Apr 222023
 


Piet Mondriaan The red cloud 1907

 

Bobby Steps Up (Jim Kunstler)
All NATO Allies Agree Ukraine Must Join, But After Victory – NATO Chief (TASS)
Kiev Extremism, Crimes Confirm Special Operation Must Go On – Russia (TASS)
Relations With West Won’t Improve – Putin’s Special Representative (Az.)
Canceling Russian Culture Is A Mistake – Italian President (RT)
Poll Reveals Level Of Russian Public’s Confidence In Putin (TASS)
Russia’s Losses In Ukraine Exceed 185,000 Soldiers (Az.)
Russia Could Arm North Korea If South Sends Weapons To Ukraine – Medvedev (RT)
Russia To Deliver Free Fertilizer To Africa – Foreign Ministry (RT)
US Lawmakers Demand Halt To ‘Unrestrained’ Ukraine Aid (RT)
Reuters Interviews Soldier ‘Adolf’ In Ukraine (RT)
UK Minister Calls for Jailing Social Media Bosses Who Don’t Censor (Turley)
BRICS De-Dollarization Push Gaining Momentum – Indonesia (RT)
Chile Nationalizes Lithium Industry Overnight (ZH)

 

 

The West is buying up Ukraine. All of it.

 

 

Lock ’em all up

 

 

Here’s all 51 of them:

 

 

Tucker interference

 

 

Oath of Office

 

 

MEDVEDEV: “The belief of the British degenerates in their exclusivity is magnificent. The Russian court that was hearing cases of grave crimes against our citizens was sanctioned, and a little earlier the ambassador of this country was yapping something outside our court building. It’s not even about the specific “case”, but about their holy confidence that this is a terrible punishment and that Russian officials will beat themselves up in hysterics about it.

Still, it is obvious that the conflict of outdated form (the degenerate British monarchy) and mocking content (look at the faces of their recent prime ministers – Boris Johnson, Theresa May and what’s-his-name, Sunack) creates some pretty bizarre creatures. I don’t give a damn about their decisions, though. Britain was, is and will be our eternal enemy. At least until their insolent and nasty, raw island is swept into the abyss of the sea by the wave created by Russia’s latest weapons system. ‘Let it be’, as the Beatles sang…”

 

 

 

 

Well, we can hope.

Bobby Steps Up (Jim Kunstler)

Of course, Yahoo News, and all the rest of the in-the-tank news media greeted Robert F. Kennedy, Jr.’s presidential announcement by branding him a “noted-anti-vaxxer,” as if that’s a bad thing. Yes, noted, thank you very much. Reuters elaborated: “Kennedy has been banned from YouTube and Instagram for spreading misinformation about vaccines and the COVID-19 pandemic.” By now, whenever you see the agit-prop platitude spreading misinformation, does your brain not instantly translate that into telling the truth? And by now, does banishment from social media not tell you that certain guilty parties recognize a truth-teller when they see one?

Bobby Kennedy stepped up on Wednesday and gave a long and comprehensive speech so rich with historic resonance, intelligence, and flat-out bravery — in the face of, let’s face it, a Satanic opposition — that he made every other figure aspiring to high office within memory look like quality-control rejects from evolution’s Homo sapiens assembly line. For 90-minutes in a Boston ballroom, RFK, Jr. told America the truth: that its entire matrix of leadership has laid one trip after another on our country going all the way back to the murders of his father and uncle, and he did it plainly, gently, humorously at times, but with an unmistakable gravitas and decorum that must scare the beJeezus out of the low life-forms currently running things.

Most of all, Bobby demonstrated that there is a way out of the bad-faith wilderness America has been lost in for years. He spoke to the audience in the ballroom, and to the country, in an adult conversational tone, without notes, as if he expected that voters would actually understand the problems we face: the wicked partnerships of corporations and governments to swindle and gaslight the public; the reckless military adventurism-for-profit campaign that has bankrupted the USA, now culminating in the Ukraine fiasco; the botched response to the Covid-19 episode and the chicanery that induced it; the insults to our ecosystem that are destroying the other organisms who live with us on this planet; and the financial chicanery that is driving America into inflation and bankruptcy. He reminded the nation of the good-faith efforts sixty years ago to end racial injustice — which has lately turned into a series of dispiriting hustles to promote antagonism and separation.

[..] I think RFK, Jr. sees very clearly the historical moment he represents. He’s keenly aware of the shade thrown over this land by the murders of his father and President Kennedy, and he has said flat-out in so many words that our own CIA was behind the dastardly acts. He’s been in a position to know the animus between JFK and the founding director of the CIA, Allen Dulles, and the reckless blunders of the agency and its partners in the Pentagon who buffaloed President Kennedy into the Bay of Pigs farce and then tried to drag him deeper into the Vietnam quagmire. JFK resisted that, threatened to shred the CIA into a thousand pieces and scatter them to the four winds… and Allen Dulles whacked him. He got away with it the same way that today’s Intel “community” got away with RussiaGate and all their subsequent crimes. In short, Bobby Kennedy knows what it looks like when a government is at war against its own people.

Read more …

Ukraine has and is already lost. What victory?

All NATO Allies Agree Ukraine Must Join, But After Victory – NATO Chief (TASS)

All NATO member countries have agreed that Ukraine should join the alliance, but a meaningful discussion of the issue is possibly only after it wins in the armed conflict with Russia, NATO Secretary General Jens Stoltenberg said on Friday. He made the statement as he arrived at US Ramstein Air Base in Germany before a meeting of the Ukraine Defense Contact Group that will consider new supplies of weapons to Kiev. “All NATO Allies have agreed that Ukraine will become a member,” he said in comments broadcast by the alliance. But he said “if Ukraine doesn’t prevail as a sovereign, independent nation in Europe, there is no meaning in discussing membership.”


Stoltenberg also said the alliance will help Ukraine to build a “better and brighter future” for its people. The secretary general, who visited Kiev on April 20, said his message to Ukrainian President Vladimir Zelensky was that NATO will support Ukraine over a long time. He pledged new weapons supplies to Kiev and assistance to ensure that the systems, which have already been provided, function well. The NATO chief said the Ukrainian president had asked the alliance to supply more air defense systems, heavy tanks and jets.

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“..punish the residents of Crimea and Donbass for their wish to pin their future on Russia.”

Kiev Extremism, Crimes Confirm Special Operation Must Go On – Russia (TASS)

The Kiev regime’s extremist statements and crimes confirm the need to continue the special military operation until all of its objectives have been achieved, the Russian Foreign Ministry said in a statement on Friday. The ministry drew attention to “the latest portion of extremist statements by some Ukrainian officials,” in particular, Mikhail Podolyak, an advisor to the head of the Ukrainian presidential office, who, “while discussing the situation involving the canonical Ukrainian Orthodox Church, openly stated that today the Kiev regime has a unique chance to quickly and painlessly physically ‘mop up’ a large number of pro-Russian people.”


“Such rhetoric and criminal actions by the Kiev regime confirm the need for continuing the special military operation until the tasks of denazification and demilitarization of Ukraine and the elimination of threats to Russia’s security emanating from its territory have been fully accomplished,” the Russian Foreign Ministry pointed out. It recalled that Podolyak “also promised to punish the residents of Crimea and Donbass for their wish to pin their future on Russia.” “He is echoed by the mayor of Dnepropetrovsk, renamed to Dnepr, Boris Filatov, who says that Ukraine does not forgive offenses,” the Russian Foreign Ministry added.

Read more …

US cancel culture is domestic AND international.

Relations With West Won’t Improve – Putin’s Special Representative (Az.)

The fractured ties between Moscow and the West will not improve anytime soon given that Russian artists continue to be blacklisted and joint projects canceled, said Mikhail Shvydkoy, President Vladimir Putin’s special representative for international cultural cooperation. “I don’t think relations with the European Union and the US, with unfriendly Western countries, will be ‘unfrozen’. So far, I don’t see any prospect for change,” Shvydkoy, a former culture minister, told the news agency RIA Novosti on Thursday. “On the contrary, they are expanding the lists of [Russians] working in the cultural field that have been sanctioned. There is still a ban in the West for cultural institutions to have contacts with Russian state institutions,” the official said. Shvydkoy added that, despite the tensions, some individual artists and scientists from the West are ready to interact with their Russian counterparts. Moscow, in turn, continues to be open to projects with other countries across the globe.


As part of the restrictions imposed on Russia in response to its military operation in Ukraine, the EU blacklisted a number of public figures who support the Russian government, including Oscar-winning filmmaker Nikita Mikhalkov, actors Sergey Bezrukov and Vladimir Mashkov, singers Oleg Gazmanov, Grigory Leps, and Nikolay Rastorguyev. Some artists lost work in the West shortly after the armed conflict broke out between Moscow and Kiev in February 2022. Carnegie Hall in New York canceled a performance by famed conductor Valery Gergiev and pianist Denis Matsuev. Putin slammed the reprisals against Russian artists and works last year as “simply stupid,” and said that “attempts to cancel our culture are doomed to fail.”

Read more …

Smart man. Wise words.

“Mattarella stressed that culture does not lend itself to “convenient cataloging,” and aspires to offer itself as a vision that contrasts with the real world. “What kills culture is homogenization, conformity, even that to which we submit unconsciously or culpably due to mental laziness, due to opportunism..”

Canceling Russian Culture Is A Mistake – Italian President (RT)

Russian culture is an inseparable part of European history, Italian President Sergio Mattarella said in an interview with Corriere Della Sera on Friday. The leader condemned the recent attempts to cancel Russian works of art amid Moscow’s conflict with Kiev. Asked if it is “right to abolish” Russian literature and art from Europe’s long cultural history, Mattarella stated that the ‘cancel culture’ against everything Russian is a mistake. “The attitude towards the cultures produced by man, by the most diverse intellectuals and artists, can only be openness, curiosity, knowledge, comparison,” he said. “Progress comes from this. Not from rejection, not from cancelation.” “The cancel culture towards Russian literature and art is a mistaken gesture,” the president said, adding that Russian culture is an inseparable part of European history.

Mattarella stressed that culture does not lend itself to “convenient cataloging,” and aspires to offer itself as a vision that contrasts with the real world. “What kills culture is homogenization, conformity, even that to which we submit unconsciously or culpably due to mental laziness, due to opportunism,” he said. Ever since Russia launched its military operation in Ukraine in February 2022, there have been numerous calls and attempts in the West to boycott any and all Russian art in retaliation. Many Western cultural institutions have sought to completely remove Russian-linked works from their galleries and opera houses.

The Cardiff Philharmonic Orchestra in Wales dropped the music of composer Pyotr Tchaikovsky from a concert, Britain’s Royal Opera House canceled a tour by the Bolshoi Ballet, and New York’s Carnegie Hall and Metropolitan Opera have stopped allowing Russian musicians and organizations to perform at their venues. The clampdown, which has been actively encouraged by Kiev, has affected Russian musicians, filmmakers, artists, and athletes, many of whom have been banned from performing or competing in the West, as well as being allowed access to Western markets. President Vladimir Putin slammed the reprisals against Russian artists and works last year while speaking at the Valdai Discussion Club forum, and suggested that it is reminiscent of the Nazi book burnings.

