Aug 192020
 


Joel Meyerowitz New York City 1963

 

 

No, no matter how much I read and watch, I can’t shake the idea (less so as I go along, actually) that the Democrats don’t really, honestly, want to win the 2020 presidential election. Obviously, there are many in the party who do, and voters too, but not the ones pushing the levers and pulling the strings. Those, whoever they may be, that are picking candidates, setting policy, maintaining media contacts, doctoring spins.

Because is there anyone among you who has ever seen a worse candidate than Joe Biden? I’m not just talking about his dementia and gaffes, but you’d be very hard-pressed to find anyone who can use Biden and enthusiasm -let alone inspiration, or even better: exhilaration- in one sentence that doesn’t include the word “no”. And isn’t that the #1 requirement for a candidate?

They ostensibly went with Kamala Harris to provide some of that, if we may believe the press. She’ll whip up the voters into wild bouts of inspiring enthusiasm! Only, Kamala bowed out of the primaries even before 2020 started, after spending $40 million -part of which is still not paid off- because she was stuck at 2% support and couldn’t generate … any enthusiasm.

What you got is a really old man who couldn’t get a toddler excited about ice cream, and a token black woman who nobody even in her own party likes. Mix those ingredients into a convention that attracts just half the viewers of the 2016 one and generates the excitement level of an infomercial for kitchen appliances, and is it any wonder I doubt that the “behind the curtain party” is in this to win?

As for the political program, the agenda, there is really only one item on it: Donald Trump. And no matter how many millions of times it may be repeated in speeches and news articles, NOT being something is in the end NOT a positive message. You’re supposed to win on your own merit, not someone else’s perceived lack of merit. Newsflash: “MOST BIDEN SUPPORTERS SAY THEIR VOTE IS AGAINST TRUMP RATHER THAN FOR BIDEN – WSJ/NBC News poll”.

This bit from the Guardian on Monday sums it up nicely, and it veers into late night comedy territory while doing it (what more can one ask for?):

Virtual Democratic Convention Kicks Off With Emphasis On Unity

The Democratic national convention begins on Monday with a star-studded lineup and heavy emphasis on unity aimed at presenting Joe Biden and Kamala Harris as the US’s best hope for healing a deeply divided nation[..]

The Dems have a hard enough time uniting their own party, let alone the nation. And there’s not a Trump supporter who would move into their camp – other than the odd washed up GOP politician.

An NBC News/Wall Street Journal poll released on the eve of the convention found Biden with a nine-point lead over Trump nationally [..] According to the survey, Biden holds a wide advantage over Trump on nearly every issue except the economy, which voters say is a priority this election.


[..] Biden’s selection of Harris has exhilarated supporters, who showered the campaign with a stunning $48m in the 48 hours after she was announced as his running mate.[..]

What, so now they’re only $50 million or so behind?

Democrats anticipate the excitement around Harris’s historic candidacy as the first Black woman nominated for national office by a major party, will build momentum around the convention [..] Adrianne Shropshire, the executive director of BlackPac, a super Pac focused on Black Democrats: “I think there is also real relief that there is a ticket people can believe in, and get behind and push over the finish line.”

Excitement, exhilaration are words that don’t seem to mean anymore what they used to.

[..] the people who were in the Bernie campaign, the people in the Biden campaign, and people outside of both of those campaigns – have really worked hard to create an effective and genuine popular front against Donald Trump,” Weaver said, adding: “Trump is a very unifying factor.”


[..] Howard Dean, a former chair of the DNC who has attended every party convention since 1980, said the new format could work in Biden’s favor. Unlike Trump, who feeds off the energy of crowds at rallies but can look wooden and uncomfortable when reading from a teleprompter, Biden, Dean said, “does better on television than he does at a podium”. “This helps him because he will be on TV projecting calmness, reasonableness and thoughtfulness,” he said. “And that’s what people are desperate for right now.”

Isn’t it great that not feeling comfortable reading from a teleprompter 24/7 in your basement has now become a negative quality? I know, it’s hard to keep up.

But then there was the reality check from CNN on Sunday. Double digit leads vanished (coincidence?) just as Kamala caused all that exhilarating excitement:

Biden and Trump Matchup Tightens As Enthusiasm Hits New High

[..] on the eve of the party conventions, a majority of voters (53%) are “extremely enthusiastic” about voting in this year’s election [..] 50% of registered voters back the Biden-Harris ticket, while 46% say they support Trump and Pence, right at the poll’s margin of error [..]

Among the 72% of voters who say they are either extremely or very enthusiastic about voting this fall, Biden’s advantage over Trump widens to 53% to 46%.

It is narrower, however, among those voters who live in the states that will have the most impact on the electoral college this fall. Across 15 battleground states, the survey finds Biden has the backing of 49% of registered voters, while Trump lands at 48%.

The movement in the poll among voters nationwide since June is concentrated among men (they split about evenly in June, but now 56% back Trump, 40% Biden), those between the ages of 35 and 64 (they tilt toward Trump now, but were Biden-leaning in June) and independents (in June, Biden held a 52% to 41% lead, but now it’s a near even 46% Biden to 45% Trump divide).

 

The picture painted, especially amongst the most dedicated anti-Trumpers, is of course that Biden can’t lose; that’s what they all want, right? Well, think about it: CNN lives off of Trump, and so does a large part of the MSM. But then again, they made their beds and they’ll have to lie in them. The Democratic Party, however, does not. They are free to sabotage their own campaign.

And as I said above, there are many signs that MAY indicate that they are doing just that. The selection of Joe Biden, the basement strategy, the subsequent “appointment” of Kamala Harris, the near-dead convention. Do appreciate, please, that we have no idea how Biden and Kamala were “selected”. How did Biden all of a sudden rise to the top of the crop from seemingly nowhere? Where did Kamala come from post-primary mayhem? Did Joe personally pick her? Do you believe that?

But okay, if you don’t think that they would sabotage their own campaign, flip things around: if they WOULD have wanted to make sure they’d lose the election, what would they have done, you know, the donors behind the veil, plus maybe the Obamas and Clintons? Wouldn’t they perhaps have picked Biden and Kamala, whom very few people appeared to actually like, find sympathetic, prior to them being selected for their respective roles? Why not select people that DO resonate with voters without you having to forcefully shove them down their throats?

Why would a bunch of power-hungry folk (as all politicians and their sponsors are) want to screw up their own chance at obtaining power? Well, the lack of good candidates may well be a factor, but there’s something much bigger: the US economy, like most if not all western economies, is wobbling precariously on a precipice, and about to fall off. As I labeled it recently: The Bottom Is Falling Out.

Our entire present reality is still somewhat new, the COVID pandemic, its fallout, the bailouts, the government checks, the sick and the dead, but at some point it will all start to become a “normal” part of life. That doesn’t mean, however, that the economy will return to “normal” (whatever anybody ever thought that meant).

An enormous number of businesses will never reopen, entire fields will be obliterated, re: tourism, airlines, a large swath of retail stores. The unemployment that generates will be with us for many years. The Great Depression will become a mere footnote in most history books.

And the parties in charge in various countries, including the GOP in America, will be the ones blamed for most of the ensuing problems. If you’re a Democrat behind-the-curtain wizard, wouldn’t you at least consider saying: I think I’ll pass for this round, and let Trump take the heat?

Just so, you know, you can continue your cooperation with CNN, NYT, WaPo, FBI, and blame Trump every single day and 1000 times on Sunday for everything that falls apart, while continuing to generate clickbait profits ? If all you got to show for your grand ambitions is Joe Biden, it must seem a really appealing course of action.

Besides, you don’t appear to have any better candidates than Biden -at least not centrist ones-, but don’t forget that neither do the Republicans once Trump is gone. Da Donald is set to leave a huge hole behind where he once pontificated. And just about any Democrat except for Joe Biden could step right into that hole (pun intended).

 

 

 

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Aug 182020
 


Bettmann/Getty Minimum Wage 1963

 

Coronavirus Clusters Erupt At US Universities As Semester Begins (AP)
Sixty Seconds to Self-Sabotage (Cut)
They’re Angry, Not Stupid: Why Trump is Likely to Win Again (Greene)
Sanders: ‘The Future Of Our Planet Is At Stake’ In 2020 Election (JTN)
Democrats Seem All Too Willing to Surrender on Health Care Reform (Jac.)
Michelle Obama Speech Recorded Before Joe Biden Selected Kamala Harris (NYP)
Trump vs. Dems On Mail-in Voting (Chaffetz)
Trump Teases Upcoming Pardon For ‘Very Important’ Person (RT)
China’s Anti-Trump Election Meddling Raises New Alarm (Fox)
Kamala Harris Reportedly Owes $1M In Bills From Failed Presidential Run (NYP)
Twelve US Billionaires Have a Combined $1 Trillion (Ineq.org)
US States Seek $2.2 Trillion From OxyContin Maker Purdue Pharma (R.)
The Need for Debt-for-Climate Swaps (PS)
The Mathematical Model of Modern Monetary Theory (Steve Keen)
And in the End (Rolling Stone)

 

 

No, I didn’t watch the Dem convention. Never perform invasive surgery on myself either, for pretty much the same reason. But I did pick up a few tidbits. It all leaves a very elitist impression. Deplorables.

 

 

New global cases below 200,000, new deaths at 4,297. Not bad. Or is that just because it was Monday?

Several European countries are spiking in what is perhaps a second wave. Pretty lousy controls, which will lead to all kinds of renewed lockdowns. Unnecessary.

 

 

New cases only just above 40,000 in the US, it was 70,000 not long ago, with new deaths at “only” 589.

 

 

 

 

 

 

 

 

This sounds just plain dumb.

Coronavirus Clusters Erupt At US Universities As Semester Begins (AP)

From the dorms at North Carolina to the halls of Notre Dame, officials at universities around the US scrambled on Monday to deal with new Covid-19 clusters at the start of the fall semester, some of them linked to off-campus parties and packed clubs. North Carolina’s flagship university cancelled in-person classes for undergraduates just a week into the fall semester Monday. The University of North Carolina at Chapel Hill said it will switch to remote learning on Wednesday and make arrangements for students who want to leave campus housing. “We have emphasised that if we were faced with the need to change plans – take an off-ramp – we would not hesitate to do so, but we have not taken this decision lightly,” it said in a statement after reporting 130 confirmed infections among students and five among employees over the past week.


UNC said the clusters were discovered in dorms, a fraternity house and other student housing. Before the decision came down, the student newspaper, The Daily Tar Heel, ran an editorial headlined “UNC has a clusterf*** on its hands”. The paper said that the parties that took place over the weekend were no surprise and that administrators should have begun the semester with online-only instruction at the university, which has 19,000 undergraduates. “We all saw this coming,” the editorial said. Outbreaks earlier this summer at fraternities in Washington state, California and Mississippi provided a glimpse of the challenges school officials face in keeping the virus from spreading on campuses where young people eat, live, study – and party – in close quarters.

Read more …

The DNC pushed Bernie aside until he complied with the Biden “plan”. They do the same with AOC et al, without whom they may never have had control of the House. Instead, they have Republicans and billionaires speaking, along with has-beens like the Obamas and Clintons….

Sixty Seconds to Self-Sabotage (Cut)

When the Democratic National Committee released its schedule for its big socially distanced convention this week, we learned that New York Rep. Alexandria Ocasio-Cortez, inarguably among the party’s most dynamic figures, would have just sixty seconds to address the nation. [..] the relegation of Ocasio-Cortez, who electrifies multiple parts of a Democratic base, to one meager minute, a segment that—unlike speeches by some other presenters—will be pre-recorded, isn’t just a snub. The failure of a major political party to showcase one of its most talented politicians, a young person whose communicative reach and facility positions her to be among its leaders deep into our future, is self-sabotage.

[..] Why will this convention not show off more of the historic number of women who enabled their party to retake the House in 2018? Most of them won’t be prominently featured, but former Ohio Republican governor John Kasich, who ran for governor as a Tea Partier and signed eleven laws (comprising 21 restrictions) on abortion, including a 20 week ban and the prohibition of rape crisis centers advising survivors about the option of abortion, will be. He also worked to rob Ohio’s public workers of the right to bargain collectively (voters later overturned this measure). Not only is Kasich getting a plum spot on Monday, he’s used his time in the Democratic sun to diss Ocasio-Cortez, telling Buzzfeed that just because she “gets outsized publicity doesn’t mean she represents the Democratic Party. She’s just a part, just some member of it.”

So John Kasich, Republican, feels that Ocasio-Cortez, Democrat, gets outsized attention, even as he–along with his fellow Republicans Susan Molinari (Remember her? No? Weird) and former Hewlett-Packard and eBay CEO Meg Whitman–will get more featured airtime than she at her party’s convention. But this convention seems driven to thumb its nose not only at individual politicians, but at the social movements that have transformed civic participation and changed public opinion across the nation during the course of the Trump administration. Remember those women who retook the House in 2018? A bunch of them were first time candidates who were open about how their entrance into politics was grounded in their fury about the ubiquity and pervasiveness of sexual harassment and assault in the wake of Donald Trump’s election and the #metoo movement.

But the party that profited from their electoral success has offered prime speaking spots to two multiply-accused harassers: former president Bill Clinton and former New York mayor Michael Bloomberg. That Bloomberg’s presidential campaign met its lethal end at the hands of Massachusetts senator Elizabeth Warren, who in a February primary debate detailed his history of workplace harassment, red lining, and support of stop-and-frisk policing, all in her allotted sixty seconds (she only had a minute; an eternity was in it) makes his featured presence an insult to Warren, and the many Democrats who were far more inspired by her campaign than by his. And listen, I get it, and assume everyone else does too: Bloomberg is speaking to the Democratic convention because the Democrats need his money (he shifted $18 million from his campaign to the Democratic National Committee in March).

But if organizers had been paying attention these past two years, they might have learned that that’s actually part of the structural thing about harassment and those who get away with it: too often, you need their money.


Matt Taibbi’s drinking game bingo card for the DNC

Read more …

…and that attitude of trampling over the left leads to this… If you think BLM, Antifa, #MeToo are the only angry ones, you are mistaken.

They’re Angry, Not Stupid: Why Trump is Likely to Win Again (Greene)

The candidate Barack Obama spoke to blue-collar America. He campaigned on change that would rejuvenate careers and restore dignity. Working Americans in the swing states doubted that Hillary Clinton even knew they existed. They saw Obama as a last hope and supported him enthusiastically in the 2008 primaries and later in the general election, but he soon proved to be a disappointment. He, too, fell in love with Silicon Valley and Wall Street and neglected the people who needed him most. And they punished him: he won fewer states in 2012 than he had in 2008. People like the alternate me felt cheated by a guy who rocked a Brooks Brothers suit and talked a great game, then gave the Tech and Finance sectors everything they wanted and more.

