,” he told the Telegraph. “We need to make it clear that the two are linked.”

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Australia’s bad, but not the only country with an interest-only problem.

Warning On Australia’s Looming Interest-Only Crisis (SMH)

Australia’s version of the sub-prime crisis that ushered in the global financial crisis could be looming, with a significant number of the 1.5 million households with interest-only loans likely to struggle with higher repayments, experts warn. Martin North, the principal at consultancy Digital Finance Analytics, said interest-only loans account for about $700 billion of the $1.7 trillion in Australian mortgage lending and it was “our version of the GFC”. “My view is we’re in somewhat similar territory to where the US was in 2006 before the GFC,” Mr North said.

Craig Morgan, managing director of Independent Mortgage Planners, said one in five people who took a loan two or three years ago would not qualify for the same loan now, because of the crackdown on lending by the regulator and ongoing fallout from the Royal Commission into financial services. “In the last six months lenders have had this lightbulb moment of what ‘responsible lending’ means,” Mr Morgan said. One of the triggers for the GFC was rising defaults from over-leveraged borrowers who were unable to refinance when their honeymoon rates ended. However, the sub-prime lending in the United States before the GFC included large mortgages being given to people without jobs or on minimum wage.

“This is absolutely not ‘sub-prime’ in the US definition but there were people [in Australia] who were being encouraged to get very big loans on the fact that principal & interest was impossible to service but they could service interest-only,” Mr North said. “We also know that some interest-only loans were not investors but they are actually first-home buyers encouraged to go in at the top of the market.” The Reserve Bank has previously warned $500 billion in interest-only loans are set to expire in the next four years, causing a significant jump in repayments of 30-40 per cent when borrowers are forced to start paying back the principal.

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The car industry may be too complex for simple tariffs.

German Industry Groups Warn US On Tariffs Ahead Of EU-US Meeting (R.)

German industry groups warned on Sunday, ahead of a meeting between European Commission President Jean-Claude Juncker and U.S. President Donald Trump, that tariffs the United States has recently imposed or threatened risk harming the U.S. itself. The U.S. imposed tariffs on EU steel and aluminum on June 1 and Trump is threatening to extend them to EU cars and car parts. Juncker will discuss trade with Trump at a meeting on Wednesday. Dieter Kempf, head of Germany’s BDI industry association, told the Welt am Sonntag newspaper it was wise for the European Union and United States to continue their discussions.

“The tariffs under the guise of national security should be abolished,” Kempf said, adding that Juncker needed to make clear to Trump that the United States would harm itself with tariffs on cars and car parts. He added that the German auto industry employed more than 118,000 people in the United States and 60 percent of what they produced was exported to other countries from the U.S. “Europe should not let itself be blackmailed and should put in a confident appearance in the United States,” he added. EU officials have sought to lower expectations about what Juncker can achieve, and downplayed suggestions that he will arrive in Washington with a novel plan to restore good relations.

Eric Schweitzer, president of the DIHK Chambers of Commerce, told Welt am Sonntag he welcomed Juncker’s attempt to persuade the U.S. government not to impose tariffs on cars. “All arguments in favor of such tariffs are … ultimately far-fetched,” he said.

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Pentagon just delivered $200 million in deadly weapons to Ukraine. Madness.

NATO: Doomed To Destruction By Its Own Growth (SCF)

In the 1960s, Marvel Comics writer Stan Lee and artist/co-plotter Jack Kirby in the United States created a superhero with a novel twist. He was called Giant-Man, and the bigger he got, the weaker he became. Today that character is a prophetic parable about the future of the post- Cold War “super-NATO” that has expanded to include 29 nations compromising more than 880 million people. First it absorbed all the former Warsaw Pact member states in Central Europe. Then it absorbed the three tiny and virulently anti-Russian Baltic states of Lithuania, Latvia. Now NATO is looking to embrace former Soviet Georgia and Ukraine.