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Confusing numbers.

Poll Reveals Level Of Russian Public’s Confidence In Putin (TASS)

The proportion of Russian citizens’ confidence in President Vladimir Putin amounted to over 80%, according to the All-Russian Public Opinion Research Center that published the results of a survey conducted between April 10 and 16 among 1,600 respondents aged over 18. “When asked about trust in Putin, 80.1% of respondents answered positively (+0.4% over the week), the approval rate of the Russian president’s work was up by 0.4% and stood at 77.5%,” the pollster noted. “Positive assessment figures for the Prime Minister and the Russian government amounted to 54.8% (-0.1%) and 51.8% (-2.3%), respectively,” the report stressed. Mikhail Mishustin was trusted by 63.3% of respondents (-0.2% over the week).


Those surveyed also expressed their confidence in the heads of various parliamentary factions. Russia’s Communist Party (CPRF) leader Gennady Zyuganov was trusted by 33.5% of respondents (-0.1%), Sergey Mironov, the leader of A Just Russia – For Truth, received 30.7% (-0.6%), the leader of the Liberal Democratic Party of Russia (LDPR) Leonid Slutsky got 17.7% (+1.4%), and the leader of The New People party Alexey Nechayev procured 6.7% (-1.1%). The poll also revealed that the level of support for the United Russia party stood at 39.0% (-0.8%), with the CPRF supported by 10.2% (-0.1%). The LDPR got 9.3% (+0.4%), A Just Russia – For Truth procured 5.2% (-0.3% over the week), and The New People party’s figures came to 4.3% (-0.4%).

Read more …

As I commented yesterday, this has no credibility. If only because, as Doug Macgregor has been saying for a long time now, and Bobby Kennedy confirms in the video below, 7-8 times more Ukrainian troops die than Russians. And I don’t believe 1.2-1.5 million Ukrainians have died to date. Better to stick with, also from the video, the 300,000 number Kennedy mentions. So, divided by 7 or 8, ± 40,000 Russians. And I do realize we’re not talking numbers here, we’re talking sons and fathers etc. Real people, with hopes and expectations and futures. And sons and daughters and spouses and parents. Deeply tragic.

Russia’s Losses In Ukraine Exceed 185,000 Soldiers (Az.)

The Ukrainian army has liquidated 630 Russian soldiers over the past day, the General Staff of the Armed Forces of Ukraine said, Report informs via RBC-Ukraine. Besides, the Armed Forces of Ukraine destroyed 6 armored fighting vehicles and 8 drones. The total number of losses of the Russian army since the beginning of the war is 185,050 soldiers.

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“I wonder what the residents of this nation would say when they see the newest example of Russian weapons in possession of their closest neighbors..”

Russia Could Arm North Korea If South Sends Weapons To Ukraine – Medvedev (RT)

Moscow could offer advanced weapons to North Korea if South Korea begins to supply military aid to Ukraine, former Russian President Dmitry Medvedev has suggested. South Korean President Yoon Suk-yeol indicated a possible policy shift regarding the Ukraine conflict in an interview with Reuters on Wednesday, ahead of a state visit to the US next week. “If there is a situation the international community cannot condone, such as any large-scale attack on civilians, massacre or serious violation of the laws of war, it might be difficult for us to insist only on humanitarian or financial support,” Yoon said. “Considering our relationship with the parties engaged in the war and developments in the battlefield, we will take the most appropriate measures,” he added.

Medvedev, who currently serves as deputy chair of the Russian National Security Council, noted that Seoul had thus far refused to supply lethal aid to Kiev. “I wonder what the residents of this nation would say when they see the newest example of Russian weapons in possession of their closest neighbors, our partners from the DPRK [Democratic People’s Republic of Korea]?” Medvedev wrote on social media. Yoon told Reuters that he plans to discuss with US President Joe Biden how the two nations can achieve “tangible outcomes” in deterring North Korea. He added that Seoul is developing “ultra-high-performance, high-power weapons” to fend off perceived threats from its neighbor. Last week, Pyongyang reported testing its first solid-propellant intercontinental ballistic missile.

South Korea, which is a major arms producer, has refrained from sending lethal aid to Ukraine, citing its policy against supplying weapons to war zones. President Yoon’s office said his remarks to Reuters did not signal a policy change by the government, according to the Yonhap news agency. South Korean media claimed last week that the country had considered “loaning” the US some 500,000 rounds for 155mm artillery guns. Ukraine is reportedly in desperate need of this type of munition for the conflict with Russia. A government official described the arrangement to the Dong-A Ilbo newspaper as “indirect aid to Ukraine” which would supposedly show that Seoul was a responsible member of the international community “without provoking Russia.”

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They have a hard time giving it away. Or rather, to get it where it’s needed.

Russia To Deliver Free Fertilizer To Africa – Foreign Ministry (RT)

Moscow is preparing two batches of fertilizers to be shipped to Kenya and Nigeria free of charge, Russian Deputy Foreign Minister Sergey Vershinin has revealed. The announcement comes amid uncertainty over the prospects for an extension of the Black Sea grain deal. “So far, one shipment [of Russian fertilizers] of 20,000 tons, has been transported to Malawi, and it took six months. More [deliveries of fertilizers] to Kenya and Nigeria are being prepared, but they have not yet been implemented,” Vershinin told Russia 24 TV on Friday. The deputy foreign minister noted that he was speaking about supplies of Russian fertilizers which fell under Western sanctions and were delivered at the expense of Moscow. “This is the real picture of what’s happening today, which, unfortunately, many are trying to conceal,” Vershinin said, expressing confidence that “they won’t succeed.”

The Western sanctions do not directly target Russian agricultural goods, but affect payments, insurance, and shipping. With many Russian banks disconnected from SWIFT, direct settlements for exports have been made difficult. Under the Black Sea grain deal – which was brokered last July by the UN and Türkiye to help keep agricultural shipments from Ukraine going – Russia was to receive a sanctions reprieve for its own agricultural goods. However, Moscow has expressed discontent with UN efforts to lift Western restrictions affecting the sector. According to the Kremlin, only half of the agreement is currently being implemented because not all parties have kept their side of the bargain.

The deal has already been extended once but is now set to expire on May 18, and there is uncertainty about the prospects for an extension. Moscow has said it would only consider another extension if the demands regarding its own exports are met. Last September, President Vladimir Putin announced that Moscow was ready to transfer 300,000 tons of Russian fertilizers – stuck in EU ports due to Western sanctions – to developing countries free of charge. While Putin welcomed the decision to allow Russian fertilizers into the EU, he criticized Brussels for only allowing the bloc’s member states to buy them.

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“Ukraine is burning through more artillery rounds each month than the US can produce in six months..”

US Lawmakers Demand Halt To ‘Unrestrained’ Ukraine Aid (RT)

A coalition of 19 Republican legislators in the US Senate and House has urged President Joe Biden to focus on seeking a diplomatic solution to the Russia-Ukraine crisis rather than continuing to prolong the bloodshed by sending billions of dollars’ worth of weaponry to Kiev. “Our national and economic security demand an alternative,” Senators Mike Lee, Rand Paul and other Republicans said on Thursday in a letter to the president. “Unrestrained US aid for Ukraine must come to an end, and we will adamantly oppose all future aid packages unless they are linked to a clear diplomatic strategy designed to bring this war to a rapid conclusion.”

Biden’s push to impose sanctions on Moscow and supply weapons to Kiev creates more risk of escalating the crisis and lacks “much-needed strategic clarity,” the lawmakers said. They warned that Biden has offered no clear strategy to end the fighting. “A proxy war with Russia in Ukraine is not in the strategic interest of the United States and risks an escalation that could spiral out of control.” Congress has approved $113 billion in military, economic and humanitarian aid to Ukraine since the conflict began in February 2022. Some of the weapons recently committed to Kiev, including M1 Abrams tanks, require months of training and transport – suggesting that Biden’s administration is “settling in” for a long-term conflict, the lawmakers said.

“With every new aid package and every new weapon provided to Ukraine, the risk of direct conflict with Russia climbs,” said the letter, which was also signed by Senator J.D. Vance and Representatives Lauren Boebert, Matt Gaetz, Marjorie Taylor Greene, Anna Paulina Luna and Andy Biggs, among others. The legislators added that escalating US involvement in the conflict, including military training and intelligence support, “makes it increasingly difficult to deny Russian accusations of US complicity in a proxy war.” Ukraine is burning through more artillery rounds each month than the US can produce in six months, according to the letter. Washington has given Kiev more Javelin anti-tank missiles than it can make in four years. “The US is in no position to expend $113 billion reinforcing a foreign military as our own military atrophies,”

The Republicans also argued that Biden’s tactics have brought Russia and China closer together, giving credence to allegations that Washington is “inextricably opposed” to the interests of Moscow and Beijing. Biden and the Pentagon also have disregarded their top responsibility, keeping Americans safe, by pushing the limits of America’s security readiness to arm Ukraine, the letter said. Open-ended aid to Ukraine is “fundamentally incompatible” with US interests, the Republicans said, adding, “There are appropriate ways in which the US can support the Ukrainian people, but unlimited arms supplies in support of an endless war is not one of them. Our national interests, and those of the Ukrainian people, are best served by incentivizing the negotiations that are urgently needed to bring this conflict to a resolution.”

Read more …

Still scary.

Reuters Interviews Soldier ‘Adolf’ In Ukraine (RT)

International news agency Reuters has published an interview with a Ukrainian recruit codenamed “Adolf.” The footage is the latest in a long line of videos, photos, and stories linking Kiev’s forces with Nazi ideology. In a post to Twitter on Friday, Reuters described how “newly recruited servicemen for the Spartan storm brigade” were practicing at an undisclosed location in Kharkov Region. “A serviceman with the nom-de-guerre ‘Adolf’ said they had been trained in ‘first aid, tactics, [and] firing drills’,” the agency added. In an accompanying video, ‘Adolf’ spoke to Reuters about the drills. A caption identified him by his apparently Nazi-influenced moniker, a title that was also visible on a patch on his vest. In comments below the video, Twitter users wondered how an agency like Reuters did not notice the obvious reference to Adolf Hitler.

“How many times is something like this going to happen before reporters start probing a bit?” documentary filmmaker Jake Hanrahan wrote. “Speaking from experience, the number of guys you encounter with straight-up neo-Nazi tattoos/patches/callsign is not small,” CNN and CBC reporter Neil Hauer, who has reported from Ukraine over the last year, commented. The ‘Spartan’ brigade is one of several new units being hastily assembled by the Ukrainian military ahead of an anticipated counteroffensive against Russian forces. The new brigades will include a replenished Azov regiment, an infamous neo-Nazi paramilitary force that was formally incorporated into the Ukrainian National Guard in 2014 before being destroyed by Russian forces in Mariupol last summer.