Educated people from the best schools trusted Big Tech outfits because educated people from the best schools ran them. Elites imagine each other to be virtuous because they imagine themselves that way. Technology giants were understood not as hardy sprouts but would be treated instead with princess-and-the-pea levels of delicacy, thanks to a superstitious fear that it might all be brought to grief by, say, forcing companies with hundreds of billions in share value to tolerate an employees’ union, offer a minimum wage adequate for a decent life, or pay tax proportional to their reliance on public goods.

No one bears greater responsibility for the lack of empathy toward Old-Economy workers that led to Donald Trump’s victory than big-name Tech darlings and the New Democrats who coddled them, then openly ridiculed their own voter base: the people Hillary foolishly nicknamed “Deplorables;” that is, the millions of disappointed Obama voters who would happily have voted blue if they’d had confidence that the party would respect them, welcome them, and acknowledge their needs. But the New Economy is a gated community, shut firmly to them, whose most strenuous boosters have been the Clinton, Bush, and Obama Administrations. Old-school, working-class Democrats are unwelcome in the party they built. No one wants them tracking mud through the salon.

Donald Trump defeated Hillary Clinton in the swing states the same way Barack Obama had: by characterizing her as disdainful toward blue-collar Americans. It was a potent message among those who once had seen decent wages in return for honest work, lately reduced to Walmart greeters and Uber drivers. Humiliated by a labor market in which they had nothing to trade, the former working class understood that they also had nothing to lose. Liberal democracy and its supporting institutions shed their veneer of sanctity when dead-end employees can aspire only to dead-end management gigs. Call them “associates” and “technicians” all you want; they know who they’ve become and what others think of them. They are why Trump won in the swing states; he was propelled to victory by disillusioned Obama voters.

Read more …

I would have expected so much more from Bernie. Folds for the DNC twice in a row, and doesn’t volunteer to return any donations.

Can someone check how many times he said the same in 2016?! “Sanders called the 2020 election the most important in the modern history of the U.S.”

Sanders: ‘The Future Of Our Planet Is At Stake’ In 2020 Election (JTN)

Former 2020 Democratic presidential candidate Sen. Bernie Sanders urged his supporters Monday to vote for nominee Joe Biden, imploring that the “future of our planet is at stake” and that the “price of failure” for not electing Biden would be “just too great to imagine.” “The future of our democracy is at stake. The future of our economy is at stake. The future of our planet is at stake,” Sanders said on opening night of the Democratic National Convention. “We must come together, defeat Donald Trump and elect Joe Biden and Kamala Harris as our next president and vice president. My friends, the price of failure is just too great to imagine.” Sanders called the 2020 election the most important in the modern history of the U.S.

“We need an unprecedented response, a movement, like never before of people who are prepared to stand up and fight for democracy and decency,” said Sanders, a democratic-socialist who finished second in the 2016 and 2020 Democratic presidential primaries. “Our campaign ended several months ago but our movement continues and is getting stronger every day. Many of the ideas we fought for, that just a few years ago were considered radical are now mainstream but let us be clear, if Donald Trump is re-elected, all the progress we have made will be in jeopardy,” he also [said].

Sanders named areas where Biden has moved the progressive agenda forward, such as raising the minimum wage to $15 an hour, making it easier for workers to join unions,” creating 12 weeks of paid family leave and funding universal pre-K for 3 and 4-year olds. “Joe will rebuild our crumbling infrastructure and fight the threat of climate change by transitioning us to 100 percent clean electricity over the next 15 years. These initiatives will create millions of good paying jobs all across the country,” Sanders said. “We are the only industrialized nation not to guarantee health care for all people. While Joe and I disagree on the best path to get to universal coverage, he has a plan that will greatly expand health care and cut the cost of prescription drugs. Further, he will lower the eligibility age of Medicare from 65 to 60,” added Sanders, who worked with Biden on his final campaign platform.

Read more …

Bernie campaigner David Sirota has at least a little backbone.

Democrats Seem All Too Willing to Surrender on Health Care Reform (Jac.)

On the eve of a Democratic National Convention taking place as millions lose health care coverage, the health care industry is launching a new ad campaign pressing Democrats to back off from the party’s already compromised health care promises. That pressure seems to be having its intended effect on Capitol Hill, as congressional aides say the party will not push the initiative if Joe Biden wins the presidency. The signs of retreat come as health care industry profits are skyrocketing and the industry’s campaign cash has flooded into Democratic coffers. The Partnership for America’s Health Care Future (PAHCF) — a front group created by health insurance, pharmaceutical, and hospital lobbying groups to oppose “Medicare for All” — announced on Friday that it is launching a new national ad campaign to persuade Democrats to abandon their plans to create a public health insurance plan.

The group said it will run ads during the Democratic National Convention (DNC) this week. PAHCF is led by a former Hillary Clinton aide and run out of the offices of a DC lobbying firm led by former top Democratic congressional aides. A substantial “public option” plan — which polls show is wildly popular — was the centerpiece of recent policy negotiations between supporters of former vice president Joe Biden and progressive Vermont senator Bernie Sanders, who had been pushing for a more expansive Medicare for All program. A draft of the party platform, approved by DNC members late last month, includes a pledge to pass a public option, or a government-run health insurance plan that would compete with private insurers.

Within twenty-four hours of the launch of the industry’s new ads, however, anonymous Democratic congressional sources were telling the Hill that Democrats likely won’t bother with the public option fight next year if Biden wins the election. Instead, they said, the party will work to tweak its 2010 health care law, the Affordable Care Act (ACA), which has done little to limit insurance or hospital costs and has failed to ensure universal coverage. To justify the preemptive retreat, Democratic congressional aides told the newspaper that the party’s moderate crop of 2020 Senate challenger candidates could make it harder to pass a public option. That assertion comes even though every single one of those candidates is currently campaigning in support of a public option, according to a TMI review of campaign statements.

The situation echoes the Democratic promises and subsequent surrender on a public option that marked the debate over health care more than a decade ago — only this time around, the health care crisis is an even more acute emergency. While most developed countries have managed to contain COVID-19, the pandemic is spiraling out of control in the United States, and an estimated 27 million people have lost their employer-based health insurance plans, according to the Kaiser Family Foundation.

Read more …

And also recorded before Trump lost his brother?! Or wouldn’t she have cared? She did remember last night that she said it, right? Class? Grace? Where? We go low?

.. by contrast, “Joe knows the anguish of sitting at a table with an empty chair …

Michelle Obama Speech Recorded Before Joe Biden Selected Kamala Harris (NYP)

There was one glaring omission from Michelle Obama’s 20-minute Democratic National Convention speech Monday night — Kamala Harris. That’s because the former first lady recorded her rousing speech before Joe Biden selected Sen. Harris of California as his running mate. The speech was delivered remotely like all others at the DNC because of the coronavirus pandemic, and The Associated Press reports it was filmed before Harris was named last week as Biden’s VP candidate, indicating the choice was so close to the vest and down to the wire that even the Obamas were not in the loop. In her speech, Michelle Obama eloquently praised Biden and emotionally denounced Trump’s policies.

“Donald Trump is the wrong president for our country. He has had more than enough time to prove that he can do the job, but he is clearly in over his head. He cannot meet this moment. He simply cannot be who we need him to be for us,” she said. “It is what it is,” Obama added, quoting Trump’s recent remark on coronavirus deaths. “Right now, kids in this country are seeing what happens when we stop requiring empathy of one another,” Obama said. “They watch in horror as children are torn from their families and thrown into cages, and pepper spray and rubber bullets are used on peaceful protesters for a photo-op.”

She said that by contrast, “Joe knows the anguish of sitting at a table with an empty chair, which is why he gives his time so freely to grieving parents. Joe knows what it’s like to struggle, which is why he gives his personal phone number to kids overcoming a stutter of their own. His life is a testament to getting back up, and he is going to channel that same grit and passion to pick us all up, to help us heal and guide us forward.”

Read more …

The issue is not nearly as simple as some people would let you believe.

Trump vs. Dems On Mail-in Voting (Chaffetz)

With less than three months until the 2020 election and no end in sight for the coronavirus pandemic, a new debate over mail-in voting has begun. Swirling and sudden concerns about the United States Postal Service (USPS) have arisen from Democrats who are wildly accusing President Trump of cheating and manipulating the Postal Service in his favor. Conveniently they forget to mention the president is more than an arms-length away from how we vote, and the Postal Service is not under the thumb of his control. Senate Democrats joined Republicans to unanimously install postal leadership — of which, one is an Obama appointee.

No doubt President Trump has expressed deep concerns about the validity of the ballots, and rightfully so. Sending out millions of ballots without authenticating the inbound ballots is ripe for massive fraud. Democrats have desperately been seeking to legalize “ballot harvesting” (the collection and submission of ballots by someone other than the voter and without authentication) and other nefarious activities. It must be noted elections in the United States are administered by counties and certified by states. In other words, per the United States Constitution, elections are run locally and not by the executive branch of the federal government. The president has simply sought fair elections.

Ironically, it is House Speaker Nancy Pelosi’s H.R. 1 that seeks to federalize elections and give the president power he doesn’t currently have now. Her solution would create the problem she inaccurately blames Trump for today. [..] The president of the United States does not control the operations of the Postal Service nor does he select or appoint the Postmaster General. The Board of Governors does both of these things. The Postal Regulatory Commission sets rates, service levels and decides on postal closings, not the president. The governors are appointed by a president and confirmed by the United States Senate. No more than five of the nine governors may be from the same political party.

Read more …

Clickbait fodder.

Trump Teases Upcoming Pardon For ‘Very Important’ Person (RT)

US President Donald Trump said he would soon hand out a pardon to a “very important” person. While the details were left shrouded in mystery, he ruled out both his former advisor Michael Flynn and NSA whistleblower Edward Snowden. “Doing a pardon tomorrow on someone who is very, very important,” Trump told reporters on board Air Force One on Monday, offering little elaboration other than to say it would not be Flynn – his first National Security Advisor – nor the famed whistleblower. Despite repeatedly calling Snowden a “traitor” over the years, Trump has hinted at giving the whistleblower a reprieve on more than one occasion in the last week, saying he may have been treated “unfairly” and that he would “look at” allowing him to return home.


With the president explicitly ruling him out for Tuesday’s pardon, however, it appears Snowden will have to remain in Moscow for some time longer, where he was given asylum after leaking a massive cache of purloined documents from the National Security Agency in 2013, revealing Washington’s sweeping domestic and global spying apparatus.

Read more …

They’re starting a new competition.

China’s Anti-Trump Election Meddling Raises New Alarm (Fox)

Director of National Intelligence John Ratcliffe told Fox News that China poses “a greater national security threat” to the United States “than any other nation,” detailing a web of threats that includes “election influence and interference.” Intelligence officials say they are increasingly concerned about interference in the U.S. election by China, adding to existing concerns about meddling by Russia that have been around since 2016, as well as the threat of meddling from Iran. “China poses a greater national security threat to the U.S. than any other nation – economically, militarily and technologically. That includes threats of election influence and interference,” Ratcliffe told Fox News in a statement.

While Russia was widely seen as favoring now-President Trump and generally seeking to sow chaos in America during the 2016 election, the difference with China is it is seen to be seeking a Trump loss in November. Yet congressional Democrats like House Speaker Nancy Pelosi and House Intelligence Committee Chairman Adam Schiff, who ever since 2016 have issued dire warnings about Russian meddling, have not been quite so vocal about China’s potential to interfere in the 2020 election. Pelosi, D-Calif., last week said the threats of interference from Russia and China are “not equivalent,” while urging the intelligence community to put out more information about Russian efforts, saying Moscow is “actively 24/7 interfering in our election.”

Ratcliffe said the threat from China is actually significant, and he is “committing the IC resources needed to fully understand the threat posed by China and provide U.S. policymakers with the best intelligence to counter China’s broad and deep malign activities.” “China is concerned that President Trump’s reelection would lead to a continuation of policies that they perceive to be ‘anti-China,’” Ratcliffe explained, noting that the intelligence community has briefed “hundreds of members of Congress” to raise their concerns about China “and its increased efforts to impact the U.S. policy climate in its favor.” “Fair and free elections are a bedrock of American democracy, and the IC remains vigilant against the various activities by China, as well as other threat countries and actors, which seek to affect our electoral process,” Ratcliffe said.

Read more …

Great fundraiser, they said.

Kamala Harris Reportedly Owes $1M In Bills From Failed Presidential Run (NYP)

Kamala Harris, named Tuesday to be Joe Biden’s running mate, still has more than $1 million in unpaid bills left over from her failed 2020 presidential bid, according to a report. The California senator raised about $39 million for her White House bid in 2019 and spent about $40 million, leaving her campaign with just $116,380 in the bank at the end of June, Bloomberg News reported on Wednesday, citing Federal Election Commission filings. Harris ended her campaign last December amid falling poll numbers and a lack of fundraising.


International law firm Perkins Coie LLP was still owed $523,883 at the end of June, while TorchStone Global LLC, a corporate and private security company, was owed $160,702, the report said. California political consulting firm SCRB Strategies had $92,4087 in outstanding invoices. Donors have contributed slightly more than $48,000 to her campaign this year. The report noted that the campaign can’t be shuttered until all debts are paid under federal law. And while Biden raised $26 million in a day after announcing her selection, his campaign can do little to retire Harris’ campaign debt. It can donate $2,000 and the Democratic National Committee can contribute $5,000. But Biden can ask his donors to send funds to Harris’ campaign.

Read more …

Feel free to call this a failed society.

Twelve US Billionaires Have a Combined $1 Trillion (Ineq.org)

For the first time in US history, the top twelve U.S. billionaires surpassed a combined wealth of $1 trillion. On Thursday August 13th, these 12 had a combined $1.015 trillion. This is a disturbing milestone in the US history of concentrated wealth and power. This is simply too much economic and political power in the hands of twelve people. From the point of view of a democratic self-governing society, this represents an Oligarchic Twelve or a Despotic Dozen. The Oligarchic Dozen are Jeff Bezos ($189.4b), Bill Gates ($114b), Mark Zuckerberg ($95.5b), Warren Buffett ($80b), Elon Musk ($73b), Steve Ballmer ($71b), Larry Ellison ($70.9b), Larry Page ($67.4b), Sergey Brin ($65.6b), Alice Walton ($62.5b), Jim Walton ($62.3b) and Rob Walton ($62b).