As if all this was not enough, some genius at NATO Supreme Headquarters in Brussels came up with the idea of calling the alliance’s June 2016 military exercises in Eastern Europe ANACONDA. An anaconda is a gigantic carnivorous snake in the Amazon rain forest that first encircles its victims, crushes them to death and then devours them. What message was Russia meant to take from such tasteless nomenclature? However, it will not happen. Far from burying Russia, the US-led NATO alliance has been burying itself instead through its reckless, unending and remorseless growth. The curse of Giant Man is upon it. When the comic book hero Giant Man grew to 50 or 60 feet tall, he collapsed under his own weight. Such a fate is already happening to NATO.

The fundamental problem of the NATO alliance is that it is simultaneously too big and too diverse. The bigger it gets, the weaker it gets. This is because, with every state that joins the Alliance, the only militarily significant power within it, the United States, takes on an additional commitment to defend it. What does the United States get in return for its reckless bestowal of such earth shaking commitments? It gets nothing at all. When a tiny nation like Lithuania or Estonia boasts about meeting the 2 percent of GDP defense spending requirement of NATO this is ludicrous. The armed forces and GDP’s of such countries are so small as to be nonexistent. The much larger nations in the Alliance in Western Europe make no pretense of coming remotely close to their two percent defense spending pledge.

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No, not a daring escape, as I read somewhere. Negotiated by Russia.

Hundreds of Syrian ‘White Helmets’ Evacuated By Israel to Jordan (R.)

About 800 members of Syria’s White Helmets civil defense group and their families were evacuated via Israel to Jordan on Sunday from southwest Syria, where a Russian-backed Syrian government offensive is under way, media said. In a statement, the Israeli military said it had completed “a humanitarian effort to rescue members of a Syrian civil organization and their families … due to an immediate threat to their lives”. It said they were transferred to a neighboring country, which it did not identify, and that the evacuation came at the request of the United States and several European countries.

Israeli media identified the Syrians as belonging to the White Helmets organization. Officially called the Syrian Civil Defense but known by their distinctive white helmets, the group has operated a rescue service in rebel-held parts of Syria. Jordan’s official Petra news agency said on its website the kingdom “authorized the United Nations to organize the passage of about 800 Syrian citizens through Jordan for resettlement in Western countries”. The agency identified the Syrians as civil defense workers who fled areas controlled by the Syrian opposition after attacks there by the Syrian army. Petra said they would remain in a closed area in Jordan and that Britain, Germany and Canada had agreed to resettle them within three months.

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Poison to feed ourselves.

Our Vanishingly Pleasant Land (McCarthy)

It’s bizarre: in what seems like a display of obtuseness on a nationwide scale, it is still not generally realised or admitted that across huge swathes of the land, the biodiversity that at the end of the second world war was giving animation and vibrant life to the countryside as it had always done has simply vanished. By the government’s own admission, farmland birds have declined by 56% just since 1970; and the wild flowers have gone, and the butterflies have disappeared in their turn. Farewell to the spotted flycatcher, adios to the corncockle, goodbye to the high brown fritillary: what remains may be green, at least in spring, but that is mainly the pesticide-saturated crops; in wildlife terms, the landscape is now grossly impoverished, beyond any other one in Europe.

In his important new book, Cocker, one of our leading Nature writers, tackles head-on this remarkable twin phenomenon of destruction and ignorance, and he does so on an ambitious scale, seeking to explain and understand it by looking back in detail over a century of growing conservation efforts by individuals, charities, quangos and governments. How have they failed? In particular he is preoccupied with a paradox: how can our Nature have been so devastated, when there are more people who are members of green organisations in Britain than anywhere else? How can it have happened at the very moment in history that saw the rise of a new popular philosophy, environmentalism?

The simple answer is that this moment in history also saw the rise of intensive farming, a juggernaut beyond the power of green groups to control – and indeed beyond the power of individual governments once the Common Agricultural Policy of the European Union was fixed in place. It is modern industrial agriculture, above all by its immense reliance on poisons to boost crop yields, that has wiped out the wildlife of our countryside on a scarcely believable scale.

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