According to Reuters, some 40,000 new “storm brigade” troops are being trained at the moment. It is unclear if “storm brigades” is a deliberate reference by the Ukrainian military to the Nazi “Sturmabteilung,” or SA, paramilitaries of the 1920s and 1930s, or whether “Spartan storm brigade” is a deliberate nod to “SS Brigade,” referring to the elite Nazi units most responsible for implementing the Holocaust. Since the start of Russia’s military operation in Ukraine last February, countless photographs and videos have emerged of Ukrainian soldiers wearing Nazi regalia, some of which were posted to social media by President Vladimir Zelensky, who is Jewish. In February, Zelensky bestowed the honorary title ‘Edelweiss’ upon the 10th Separate Mountain Assault Brigade of the Ukrainian army. The title was previously used by Nazi Germany’s 1st Mountain Division, which took part in the invasion of the Soviet Union in 1941 and raised a swastika flag on Mount Elbrus.

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There’s only one.

UK Minister Calls for Jailing Social Media Bosses Who Don’t Censor (Turley)

As previously discussed, after Musk decided to buy Twitter, Hillary Clinton called upon European countries to force social media companies to censor Americans. The European Union quickly responded by threatening Musk and other executives. Now, Technology and Science Secretary Michelle Donelan has announced plans to jail social media executives if they fail to censor so-called “harmful” content on their websites. The government, of course, will determine what is deemed too harmful for citizens to see or hear. Donelan is seeking speech arrests under the UK’s Online Safety Bill, a draconian censorship bill that would effectively ban end-to-end encryption for private internet users.

The bill uses Britain’s broadcasting regulator Ofcom to censor “all forms of expression which spread, incite, promote or justify hatred” based on various progressive characteristics, including transgenderism. So the government can censor anyone who it views as promoting or justifying hatred against virtually any group. Those who do not censor can now be rounded up by Donelan and her minions. According to a report by The Telegraph, companies will also face fines of up to 10 per cent of their global revenue should they dare to ignore Britain’s demands to preemptively delete or obscure posts violating its coming censorship regime. The decline of free speech in the United Kingdom has long been a concern for free speech advocates. A man was convicted for sending a tweet while drunk referring to dead soldiers. Another was arrested for an anti-police t-shirt. Another was arrested for calling the Irish boyfriend of his ex-girlfriend a “leprechaun.”

Yet another was arrested for singing “Kung Fu Fighting.” A teenager was arrested for protesting outside of a Scientology center with a sign calling the religion a “cult.” Recently we discussed the arrest of a woman who was praying to herself near an abortion clinic. English courts have seen criminalized “toxic ideologies” as part of this crackdown on free speech. Donelan is only the latest voice of a rising generation of censors. These officials proudly parade their intent to silence or jail those with dissenting views. Yet, they do so in the name of tolerance. This is why free speech is in a free fall in Europe and why we must remain vigilant in this country to resist figures like Clinton who want to bring European censorship to our shores.

Read more …

Indonesia would add another 275 million people to BRICS. The country with the single largest population of Muslims.

BRICS De-Dollarization Push Gaining Momentum – Indonesia (RT)

Indonesia is following the lead of the BRICS group of developing nations in its policy of shifting away from the US dollar in trade and financial transactions, according to the country’s central bank. Jakarta has introduced transactions in the local currency to settle cross-border trades, the portal SINDOnews has reported, citing Bank of Indonesia Governor Perry Warjiyo. “Indonesia has initiated diversification of the use of currency in the form of LCT [local currency trading]. The direction is the same as the BRICS. In fact, Indonesia is more concrete,” Warjiyo said on Friday, addressing a press conference with the board of governors meeting. Indonesia has already implemented the practice with a number of countries, such as Thailand, Malaysia, China, and Japan, he added.

It also plans to sign a cooperation agreement with South Korea regarding local currency trading in early May. Warjiyo’s statement comes as the BRICS economic bloc – comprising Brazil, Russia, India, China, and South Africa – claims to be working on establishing a joint payment network to cut reliance on the Western financial system, and on the dollar in particular. The member countries have been increasing the use of local currencies in mutual trade and also working on establishing a new reserve currency. Last month, Brazil and China signed an agreement to trade in their own currencies, thus abandoning the greenback as an intermediary. China’s attempts to ditch the greenback in international trade have intensified against the backdrop of the sweeping sanctions introduced by Western nations against Russia, a major global energy producer and exporter.

Indian policymakers have also taken several steps towards shifting away from the greenback to rubles and rupees in mutual trade with Moscow. Russia began de-dollarizing its economy in 2014, when the West introduced the first round of sanctions against the country over Crimea. Moscow has been boosting the use of alternative currencies in transactions since last year, with President Vladimir Putin suggesting earlier that the Chinese yuan should be used more widely, not only in trade with China, but also in Russia’s transactions with countries in Africa and Latin America. The latest data from the Bank of Russia shows that the yuan has become a major player in Russia’s foreign trade.

Read more …

They still need cooperation. We could still see a coup. Unless perhaps China gets involved.

Chile Nationalizes Lithium Industry Overnight (ZH)

The weaponization of commodities in a world that is increasingly turning multipolar and where legacy trade links and commercial bridges are burning down metaphorically (and in some cases literally) is accelerating. Chile’s President Gabriel Boric stunned the world on Thursday when he said he would nationalize the country’s lithium industry, the world’s second largest producer of the metal essential in electric vehicle batteries, to boost its economy and protect its environment. The shock move in the country with the world’s largest lithium reserves would in time transfer control of Chile’s vast lithium operations from industry giants SQM and Albemarle to a separate state-owned company. The nationalization poses a fresh challenge to electric vehicle (EV) manufacturers scrambling to secure battery materials, as more countries look to protect their natural resources.

Mexico nationalized its lithium deposits last year, and Indonesia banned exports of nickel ore, a key battery material, in 2020. “This is the best chance we have at transitioning to a sustainable and developed economy. We can’t afford to waste it,” Boric said in an address televised nationwide. Future lithium contracts would only be issued as public-private partnerships with state control, he said, hoping to extract far more profits from lithium demand by EV giants such as Tesla and well, everyone else these days. The government would not terminate current contracts, but hoped companies would be open to state participation before they expire, he said, without naming Albemarle and SQM, the world’s No.1 and No.2 lithium producers respectively. In other words, they can volunteer to hand over control of their assets. SQM’s contract is set to expire in 2030 and Albemarle’s in 2043.


SQM, formally called Sociedad Quimica Y Minera de Chile, and Albemarle supply Tesla Inc, LG Energy Solution Ltd and other EV and battery manufacturers. Albemarle said the announcement would have “no material impact on our business” and it would continue talks on investing in further growth and using new technologies in Chile. South Korean battery maker SK On, which has a long-term supply contract with SQM, said it would monitor the development and respond with a long term view. The announcement by Chile did not trigger a reversal in lithium prices which as we noted previously, have plunged more than 70% from a November peak due to weakening EV demand in China, the world’s biggest auto market. The most-traded lithium carbonate futures on the Wuxi Stainless Steel Exchange in China fell 3.4%.

Read more …

 

 

 

 

Rubik

 

 

John Steinbeck.

 

 

Crow
https://twitter.com/i/status/1649470006860587015

 

 

PuppyDuck

 

 

Strange fruit

 

 

 

 

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Feb 202021
 
 February 20, 2021  Posted by at 4:49 pm Finance Tagged with: , , , , , , , , , ,  21 Responses »


Pablo Picasso Head of a Woman 1946
Missing, stolen painting .. gifted to the National Gallery by Picasso in 1946 in recognition of Athens’s resistance to Nazi occupation; he inscribed on the back: “For the Greek people, a tribute from Picasso.”

 

 

Dr. D posted this as a short comment, not an article, and he’s welcome, encouraged even, to expand on it at a later date. But I think it’s important enough, and detailed enough, to in fact make it an article. We can take if from here. The blind drive towards EV’s is going to hurt, and we should prepare for that.

The idea, and the concept, that we can simply switch from one energy source to another and keep motoring and do all the other things we do, is nothing but a cheap and meaningless sales pitch. To produce 20 million Tesla’s would require 165% of the entire 2019 global lithium production, says this from mining.com:

 

 

That’s just Tesla, that doesn’t yet include the entire rest of the world’s car manufacturers who also claim they’ll go “green”. But then we’ll just raise the production of lithium! Well, there may be a problem with that…

Wouldn’t it be hilarious if “green” cars in the end prove to be more polluting than “dirty” cars?

 

 

Dr. D: More math, like garlic and holy water, keeps the riff raff away.

One solution to Texas’ problem is to have long-term storage that the grid refuses to buy and install. But you can! For only $10,000, 5-10x the cost of yesterday’s generator, you can own a brand new Tesla Powerwall. That maybe MIGHT not catch on fire like all their cars and solar panels have. With it, you can have 13kw of power, and that’s not joking: an American house uses 1kw a day, so that’s almost two weeks of power. For $10,000, and a little house fire.

There are 3M Texans without power, so say 1M households, not sure how they account it or how carefully. 1M Powerwalls, and their NOT drawing on the grid would help the rest of Texas households too! For only $10 BILLION dollars. (And a 10-year lifespan). Chicken feed these days.

Cool. He’s building a factory there, we’ll buy one today. You know, with that extra $10k most American families have hanging around.

But…then there’s math. At 200lbs/pc 1 Million Powerwalls would need 200 MILLION pounds of lithium or 100,000 tons. (90,718 Metric Tonnes)

 

Pic

 

Oh wait: that’s more Lithium than is mined in WHOLE CONTINENTS, like top producer Australia @ 42,000 tonnes. Next is Chile, 18,000 tonnes.

I detect a problem.

More problems follow. Lithium is both unbelievably reactive and unbelievably toxic. It catches on fire in water — not like there’s any “water” where humans live, and as lithium is a major ingredient in psychology drugs, causing mood leveling or even erasing emotions altogether, and doesn’t decay, even a small amount of escaped lithium is a big deal. That’s both in the Pecos and Red River, AND at the mining site, where it consumes tens of thousands of gallons in the world’s driest environments, like Bolivia.

The Environmental Impact of Lithium Batteries

“Lithium extraction harms the soil and causes air contamination. In Argentina’s Salar de Hombre Muerto, residents believe that lithium operations contaminated streams used by humans and livestock and for crop irrigation. In Chile, the landscape is marred by mountains of discarded salt and canals filled with contaminated water with an unnatural blue hue.

… In Australia, only two percent of the country’s 3,300 metric tons of lithium-ion waste is recycled.

… recovered cells are usually shredded, creating a mixture of metal that can then be separated using pyrometallurgical techniques—burning—which wastes a lot of the lithium.”

Two other key ingredients, cobalt and nickel, are more in danger of creating a bottleneck in the move towards electric vehicles, and at a potentially huge environmental cost. Cobalt is found in huge quantities right across the Democratic Republic of Congo and central Africa, and hardly anywhere else. The price has quadrupled in the last two years.

Unlike most metals, which are not toxic when they’re pulled from the ground as metal ores, cobalt is “uniquely terrible,” according to Gleb Yushin, chief technical officer and founder of battery materials company Sila Nanotechnologies.”