Since March 18th, the beginning of the pandemic, this Oligarchic Dozen have seen their combined wealth increase $283 billion, an increase of almost 40 percent. Elon Musk has been the biggest pandemic profiteer, seeing his wealth triple from $24.6 billion on March 18th to $73 billion on August 13, an increase of $48.5 billion or 197 percent. Amazon co-founder Jeff Bezos was worth $189.4 billion on August 13, up $76 billion or 68 percent since March 18th. Facebook CEO Mark Zuckerberg was worth $95.5 billion on August 13, up $40.8 billion or 75 percent since March 18th.

Read more …

The Sacklers took out many billions, then declared bankruptcy. Now they’re “willing” to contribute more to a settlement than the entire company is worth. Sick.

US States Seek $2.2 Trillion From OxyContin Maker Purdue Pharma (R.)

U.S. states claimed they are owed $2.2 trillion to address harm from OxyContin maker Purdue Pharma LP’s alleged role in America’s opioid epidemic, accusing the drugmaker in new filings of pushing prescription painkillers on doctors and patients while playing down the risks of abuse and overdose. In filings made as part of Purdue’s bankruptcy proceedings that were disclosed on Monday, the states said Purdue, backed by the wealthy Sackler family, contributed to a public health crisis that has claimed the lives of roughly 450,000 people since 1999 and caused strains on healthcare and criminal justice systems. The filings cited more than 200,000 deaths in the U.S. tied directly to prescription opioids between 1999 and 2016.

In large states such as California and New York, claims alone totaled more than $192 billion and $165 billion, respectively. Forty-nine U.S. states, Washington, D.C. and various territories are making the claims. Oklahoma settled litigation with Purdue last year. Purdue filed for bankruptcy in 2019 under pressure from more than 2,600 lawsuits brought by cities, counties, states, Native American tribes, hospitals and others. The lawsuits said the company, and in some cases the Sacklers, used deceptive marketing and took other improper steps to flood communities with prescription opioids. The company and family have denied the allegations and pledged to help combat the opioid epidemic, including by providing addiction treatment drugs and overdose reversal medications under development.

[..] Purdue is only worth a bit more than $2 billion if liquidated. The company values a proposal to settle litigation, which includes providing addiction treatment and overdose-reversing drugs, at more than $10 billion. The Sacklers would contribute $3 billion and cede control of Purdue, with the company becoming a trust run on behalf of plaintiffs.

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These well-meaning people are mightily confused about growth:

“In the absence of new forms of liquidity support and major debt relief, the world economy cannot possibly return to pre-pandemic levels of growth..”

I think that means to want to return there.

“..the dramatic decline in the cost of renewable energy represents an opportunity for a big investment push in zero-carbon energy infrastructure, which itself would help to redress energy poverty and unsustainable growth.”

More growth? Isn’t growth itself the problem then? Never mind, anyone who talks about sustainable growth is not a serious person in my book.

The Need for Debt-for-Climate Swaps (PS)

In the absence of new forms of liquidity support and major debt relief, the world economy cannot possibly return to pre-pandemic levels of growth without risking severe climate distress and social unrest.Climate scientists tell us that in order to meet the targets outlined in the Paris climate accord, global net carbon-dioxide emissions must fall by about 45% by 2030, and by 100% by 2050. Given that the effects of climate change are already being felt around the world, countries urgently need to scale up their investments in climate adaptation and mitigation. But that will not be possible if governments are bogged down in a debt crisis. If anything, debt-service requirements will push countries to pursue export revenues at any cost, including by cutting corners on climate-resilient infrastructure and stepping up their own fossil-fuel use and extraction of resources.

This course of events would further depress commodity prices, creating a doom loop for producer countries. In light of these concerns, the G20 has called on the IMF “to explore additional tools that could serve its members’ needs as the crisis evolves, drawing on relevant experiences from previous crises.” One such tool that should be considered is a “debt-for-climate swap” facility. In the 1980s and 1990s, developing countries and their creditors engaged in “debt-for-nature swaps,” whereby debt relief was linked to investments in reforestation, biodiversity, and protections for indigenous people. This concept should now be expanded to include people-centered investments that address both climate change and inequality.

Developing countries will need additional resources if they are to have any chance of leaving fossil fuels in the ground, investing sufficiently in climate adaptation, and creating opportunities for twenty-first-century jobs. One source for such resources is debt relief conditioned on such investments. A policy tool of this type would not only put us on the path to recovery, but also could help to prevent future debt-sustainability problems that might emerge as more fossil-fuel holdings and non-resilient infrastructure become “stranded assets.” Moreover, the dramatic decline in the cost of renewable energy represents an opportunity for a big investment push in zero-carbon energy infrastructure, which itself would help to redress energy poverty and unsustainable growth.

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I should read Stephanie Kelton’s book, right?!

The Mathematical Model of Modern Monetary Theory (Steve Keen)

One Mathematical Model of Modern Monetary Operations

I confess immediately that I chose the title and subtitle for this post because their acronyms are palindromes. The subtitle is more accurate than the title, because this model considers only the monetary aspects of MMT: the Job Guarantee and inflation management components are not yet incorporated. But the monetary assertions of MMT remain in dispute in economic and political circles, so it is worth putting these into a mathematical model where their veracity can be tested. The primary stimulus for developing the model was the publication of Stephanie Kelton’s The Deficit Myth. Stephanie has written the book for non-technical readers, and she’s done a very good job: it’s a very easy read that explains why many conventional wisdoms about government spending are wrong.

But MMT is facing heavy resistance in political and economic circles, with my favourite to date being a motion before the US Congress, posted by Representative Kevin Hern, to resolve: “That the House of Representatives (1) realizes that deficits are unsustainable, irresponsible, and dangerous; and (2) recognizes— (A) that the implementation of Modern Monetary Theory would lead to higher deficits and higher inflation; and (B) the duty of the House of Representatives to condemn Modern Monetary Theory.”

The objective of this series of posts is to allow the assessment of the first part of this motion—the assertion that “deficits are unsustainable, irresponsible, and dangerous”. The models in this post are built in the Open Source system dynamics program Minsky, whose unique feature is the capacity to build models of financial flows using what are called Godley Tables (in honour of Wynne Godley, the pioneer of stock-flow-consistent-modelling). These tables enforce the “law of accounting” that (see Figure 1, A blank Godley Table).

Once an account is flagged as an “Asset” for one entity, Minsky knows that it has to also be shown as a “Liability” for another entity. This makes it possible to take an integrated look at the financial system, which allows us to assess Hern’s motion from the perspective of the entire monetary system, and not just the Government’s view of it.

Read more …

50 years later: ‘They broke up because Yoko sat on an amp!’

And in the End (Rolling Stone)

It’s a miserable Monday morning in January 1969, and the Beatles are trying to get back to where they once belonged. The Get Back project sounded like a perfect idea: just the four lads and their instruments, ready to hit the studio, return to their roots, conjure up some great songs out of thin air. Just like they used to. John, Paul, George, and Ringo have booked a TV concert special for January 18th — their first live show in years. They’ll rehearse for a couple of weeks, eyeball to eyeball, summon up genius on the spur of the moment. They’ve done it many times before. They’ve never not done it. The good news: Paul showed up today, and so did Ringo. So did the camera crew — these sessions are being filmed, so the Beatles can show a half-hour clip of rehearsal footage before their TV performance.

So here they are on Monday morning, ready to dazzle the world with a blast of spontaneous Beatles brilliance. Or at least Paul and Ringo are. Hey, has anyone heard from John and Yoko? Or George? With George, there’s a slight complication: He quit the band. On Friday, with the cameras rolling, he was trying to teach them a new song, “All Things Must Pass.” John, strung out on his new heroin habit, sneered at George with open contempt. George finally stormed out, muttering, “See you around the clubs.” John doesn’t take this seriously. “I think if George doesn’t come back by Monday or Tuesday, we ask Eric Clapton to play in it,” he says. “The point is, if George leaves, do we want to carry on the Beatles? I do. We should just get other members and carry on.” But now it’s Monday and still no George. No John and Yoko. (No Clapton, for that matter.) Paul and Ringo kill time jamming on a current radio hit, “Build Me Up Buttercup.”

But everyone gathers to discuss the crisis, complaining bitterly about Yoko’s constant presence. Surprisingly, the one who sticks up for her is Paul. He’s a sucker for a love story — he’s Paul McCartney, for God’s sake. But he also knows how much this romance means to his oldest, closest mate, his most troubled and cruel and impossible friend. “It’s not that bad,” he insists. “They want to stay together, those two. So it’s all right. Let the young lovers be together.” Paul has to chuckle, thinking about how future generations will look back at this — the Beatles, the greatest of all rock & roll bands, the world’s most legendary creative team, falling apart over such a trivial spat. Even on a winter morning as gloomy as this one, Paul breaks into a laugh. “It’s gonna be such an incredible sort of comical thing, like in 50 years’ time, you know. ‘They broke up because Yoko sat on an amp!'”

Read more …

 

 

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Nov 192019
 
 November 19, 2019  Posted by at 9:50 am Finance Tagged with: , , , , , , , , , , , , ,  15 Responses »


Pablo Picasso Female bust 1943

 

Adam Schiff Validated My Reporting On Ukraine (John Solomon)
The Hill Reviewing John Solomon Articles After Ambassador Refutes Claims (ZH)
Trump’s Ukraine Scandal Rooted In Fear Of Biden (Hill)
Ukraine MP Says Burisma Financed Clinton Campaign With $10M Unmarked Cash (CDM)
House Investigating Whether Trump Lied To Mueller (CNN)
Entertaining Questions (Jim Kunstler)
Hong Kong Anti-Mask Law Ruled Unconstitutional By High Court (SCMP)
China Says Hong Kong Courts Have No Power To Rule On Face Mask Ban (R.)
Emirates Orders 50 Airbus A350 Jets In A Revised Deal Worth $16 Billion (CNBC)
Airbus Secures 120 Plane Order From Air Arabia (CNBC)
FedEx CEO challenges NYT publisher to public debate after tax story
Georgian Riot Police Disperse Anti-Govt Rally In Tbilisi (RT)
The Roger Stone – Wikileaks – Russia Hoax (Craig Murray)
The Most Spied Upon Building On Earth (Maurizi)

 

 

I guess it’s official: John Solomon is no longer at The Hill. Still don’t know why; did I miss something?

Adam Schiff Validated My Reporting On Ukraine (John Solomon)

While the jury is still out on high crimes and misdemeanors, Schiff has managed to produce during the first few weeks of his impeachment hearings a robust body of evidence and testimony that supports all three of the main tenets of my Ukraine columns. In fact, his witnesses have done more than anyone to affirm the accuracy of my columns and to debunk the false narrative by a dishonest media and their friends inside the federal bureaucracy that my reporting was somehow false conspiracy theories. The half dozen seminal columns I published for The Hill on Ukraine were already supported by overwhelming documentation (all embedded in the story) and on-the-record interviews captured on video. They made three salient and simple points:

• Hunter Biden’s hiring by the Ukrainian gas firm Burisma Holdings, while it was under a corruption investigation, posed the appearance of a conflict of interest for his father. That’s because Vice President Joe Biden oversaw US-Ukraine policy and forced the firing of the Ukrainian prosecutor overseeing the case.
• Ukraine officials had an uneasy relationship with our embassy in Kiev because State Department officials exerted pressure on Ukraine prosecutors to drop certain cases against activists, including one group partly funded by George Soros.
• There were efforts around Ukraine in 2016 to influence the US election, that included a request from a DNC contractor for dirt on Manafort, an OpEd from Ukraine’s US ambassador slamming Trump and the release of law enforcement evidence by Ukrainian officials that a Ukraine court concluded was an improper interference in the US election.

All three of these points have since been validated by the sworn testimony of Schiff’s witnesses this month, starting with the Bidens. Deputy Assistant Secretary of State George Kent testified he believed the Burisma-Bidens dynamic created the appearance of a conflict of interest, and that State officials viewed Burisma as having a corrupt relationship. Kent testified State’s sentiments were so strong that he personally intervened in 2016 to stop a joint project between one of his department’s agencies and Burisma. When asked why, he answered: “Burisma had a poor reputation in the business, and I didn’t think it was appropriate for the U.S. Government to be co-sponsoring something with a company that had a bad reputation.”

Read more …

The “problem” with Solomon is he’s thorough and well-documented. Look forward to him commenting on any potential edits to his articles.

The Hill Reviewing John Solomon Articles After Ambassador Refutes Claims (ZH)

The Hill will be reviewing articles written by former contributor John Solomon after allegations by US Ambassador Marie Yovanovitch that he facilitated a smear campaign. “Because of our dedication to accurate non-partisan reporting and standards, we are reviewing, updating, annotating with any denials of witnesses, and when appropriate, correcting any opinion pieces referenced during the ongoing congressional inquiry,” reads an internal email from Editor-In-Chief Bob Cusack obtained by CNN’s Oliver Darcy. Yovanovitch testified last week that the president’s allies, including Trump lawyer Rudy Giuliani, attacked her with false allegations that she was undermining the Trump administration’s agenda and badmouthing the president.


She claims Solomon was part of this effort – penning articles in The Hill containing the trash-talking claims as well as an allegation that she gave Ukrainian prosecutor Yuriy Lutsenko a “do not prosecute list,” which both Yovanovitch and the State Department have pushed back on. Lutsenko changed his story, telling the New York Times there was no such list. He is currently facing allegations related to abuse of power. In response to the review, Solomon tweeted: “I welcome The Hill’s review of my Ukraine columns and suggested it myself a month ago. I believe it won’t be hard for The Hill to review these since all my source documents and original interviews are linked for all to see. Plus witnesses have affirmed much of what I wrote.”

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What the Hill publishes these days is smut like this. Toeing the line of the empire. The entire inquiry rests on the assumption that Trump is afraid of Biden. Is he though? Or does he want to find out what happened in 2016?

Trump’s Ukraine Scandal Rooted In Fear Of Biden (Hill)

Why is President Trump so nervous about the 2020 race? He has a record amount of campaign cash. Russian bots are still working for him. And he still has the backing of more than 80 percent of his party. So, how do I know he’s so nervous? As Trump loves to say: Read the transcript. At the heart of the phone call that has led to impeachment hearings is Trump going out on a shaky limb to ask Ukrainian President Volodymyr Zelensky for a “favor.” That “favor” included a request for Zelensky to investigate former Vice President Joe Biden and Biden’s son, Hunter. The only reason for Trump to risk asking a foreign leader for help getting political dirt on an opponent is that he feared that rival’s power.


And that November 2020 powerhouse in Trump’s mind is Biden. Recall that in June, Trump’s anxiety was on display when he insisted his campaign fire some its pollsters after internal polls showed him losing in Michigan and Wisconsin to Biden. Trump’s shaky nerves went public again in July when a Fox News poll showed him losing to Biden — by a lot. Trump went ballistic and attacked Fox. The president still has every reason to be nervous about a possible match-up with Biden because polls continue to show the Democrat beating him badly. If Biden, a well-liked moderate, is the nominee the election becomes a referendum on Trump. With an approval rating hovering in the mid-to-low 40s, that is not good news for the president.

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Well, this is what happened in 2016. Still nothing to investigate the Bidens on?

Ukraine MP Says Burisma Financed Clinton Campaign With $10M Unmarked Cash (CDM)

CD Media has been steadily breaking news on American government and Obama Administration corruption in Ukraine as the impeachment inquiry scam heats up in Washington, D.C. Although we have provided plenty of evidence of organized crime emanating from the State Department and elsewhere in the U.S. governmental infrastructure in Kyiv, many still wonder why the Democrats are so rabid to stop Trump from having a second term. Well, now we believe we are getting closer to the answer.

[..] “In 2015, Burisma was considered a corrupt company, but a very lucrative and powerful one. Poroshenko was trying to ‘get in’ and get a piece of the action [CD Media has reported how Poroshenko also wanted Privat Bank for the same reason]. So, essentially Zlochevsky [Mykola Zlochevsky – oligarch owner] brought in Biden for protection, and the Biden family got paid of course. No one would mess with Burisma with the Vice President involved. Zlochevsky showed everyone Biden was on the board pushing his father’s name. The problem with the ‘corrupted company’ label in the United States went away quickly in about three months. It was amazing. “And of course, Burisma also helped the Clinton campaign prior to the election.”

How did they help we asked? “They paid them around $10 million.” Wouldn’t those wire transfers show up? we questioned. “This was Ukraine; everything was done with big bags of cash to the Clintons.” Onyshchenko then went on to describe how he was approached by prosecutors in the U.S. to testify in the United States on American corruption in Ukraine. He showed us a letter published below from the Department of Justice in 2016, where he says they provided him a temporary visa to come testify on the theft and money laundering of American aid to Ukraine, and on the illegal money to the Clintons. “Right before I was to leave for the U.S., I received notice that my visa had been cancelled due to the personal involvement of Vice President Joe Biden.

He made a personal phone call and the visa was cancelled. I guess he didn’t want me telling what I know so I didn’t make it to the United States to testify.” The cancellation of the visa has been confirmed by CD Media by a secondary source. Onyshchenko also reiterated that former FBI agent Karen Greenaway was pushing hard during this time for him to not talk to the press about his knowledge of the Biden scandal, holding the threat of American law enforcement action against him to do so. Greenaway has since retired from the FBI but remains in Ukraine involved with one of the Soros foundations. “She was pushing hard…for me to say nothing,” he declared. “She was running everything for the Democrats, all the coverup for the corruption.”

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Blah blah WikiLeaks.

House Investigating Whether Trump Lied To Mueller (CNN)

The House of Representatives is now investigating whether President Donald Trump lied to special counsel Robert Mueller in written answers he provided in the Russia investigation, the House’s general counsel said in federal court Monday. “Did the President lie? Was the President not truthful in his responses to the Mueller investigation?” House general counsel Douglas Letter told the US Court of Appeals for the District of Columbia Circuit about why the House now needs access to grand jury material Mueller collected in his investigation. The House’s arguments Monday draw new focus to whether Trump had lied to Mueller following public revelations at Roger Stone’s trial this month.

Former Trump deputy campaign chairman Rick Gates testified that Trump and Stone talked about information that was coming that could help the campaign in mid-2016, at a time when Stone was attempting to get secret details about stolen Democratic documents WikiLeaks had. Former Trump campaign chairman Paul Manafort also apparently told the Mueller grand jury what Trump’s approach to WikiLeaks had been in 2016, according to the Mueller report. But Trump told Mueller in his written statements he didn’t recall discussing WikiLeaks with Stone. The Gates testimony adds further significance to Congress’ desire to see the redacted material.

The question of whether Trump obstructed justice, including potentially lying to Mueller, has for months been a part of the House Judiciary Committee’s wider review of potential obstruction in the wake of the Mueller report. The House previously reviewed most of what Mueller had written in his final report, including parts kept from the public. But the House hasn’t been able to see what Manafort told the grand jury, which Mueller apparently described in his report. In the Mueller report, grand jury details are redacted related to a sentence describing Manafort speaking with Trump after WikiLeaks’ first release, in July 2016.

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“Messers, Brennan, Clapper, Comey, Rosenstein, McCabe, Strzok, Halper, Ms. Page, et. al — and, if real justice is on order, not a few figures lurking in the Deep State deep background — John Carlin, Bill Priestap, Dana Boente, Michael Gaeta, Sally Yates, Loretta Lynch, Susan Rice, Samantha Power, and perhaps even the archangel Barack Obama..”

Entertaining Questions (Jim Kunstler)

Mr. Barr declared unambiguously and in plain English that “in waging a scorched earth, no-holds-barred war of ‘Resistance’ against this Administration, it is the Left that is engaged in the systematic shredding of norms and the undermining of the rule of law.” Is any part of that unclear? The confounded might take in this more detailed lesson in recent history from the speech:

“Immediately after President Trump won election, opponents inaugurated what they called ‘the Resistance,’ and they rallied around an explicit strategy of using every tool and maneuver available to sabotage the functioning of his administration. Now, ‘resistance’ is the language used to describe insurgency against rule imposed by an occupying military power. It obviously connotes that the government is not legitimate. This is a very dangerous — indeed incendiary — notion to import into the politics of a democratic republic. What it means is that, instead of viewing themselves as the “loyal opposition,” as opposing parties have done in the past, they essentially see themselves as engaged in a war to cripple, by any means necessary, a duly elected government.”

And anyone who takes in the nauseating spectacle of Congressman Adam Schiff’s House Intel Committee impeachment process can see that shredding of norms on full shameless display, where the attempted defense of nakedly absurd charges against the president is thwarted by a chicane of deceitful rules outside any concept of due process, concocted by Mr. Schiff and his task force of Lawfare hustlers — no right to call witnesses, no right of cross-examination, and no right to argue that set of rules cribbed from the Stalin show trials by way of the Spanish Inquisition. They’re pouring it on this week ahead of a post-Thanksgiving cold water deluge of bad news that will detail charges against the progenitors of RussiaGate.

The roll-call may be a long one, including many actors whose turpitudes have been publicly and richly documented for many months — Messers, Brennan, Clapper, Comey, Rosenstein, McCabe, Strzok, Halper, Ms. Page, et. al — and, if real justice is on order, not a few figures lurking in the Deep State deep background — John Carlin, Bill Priestap, Dana Boente, Michael Gaeta, Sally Yates, Loretta Lynch, Susan Rice, Samantha Power, and perhaps even the archangel Barack Obama, just in time for Christmas, too. Robert Mueller and Andrew Weissmann deserve to be included for what amounted to a blatant, arrantly mendacious malicious prosecution, knowing that they had no case and proceeding anyway for two whole years.

I hope the roundup will extend to the very latest ploys leading to RussiaGate’s successor subterfuge, UkraineGate, namely the exploits of “whistleblower” Eric Ciaramella, his handlers and enablers in Mr. Schiff’s office, and the actions of his accomplice, Michael Atkinson, the current Intelligence Community Inspector General, with obvious conflicts of interests as a major player in the previous RussiaGate dodge — he was legal counsel to Assistant Attorney General John Carlin, who headed the Department of Justice’s National Security Division at the birth of the FBI’s “Crossfire Hurricane” gambit, and before that he was Robert Mueller’s chief of staff at the FBI. Anything to see there, ya think? The “whistleblower” himself was, in fact, a CIA spy in the White House. You may recall that the CIA is prohibited from spying on Americans in their own country, and doing that in the White House is arguably the essence and height of lawless sedition.

Read more …

Fighting for freedom.

Hong Kong Anti-Mask Law Ruled Unconstitutional By High Court (SCMP)

A Hong Kong court has ruled in favour of pan-democrats in declaring the government’s mask ban unconstitutional in a decision that forced police to halt law enforcement while legal experts in mainland China floated the possibility of another legal interpretation by Beijing. Two High Court judges on Monday ruled that the emergency legislation that brought the ban on face coverings in public places into effect last month was “incompatible with the Basic Law” when used in times of public danger as seen in the present case. They also found the new law had imposed invalid restrictions on fundamental rights and freedoms.


The ruling by justices Anderson Chow Ka-ming and Godfrey Lam Wan-ho, in favour of the 25 pan-democrats who applied for judicial review, dealt a blow to the beleaguered government. Police announced they would stop enforcing the ban for now, while prosecutors sought adjournment “to consider the situation”. Legal experts were divided, some calling the judgment an important recognition of Hong Kong’s constitutional framework, while those on the mainland expressed concerns that the court might have sent the wrong signal to the radical protesters, floating the idea of Beijing interpreting the Basic Law again.

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Hong Kong courts are trumped by Beijing. Might as well disband them then.

China Says Hong Kong Courts Have No Power To Rule On Face Mask Ban (R.)

China’s top legislature said Hong Kong courts have no power to rule on the constitutionality of legislation under the city’s Basic Law, which includes a proposed ban on face masks, state news agency Xinhua reported on Tuesday. The statement came a day after Hong Kong’s High Court ruled that a ban on wearing face masks during public demonstrations that have rocked the financial hub for more than five months was unconstitutional. “Whether the laws of the Hong Kong Special Administrative Region comply with the Basic Law of Hong Kong can only be judged and decided by the Standing Committee of the National People’s Congress,” Yan Tanwei, a spokesman for the Legislative Affairs Commission of the Standing Committee of the National People’s Congress, said in a statement. “No other authority has the right to make judgments and decisions,” the statement said.

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No, I don’t care much for planes. But this is part of the Boeing story.

Emirates Orders 50 Airbus A350 Jets In A Revised Deal Worth $16 Billion (CNBC)

Emirates has ordered 50 Airbus A350 jets, the Dubai state-owned airline announced at the Dubai Air Show on Monday. The order’s list price sits at $16 billion, but a steep discount is typically negotiated by airlines. The deal was originally slated to see Emirates order 70 planes from the French manufacturer — 40 of the A350s and 30 A330-900neo jets — but all A330 orders were scrapped in favor of bringing the A350 order size to 50. Airbus CEO Guillaume Faury told a press conference that the European multinational planemaker’s flagship A380 would now have a “younger but very talented brother in the Emirates family.”


The A350 is a family of long-range, twin-engine wide-body jet airliners, while the A380 is the world’s largest passenger airliner. The 50 jets ordered by Emirates are its cornerstone A350-900 variety, accommodating between 300 and 350 passengers. “Complementing our A380s and 777s, the A350s will give us added operational flexibility in terms of capacity, range and deployment,” Emirates Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum told press. “In effect, we are strengthening our business model to provide efficient and comfortable air transport services to, and through, our Dubai hub.”

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A Turkish low fare airline has ordered 10 737 MAX 8’s. They must think their clients are illiterate.

Airbus Secures 120 Plane Order From Air Arabia (CNBC)

Air Arabia has signed a firm order for 120 Airbus aircraft, the European plane-maker has announced. The deal, signed on Monday at the Dubai Airshow, consists of 73 A320neos, 27 A321neos and 20 A321XLRs. In a press statement, Airbus Chief Commercial Officer Christian Scherer said the order was a “great endorsement for the A320neo family which will allow the airline to tap into new markets.” Air Arabia Group CEO Adel Al Ali said the order, worth around $14 billion according to 2018 list prices, would support the low-cost carrier’s growth plans.


“This new milestone underpins not only our solid financial fundamentals but also the strength of our multi-hub growth strategy that we have adopted over the years while remaining focused on efficiency, performance and passenger experience,” Al Ali said in a statement. “The addition of the A320neo, A321neo and A321XLR complements our existing fleet and allows us to expand our service to farther and newer destinations while remaining loyal to our low-cost business model.” [..] U.S. rival Boeing also announced that it has received an order for an additional 10 737 Max 8 aircraft from Turkey’s SunExpress, on top of an existing fleet of 32 737 Max 8s. This marks only the second 737 Max order since the fatal Ethiopian Airlines crash in March which led to the grounding of the jet worldwide.

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The pot and the kettle.

FedEx CEO Challenges NYT Publisher To Public Debate After Tax Story (R.)

FedEx Chief Executive Frederick Smith has challenged the publisher of the New York Times and the editor of the business section of the newspaper to a public debate in response to a story about the company’s tax bill. The package delivery firm’s financial filings showed it owed no taxes in the 2018 fiscal year overall due to President Donald Trump’s tax overhaul, according to the NYT story published on Sunday. Smith late on Sunday called the story here “distorted and factually incorrect” and challenged NYT’s publisher A.G. Sulzberger and the business section editor to a public debate in Washington. “FedEx’s colorful response does not challenge a single fact in our story. We’re confident in the accuracy of our reporting,” Danielle Rhoades Ha, VP-communications at NYT, said in an email on Monday.

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Riots wherever you look. Good time to be a water cannon maker.

Georgian Riot Police Disperse Anti-Govt Rally In Tbilisi (RT)

Protesters blocking the Georgian parliament building in the center of Tbilisi have been doused with water on Monday as police wearing riot gear were deployed to clear the area and raise the blockade. Massive protests gripped the Georgian capital earlier this week as people took to the streets demanding a snap election. The unease was sparked by parliament’s failure to pass amendments to the election law. If agreed on, it would have meant a transition from a mixed majoritarian-proportional electoral system to a strictly proportional one.

During the rallies, people blocked a major city highway – Rustaveli Avenue – running through the center of Tbilisi and blocked the parliament, preventing MPs from entering the building. Some demonstrators set up tents right in front of the legislature. The parliament gates were also reportedly sealed with a chain and a padlock. Law enforcement repeatedly called on the demonstrators to disperse. The appeal was rejected by the opposition-led crowds who claimed they will leave only once their demands are met.

On Monday, large police forces and water cannons were deployed to the parliament. Officers wearing riot gear and equipped with shields and batons started to slowly push the people away from the area.

Read more …

As I must have said 1000 times: “Astonishingly, in the case of Stone, he has been convicted of saying that the Mueller nonsense is true..”

The Roger Stone – Wikileaks – Russia Hoax (Craig Murray)

As ever, the Guardian wins the prize for the most tendentious reporting of Roger Stone’s conviction. This is not quite on the scale of its massive front page lie that Paul Manafort visited Julian Assange in the Ecuadorean Embassy. But it is a lie with precisely the same intent, to deceive the public into believing there were links between Wikileaks and the Trump campaign. There were no such links. The headline “Roger Stone: Trump Adviser Found Guilty On All Charges in Trump Hacking Case” is deliberately designed to make you believe a court has found Stone was involved in “Wikileaks hacking”. In fact this is the precise opposite of the truth. Stone was found guilty of lying to the Senate Intelligence Committee by claiming to have links to Wikileaks when in fact he had none. And of threatening Randy Credico to make Credico say there were such links, when there were not.