Not done yet, where one solution to one 7-day crisis takes more lithium than is mined? Then polluted? Then not recycled? Then as not recycled, permanently escapes into your water supply?

There’s still this: it takes 60kw to produce 1kw of lithium battery capacity. Now it’s reusable, so there are many, many cycles in a battery, but your 13 Million Kwh are going to need 78M Kwh to create, just for the battery side, or 78,000 megawatts.

Are you sure you wouldn’t rather – say it with me now:

“Use it up, wear it out, make it do, or do without”? You know, by reducing, reusing, economizing, using less, and creating only things that last longer?

Nope. If I DON’T buy a Powerwall, who profits? No subsidy, no GDP, no sales tax, no Wall Street IPO. No 18 weeks’ work at $20/hr, tied up to Jamie Dimon and Uncle Sam to buy it.

Thoreau said he could walk to Boston on foot quicker than he could get the money to take the train there. Is chopping fallen wood and sitting on a rammed clay floor next to your small wood stove REALLY that bad? That’s 18 weeks you can stay home and read Cicero – from a real-to-god, paper book — with your children. Or not. Don’t, end up in the dark and curse: “I cry to you, O God, but you don’t answer. I will speak out in the anguish of my spirit, I will complain in the bitterness of my soul.” What do you think he’s going to do for you that you’re not doing for yourself?

 

 

See also:

The Spiralling Environmental Cost Of Our Lithium Battery Addiction

And

Bolivia: Where revolutionaries and lithium miners go to die

 

 

 

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May 232020
 


Adam Zyglis The son of man May 19 2020

 

US Grants Tentative OK For 15 Air Carriers To Cut Service To 75 Airports (R.)
UK Confirms 14-Day Quarantine Post-Travel (Y!)
Remdesivir Study Finds Mortality Too High For Standalone Treatment (ZH)
NIH Trial: Redesivir Works Best In COVID Patients On Oxygen (R.)
US Veterans Agency Has Given HCQ To 1,300 Coronavirus Patients (R.)
COVID19 ‘Taking Different Path In Africa’, Says WHO (G.)
Peruvian President Extends Nationwide Lockdown Through June 30 (CNN)
Chileans Rediscover Community Kitchens As Coronavirus and Hunger Bite (R.)
Car Rental Giant Hertz Files For Bankruptcy (Solomon)
This Sucker Is Going Down (Kunstler)
Argentina Set For Default As Bondholders Reject New Terms (G.)
FBI Launches Internal Investigation Into Its Handling Of Flynn Case (JTN)
FBI Opened Russia Probe On Third-Hand ‘Suggestion’ Of Collusion (JTN)

 

 

Global new cases in past 24 hours: 107,743

New cases in:
• US + 23,591
• Russia + 9,434
• Brazil + 21.461
• India + 6,568
• Chile + 4,726

New deaths in past 24 hours:
• US + 1,260 (total deaths 97,655)
• Russia + 139
• Brazil + 1,034
• Spain + 688
• UK +351
• Mexico + 337

 

 

https://twitter.com/SteveGuest/status/1263901535462928386

 

 

 

Cases 5,326,230 (+ 107,743 from yesterday’s 5,218,496)

Deaths 340,383 (+ 5,314 from yesterday’s 335,069)

 

 

 

From Worldometer yesterday evening -before their day’s close-

 

 

From Worldometer

 

 

From SCMP:

 

 

From COVID19Info.live:

 

 

 

 

Now that their lockdowns end, the US and UK take measures they should have when they started. The cart and the horse.

How is this not insane? During the lockdowns, US airlines have kept flying everywhere, and people have entered the UK without even being checked (an official policy).

Now that the virus is solidly embedded in the home population, they start acting to prevent it from embedding itself in the population.

US Grants Tentative OK For 15 Air Carriers To Cut Service To 75 Airports (R.)

The U.S. Transportation Department said late on Friday it had granted tentative approval to 15 airlines to temporarily halt service to 75 U.S. airports because of the coronavirus pandemic. Airlines must maintain minimum service levels in order to receive government assistance but many have petitioned to stop service to airports with low passenger demand. Both United Airlines and Delta Air Lines won tentative approval to halt flights to 11 airports, while JetBlue Airways, Alaska Airlines and Frontier Airlines were approved to stop flights to five airports each. The department said all airports would continue to be served by at least one air carrier.


The Transportation Department said objections to the order can be filed until May 28. U.S. air carriers are collectively burning through more than $10 billion in cash a month as travel demand remains a fraction of prior levels, even though it has rebounded slightly in recent weeks. They have parked more than half of their planes and cut thousands of flights. The department has previously granted airlines waivers to cancel some additional flights and denied others. On May 12, the department said it would allow carriers to halt flights to up to 5% of required destinations.


Getty

Read more …

Millions of travelers since January, and 100,000 air passengers alone from April 1-26, have entered the UK unhindered. No More! We have all the virus we need!

UK Confirms 14-Day Quarantine Post-Travel (Y!)

The UK government confirmed in a statement that it will put in place a 14-day period of quarantine for anyone that lands on British soil in a bid to prevent the spread of coronavirus. The move, which was announced at the government’s daily press briefing, will be a huge blow for the airline industry that is predicted to lose $314bn this year, according to the latest prediction from the International Air Transport Association (IATA). That number is still 25% more than previously forecasted. This is also due to a 55% drop in 2020 passenger revenue compared with last year.


Home secretary Priti Patel confirmed at the daily coronavirus briefing from Downing Street on Friday that alongside the 14-day quarantine, those under that lockdown could be contacted regularly throughout this period to ensure compliance. “As the world begins to emerge from what we hope is the worst of the coronavirus pandemic, we must look to the future and protect the British public by reducing the risk of cases crossing our border,” she said in a statement. “We are introducing these new measures now to keep the transmission rate down and prevent a devastating second wave. “I fully expect the majority of people will do the right thing and abide by these measures. But we will take enforcement action against the minority of people who endanger the safety of others.”

Read more …

When a ‘pivotal’ study is released on a Friday at 6pm, you know something’s wrong. But we still see headlines today like:

“Gilead’s drug works best in COVID patients on oxygen” and “Anti-viral drug ‘remdesivir’ effective against coronavirus, study finds”.

Remdesivir doesn’t work. It may have a little effect on people who already get oxygen, but that’s it. It doesn’t cure a thing.

There’s a Chinese study out on a drug with the great plus that it hasn’t killed anyone in phase 1 testing.

That is the new standard. All investors should move in! This could be the one!

Remdesivir Study Finds Mortality Too High For Standalone Treatment (ZH)

… According to a pivotal study published in the New England Journal of Medicine late on Friday, Remdesivir, which was authorized to treat Covid-19 in a group of 1063 adults and children (split into two groups, one receiving placebo instead of remdesivir) who need i) supplemental oxygen, ii) a ventilator or iii) extracorporeal membrane oxygenation (ECMO), only significantly helped those on supplemental oxygen. Meanwhile, and explaining the 6pm release on a Friday, the study also found no marked benefit from remdesivir for those who were healthier and didn’t need oxygen or those who were sicker, requiring a ventilator or a heart-lung bypass machine.

The NEJM, almost apologetically, stated that “the lack of benefit seen in the other groups might have stemmed from a smaller number of patients in each group.” Still, as a result of the partial benefit for patients in the supplemental oxygen group, the study from the National Institute of Allergy and Infectious Diseases was evaluated early and led to the authorization of remdesivir before the full trial was completed. Our findings highlight the need to identify Covid-19 cases and start antiviral treatment before the pulmonary disease progresses to require mechanical ventilation.

A visual representation of the outcomes is below; it shows that whereas there was a modest benefit only to patients who were receiving oxygen, the results were statistically insignificant vs placebo for patients not receiving oxygen, while in a surprising twist patients on high-flow oxygen or mechanical ventilator/ECMO did modestly better in the placebo group than those taking remdesivir. Also, the overall results showed a very modest, but not statistically significant improvement in the remdesivir group vs placebo. [..] Another disappointment: the study found that overall “mortality was numerically lower in the remdesivir group than in the placebo group, but the difference was not significant”, in other words the alleged “miracle drug” has largely the same effect as a placebo in terms of overall disease mortality.

Read more …

It looks like advertizing gone wrong.

NIH Trial: Redesivir Works Best In COVID Patients On Oxygen (R.)

The U.S. National Institutes of Health (NIH) on Friday said that data from its trial of Gilead Sciences Inc’s (GILD.O) remdesivir show that the drug offers the most benefit for COVID-19 patients who need extra oxygen but do not require mechanical ventilation. The peer-reviewed data was published in the New England Journal of Medicine. The trial, for which final results are still trickling in, showed that recovery time for patients given remdesivir was shortened by four days, or 31%, compared to placebo patients. The biggest benefit was seen in patients who were sick enough to need supplemental oxygen, but were not on a ventilator. The data detailed in the journal is similar to early results that the NIH released last month from the study, which began in February with 1,063 participants in 10 countries.


Researchers now calculate that after follow up, 7% of patients given remdesivir will have died, compared with 12% in the placebo group, but they said the difference in the death rate was not significant. “Our findings highlight the need to identify COVID-19 cases and start antiviral treatment before the pulmonary disease progresses to require mechanical ventilation,” the researchers wrote. They noted that “given high mortality despite the use of remdesivir,” it is likely that the antiviral drug would be more effective in combination with other treatments for COVID-19, the respiratory illness caused by the novel coronavirus. Gilead said it expects results from its own study of remdesivir in patients with moderate COVID-19 at the end of this month.

Read more …

Chuck Schumer is only interested because he can smear Trump. That the VA employs thousands of doctors makes no difference. They are all wrong.

US Veterans Agency Has Given HCQ To 1,300 Coronavirus Patients (R.)

The U.S. Department of Veterans Affairs (VA) has treated 1,300 coronavirus patients with the malaria drug hydroxychloroquine, which a study has tied to an increased risk of death, according to a document released by a Senate Democrat on Friday. Senate Democratic Leader Chuck Schumer, who received the information from the VA in response to questions he submitted on the issue, said he was “deeply troubled” by the data. President Donald Trump has long urged use of hydroxychloroquine against coronavirus and recently said he has been taking it himself, despite evidence that the treatment could be harmful.

A study published on Friday in the medical journal Lancet tied the drug to an increased risk of death in hospitalized patients with COVID-19, the disease caused by the novel coronavirus. In April, doctors at VA itself also said hydroxychloroquine did not help COVID-19 patients and might pose a higher risk of death. The VA, which provides care to 9 million veterans, said that about 1,300 coronavirus patients who received the drug are among more than 10,000 COVID-19 patients it has treated.

It has also dispensed hydroxychloroquine to about 7,500 patients with other conditions including rheumatoid arthritis and lupus. The VA said it will continue to dispense the drug under the guidelines of the Food and Drug Administration. In answer to a question from Schumer, the VA said it was not pressured into using hydroxychloroquine by the White House, the Department of Health and Human Services or any other federal agency. “VA, like so many medical facilities across this nation, is in a race to keep patients alive during this pandemic, and we are using as many tools as we can,” the VA told Schumer.