It is also worth noting the trial was nothing to do with “hacking” and no hacking was alleged or proven. Wikileaks does not do hacking, it does “leaks”. The clue is in the name. The DNC emails were not hacked. The Guardian is fitting this utterly extraneous element into its headline to continue the ludicrous myth that the Clinton campaign was “Hacked” by “the Russians”. It is worth noting that not one of those convicted of charges arising from or in connection with the Mueller investigation – Manafort, Papadopolous, Stone – has been convicted of anything to do with Wikileaks, with anything to do with Russia or with the original thesis of the enquiry.


Astonishingly, in the case of Stone, he has been convicted of saying that the Mueller nonsense is true, and he was a Trump/Wikileaks go-between, when he was not. Yet despite the disastrous collapse of the Mueller Report, and despite the absolutely devastating judicial ruling that there was no evidence worthy even of consideration in court that Russiagate had ever happened, the Guardian and the neo-con media in the USA (inc. CNN, Washington Post, New York Times) continue to serve up an endless diet of lies to the public. Randy Credico was the chief witness for the prosecution against Roger Stone. That’s for the prosecution, not the defence. This is the state’s key evidence against Stone. And Credico is absolutely plain that Stone had no link to Wikileaks.

Read more …

Laws? What laws? What I didn’t know yet: UC Global was brought in by Correa, to PROTEST Assange.

The Most Spied Upon Building On Earth (Maurizi)

La Repubblica has had access to the video and audio recordings of the Spanish company, UC Global, which spied on the WikiLeaks founder, his team of journalists and all of us who visited Assange at the Ecuadorian embassy for the last seven years. Video footage and audio recordings reveal an appalling violation of privacy. All the information gathered by UC Global was sent to US intelligence.

It sounds like a James Bond movie, but it really happened. Julian Assange, the WikiLeaks journalists and every single lawyer, reporter, politician, artist and physician who visited the founder of WikiLeaks at the Ecuadorian embassy over the last seven years was subjected to systematic espionage. Meetings and conversations were recorded and filmed, and all the information was sent to US intelligence. Sometimes the espionage operations were truly off the wall: at one point spies even planned to steal the diaper of a baby brought to visit Assange inside the embassy. The purpose? To gather the baby’s feces and perform a DNA test to establish whether the newborn was a secret son of Julian Assange.

Repubblica has had access to some of the videos, audios and photos. Meetings between the founder of WikiLeaks and his lawyers, medical examinations of Julian Assange, diplomatic encounters of the Ecuadorian ambassador Carlos Abad Ortiz, meetings between Assange and journalists. Everything was spied on. The author of this article found that she was not just filmed, but her phones were screwed open, presumably to obtain the IMEI code that allows uniquely identifying the phone in order to intercept it. Spies also had access to our USB sticks, though at this stage it is not clear if they managed to break the encryption protecting the information stored in the USB flash drives inside our backpacks. These are very serious violations of the confidentiality of journalistic sources, given that our meetings inside the embassy were entirely professional and, as frequent visitors, we were repeatedly registered as “journalists”.

Read more …

 

 

 

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Aug 102019
 


Pablo Picasso Man with ice cream cone 1938

 

My first thought after reading about Jeffrey Epstein’s so-called suicide is: let it go, watch a movie instead, or go out to dinner. But a suicide of someone under suicide watch is just too much. And then I understand NBC -oh wait, and Reuters too- said he wasn’t even on suicide watch anymore. A guy who allegedly tried to kill himself two weeks ago. But of course. Why should he be?

The FBI has announced an investigation, and so has Bill Barr’s DOJ. Problem is, there are so many people with strong connections to both FBI and DOJ that these investigations are as likely to bury the truth as they are to reveal it. Because this ceased being about Epstein the very moment he was apprehended at Teterboro Airport in New Jersey July 6.

It became about Bill Clinton, Donald Trump, Alan Dershowitz, Ehud Barak, and god knows who else. It wasn’t about Jeffrey Epstein anymore, it was about his ‘friends’. It was also about Ghislaine Maxwell, the daughter and heiress of media tycoon and Mossad asset Robert Maxwell, another ‘victim’ of an apparent suicide two decades ago.

Ghislaine who still walks around free, who hasn’t been charged with a thing, after having been credibly and repeatedly accused of procuring at least dozens of underage girls for Epstein and his friends.

It’s pretty safe to say that in the highest, re: richest, circles of our societies, this is what goes on. A lot. Presidents, prime ministers, corporate tycoons, they were/are in Epstein’s black book, and it makes no difference whether they succeed in making that book disappear. We just got another glance at their world.

Sociopaths and psychopaths are the shit that floats to the top of our societies. Because that’s where they can do most damage. Because that’s where they find the power their distorted minds crave more than anything.

Jeffrey Epstein to my knowledge never ordered bombing campaigns that killed 1000s of people in Iraq, Syria, Afghanistan. But some of the people he hung out with, and provided young girls and boys for, did.

We can only hope that Bill Barr and Donald Trump are going to be serious about finding out everything about Epstein’s world. I understand that the warrant on his Manhattan mansion stands, and now that he’s gone, there’s no-one left to fight it, so everything on the premises is fair game, whoever is mentioned in all the files, videos, books etc.

But I can’t say I’m very hopeful. For instance, it appears overly obvious that Prince Andrew plays a very dark role in the whole Epstein play, but what are the odds he’ll be arrested for it? I would venture that the odds MI6 murdered Epstein are much higher. But that’s just me, and I’m not a betting man.

 

Epstein was arrested at Teterboro on July 6. I wrote the piece linked below on July 19, three weeks ago to the day. His first ‘suicide attempt’ was two weeks ago. When he ‘killed himself’ today he was allegedly no longer on suicide watch.

What did George W. Bush say again about ‘fool me twice’? “I know it’s in Texas, probably in Tennessee that says, ‘Fool me once, shame on … shame on you. Fool me… You can’t get fooled again!'”

And wait a minute, who’s going to get all of Epstein’s money? Here’s me on July 19:

 

How Long is Jeffrey Epstein For This World?

There are three main threats to Jeffrey Epstein’s life (or four, if you include his victims).

No. 1 is his fellow inmates in the Manhattan MCC. He’ll be in very strict isolation, because inmates and pedophilia is a very explosive combination. So isolation, but that’s never 100%. And Judge Berman yesterday ordered him in jail until his trial(s), instead of in his $77 million Manhattan mansion not far from that same prison, so he’ll be there a while; that trial could take a very long time to happen, even years. All the more chance for an inmate to make an easy $1000 by offing him.

The no. 2 threat is Epstein himself. Berman’s decision means he’s very unlikely to ever get out again. Chances of him being declared innocent are as close to zero as as anything Kelvin. So why would he want to continue to live? Perhaps his lawyers try and tell him he’s always got a shot, and there’s always a next court date, but he doesn’t strike me as fully delusional. I could be wrong, sure, about much of all this, but I don’t think so.

The no. 3 threat is, obviously, the people he might “sing” about. And that’s an litany of the world’s who’s who. No doubt the FBI may already have their IDs and photos and what-not, but why chance it when you can take down the -potential- crown witness?

 

[..] …Fox, also from July 18, because it targets Prince Andrew. Is MI6 going to be able to muffle away the obviously very strong and long-term connection between Epstein and Andrew? I’m thinking they’d probably have to get those 2,000 pages re-sealed. Or, you know, burned down. Nuked. To summarize my thoughts on this, and the reason I started writing this, I can’t see Epstein living much longer. There are too many people who would rather see him dead, including perhaps himself. And there are very few people who want him to get into lengthy talks with prosecutors who are actually looking for the truth.

Now of course we must wonder if any prosecutor wants that truth. Alex Acosta left his US government job because “Epstein is intelligence” was not enough to let him keep his job. And if we can believe some of the stories about the CIA, the State Dept and Mossad being linked to Epstein (and we got worse than that), it looks like he’s just got to go. Unless someone, or some party involved, has a reason to protect him against all odds. If only to handicap some other people.

 

 

 

 

Jul 122019
 


Johannes Vermeer The astronomer c1668

 

 

Alex Acosta is gone. That would appear to be good thing, because even if he claims he did the best he could in the 2008 Jeffrey Epstein plea deal, given the number of accusations and the seriousness of the alleged crimes, that deal seems to have had anything but the best interests of the victims in mind. That he agreed as part of the deal to not notify the victims was not only illegal, it was a total affront. It ‘sealed’ the deal, so to speak.

Saying “I was told to back off because he was intelligence” doesn’t make all that alright, it merely makes Acosta, if it were true, a salesman choosing his own career over the wellbeing of underage girls. But that’s still a bit of a side issue, at least in today’s frame, because it happened 11-12 years ago, and a lot more accusations are on the table now.

As I said earlier today, if they release Epstein on bail now, there will be riots. That’s how serious even America takes sex trafficking of underage children, provided their media tell them about it. They didn’t for many years in this case. So first giant kudos to Vicky Ward, Julie K. Brown, Miami Herald and Mike Cernovich and others. No matter what the MSM do, there are still a few voices left out there.

 

But there was something else I’ve been thinking about. I’ve read more on Epstein the past few days than I would advise anyone to do, learned a lot, but I keep having this question in my head: why did he fly back to the US from Paris on July 6? It might have appeared to be an ‘innocent’ trip, if you think anything about the man could still be labeled ‘innocent’, but something happened three days before the trip.

That is, a New York federal appeals court ordered the unsealing of up to 2,000 pages of judicial documents pertaining to Epstein and his ‘environment’. These pages do not address what led Acosta to let him off crazily easily in 2008, they’re from a 2015 case brought by Virginia Roberts Giuffre, who accuses Epstein, his alleged partner-in-sex-crime Ghislaine Maxwell, Alan Dershowitz and Prince Andrew.

But please allow me to take a step back. Here’s Julie K. Brown on July 3:

A New York federal appeals court on Wednesday ordered the unsealing of up to 2,000 pages of judicial documents that are expected to show evidence relating to whether New York financier Jeffrey Epstein and his partner, Ghislaine Maxwell, were recruiting underage girls and young women as part of an international sex trafficking operation.


The decision comes two days after the Miami Herald urged the court to issue a ruling in the civil case in the wake of last week’s Justice Department announcement in the federal criminal case that it would not void Epstein’s controversial 2008 non-prosecution agreement.

And then we move over to Courthouse News:

[..] In a partial dissent, U.S. Circuit Judge Rosemary Pooler argued that all of the files should have been handled by the trial judge. “On that score, it is worth clarifying here the breadth of the court’s unsealing order: it unseals nearly 2000 pages of material,” Pooler emphasized. “The task of identifying and making specific redactions in such a substantial volume is perilous; the consequences of even a seemingly minor error may be grave and are irrevocable.”


Boies said that he and his client Giuffre are readying for a protracted process. “It’s a very important step toward making the information that the court has available to the public,” he said. “It’s only a first step.”

That’s a big one in what I’m saying: it could take along time for the 2,000 pages to be made public after they were unsealed. What does that mean?

Here’s Julie K. Brown once more:

The New York case, filed in 2015, was brought by Virginia Roberts Giuffre, who claims that she was trafficked by Epstein and Maxwell to wealthy and powerful politicians, lawyers, academics and government leaders when she was underage. Giuffre sued Maxwell for defamation after Maxwell publicly denounced her as a liar.


The case was settled in Giuffre’s favor in 2017, several sources have told the Herald. Nearly all the documents filed in connection with the case, however, were sealed [..] The Herald, as part of a November investigation called “Perversion of Justice,” went to court to unseal all the records in January. A lower court ruled against the newspaper, and the appeals court heard arguments by the Herald, Cernovich and Dershowitz in March.

This is all very recent stuff, not the 12-year old case for which Epstein settled in 2008. That doesn’t seem to bode well for him.

In its decision, the U.S. Court of Appeals for the Second Circuit ruled that a lower district court erred when it issued a blanket sealing of the case, which essentially allowed all the parties to file everything under wraps.“The District Court failed to review the documents individually and produce ‘specific, on-the-record findings that sealing is necessary to preserve higher values.’ Instead, the District Court made generalized statements about the record as a whole. This … was legal error,’’ said Judge Jose A. Cabranes, writing for the three-member panel.


The court, in a 2-1 decision, said the portion of the case involving summary judgment materials (167 documents, 2,000 pages) should be unsealed forthwith, except for minor redactions. The balance of the case history — involving perhaps thousands of additional pages — will be reviewed by the lower court. In her dissent, Judge Rosemary Pooler concurred with unsealing the documents, but disagreed with how they should be reviewed.

But now we get to the crux. Between the lines, there’s this ‘threat’ that reviewing and redacting the 2,000 pages could take a very long time. And since Epstein has ace lawyers, it might even take years.

Realizing that, I started asking myself: why did Epstein fly his private plane -back- from Paris to NJ Teterboro airport, where he was arrested, on July 6. While 3 days prior, a New York federal appeals court ordered the unsealing of up to 2,000 pages of judicial documents “that are expected to show evidence relating to whether New York financier Jeffrey Epstein and his partner, Ghislaine Maxwell, were recruiting underage girls and young women as part of an international sex trafficking operation.”

I’m still asking myself. Didn’t he know he’d be arrested? Seems a bit far-fetched. The man pays tons of money to have connections everywhere. He’s a registered sex-offender (though only level-1, not -3, thanks to Acosta). He’s a wounded animal. Presumably he did know. The court order 3 days earlier to unseal the 2,000 pages would have been a big red flashing sign, and there’s no way he didn’t know about it.

So why fly back? Did his lawyers enter into some deal to redact the pages in a way they could control? That would sound very much like what happened in the 2008 plea deal. Did they agree beforehand on what Epstein would face conviction wise? There was a report that, through his legal team, he offered to name names if he could get off with a 5-year prison term. What do you call that kind of thing, reverse blackmail?

 

The SDNY, which ordered Epstein’s July 6 arrest, must have found something new to build a case on, it can’t be the pre-2008 stuff, that wouldn’t be legal. Did they find this new evidence in the 2,000 pages? Not entirely impossible, I would venture. What’s also an option is that they talked to people involved in the investigation prompted by Virginia Roberts Giuffre’s allegations vs Epstein and Maxwell, before the docs were sealed.

You’re an ADA, you seek out a detective or your own predecessor, and you say: what do you remember was in there? I can totally see that.

So I remain with two questions: why did Epstein return to the US from an alleged multi-week stay in Paris mere days after a federal appeals court ordered 2,000 pages unsealed that can only possibly be damaging to him (or some of his rich and powerful friends), or they wouldn’t have been sealed.