Read more …

Sure, younger population. But more than that, no health care systems, no ways to keep track of infected or dead, let alone with what.

Different path alright.

COVID19 ‘Taking Different Path In Africa’, Says WHO (G.)

There had been apocalyptic forecasts for the potential impact of the coronavirus pandemic in Africa. On Friday evening, after the 100,000th case was reached, the World Health Organization’s Africa office circulated a note saying that it now seemed clear that the pandemic “appears to be taking a different pathway in Africa.” The note continued: Case numbers have not grown at the same exponential rate as in other regions and so far Africa has not experienced the high mortality seen in some parts of the world. Today, there are 3,100 confirmed deaths on the continent. By comparison, when cases reached 100,000 in the WHO European region, deaths stood at more than 4,900.

Early analysis by WHO suggests that Africa’s lower mortality rate may be the result of demography and other possible factors. Africa is the youngest continent demographically with more than 60% of the population under the age of 25. Older adults have a significantly increased risk of developing a severe illness. In Europe nearly 95% of deaths occurred in those older than 60 years. WHO also noted that African governments swiftly imposed restrictive measures on their populations in an attempt to contain the spread of the disease. However, it also said that despite “significant progress in testing”, rates of testing remain low in comparison to other regions.

It insisted that, despite the relatively low number of cases, “the pandemic remains a major threat to the continent’s health systems”. Now that countries are starting to ease their confinement measures, there is a possibility that cases could increase significantly, and it is critical that governments remain vigilant and ready to adjust measures in line with epidemiological data and proper risk assessment.

Read more …

Peru has it bad.

Peruvian President Extends Nationwide Lockdown Through June 30 (CNN)

Peruvian President Martin Vizcarra announced Friday that a national state of emergency, which includes mandatory social isolation measures, will be extended through June 30. He announced that “a national state of emergency is being declared from Monday, May 25 until June 30, including obligatory social isolation, quarantine, due to the grave circumstances that affect the life of the nation due to Covid-19,” according to state news agency Andina. Vizcarra first declared a nationwide state of emergency, which included mandatory self-quarantine and closed the country’s borders, on March 15. With the current extension, Peru will be under a state of emergency for at least three and a half months.

Read more …

“On the first night, the word “hunger” was projected onto one of Santiago’s tallest buildings.”

Chileans Rediscover Community Kitchens As Coronavirus and Hunger Bite (R.)

Poor neighbourhoods in the Chilean capital Santiago have seen a resurgence in the use of community kitchens once prevalent in the darkest days of dictatorship, as coronavirus shutdowns put pressure on jobs and send thousands into poverty. With winter approaching and temperatures chilling, canteen-style operations provide plates of hot food to those with dwindling incomes or nothing at all. They are organized by neighbors, local leaders and councils, who donate money or food. “My people are getting desperate, they have nothing to eat so we asked for help and as always, the people answered,” Sandra Cariz, the president of a community association, told Reuters in the Puente Alto suburb of Santiago on Friday.


The kitchens come alongside a growing number of drives circulating on social media for food, money and clothing donations. Chile has about 62,000 coronavirus cases and 600 deaths. Its economy has taken a hit unlike anything since the 1980s, government officials have said, when almost half of Chileans lived below the poverty line and the country was rocked by protests against Augusto Pinochet’s regime. When the coronavirus hit in March, Chile was just recovering from intense social protests over inequality which included arson attacks and looting. Protests restarted this week, with skirmishes between police and people denouncing the highest job losses in a decade. On the first night, the word “hunger” was projected onto one of Santiago’s tallest buildings.

Read more …

Uber.

Car Rental Giant Hertz Files For Bankruptcy (Solomon)

Hertz Global Holdings on Friday eveing filed for Chapter 11 bankruptcy protection as large debts and 700,000 vehicles mostly idled by the pandemic brought the car rental giant to its knees. The Florida-based company, which listed more than $24 billion in debt, took the action in a Delaware bankruptcy court in an effort to avoid permanent closure and a liquidation of its fleet. The company said it had $1 billion in cash to keep operating on a limited basis while it negotiated with its lenders and vendors. Its financial problems became apparent last month when it missed a round of payments. Hertz is the nation’s second largest car rental agency and boasts the brands Hertz, Dollar, Thrifty, and Firefly.

Read more …

“As in any extinction event, it will be the smaller organisms that survive and eventually thrive and that’s how it will go in the next edition of America..”

This Sucker Is Going Down (Kunstler)

It was only a few decades ago that Walmart entered the pantheon of American icons, joining motherhood, apple pie, and baseball on the highest tier of the altar. The people were entranced by this behemoth cornucopia of unbelievably cheap stuff packaged in gargantuan quantities. It was something like their participation trophy for the sheer luck of being born in this exceptional land, or having valiantly clawed their way in from wretched places near and far – where, increasingly, the mighty stream of magically cheap stuff was manufactured. The evolving psychology of Walmart-ism had a strangely self-destructive aura about it. Like cargo cultists waiting on a jungle mountaintop, small town Americans prayed and importuned the gods of commerce to bring them a Walmart.

Historians of the future, pan-frying ‘possum cutlets over their campfires, will marvel at the potency of their ancestors’ prayers. Every little burg in the USA eventually saw a Walmart UFO land in the cornfield or cow-pasture on the edge of town. Like the space invaders of sci-fi filmdom, Walmart quickly killed off everything else of economic worth around it, and eventually the towns themselves. And that was where things stood as the long emergency commenced in the winter of early 2020, along with the Covid-19 corona virus riding shotgun on the hearse-wagon it rolled in on. We’re in a liminal, transitional moment of history, like beach-goers gawking at the glassy-green curve of a great wave in the throes of breaking. Such mesmerizing beauty!

Alas, most people can’t surf. It looks easy on TV, but you’d be surprised at the conditioning it takes, and Americans are way, way out of condition. (All those tattoos don’t give you an ounce of extra mojo.) And so, in this liminal moment, the people still trudge dutifully to the Walmarts with their dwindling reserves of cash money to get stuff, going through all the devotions that we took for granted before the wave welled up and threatened to break over us. Which is happening. Despite all the fake-heroic blather from the Federal Reserve, from Nancy Pelosi, from Mr. Trump and Mr. Mnuchin – from everybody in charge, to be really fair – and in the immortal words of another recent president — this sucker is going down. Specifically, what’s going down is the aggregate of transactions we call “the economy.”

[..] As in any extinction event, it will be the smaller organisms that survive and eventually thrive and that’s how it will go in the next edition of America, whether we remain states united or find ourselves organized differently. Accordingly, the giants must fall. When the communities of America rebuild, it will be the thousands of small activities that matter, because they will entail the rebuilding of social capital as well as exchanges that amount to business. Social capital is exactly what Walmart and things like it killed in every community from sea to shining sea. People stopped doing business with their neighbors. It took a cataclysm for them to finally notice.

Read more …

On average once every decade?!

Argentina Set For Default As Bondholders Reject New Terms (G.)

Argentina is on course for a technical default on its government borrowing on Friday as the country continues to hold talks with international investors over plans to restructure its debts. Financial investors said they expected the country to miss $500m (£410m) in interest payments on its borrowing, according to the Reuters news agency, as the government tries to renegotiate its borrowing before a 2 June deadline. With the economy in recession even before the coronavirus outbreak and spiralling inflation, Argentina has about $65bn in debt owned by overseas investors, which both the state and its creditors believe is unsustainable. The government has asked bondholders to accept significantly lower interest payments on its debts and to defer payments until 2024. Investors had thus far rejected the terms proposed by president Alberto Fernández’s centre-left government, which came to power late last year.


This month, a group of leading economists including Thomas Piketty and the Nobel prize-winner Joseph Stiglitz urged bondholders to take a constructive approach to restructuring Argentina’s debts. They argued debt relief for the country would be “the only way to combat the pandemic and set the economy on a sustainable path”. A group of international investors – including Ashmore, BlackRock and AllianceBernstein – that hold about $16.7bn of Argentinian bonds said on Friday that they recognised the country was seeking a comprehensive deal, even though failure to pay would trigger a default, Reuters reported. Sarah-Jayne Clifton, director of Jubilee Debt Campaign, said that Argentina was right to demand a deep debt restructuring and to default if lenders did not accept a deal. “Reckless lending at high interest rates helped to create the current crisis, so lenders and speculators should share in the costs,” she said.

Read more …

Oh, get serious.

FBI Launches Internal Investigation Into Its Handling Of Flynn Case (JTN)

FBI Director Christopher Wray on Friday ordered an internal investigation into the bureau’s handling of the Michael Flynn case, just two weeks after the Justice Department declared that it was dropping the case against him and that federal investigators had no standing to interview the general in early 2017. Wray “today ordered the Bureau’s Inspection Division to conduct an after-action review of the Michael Flynn investigation,” the FBI announced on Friday. The Inspection Division essentially functions similarly to an internal affairs office found in lower law enforcement agencies. Fox News reported on Friday that the bureau will seek to identify whether any current FBI officials “engaged in misconduct” during the investigation, as well as whether or not the agency can improve its investigation process moving forward.


The bureau “does not have the ability to take any disciplinary action” against former employees, the FBI’s statement said. Flynn’s plight has received new attention in recent weeks, starting with the stunning Justice Department announcement at the beginning of the month. Following the department’s decision, the judge overseeing the Flynn case, Emmet Sullivan, declined to immediately dismiss it per the recommendation from Justice, instead inviting an amicus curiae brief from retired Judge John Gleeson in support of continuing the case against the general.

Read more …

Boy what a sh*tshow.

FBI Opened Russia Probe On Third-Hand ‘Suggestion’ Of Collusion (JTN)

The FBI’s probe into whether the Trump campaign colluded with Russia was opened on a third-hand “suggestion” of wrongdoing and the thinnest of suspicions that illegal foreign lobbying had occurred, according to a declassified memo released Friday that shows agents immediately flagged the strong limitations of their evidence. The July 31, 2016 electronic communication that officially open the counterintelligence investigation codenamed Crossfire Hurricane was obtained by the conservative watchdog group Judicial Watch. It shows the criminal basis for opening the probe was suspected violations of the Foreign Agent Registration Act, but it did not identify a single episode that it said violated the law.

Rather it focused on a “suggestion” passed on by Australian ambassador Alexander Downer that Trump campaign adviser George Papadopoulos might be coordinating with Russia the release of damaging information about Hillary Clinton. Downer had heard the information about the Russians during a bar conversation in May 2016 from Papadopoulos, who had heard it two months earlier from a European professor who had heard it from Russians allegedly. The memo shows the case agent, Peter Strzok, expressed some doubts and reservations about the limitations of the evidence even as he opened the probe. The memo cited concerns about “suggestions from the Russians that they (the Russians) could assist the Trump campaign with the anonymous release of information during the campaign that would be damaging to Hillary Clinton.”

Papadopoulos “suggested the Trump team had received some kind of suggestion from Russia” that it had damaging information, the memo said. But Strzok’s memo immediately noted the limitations of the allegations forwarded from the Australians. “It was unclear whether he or the Russians were referring to material acquired publicly of through other means. It was also unclear how Mr. Trump’s team reacted to the offer,” the memo stated. Kevin Brock, the former chief of intelligence for the FBI, said the electronic communication did not meet the bureau’s rigorous standards for predicating the opening of a criminal or counterintelligence case. [..] Asked whether as an FBI assistant director he would have approved opening Crossfire Hurricane based on what was in the memo, Brock said: “Not in a millions years. I wouldn’t have approved it as a squad supervisor either. This would have set off alarm bells in any FBI field for not meeting our standards for a predicate.”

Read more …

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Nov 172019
 


Pablo Picasso Chair 1942

 

Ex-NSC Official Claims Sondland Said He Was Directed By Trump On Ukraine (CNN)
Prince Andrew Denies Sex With 17 Year Old, Says He Was At Pizza Express (Ind.)
High-Stakes Gamble On TV Interview Over Epstein Backfires On Prince Andrew (G.)
Boeing Pressures FAA To Re-Approve 737 MAX, Staff Beg Not To Fly In It (BI)
Macron Plays Fox in the EU Hen House (Spiegel)
Saudi Aramco IPO Set To Value Company Up To $1.7 Trillion (CNBC)
Iran Gas Price Hike Protests Escalate (RT)
Hong Kong Protesters Hurl PETROL BOMBS, Shoot ARROWS At Police (RT)
Tensions Run High During Yellow Vests Protests (RT)
Bolivia Death Toll Mounts Amid Pro-Evo Morales Protests (BBC)
Chile Agrees To Replace Pinochet Constitution Amid Turbulent Protests (AP)

 

 

The smell that emanates from this is something in the vein of : “How dare a president be involved in foreign policy?” Sure, Sondland is an out of place character, but to label this ‘interference’ is odd. “At the NSC, “we have a way we do things that works,” talking about regular vs irregular foreign policy channels. But the thing is that Trump didn’t trust the regular channels; he thought they’d protect Biden, and keep the focus on Russia Russia.

Is Trump dangerous for asking for a Burisma investigation? Or is he merely a problem for the State Lifers and their backers? Want to check what the Constituion says about foreign policy?

Ex-NSC Official Claims Sondland Said He Was Directed By Trump On Ukraine (CNN)

Gordon Sondland, the American envoy to the European Union, was acting at President Donald Trump’s instruction in his dealings with Ukraine, and Sondland said that the President told him Ukrainian President Volodymyr Zelensky “must announce the opening of the investigations,” according to the closed-door deposition of a former National Security Council official. Former NSC official Tim Morrison testified that he had heard from Sondland that US aid to Ukraine was conditioned on the country announcing an investigation into former Vice President Joe Biden and his son Hunter Biden.

Morrison’s testimony, which was released by House impeachment investigators on Saturday, adds additional corroboration to the testimony of others, like US diplomat Bill Taylor, that Sondland said he was acting at Trump’s direction when he was urging Ukraine to announce political investigations. Morrison’s testimony will only fuel questions about Sondland’s closed-door interview, which has been called into question based on the testimony others have given about his conversations with Trump. Sondland is scheduled to testify publicly before the House Intelligence Committee on Wednesday. House impeachment investigators also released Saturday the transcript of Jennifer Williams, an aide to Vice President Mike Pence, who listened into the July 25 call along with Morrison.

While Morrison did not take specific issue with the content of Trump’s call with Zelensky, both aides described their concerns as they listened to Trump discussing political investigations. Morrison’s testimony also added additional detail explaining how the call ended up on a highly secure server outside of normal channels. Morrison, who is scheduled to testify publicly on Tuesday, described how Sondland was a “problem” as he operated in what previous witness testimony described as irregular foreign policy channels. And he recalled Sondland speaking directly to Trump about the investigations and the military aid. “He related to me he was acting – he was discussing these matters with the President,” Morrison said.

[..] Morrison said Sondland was a concern for his predecessor, former White House Russia expert Fiona Hill, who is also scheduled to testify publicly next week. “She described Ambassador Sondland as a problem,” Morrison said, recounting a conversation they had about Sondland. “We both discussed that Ukraine was not in the EU, which led to the follow-on question of, why is he involved in Ukraine? And, as I mentioned, she mentioned Burisma, which I nearly did not know what that was.” Morrison explained their concern: “It was less about his role in Ukraine and more about how he conducted himself. He did not participate in the process. So we are very process-oriented on the NSC; we have a way we do things that works. And so when people come in and get involved in issues and they’re not of that process, it creates risk.”

Read more …

He can’t for the life of him remember meeting Virginia Giuffre, but he distinctly remembers going for pizza.

Prince Andrew Denies Sex With 17 Year Old, Says He Was At Pizza Express (Ind.)

Prince Andrew has claimed he could not have had sex with a 17-year-old girl on the night he is accused of doing so – because he had taken his daughter to Pizza Express in Woking. Giving an unprecedented television interview to address claims surrounding his friendship with billionaire sex offender Jeffery Epstein, the Duke of York denied having sex with Virginia Giuffre in 2001. [..] “On that particular day, that we now understand is the date which is the 10th of March, I was at home,” the duke said. “I was with the children and I’d taken Beatrice to a Pizza Express in Woking for a party at I suppose, sort of, four or five in the afternoon.

“And then because the duchess [of York] was away, we have a simple rule in the family that when one is away, the other one is there.” When asked why he remembered the specific trip to the restaurant, he replied: “Because going to Pizza Express in Woking is an unusual thing for me to do, a very unusual thing for me to do. “I’ve never been … I’ve only been to Woking a couple of times and I remember it weirdly distinctly. “As soon as somebody reminded me of it, I went: ‘Oh yes, I remember that’.”

[..] The duke went on to question the validity of a photograph with his arm around Ms Giuffre in London – saying it was not possible to prove if the image had, or had not, been faked. He said: ”I don’t believe it’s a picture of me in London because when I would out to… When I go out in London, I wear a suit and a tie. “That’s what I would describe as… those are my travelling clothes if I’m going to go… If I’m going overseas.” He added: ”Nobody can prove whether or not that photograph has been doctored but I don’t recollect that photograph ever being taken.”

Read more …

What a trainwreck of a man. Saw Epstein umpteen times, a man who everybody says was always surrounded by minor girls, but not during all those times Andrew was around, in London, New York, pedo island.

High-Stakes Gamble On TV Interview Over Epstein Backfires On Prince Andrew (G.)

The prince’s answers are likely to ensure he remains in the headlines for the conceivable future, and several commentators have condemned his approach. Catherine Mayer, founder of the Women’s Equality Party, tweeted that the prince was “too stupid to even pretend concern for Epstein’s victims”. Charlie Proctor, editor of the Royal Central website, said: “I expected a train wreck. That was a plane crashing into an oil tanker, causing a tsunami, triggering a nuclear explosion level bad.” It is known that some close to the prince had reservations about how the interview – reportedly the result of six months of negotiations with the royal household – would play out.

Jason Stein, who previously worked for the former work and pensions secretary Amber Rudd, recently quit as an adviser to the prince after less than a month. It is understood he had disagreed with the decision to go ahead with the interview. It is claimed that the prince sought permission from the Queen before giving it, and that she gave her consent early last week. In the interview, the prince said that with “hindsight” his decision to stay at Epstein’s house was “definitely the wrong thing to do”. Giuffre’s lawyers did not respond to requests for comment but her Twitter account retweeted a comment from the former editor of the Northern Echo, Peter Barron, who said: “Astonishing decision by the royal family to go ahead with this Prince Andrew confessional interview in the hope it would draw a line under the scandal. It will have the opposite effect.”

[..] Giuffre’s lawyer, Jack Scarola, told Mail Online the prince should agree to an interview “under oath” instead of giving statements to the media that carry “little weight”. He said: “I believe there is an ongoing investigation in New York by the FBI under the supervision of the US Attorney’s office into those involved in facilitating Jeffrey Epstein’s abuse. “I would love to see Prince Andrew submit to an interview under oath with the investigating authorities. Talking to the media doesn’t quite cut it. Statements that are not under oath carry little weight.”


Prince Andrew: I don’t do public displays of affection

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Getting antsy: “Asking the FAA to let Boeing deliver newly-manufactured 737 MAXes to clients before it is approved to fly..” Wait, how are you going to deliver them then?

Boeing Pressures FAA To Re-Approve 737 MAX, Staff Beg Not To Fly In It (BI)

Boeing is exerting pressure on the Federal Aviation Administration to speed up the approval of its 737 Max jet to fly again, according to multiple reports, and seemingly confirmed by the agency’s head. At the same time, airline crew and pilots are pushing back against any expedited timescale for the Max’s return, with some begging not to be assigned to the jets even after they return to service. The Max has been grounded for eight months, since the second of two fatal crashes which killed more than 300 people between them. The approval process centers on proposed fixes to an automated flight control system which malfunctioned in the two crashes. It has taken far longer than many in the aviation industry expected.

According to The New York Times and the Reuters news agency, Boeing has pushed the FAA on two fronts in the hope of getting the plane back in the air faster: • Pushing for pilots to test the new software on flight simulators before the FAA has finished vetting it. • Asking the FAA to let Boeing deliver newly-manufactured 737 Maxes to clients before it is approved to fly, to shorten the lag between approval and airlines putting passengers on it. The FAA has resisted, The Times reported. It said engineers pointed out that it does not make sense to ask pilots to test software before it is fully vetted, since it could be changed during that process. Senior figures at the FAA have encouraged staff to take all the time they need to keep assessing the plane, both in public and in private.

Lori Bassani, the head of Association of Professional Flight Attendants, a union representing staff at American, said: “I hear from flight attendants every day, and they’re begging me not to make them go back up in that plane.” She said Boeing needs to share more information with her members about their safety changes before they will be happy to get back on. Her words followed a harsh rebuke from Jon Weaks, the head of the Southwest Airlines Pilots Association, who said Boeing was demonstrating “arrogance, ignorance, and greed” in its push to get the plane flying again.

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“Russia, he said, is part of Europe and it cannot and should not be ignored..”

Macron Plays Fox in the EU Hen House (Spiegel)

French diplomats in Brussels are open about the fact that differences between Berlin and Paris are growing more frequent. Berlin officials, by contrast, insist that the frontlines now run between Paris and the rest of the EU. That has also been easy to see when it comes to Brexit. In recent months, Macron has repeatedly failed in his demand that Britain not be granted a deferral or, if unavoidable, merely a short delay. Most recently, the French had virtually no allies left on the issue. Macron was similarly isolated at the EU summit in mid-October, when he blocked the beginning of accession negotiations with North Macedonia by making use of his veto. Outgoing Commission President Jean-Claude Juncker referred to it as a “historic mistake” that could endanger the Balkan country’s stability.