Second question: why is this playing out when it is, as in today? Who ordered this? Was it Trump? He appears to be one of the few people in the rich New York/Florida scene who doesn’t have much to fear from Epstein and his potential blackmail schemes. I base that on the -pretty well documented- fact that Trump threw Epstein out of Mar-a-Lago on 2011. He wouldn’t have done that if Epstein had anything on him. I wouldn’t rule out Epstein chasing Ivanka back then either.

 

One more item: the most amusing thing about Epstein is that not a single source/person can say how he made his money. That’s a topic for a next essay, but there’s this: 20 years after -ostensibly-, leaving Bear Stearns Epstein turns up as a director for one of their SIV’s.The vehicle was called Liquid Funding Ltd, and Epstein is listed as a director and chairman. The entire vehicle went stone dead, as did Bear. But Jeffrey did not.

Bear’s 10-K: At November 30, 2002, the total assets of this entity (Liquid Funding, Ltd.) approximated $900 million. The Company’s maximum exposure to loss as a result of its investment in this entity is approximately $5.0 million. Epstein’s Financial Trust Co. had a $121 million investment in hedge fund firm DB Zwirn & Co., which shut down in 2008, and was also a major investor in Bear Stearns’s High-Grade Structured Credit Strategies Enhanced Leverage Fund

 

Epstein could have opted to stay in France, or fly to his Virgin Islands estate. Or anywhere really. But he chose to fly to Teterboro to be arrested. Why?

 

 

 

 

Dec 152018
 
 December 15, 2018  Posted by at 11:09 am Finance Tagged with: , , , , , , , , , , ,  4 Responses »


Vincent van Gogh Road menders at Saint-Remy 1889

 

US Banks See Biggest Unrealized Losses On Securities Since Q1 2009 (WS)
European Banks’ €300 Billion Race To The Bottom (BBG)
Global Debt Hits All-Time High Of $184,000,000,000,000 (RT)
Act V: Yellow Vests Prepare For Massive ‘Macron Resign’ Protest (RT)
Senior Tories Tell May To Work With Corbyn To Save Her Brexit Deal (Ind.)
Theresa May’s Brexit Strategy Left Brutally Exposed By Brussels Failure (G.)
Affordable Care Act Is Ruled Unconstitutional By A Federal Judge (CNBC)
Clinton Foundation Oversight Panel Hears Explosive Testimony (RT)
The War Against Globalism (Giraldi)
Yanis Varoufakis’s Internationalist Odyssey (Nation)

 

 

EU banks are disasters. US banks are too.

US Banks See Biggest Unrealized Losses On Securities Since Q1 2009 (WS)

The FDIC just released the aggregated third-quarter performance metrics of the 5,477 banks and thrifts it insures. The amount of their combined assets ticked up to $17.7 trillion. These assets – mostly loans but also investments of all kinds – include $3.6 trillion in securities (not including the securities in their trading accounts). And banks got hit by the biggest quarterly losses on those securities since the first quarter of 2009. Banks designate these securities either as “held-to-maturity” securities (valued at “amortized cost” or book value) and “available-for-sale” securities (valued at “fair value,” such as market value). For Q3, these were their unrealized losses – meaning, banks have not yet sold the securities:

• Available-for-sale securities: $51.5 billion in unrealized losses, or 2% of their amortized cost, as the FDIC said, “the highest loss level since first quarter 2009.” • Held-to-maturity securities: $32.8 billion in unrealized losses. • Both combined: $84.3 billion in unrealized losses. Note the damage done in 2018, after years of big gains: $83.4 billion in Q3; $66.4 billion in Q2; and about $55 billion in Q1; for a total so far this year about $200 billion in unrealized losses.

Read more …

And Draghi went for negative rates. One for the history books.

European Banks’ €300 Billion Race To The Bottom (BBG)

As we approach the end of a dismal year for European stocks, the question is: which sector had the worst year of them all? With a few trading sessions left before the end of 2018, banks and autos are in a tight race to the bottom. As of Thursday’s close, lenders are the biggest losers, with a quarter of their market value down the drain, a wipeout of roughly 300 billion euros in shareholders’ money. Banks haven’t seen such a bad year since the heat of the euro-zone sovereign debt crisis in 2011. As the final ECB meeting of the year confirmed, the central bank will keep rates unchanged at least until next summer and the grim outlook for the sector highlighted in one of our earlier Taking Stock columns remains valid.

Any attempt by the sector to break out from its downward trend in 2018 has so far failed. Perhaps it’s not a surprise as banks face a wall of worry from investors and nothing seems to be able to help them move forward. Repeated calls from some analysts that the sector is cheap hasn’t triggered any significant buying. A good example is Credit Suisse’s buyback and dividend announcement on Wednesday. That didn’t even raise investors’ interest with the stock hovering near its low. While any return of capital to shareholders is welcome, the dark clouds over its investment banking outlook seemed to weigh more.

Here’s the grim silver lining: …it doesn’t matter much to the rest of the market: Since the financial crisis a decade ago, the influence of banks over the broader European gauge has fallen dramatically, to a point where they now barely move the Stoxx 600. So what could help the shares regain their vigor? Although merger talk seems to find fruitful (speculative) ground, large cross-border deals remain a fantasy. But domestic love stories might be one theme to keep an eye on next year. Most prominent is the ongoing chatter about Deutsche Bank and Commerzbank, the worst and third-worst performing stocks in the Stoxx 600 Banks index. While any merger is far from certain, market reaction shows that investors, or at least algos and punters, are betting on any consolidation as the last resort to improve bottom-lines.

And if you are gloating at the “fortress balance sheet” US banks, as BMO’s Brad Wishak notes, price and time are playing a familair hand in US bank stocks… Finally, BofAML strategists summed it all up very succinctly this week: “What we learned in 2018: That central banks trump everything, when global liquidity peaked in Q1, markets peaked; that we remain in a deflationary world which cannot handle a 10-year Treasury yield above 3%; That investors have no satisfactory answers to the existential questions of ‘If not stocks, what?’, ‘If not tech, what?’ ‘If not the U.S. dollar, what?'”…

Read more …

Sometimes you wonder if even a grand jubilee could change this.

Global Debt Hits All-Time High Of $184,000,000,000,000 (RT)

The world’s debt currently exceeds $86,000 per person on average, according to the IMF. The US, China, and Japan are the top three global borrowers, accounting for more than half of the global debt. The IMF has calculated that their share of debt exceeds that of output. It stated that the emergence of China among the top ranking is, however, a relatively new development. Since the beginning of the millennium, China’s share in global debt surged from less than three percent to over 15 percent, underscoring the rapid credit surge in the aftermath of the global financial crisis. According to the IMF, global debt has reached a record high of $184 trillion in nominal terms.

That’s the equivalent of 225 percent of the world GDP in 2017. The debt figure is $2 trillion higher than the estimated number released by the fund in October, because it includes the debts of several countries who had not previously reported their updated data. “By including both the sovereign and private sides of borrowing for the entire world, the GDD (Global Debt Database) offers an unprecedented picture of global debt in the post-World War II era,” said the IMF. GDD is a comprehensive dataset covering public and private debt for 190 countries dating back to the 1950s.

Read more …

As I write this, things seem to be quiet still.

Act V: Yellow Vests Prepare For Massive ‘Macron Resign’ Protest (RT)

Paris is bracing for yet another round of Yellow Vest protests, with demonstrators planning to take to the streets on Saturday. More than 10,000 people have already RSVP’d on Facebook to the ‘Acte 5: Macron Démission’ march. The demonstration is scheduled to take place in the French capital on the Champs-Élysées. The organizers, consisting of some 15 groups, have outlined their list of demands on Facebook, saying they will continue their action against Macron until all their demands are met. “Our organizations support the demands of tax and social justice brought by the movement of yellow vests.

They call for demonstrations Saturday, December 15, for social justice and tax, for a real democracy, for equal rights, for a true ecological transition…” the planners said in a statement, as quoted by Le Parisien. Similar demonstrations are also expected to take place in other cities across the country. Security officials are gearing up for the protests, with Paris Police Chief Michel Delpuech stating that tens of thousands of cops will be deployed across France, and some 8,000 in Paris. “We need to be prepared for worst-case scenarios,” he said. Delpuech told RTL that authorities are aiming to be in “better control” of the situation than they were last weekend, when more than 125,000 people hit the streets of France, 10,000 of whom protested in Paris.

Read more …

But why should he?

Senior Tories Tell May To Work With Corbyn To Save Her Brexit Deal (Ind.)

Senior Tories have told Theresa May to open talks with Labour as her only hope of salvaging a Brexit deal, after the EU’s outright refusal to renegotiate left her strategy in tatters. A badly bruised prime minister was urged to stop trying to “go it alone”, accept her proposed agreement is dead and that she needs the help of other parties to push through softer exit terms. Nicky Morgan, the former education secretary, told The Independent that “cross-party support and proper discussions” were now essential, while Nick Boles, another former minister, said Ms May “must open cross-party discussions”.

The calls came after EU leaders dealt a devastating blow by scrapping written commitments, designed to help Ms May pass her deal through parliament, after disastrous talks failed to achieve a breakthrough. Brussels’ frustration at the prime minister’s inability to set out clearly what she wanted was laid bare when Jean-Claude Juncker, the European Commission president, branded the UK approach “nebulous”. At a press conference, Ms May put a brave face on, insisting her Brexit deal remained on track and that talks in the next few days would achieve “further clarification”.

[..] Jeremy Corbyn said the prime minister had “utterly failed in her attempts to deliver any meaningful changes to her botched deal”, calling for a Commons vote to kill it off without delay “Rather than ploughing ahead and dangerously running down the clock, the prime minister needs to put her deal to a vote next week so parliament can take back control,” he said. Nevertheless, Mr Boles said the route to success for Ms May was cross-party talks to “deliver their support for the deal”.

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She fled to Europe because she could, not to get anything done. The result is no Commons vote until after Christmas.

Theresa May’s Brexit Strategy Left Brutally Exposed By Brussels Failure (G.)

Theresa May has come home from Brussels empty-handed and without hope of further negotiations over the Irish backstop, with the failure to achieve any kind of breakthrough leaving her brutally exposed. Plans to work over Christmas on a legal guarantee over the temporary nature of the backstop had run into a brick wall, EU officials said, despite May’s claim that she would be holding further talks “in the coming days”. Brussels sources claimed May was just keeping up a pretence that the legal guarantee she had promised rebellious Tory MPs during this week’s leadership challenge was still on the cards.

Without clear evidence that she has made progress, May faces mounting jeopardy in Westminster, with Labour seriously considering tabling a vote of no confidence before Christmas, if it believes the prime minister’s DUP partners might support it. Jeremy Corbyn accused May on Friday of “dangerously running down the clock”. “The last 24 hours have confirmed that Theresa May’s Brexit deal is dead in the water. The prime minister has utterly failed in her attempts to deliver any meaningful changes to her botched deal,” he said. One shadow cabinet member said the moment at which Labour would table a no-confidence vote was getting “much, much closer”, but said it would depend on the stance of the DUP. “We are watching like hawks,” he added.

Read more …

Set up a bipartisan commission and get this solved. The US is a tragic laughing stock.

Affordable Care Act Is Ruled Unconstitutional By A Federal Judge (CNBC)

A federal judge in Texas ruled on Friday the Affordable Care Act unconstitutional, potentially threatening health-care coverage for millions of Americans and setting up a new legal showdown over former President Barack Obama’s signature policy initiative. U.S. District Court Judge Reed O’Connor of Texas issued the decision, declaring that key portions of the legislation were inconsistent with the Constitution. O’Connor’s ruling argued that the health-care law can not stand on its own since Congress last December repealed the individual mandate, which imposed a tax penalty on consumers who went uninsured. The mandate, which remains in effect for 2018, was a key part of ACA legislation, otherwise known as Obamacare. The mandate is the greater of $695 person per adult, or 2.5% of household income.

The lawsuit was backed by the Trump administration, and is likely to be appealed — which could mean the legislation will heard anew by the Supreme Court, which upheld Obamacare in a narrowly divided 2012 ruling. Medicare & Medicaid Services Administrator Seema Verma told reporters earlier this month that CMS has a plan to protect pre-existing conditions if the law is struck down. A CMS spokesperson late Friday told CNBC, “The recent federal court decision is still moving through the courts, and the exchanges are still open for business and we will continue with open enrollment. There is no impact to current coverage or coverage in a 2019 plan.”

Read more …

Government investigators who refuse to share documents with the House. Not just insane, but by now years of insanity.

Clinton Foundation Oversight Panel Hears Explosive Testimony (RT)

Fraud investigators have exposed the Clinton Foundation’s alleged misdeeds in a Congressional hearing, describing it as a de facto “foreign agent” devoted not to charity but to “advancing the personal interests of its principals.” The Clinton Foundation acted as an agent of foreign governments “early in its life and throughout its existence,” according to testimony by former government forensic investigator John Moynihan, which, if true, would not only render it in violation of the Foreign Agents Registration Act but also would violate its nonprofit charter, putting it on the hook for a massive quantity of unpaid taxes. Moynihan and fellow ex-government investigator Lawrence Doyle shared 6,000 pages of evidence with the IRS over 18 months ago, only to be met with silence.

They shared them with the FBI multiple times – ditto. Yet when the pair testified before the House Oversight and Government Reform Committee, they refused to turn over the documents, stating they did not want to interfere with any ongoing investigations. The committee chairman Rep. Mark Meadows (R-NC) said witnesses’ reluctance to share all the documents was hardly a “good foundation for truth and transparency,” while Rep. Jody Hice (R-GA) said he felt the duo was “using” the panel for their own benefit. “These are not our facts. They are not your facts. They are the facts of the Clinton Foundation,” said Moynihan, maintaining his interest in the case is purely financial – not political.

Testifying on their findings, Doyle highlighted the Foundation’s alleged “misuse of donated public funds,” explaining that it “falsely attested that it received funds and used them for charitable purposes which was, in fact, not the case. Rather the foundation pursued in an array of activities both domestically and abroad,” which included activities “properly characterized as profit-oriented and taxable undertakings of private enterprise, again failing the operational tests of philanthropy referenced above,” referring to the equally non-charitable pursuit of funding the Clinton Presidential Library. John Huber, appointed by former Attorney General Jeff Sessions to investigate the Clinton Foundation after Sessions recused himself from doing so, was conspicuously absent from the hearing, even though his job is to probe Clinton’s approval of the sale of US uranium assets to Russia.

Read more …

Globalism has been extremely destructive. Hard to defend.