Merkel likewise said pointedly that the EU had to “remain reliable.” Insiders say that it only became clear how Macron would vote on the issue just one day before EU heads of state and government gathered for the summit. When Chancellery staff inquire at the Élysée as to why they aren’t always kept informed, they sometimes receive answers that they have thus far only associated with the Trump administration in Washington: Élysée staff, they hear, only has limited influence over the president. In August, Macron initiated a new approach to Russia without consulting at all with his allies. Just a few days ahead of the G-7 summit in Biarritz, a group that Russia was expelled from after the annexation of the Crimea, Macron invited Russian President Vladimir Putin to southern France for talks.

Not speaking with Russia would be a major mistake, Macron said immediately before the consultations. Russia, he said, is part of Europe and it cannot and should not be ignored, adding that he believed in the power of geography and European history. Even then, it was growing clear that Macron was thinking about a new security concept for Europe. For Macron, a strong Europe is one that self-confidently seeks dialogue with the large and mid-sized powers the world over. The more we do to ensure that Russia becomes a power within Europe, Macron said at the time, the better.

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Some people are suggesting the Saudis badly need the cash.

Saudi Aramco IPO Set To Value Company Up To $1.7 Trillion (CNBC)

Saudi Aramco has set a price range for its listing that implies the oil giant is worth between $1.6 trillion to $1.7 trillion, below the $2 trillion that the Saudi crown prince had previously targeted, making it potentially the world’s biggest IPO. Aramco said on Sunday it plans to sell 1.5% of its shares or about 3 billion shares, at an indicative price range of 30 riyals ($8.00) to 32 riyals, valuing the initial public offering (IPO), as much as 96 billion riyals ($25.60 billion) at the top end of the range. Aramco could just beat the record-breaking $25 billion raised by Chinese e-commerce giant Alibaba when it made its stock market debut in New York in 2014.

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A sreies of protests articles. The one in Iran ignited fast.

Iran Gas Price Hike Protests Escalate (RT)

The Iranian government’s surprise decision to raise gasoline prices, which caused protests around the country, should be implemented, Iran’s Supreme Leader Ali Khamenei said, blaming the violence amid demonstrations on criminals. The divisive decision, announced this week, has caused protests in several Iranian cities. Khamenei was cited by the Iranian media on Sunday as saying that, while he was no expert in petrol industry, he still believed the government’s decision should be implemented. The Iranian leader also confirmed that there have been deaths related to the protests caused by the hike, blaming them on foreign influence.


“Sabotage and arson is done by hooligans not our people. The counter-revolution and Iran’s enemies have always supported sabotage and breaches of security and continue to do so,” he said as quoted by state TV. The demonstrations that started on Friday have been largely peaceful, but on some occasions the public anger escalated into vandalism and clashes. Iranian authorities confirmed that one person was killed in the southeastern city of Sirjan. There were also reports of protesters vandalizing cars, setting banks on fire and otherwise causing property damage.

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There’s a shift in emotion going on. Sympathy for the Hong Kong protesters appears to be waning.

Hong Kong Protesters Hurl PETROL BOMBS, Shoot ARROWS At Police (RT)

Demonstrators in Hong Kong attacked common citizens who attempted to free the roads from barricades amid a new round of clashes with police. A fierce street battle erupted outside the Hong Kong Polytechnic University (PolyU) on Sunday, as protesters threw bricks at police, which responded with tear gas and water cannons. The officers were trying to remove the barricades erected by the demonstrators earlier this week, and urged them to stop placing metal spikes on the roads in hopes of piercing the police vehicles’ tires. The protesters earlier attacked a group of citizens who were clearing the roadblocks and debris outside the PolyU. A man and a woman were hospitalized with head injuries in result of the attack.

Similar scuffles occurred near the University of Hong Kong (HKU) and the City University of Hong Kong (CityU), where black-clad, masked rioters threw bricks and petrol bombs at the volunteers, who were removing the makeshift barricades. The residents, many of whom are alumnae of these universities, have answered online calls from pro-government politicians to help clean the streets. Some of them told the South China Morning Post that protesters have gone “too far” when they switched from rioting downtown to seizing campuses and blocking major roads, including the Cross-Harbour Tunnel, which connects the Hong Kong Island with the rest of the city.

Around 50 Chinese army soldiers joined the volunteers to dismantle the barricades near the Hong Kong Baptist University, marking the first time when Beijing’s troops have left their barracks since the start of the protests this summer. The soldiers were unarmed and wore no protective gear.

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“Celebrating” the 1 year anniversary.

Tensions Run High During Yellow Vests Protests (RT)

Yellow Vest protesters were doused with water during clashes with police and rioting in downtown Paris, ahead of the first anniversary of their nationwide anti-government demonstrations. The Place d’Italie circle in the city’s 13th arrondissement descended into chaos as protesters erected makeshift barricades and threw stones at police officers, which responded with tear gas and water cannon. The protesters overturned several parked cars and set vehicles on fire. A group of Yellow Vests attempted to block a fire truck from getting through to the barricades, which were also set ablaze.


A shopping mall and several bus stops were vandalized when the protesters vented their anger over what they deem as government inaction towards their demands, made throughout a full year of weekly demonstrations. The windows of a bank were smashed during the rioting. The protester groups on social media had earlier called on their colleagues to occupy and block several stores, including the Ikea and Apple stores. Police were also called in to disperse protesters who were blocking traffic along the Boulevard Peripherique, the city’s main ring ‘beltway’ road. The authorities revoked their permit to stage a rally at the Place d’Italie, after the protests turned violent. Police had arrested 61 protesters by 3pm, Prefect of Paris Didier Lallement confirmed, adding that some officers were injured in the clashes.

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Can they bring Morales back?

Bolivia Death Toll Mounts Amid Pro-Evo Morales Protests (BBC)

The death toll in Bolivia continues to rise after violent clashes between security forces and supporters of former President Evo Morales. On Friday, security forces opened fire on supporters of Mr Morales in Sacaba, killing at least eight people. A doctor in the city told the Associated Press that most of those killed and injured had bullet wounds. The country’s national ombudsman said a total of 19 people had died since the disputed election on 20 October. On Saturday, UN human rights chief Michelle Bachelet warned that violence in Bolivia could “spin out of control”. “Repressive actions by the authorities… are likely to jeopardise any possible avenue for dialogue,” she added. Amid claims of electoral fraud, Mr Morales resigned on 10 November and later fled to Mexico.


On Friday, before the violence in Sacaba, he told the BBC that there were no meaningful charges that could be brought against him. He was responding to interim President Jeanine Áñez, who said he could be prosecuted if he returned to Bolivia. Mr Morales had previously said he was willing to return to Bolivia in order to restore peace. He also told US broadcaster CNN that what happened in Sacaba was “a real massacre”. Ms Áñez, who declared herself interim president on Tuesday, has already broken ties with Venezuela and is sending home more than 700 Cuban medics. The moves are meant to show that the interim government is distancing itself from Mr Morales’s regional left-wing allies.

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Heavy protests in Chile too.

Chile Agrees To Replace Pinochet Constitution Amid Turbulent Protests (AP)

Chile’s most important political parties agreed Friday to call for a new constitution to replace one imposed by a military dictatorship almost 40 years ago, a move that follows a month of turbulent social protests in the streets. The agreement calls for an April plebiscite asking Chileans who should draft that document: the existing Congress or a new group made up of legislators and specially elected citizens. Holding the plebiscite itself will require a modification of the existing constitution. The agreement follows a month of demonstrations that began with a protest over subway fares and expanded into a mass movement against inequality that has shaken the nation.


At least 25 people have died and thousands injured. It wasn’t immediately clear if the pact would pacify the hundreds of thousands of Chileans who have taken to the streets in recent weeks. “They are hearing what the people have been asking for so long,” said Pedro Alastuey, a 36-year-old physical education teacher who took part in some of the protests. But he added, “Until they give a concrete solution to the demands of the people, it will be very hard to stop this.” [..] A broad swath of the centre and left of Chile’s political spectrum has long demanded scrapping or major overhauls to the 1980 constitution imposed by the dictatorship of Gen. Augusto Pinochet, which overthrew democratically elected Socialist Party President Salvador Allende in 1973.

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Oct 212019
 
 October 21, 2019  Posted by at 10:11 am Finance Tagged with: , , , , , , , , ,  13 Responses »


Vincent van Gogh Self-portrait with dark felt hat at the easel 1886

 

Recession Likely Years Away Due To Bullish Trump Effect – Shiller (CNBC)
Global Economy Faces $19 Trillion Corporate Debt Timebomb – IMF (G.)
“Toe The Line Or Be Destroyed”: Tulsi Gabbard (ZH)
Will the Democratic Party Exist after 2020 Election? (OffG)
Why 97% Of Congress Get Re-Elected Each Year (F.)
Scottish Court Asked To Delay Ruling On Johnson’s Brexit Extension Request (R.)
Many Firms In China’s Third-Biggest Province Struggle To Pay Debt – S&P (R.)
Chile’s Deadly Weekend Of Fire As Youth Anger Ignites (R.)
Boeing Expresses Regret As Text Messages Plunge Company Into New Crisis (R.)

 

 

If a crisis next year is seen as the only way to derail Trump, don’t be surprised if one is fabricated.

Recession Likely Years Away Due To Bullish Trump Effect – Shiller (CNBC)

Nobel-prize winning economist Robert Shiller believes a recession may be years away due to a bullish Trump effect in the market. According to the Yale University professor, President Donald Trump is creating an environment that’s conducive to strong consumer spending, and it’s a major force that should hold off a recession. “Consumers are hanging in there. You might wonder why that would be at this time so late into the cycle. This is the longest expansion ever. Now, you can say the expansion was partly [President Barack] Obama,” he told CNBC’s “Trading Nation” on Friday. “But lingering on this long needs an explanation.”


Shiller, a behavioral finance expert who’s out with the new book “Narrative Economics,” believes Americans are still opening their wallets wide based on what President Trump exemplifies: Consumption. “I think that [strong spending] has to do with the inspiration for many people provided by our motivational speaker president who models luxurious living,” said Shiller. Shiller emphasizes there’s still uncertainty and risk surrounding Wall Street. Before the markets can take-off, Shiller stresses President Trump needs to get past the impeachment inquiry. He sees this as the biggest threat to his optimistic forecast.

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From last week, but pretty timeless.

Global Economy Faces $19 Trillion Corporate Debt Timebomb – IMF (G.)

Low interest rates are encouraging companies to take on a level of debt that risks becoming a $19tn (£15tn) timebomb in the event of another global recession, the International Monetary Fund has said. In its half-yearly update on the state of the world’s financial markets, the IMF said that almost 40% of the corporate debt in eight leading countries – the US, China, Japan, Germany, Britain, France, Italy and Spain – would be impossible to service if there was a downturn half as serious as that of a decade ago.

The IMF noted that the stimulus provided by central banks in both developed and developing countries had the side-effect of encouraging firms to borrow more, even though many would have trouble paying it back. Officials at the Washington-based organisation fear that the buildup of debt makes the global financial system highly vulnerable and are telling member states not to repeat the mistake of the early 2000s, when warning signs of a possible market meltdown were ignored.


The IMF said share prices in the US and Japan appeared to be overvalued, while the credit spreads in bond markets – the compensation demanded by investors against risk – seemed to be too low, given the state of the global economy. Tobias Adrian and Fabio Natalucci, two senior IMF officials responsible for the Global Financial Stability Report, said: “A sharp, sudden tightening in financial conditions could unmask these vulnerabilities and put pressures on asset price valuations.” In a blogpost published alongside the GFSR, Adrian and Natalucci noted: “Corporations in eight major economies are taking on more debt and their ability to service it is weakening.

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Let’s see how nasty Hillary will get.

“Toe The Line Or Be Destroyed”: Tulsi Gabbard (ZH)

Tulsi Gabbard unleashed her latest counterattack to the establishment hit-job against her, after Hillary Clinton suggested she’s an Russian asset. “If you stand up to the rich and powerful elite and the war machine, they will destroy you and discredit your message…,” says Gabbard, who said she’s suffered smears “from day one of this campaign.” In a Sunday tweet accompanied by a video which has nearly 450,000 views on Twitter (and 18,000 on YouTube) as of this writing, Gabbard writes “Hillary & her gang of rich, powerful elite are going after me to send a msg to YOU: “Shut up, toe the line, or be destroyed.” But we, the people, will NOT be silenced.”

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Durham’s probe has just been widened again.

Will the Democratic Party Exist after 2020 Election? (OffG)

As a result of the corrupt foundation of the Russiagate allegations, Attorney General Bob Barr and Special Investigator John Durham appear hot on the trail with law enforcement in Italy as they have apparently scared the bejesus out of what little common sense remains among the Democratic hierarchy as if Barr/Durham might be headed for Obama’s Oval Office. Barr’s earlier comment before the Senate that “spying did occur’ and that ‘it’s a big deal’ when an incumbent administration (ie the Obama Administration) authorizes a counter-Intelligence operation on an opposing candidate (ie Donald Trump) has the Dems in panic-stricken overdrive – and that is what is driving the current Impeachment Inquiry.

With the stark realization that none of the DNC’s favored top tier candidates has the mojo to go the distance, the Democrats have now focused on a July 25th phone call between Trump and Ukraine President Volodymyr Zelenskyy in which Trump allegedly ‘pressured’ Zelenskyy to investigate Joe Biden’s relationship with Burisma, the country’s largest natural gas provider. At issue is any hanky panky involving Burisma payments to Rosemont Seneca Partners, an equity firm owned by Joe’s errant son, Hunter, who served on Burisma’s Board for a modest $50,000 a month. Zelenskyy, who defeated the US-endorsed incumbent President Petro Poroshenko in a landslide victory, speaks Russian, was elected to clean up corruption and end the conflict in eastern Ukraine.


The war in the Donbass began as a result of the US State Department’s role in the overthrow of democratically elected Ukrainian President Viktor Yanukovych in 2014. Trump’s first priority on July 25th was Crowd Strike, a cybersecurity firm with links to the HRC campaign which was hired by the DNC to investigate Russian hacking of its server. The Dems have reason to be concerned since it is worth contemplating why the FBI did not legally mandate that the DNC turn its server over to them for an official Federal forensic inspection. One can only speculate…those chickens may be coming home to roost.

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And why the Democratic party will survive: the funneling of government money to donors.

Why 97% Of Congress Get Re-Elected Each Year (F.)

How is 97 percent of Congress able to get re-elected each year even though only 17 percent of the American people believe our representatives are doing a good job? It’s called an incumbent protection system. Taxpayers have a right to know how it works. Recently, our auditors at OpenTheBooks.com, mashed up the federal checkbook with the congressional campaign donor database. We found powerful members of Congress soliciting campaign donations from federal contractors based in their districts. We followed the money and found a culture of conflict-of-interest.

The confluence of federal money, campaign cash, private employment, investments, prestigious committee appointments, political power, nepotism, and other conflicts are a fact pattern. Furthermore, members of Congress own investment stock in, are employed by, and receive retirement pensions from federal contractors to whom they direct billions of taxpayer dollars. Moreover, members sponsor legislation that affects these contractors. The contractor’s lobbyists then advocate for the legislation that helps the member and the contractor. Oftentimes, the contractor’s lobbyist also donates campaign cash to the member.


[..] Nothing we discovered is illegal. At arms-length, all of the transactions are legal. And that’s the problem. We polled our subscribers and 1,900 people responded: 96 percent thought it was unethical for a member of Congress to solicit campaign donations from federal contractors based in their districts. Furthermore, 92 percent said it was an important or very important issue. The American people get it. Members should refuse to accept campaign donations from federal contractors and their affiliates.

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Ongoing.

Scottish Court Asked To Delay Ruling On Johnson’s Brexit Extension Request (R.)

Anti-Brexit campaigners said they would ask a Scottish court on Monday to delay its ruling on a legal challenge that sought to force Prime Minister Boris Johnson to comply with a law requiring him to request a delay to Brexit. The so-called Benn Act compelled Johnson to write a letter to the EU asking for a Brexit extension if parliament had not approved either a deal or a no-deal exit by Saturday. Johnson had repeatedly said he would not ask for a delay. The group asked the court earlier this month either to issue an order forcing Johnson to ask for a delay or instruct that a letter be sent to the EU on his behalf if he refused to.

Johnson sent an unsigned letter to the EU on Saturday requesting a delay but added another note in which he said he did not want a “deeply corrosive” Brexit extension, prompting some lawmakers to say he was seeking to frustrate the law. Johnson’s plan to put his Brexit withdrawal deal to the UK parliament on Saturday was derailed after lawmakers voted to withhold a decision on the deal, a move that forced him to seek a third postponement of Britain’s departure from the bloc. The exit is currently due to take place on Oct. 31. Scotland’s highest court, the Court of Session, has been waiting to rule on the matter pending developments up to Oct. 19. It is due to consider the challenge again on Monday.


“What I and … the other petitioners have instructed our lawyers to do is to seek a continuation of the case until the end of the week to keep a watching brief over matters,” Scottish National Party lawmaker Joanna Cherry told ITV on Sunday. “We don’t want the focus to be all on the court case. We want the focus to be on what is happening in Brussels, the negotiation for an extension.” Cherry said the way Johnson had gone about sending the letter, without signing it, was “immensely childish” and was “arguably frustrating the purpose of the act”. “The EU … have overlooked the childish tricks and are taking the extension at face value, taking it seriously,” Cherry said. “It will be for the court to comment or otherwise on whether they think what has occurred is a frustration of the act or a contempt of court.”

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There’s the shadow banks again.

Many Firms In China’s Third-Biggest Province Struggle To Pay Debt – S&P (R.)

Many privately held firms in Shandong, China’s third-biggest province by economic output, are struggling to repay short-term debt due to declining industry fundamentals, entangled cross guarantees and ill-managed investments, S&P Global Ratings said. China’s slowing economy and enforcement of environmental protection rules have pressured the profitability and cash flow of Shandong companies in over-capacity sectors including oil refining, petrochemicals, steel, aluminium and textiles, S&P said. “The Shandong economy is skewed toward gritty smoke-stack industries where companies are typically highly leveraged,” said Chang Li, China country specialist for S&P Global Ratings.


“We view the plight of Shandong POEs (privately owned enterprises) as indicative of China’s wider challenge: the difficulty of transitioning to a higher value-added economy, while managing high debt and slowing growth.” Private firms in Shandong are also frequent users of the cross guarantee, which has the potential to send one company’s liquidity problems reverberating through the credit system, the ratings agency said. Reuters reported in February, citing court rulings, that at least 28 private companies in Dongying, a hub for oil refining and heavy industry in Shandong, are seeking to restructure their debts and avoid bankruptcy, mainly due to souring loans that they guaranteed for other firms.

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Places with mass protests in yesterday’s list: Chile, Ecuador, Lebanon, Barcelona, France, London, Puerto Rico, Hong Kong, Iraq.

New additions today: Guinea, Bolivia, Algeria, Haiti, Egypt, Pakistan, Brazil.

Chile’s Deadly Weekend Of Fire As Youth Anger Ignites (R.)

Chile’s capital Santiago has been singed by fire. In riots sparked by anger over fare hikes, masked and hooded protesters have torched buses, metro stations, supermarkets, banks and the high-rise headquarters of a major energy firm. Around the city, flames and smoke mixed with tear gas and water cannon spray as armed forces mobilized on the streets for the first time in almost 30 years in a country that still shudders at the memory of military rule. Fare-dodging protests largely by school children and students exploded into violent riots on Friday.


Amid the looting, arson and clashes, thousands of residents of rich and poor neighborhoods alike also took to the streets to express a more widespread discontent over rising living costs and patchy public services that is boiling beneath the surface of one of South American’s wealthiest and most liberal economies. The demonstrations spread around the country over the weekend, and there was little sign of tempers cooling. “This is not a simple protest over the rise of metro fares, this is an outpouring for years of oppression that have hit mainly the poorest,” Karina Sepulveda, an anthropology student, told Reuters at a protest in central Santiago on Sunday as she banged a frying pan with a wooden spoon. “The illusion of the model Chile is over. Low wages, lack of healthcare and bad pensions have made people tired.”

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Fire them all. And then sue them for wrongful death.

Boeing Expresses Regret As Text Messages Plunge Company Into New Crisis (R.)

Boeing Co. said on Sunday that it regrets and understands concerns raised by the release of a former Boeing test pilot’s internal instant messages noting erratic software behaviour two years before deadly crashes of its 737 Max jet. The world’s largest plane maker, plunged into a fresh crisis over the safety of the banned 737 Max after Reuters reported the messages on Friday, also said it was investigating the “circumstances of this exchange” and regretted the difficulties that the release of messages presented for the U.S. Federal Aviation Administration (FAA).

The FAA on Friday ordered Boeing chief executive Dennis Muilenburg to give an “immediate” explanation for the delay in turning over the “concerning” document, which Boeing discovered some months ago. In the messages from November, 2016, then-chief technical pilot Mark Forkner tells a colleague that what’s known as the MCAS anti-stall system – the same one linked to deadly crashes in Indonesia and Ethiopia – was “running rampant” in a flight-simulator session. At another point, he says: “I basically lied to the regulators (unknowingly).” The messages prompted a new call in the U.S. Congress for Boeing to shake up its management as it scrambles to rebuild trust and lift an eight-month safety ban of its fastest-selling plane.


“We understand entirely the scrutiny this matter is receiving, and are committed to working with investigative authorities and the U.S. Congress as they continue their investigations,” Boeing said in its statement on Sunday. The instant messages prompted harsh reactions from several Democratic lawmakers in Washington, with Representative Peter DeFazio saying, “This is no isolated incident.” “The outrageous instant-message chain between two Boeing employees” suggests “Boeing withheld damning information from the FAA,” Mr. DeFazio, who chairs the U.S. House transportation committee, said on Friday.

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