The War Against Globalism (Giraldi)

The idea that republican or democratic government will eventually deteriorate into some form of tyranny is not exactly new. Thomas Jefferson advocated a new revolution every generation to keep the spirit of government accountable to the people alive. Call it what you will – neoliberalism, neoconservatism or globalism – the new world order, as recently deceased President George H.W. Bush once labeled it, characteristically embraces a world community in which there is free trade, free movement of workers and democracy. They all sound like good things but they are authoritarian in nature, destructive of existing communities and social systems while at the same time enriching those who promote the changes.

They have also been the root cause of most of the wars fought since the Second World War, wars to “liberate” people who never asked to be invaded or bombed as part of the process. And there are, of course, major differences between neoliberals and neoconservatives in terms of how one brings about the universal nirvana, with the liberals embracing some kind of process whereby the transformation takes place because it represents what they see, perhaps cynically, as the moral high ground and is recognized as being the right thing to do. The neocons, however, seek to enforce what they define as international standards because the United States has the power to do so in a process that makes it and its allies impossible to challenge.

The latter view is promoted under the phony slogan that “Democracies do not fight other democracies.” The fact that globalists of every type consider nationalism a threat to their broader ambitions has meant that parochial or domestic interests are often disregarded or even rejected. With that in mind, and focusing on two issues – wholesale unwelcome immigration and corrupt government run by oligarchs – one might reasonably argue that large numbers of ordinary citizens now believe themselves to be both effectively disenfranchised and demonstrably poorer as rewarding work becomes harder to find and communities are destroyed through waves of both legal and illegal immigration.

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I can still hope he succeeds, but it’s getting hard to see how.

Yanis Varoufakis’s Internationalist Odyssey (Nation)

Flanked by a dozen members of DiEM25, the pan-European movement launched in 2016 to “democratize” the continent’s institutions, Varoufakis announced that he would run for a seat representing Germany in the European Parliament. He would make his bid as a Greek, a European, and, you might even say, a Berliner—all to drive home a larger point about the necessity of thinking beyond borders. “No European people can be prosperous and free when other European countries are condemned to the permanent depression that eternal austerity creates,” he said. Persistent unemployment, cuts to welfare, and other suffocating economic policies across the continent help explain why Varoufakis chose Germany—a country he’s best known for antagonizing, precisely over its leaders’ support for austerity, in the fraught negotiations over Greece’s debt in 2015.

These circumstances are also the motivating force behind the Progressive International, an initiative that Varoufakis launched five days later in Burlington, Vermont, with DiEM25 and the Sanders Institute. Building broad-based coalitions takes time, and for now, the Progressive International is just a website with some inspiring language and a video. Its membership is also very Eurocentric. But Varoufakis hopes it will blossom into a global movement that helps leftists create coherent platforms, policies, and parties to defeat the “nationalist international” masterminded by Donald Trump’s former chief strategist, Steve Bannon. The logic is simple. Financiers have long had global networks; now, right-wing authoritarians do too, with coordinated social-media strategies and deep pools of dark money funding campaigns and disrupting elections around the globe.

It’s time for the left to go on the offensive and reclaim its tradition of internationalism: in Varoufakis’s words, to “mobilize workers, women, and the disenfranchised around the world” to prevent outright fascism from taking hold. This means local action, but it also means dreaming big. It’s a fuzzy plan, of course, and one that Varoufakis’s critics deem implausible. Aren’t ideas like “democratizing” the European Union and making global finance more “progressive” oxymorons? How will a ragtag group of leftists dream up a new monetary system and an ecological New Deal for the whole world when Goldman Sachs and ExxonMobil call the shots?

Read more …

Aug 232018
 
 August 23, 2018  Posted by at 1:35 pm Finance Tagged with: , , , , , , , , , , ,  6 Responses »


Gustave Caillebotte Young man by his window 1875

 

If there’s one thing that is exposed in the sorry not-so-fairy tale of former Trump aides Paul Manafort and Michael Cohen, it’s that Washington is a city run by fixers. Who often make substantial amounts of money. Many though by no means all, start out as lawyers and figure out that let’s say ‘the edges of what’s legal’ can be quite profitable.

And it helps to know when one steps across that edge, so having attended law school is a bonus. Not so much to stop when stepping across the edge, but to raise one’s fees. There’s a lot of dough waiting at the edge of the law. None of this should surprise any thinking person. Manafort and Cohen are people who think in millions, with an easy few hundred grand thrown in here and there.

But sometimes the fixers happen to come under scrutiny of the law, like when they get entangled in a Special Counsel investigation. Both Manafort and Cohen now rue the day they became involved with Trump, or rather, the day he was elected president and solicited much more severe scrutiny.

Would either ever have been accused of what they face today had Trump lost to Hillary? It’s not too likely. They just gambled and lost. But there are many more just like them who will never be charged with anything. Still, a new fixer name has popped up the last few days who may, down the line, not be so lucky.

 

And that’s not even because Lanny Davis is a registered foreign agent for Dmytro Firtash, a pro-Russia Ukrainian oligarch wanted by the US government. After all, both Manafort and Cohen have their contacts in that part of the world. Manafort made tens of millions advising then-president Yanukovich in the Ukraine before the US coup dethroned the latter. Cohen’s wife is Ukrainian-American.

Lanny Davis is a lawyer, special counsel even, for the Clintons. Has been for years. Which makes it kind of curious that Michael Cohen would pick him to become his legal representation. But that’s not all Davis is involved in. Like any true fixer, he has his hands in more cookie jars than fit in the average kitchen. Glenn Greenwald wrote this in August 2009 about the health care debate:

 

Lanny Davis Disease

After Tom Daschle was selected to be Barack Obama’s Secretary of Health and Human Services and chief health care adviser, Matt Taibbi wrote: “In Washington there are whores and there are whores, and then there is Tom Daschle.” One could easily have added: “And then there’s Lanny Davis.” Davis frequently injects himself into political disputes, masquerading as a “political analyst” and Democratic media pundit, yet is unmoored from any discernible political beliefs other than: “I agree with whoever pays me.”

It’s genuinely difficult to recall any instance where he publicly defended someone who hadn’t, at some point, hired and shuffled money to him. Yesterday, he published a new piece simultaneously in The Hill and Politico – solemnly warning that extremists on the Far Left and Far Right are jointly destroying democracy with their conduct in the health care debate and urging “the vast center-left and center-right of this country to speak up and call them out equally” – that vividly illustrates the limitless whoring behavior which shapes Washington generally and specifically drives virtually every word out of Lanny Davis’ mouth.

Davis’ history is as long and consistent as it is sleazy. He was recently hired by Honduran oligarchs opposed to that country’s democratically elected left-wing President and promptly became the chief advocate of the military coup which forcibly removed the President from office. He became an emphatic defender of the Israeli war on Gaza after he was named by the right-wing The Israel Project to be its “Senior Advisor and Spokesperson.” He has been the chief public defender for Joe Lieberman, Jane Harman and the Clintons, all of whom have engaged his paid services.

And as NYU History Professor Greg Grandin just documented: “Recently, Davis has been hired by corporations to derail the labor-backed Employee Free Choice Act, which would make it easier for unions to organize, all the while touting himself as a “pro-labor liberal.” Davis was also the chief U.S. lobbyist of the military dictatorship in Pakistan in the late 90s and played an important role in strengthening relations between then President Bill Clinton and de facto president General Perez Musharraf.”

There’s much more in that article, but you get the drift. And now Davis, the Clinton fixer, is Michael Cohen’s lawyer. The fixer defending a fixer. So who pays the bill? Well, ostensibly no-one, because Davis started a Go Fund Me campaign where people can donate so Cohen “can tell people the truth about Trump”. The goal is $500,000. Which goes to .. Lanny Davis.

On TV yesterday he apparently promoted a wrong URL, which was promptly picked up by someone else who had it redirect to the Trump campaign. Even fixers screw up, right? Still, there’s already well over $100,000 donated for Cohen Davis. But why $500,000? One of the accusations against Cohen concerns lying to a bank for a $20 million loan. He bought an apartment not long ago for $6.7 million. He owned multiple apartments in Trump buildings.

Did he lose everything when Robert Mueller et al raided his office, home and hotel room on April 9 2018? Were all his assets frozen? Possibly. What we do know is that he ‘expected’ the Trump campaign to pay for his legal fees. Which they declined. Or rather, as Fortune reported in June: “The Trump campaign has given some money to Cohen to help cover legal expenses for the Russia investigation. To date, though, it has not offered financial assistance in the investigation of his business practices.”

It seems safe to assume that’s the point where Cohen turned, or was turned, to Lanny Davis. From a full decade of being Trump’s fixer to being fixed by the Clintons’ fixer. That’s a big move. It raises a number of questions: why did Trump not pay Cohen’s legal fees? This is 2 months after the raid on the man’s office, home, hotel room, in which huge amounts of files and disks etc. were seized.

Second question: if Lanny Davis only now sets up a Go Fund Me campaign, who’s been paying him over the past 2 months? Did Cohen sell assets, or is someone else involved?

Anyway, so Davis goes on TV with big words about how Cohen will tell all about Trump -provided people donate half a million- and adding “I know that Mr. Cohen would never accept a pardon from a man that he considers to be both corrupt and a dangerous person in the oval office. And [Cohen] has flatly authorized me to say under no circumstances would he accept a pardon from Mr. Trump.”

Oh, and that “the turning point for his client’s attitude toward Trump was the Helsinki summit in July 2018 which caused him to doubt Trump’s loyalty to the U.S.” That, to my little brain, doesn’t sound like something that would come from Cohen. That sounds more like a political point the likes of which Cohen has never made. That’s plain old Russiagate.

 

But anyway. So Lanny Davis, fixer of fixers and presidents, goes on a talk-show tour last night and what do you think happens? He walks back just about everything he’s said the previous day. Aaron Maté made a list in this Twitter thread:

 

 

Is Michael Cohen sure he wants this guy as his lawyer? Is he watching this stuff?

If Cohen and Manafort have broken laws, they should be punished for it. The same goes for all other Trump campers, including the Donald. But it would be good if people realize that Cohen and Manafort are not some kind of stand-alone examples, that they are instead the norm in Washington. And Moscow, and Brussels, London, everywhere there’s a concentration of power. In all these places, and probably more so in DC, there are these folks specializing in the edge of the law.

What do you think will happen when someone of the stature of Bob Mueller spends 18 months investigating the Clintons and their fixers? Perhaps the events of the past few days won’t bring such a 2nd Special Counsel any closer, but by the same token they might do just that. Offense is the best defense.

I don’t know, we don’t know, what monsters Trump has swept under his luxurious carpets. But we do know that those are not the only monsters in Washington. Meanwhile, the Steele dossier that was used to start the entire Mueller remains just about entirely unverified. The Russian collusion meme he was tasked with investigating has so far come up empty.

That he would find something if he tried hard enough was obvious from the start. That is both dangerous in that the mandate of a Special Counsel should be limited lest it becomes endless and veers off the reasons it was initiated, as well as in the risk that it can easily turn into a party-political tool to hurt one’s opponent while one’s own dirt remains unscrutinized.

In the end, I can draw only one conclusion: there are so many sharks and squids swimming in the swamp that either it should be expanded or the existing one should be cleaned up and depopulated. So bring it: investigate the FBI, the Clintons, and fixers like Lanny Davis and Michael Avenatti, the same way the Trump camp has been.

Because if you don’t do that, you can only possibly end up in an even bigger mess. You can’t drain half a swamp.

 

 

May 042018
 


Gutzon Borglum Mount Rushmore, Repairing Lincoln’s nose 1962

 

 

Dr. D figured his last missive was a bit heavy handed. So he went for something lighter this time. A penance, a doctor’s guide: “It’s hard enough to find a candidate that will even promise to do something right so it doesn’t help that they do the opposite 90% of the time.”

 

 

Dr. D:

Who wrote “We hold these Truths to be self-evident, that all Men are created equal”? Jefferson, a slave owner.

Who was one of the most ardent Abolitionists? Alexander Hamilton.

Was he a slave owner? Yes.

Who won the election of 1824? No one, it was decided by the House of Representatives.

So which party lost? None: all four candidates were Democratic-Republicans.

In response, Andrew Jackson, a slave owner, created the Democratic Party.

Jackson created the Democratic Party as an anti-bank, anti-oligarch, states-rights platform the Tea Party would recognize.

Martin Van Buren, a Democrat, created the first concentration camp for Cherokee Indians in 1838.

Those 17,000 Cherokees owned 2,000 slaves.

Did Lincoln create the Republican Party? No, it was an amalgamation of failed parties: Lincoln was their 1st candidate.

What was the Lincoln campaign of 1860? Non-interference in state slavery.

Why? The decision of Dred Scott in 1857, a slave owned by abolitionists in a state he did not reside. Overturning 250 years of history, the case determined that no slave could ever become a citizen, i.e. freed.

Who was the best known Confederate General? Stonewall Jackson.

What did he do when he sided with the Southern cause? Freed his slaves.

Who else was a top Confederate General? William Mahone.

What did he do? He was the creator of the most successful interracial alliance in the post-war South. His name was purged first by Southern Democrats (for integration), then by modern Democrats (for being a Confederate).

 

Woodrow Wilson (D) ran an anti-collectivism, limited government, anti-monopoly, anti-bank campaign in 1912. He created the Federal Reserve and is known for founding the modern welfare state.

Wilson was re-elected on the slogan “He Kept Us Out of War.” He immediately forced the reluctant nation into WWI.

Herbert Hoover, as Secretary of Commerce under Calvin Coolidge during the Crash of ’21, demanded economic aid and bailouts, but Coolidge, “the great refrainer,” refused. The market immediately recovered.

Hoover was President during the Crash of ’29. He gave unprecedented bailouts to help the economy recover. It never did.

Roosevelt campaigned against Hoover for being “ the greatest spending Administration in peacetime in all our history.” He outspent Hoover tenfold.

Did Roosevelt’s “New Deal,” the greatest stimulus and spending program up to that time, end the Great Depression? No. It was going strong in 1939.

What did Roosevelt campaign on? He promised to keep us out of war in Europe.

Who was Time’s Man of the Year in 1938? Adolf Hitler.

Who was Man of the Year in 1939? Joseph Stalin.

1942? Joseph Stalin.

 

Wars under “anti-war” Democratic Party: 93 years, 46.5%. 625K deaths since 1864.

Wars under “pro-war” “Republican” Party: 107 Years 53.5%. 12K deaths since 1864.

Who voted for the 1964 Civil Rights Act? Republicans 80% vs. Democrats 69%.

Who filibustered it? Southern Democrat Strom Thurmond.

Who signed it? Lyndon Johnson, a southern Democrat.

Where did Thurmond go? The GOP, who had voted against him and against southern segregation.

What did Richard Nixon campaign on? “Law and Order” and a “secret plan” to exit Vietnam. He immediately bombed Cambodia and was later impeached for a burglary.

Who said “the soundest way to raise revenues in the long run is to cut rates now” and “Every dollar released from taxation that is spent or invested will help create a new job and a new salary” ? John F. Kennedy.

Who gave the greatest modern tax cut? John F. Kennedy (income and capital gains, signed by Johnson).

Who most increased the postwar Federal deficit? Ronald Reagan 186%.

Who most increased taxes? Ronald Reagan, 1982 (as % of GDP, excluding Obamacare and Johnson’s one-year tax).

 

Who called young blacks “Superpredators”? Hillary Clinton, 1996.

Who put the most black men in jail? Bill Clinton, under the 1994 Violent Crime Control Act.

Who cut welfare most? Bill Clinton, 1996 Personal Responsibility and Work Act.

Who was called the first “Black President”? Bill Clinton (“white skin notwithstanding, this is our first black President. Blacker than any actual black person who could ever be elected in our children’s lifetime.” –Toni Morrison, 1998. I swear this is true).

What was George W. Bush’s platform? Smaller, less-invasive government, lower taxes, and no foreign wars.

Who are the Neoconservatives? “Liberal hawks who became disenchanted with the pacifist foreign policy of the Democratic Party”.

Where did these Liberal Democrats finally prosper? Under G.W. Bush and on Fox News, e.g. Bill Kristol.

 

Which President won the Nobel Peace Prize? Barack Obama. (As did Theodore Roosevelt, Woodrow Wilson and Jimmy Carter)

What was his legacy? War every day of all eight years, with +50,000 official strikes in Afghanistan, Pakistan, Libya, Yemen, Somalia, Iraq, and Syria and unofficial attacks in Ukraine, Sudan, Niger, Cameroon, Uganda, and elsewhere, as well as 3,000 drone deaths.

Wow, anything else? Due to his intervention, Obama, the first black president, caused the creation of an open-air black slave market in Libya.

Who campaigned advocating a Syrian no-fly zone expected to cause WWIII with Russia? Hillary Clinton (D).

Who campaigned for peace talks and de-escalation with Russia? Donald Trump (R).

Who sent 164 missiles into Russian ally Syria? Donald Trump (R).

Who advocated against the recent attacks? “Far-right” speakers Rand Paul and Tucker Carlson of Fox News.

Who advocated for the attacks? “Left” speakers Fareed Zakaria, and Rachel Maddow with left media Slate and Mother Jones.

What was the actual breakdown? 22% of GOP supported Syrian airstrikes in 2013 vs 86% for the same strikes in 2017.

And on and on. Got it? Know which side you’re on? History, party platforms, personal beliefs, economy, all clear?

 

“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”

P.S. Mark Twain never said this.

 

 

Nov 262016
 


Fidel Castro and Che Guevara ca. 1957

Cuban Revolutionary Fidel Castro Dies At 90 (AFP)
Wisconsin Agrees To Statewide Recount In Presidential Race (R.)
Bid To Challenge Brexit Gathers Pace Among Pro-Remain Politicians (G.)
Houses Have Never Been More Expensive To Buyers Who Need A Mortgage (Hanson)
Black Friday: The Death of Department Stores (WS)
US Payday Lenders Seek Emergency Court Help Against Regulators (R.)
When Money Dies (Bhandari)
Here’s What Happened When Ancient Romans Tried To ‘Drain The Swamp’ (Black)
Innovation Is Overvalued. Maintenance Matters More (Aeon)
Australia Eases Limits On Foreign Buyers As Apartment Glut Looms (AFR)
Australia Ceases Multimillion-Dollar Donations To Clinton Foundation (News)
Australia Joins Norway, Cuts Clinton Foundation Donations To $0 (ZH)
New Zealand Media Merger Risks Growth Of ‘Glib, Click-Bait’ Coverage (G.)
Greek Debt Relief Plan Said to Entail $35 Billion Bank Bond Swap (BBG)

 

 

How many people remember it was the US that drove Castro into Russian arms? He visited the US shortly after becoming president. Eisenhower refused to talk. Everything after that is propaganda and fake news.

Cuban Revolutionary Fidel Castro Dies At 90 (AFP)

Guerrilla revolutionary and communist idol, Fidel Castro was a holdout against history who turned tiny Cuba into a thorn in the paw of the mighty capitalist United States. The former Cuban president, who died aged 90 on Friday, said he would never retire from politics. But emergency intestinal surgery in July 2006 drove him to hand power to Raul Castro, who ended his brother’s antagonistic approach to Washington, shocking the world in December 2014 in announcing a rapprochement with US President Barack Obama. Famed for his rumpled olive fatigues, straggly beard and the cigars he reluctantly gave up for health reasons, Fidel Castro kept a tight clamp on dissent at home while defining himself abroad with his defiance of Washington.

In the end, he essentially won the political staring game, even if the Cuban people do continue to live in poverty and the once-touted revolution he led has lost its shine. As he renewed diplomatic ties, Obama acknowledged that decades of US sanctions had failed to bring down the regime – a drive designed to introduce democracy and foster western-style economic reforms – and it was time to try another way to help the Cuban people. A great survivor and a firebrand, if windy orator, Castro dodged all his enemies could throw at him in nearly half a century in power, including assassination plots, a US-backed invasion bid, and tough US economic sanctions.

Born August 13, 1926 to a prosperous Spanish immigrant landowner and a Cuban mother who was the family housekeeper, young Castro was a quick study and a baseball fanatic who dreamed of a golden future playing in the US big leagues. But his young man’s dreams evolved not in sports but politics. He went on to form the guerrilla opposition to the US-backed government of Fulgencio Batista, who seized power in a 1952 coup. That involvement netted the young Fidel Castro two years in jail, and he subsequently went into exile to sow the seeds of a revolt, launched in earnest on December 2, 1956 when he and his band of followers landed in southeastern Cuba on the ship Granma. Twenty-five months later, against great odds, they ousted Batista and Castro was named prime minister.

Once in undisputed power, Castro, a Jesuit-schooled lawyer, aligned himself with the Soviet Union. And the Cold War Eastern Bloc bankrolled his tropi-communism until the Soviet bloc’s own collapse in 1989. Fidel Castro held onto power as 11 US presidents took office and each after the other sought to pressure his regime over the decades following his 1959 revolution, which closed a long era of Washington’s dominance over Cuba dating to the 1898 Spanish-American War.

Read more …

How much of the $5 million so far was furnished by Soros?

Wisconsin Agrees To Statewide Recount In Presidential Race (R.)

Wisconsin’s election board agreed on Friday to conduct a statewide recount of votes cast in the presidential race, as requested by a Green Party candidate seeking similar reviews in two other states where Donald Trump scored narrow wins. The recount process, including an examination by hand of the nearly 3 million ballots tabulated in Wisconsin, is expected to begin late next week after Green Party candidate Jill Stein’s campaign has paid the required fee, the Elections Commission said. The state faces a Dec. 13 federal deadline to complete the recount, which may require canvassers in Wisconsin’s 72 counties to work evenings and weekends to finish the job in time, according to the commission. The recount fee has yet to be determined, the agency said in a statement on its website.

Stein said in a Facebook message on Friday that the sum was expected to run to about $1.1 million. She said she has raised at least $5 million from donors since launching her drive on Wednesday for recounts in Wisconsin, Michigan and Pennsylvania – three battleground states where Republican Trump edged out Democratic nominee Hillary Clinton by relatively thin margins. Stein has said her goal is to raise $7 million to cover all fees and legal costs. Her effort may have given a ray of hope to dispirited Clinton supporters, but the chance of overturning the overall result of the Nov. 8 election is considered very slim, even if all three states go along with the recount. The Green Party candidate, who garnered little more than 1 percent of the nationwide popular vote herself, said on Friday that she was seeking to verify the integrity of the U.S. voting system, not to undo Trump’s victory.

Read more …

In the same way that life imitates art, UK and US imitate each other.

Bid To Challenge Brexit Gathers Pace Among Pro-Remain Politicians (G.)

A series of informal but concerted efforts by pro-remain politicians to reshape or even derail the Brexit process is under way and gaining momentum, according to people involved. MPs from across the parties had discussed how to push the government into revealing its Brexit plans and to ensure continued single market access, sources said, as a series of senior political figures made public interventions suggesting the result of the EU referendum could be reversed. Tony Blair and John Major both suggested this week that the public should be allowed to vote on or even veto any deal for leaving the EU. However, those connected to efforts by serving pro-remain MPs say the former prime ministers’ views had little support in the Commons.

More significant, they argued, were strategy discussions involving MPs from all parties “caught between their own views and those expressed at the ballot box” in the referendum. “It’s a long process of gradually bringing people round to our way of thinking, on all sides,” said someone who works closely with pro-remain figures. “A lot of people are a bit unsure what to do – they’re caught between their own views and those expressed at the ballot box, often by their own constituents. “There’s a growing realisation that this is a long game. There’s actually very little information out there, and very little substance to get into. It’s hard to coalesce people around particular policy positions when the government has no policy to speak of. That’s quite a challenge.”

Major told a private dinner that there was a “perfectly credible case” for holding a second referendum on the terms of a Brexit deal. He said the views of the 48% of people who voted to remain should be taken into account and warned against the “tyranny of the majority”. Blair, in particular, is known to be sounding out opinion on Brexit as part of his re-emergence into political life. The former Labour prime minister’s office said he had discussed the issue with the former chancellor George Osborne, among “many people”.

Read more …

Be careful out there.

Houses Have Never Been More Expensive To Buyers Who Need A Mortgage (Hanson)

Houses have NEVER BEEN MORE EXPENSIVE to end-user, mortgage-needing shelter buyers. The recent rate surge crushed what little affordability remained in US housing. It now it requires 45% more income to buy the average-priced house than just four years ago, as incomes have not kept pace it goes without saying. The spike in rates has taken “UNAFFORDABILITY” to such extremes that prices, rates, and/or credit are now radically out of scope. At these interest rate levels house prices are simply not sustainable even in the lower-end price bands, which were far more stable than the middle-to-higher end bands (have been under significant pressure since spring). [..] The Data (note, for simplicity my models assume best-case 20% down and A-grade credit, which is the “minority” of lower-to-middle end buyers).

1) The average $361k builder house requires nearly $65k in income assuming a 4.5% rate, 20% down, and A-grade credit. Problem is, 20% + A-credit are hard to come by. For buyers with less down or worse credit, far more than $65k is needed. For the past 30-YEARS income required to buy the average priced house has remained relatively consistent, as mortgage rate credit manipulation made houses cheaper. Bottom line: Reversion to the mean will occur through house price declines, credit easing, a mortgage rate plunge to the high 2%’s, or a combination of all three. However, because rates are still historically low and mortgage guidelines historically easy, the path of least resistance is lower house prices.

2) The average $274k builder house requires nearly $53k in income assuming a 4.5% rate, 20% down, and A-grade credit. Problem is, 20% + A-credit are hard to come by. For buyers with less down or worse credit, far more than $53k is needed. For the past 30-YEARS income required to buy the average priced house has remained relatively consistent, as mortgage rate credit manipulation made houses cheaper. Bottom line: Reversion to the mean will occur through house price declines, credit easing, a mortgage rate plunge to the high 2%s, or a combination of all three. However, because rates are still historically low and mortgage guidelines historically easy, the path of least resistance is lower house prices.

3) Bonus Chart … Case-Shiller Coast-to-Coast Bubbles Bottom line: IT’S NEVER DIFFERENT THIS TIME. Easy/cheap/deep credit & liquidity has found its way to real estate yet again. Bubbles are bubbles are bubbles. And as these core housing markets hit a wall they will take the rest of the nation with them; bubbles and busts don’t happen in “isolation.”

Read more …

What does this mean for the future of human interaction?

Black Friday: The Death of Department Stores (WS)

There are still four weeks left to pull out the year. And hopes persists that this year will be decent. But online sales are hot, according to Adobe Digital Index, cited by Reuters. Online shoppers blew $1.15 billion on Thanksgiving Day, between midnight and 5 pm ET, according to Adobe Digital Index, up nearly 14% from a year ago. Sales by ecommerce retailers have been sizzling for years, growing consistently between 14% and 16% year-over-year and eating with voracious appetite the stale lunch of brick-and-mortar stores, particularly department stores. The lunch-eating process began in 2001. The chart below shows monthly department store sales, seasonally adjusted, since 1992. Note the surge in sales in the 1990s, driven by population growth, an improving economy, and inflation (retail sales are mercifully not adjusted for inflation). But sales began to flatten out in 1999. The spike in January 2001 (on a seasonally adjusted basis!) marked the end of the great American department store boom.

Even as the US fell into a recession in March 2001, ecommerce took off. But department store sales began their long decline, from nearly $20 billion in January 2001 to just $12.7 billion in October 2016, despite 14% population growth and 36% inflation! The decline of department stores is finding no respite during the holiday season. Not-seasonally-adjusted data spikes in October, November, and December. But these spikes have been shrinking, from their peak in December 2000 of $34.3 billion to $23.4 billion in December 2015, a 32% plunge, despite, once again, 14% population growth and 36% inflation!

In other words: the brick-and-mortar operations of department stores are becoming irrelevant. Ecommerce sales include all kinds of merchandise, not just the merchandise available in department stores. So it’s a broader measure. They have skyrocketed from $4.5 billion in Q4 1999 ($1.5 billion a month on average) to $101 billion in Q3 2016 ($33.7 billion a month on average).

Read more …

From the “It’s Just Not Fair!” department.

US Payday Lenders Seek Emergency Court Help Against Regulators (R.)

Payday lenders asked a federal judge in Washington, D.C., for emergency relief to stop what they called a coordinated effort by U.S. regulators to stop banks from doing business with them, threatening their survival. In Wednesday night filings, the Community Financial Services Association of America (CFSA) and payday lender Advance America, Cash Advance Centers Inc said a preliminary injunction was needed to end the “back-room campaign” of coercion by the Federal Reserve, the Federal Deposit Insurance Corp and the Office of the Comptroller of the Currency. Advance America said its own situation became dire after five banks decided in the last month to cut ties, including a 14-year relationship with U.S. Bancorp, putting it “on the verge” of being unable even to hold a bank account.

Payday lenders make small short-term loans that can help tide over cash-strapped borrowers. But critics say fees can drive effective interest rates well into three digits, and trap borrowers into an endless debt cycle in which they use new payday loans to repay older loans. The CFSA said other payday lenders are also losing banking relationships as a result of “Operation Choke Point,” a 2013 Department of Justice initiative meant to block access to payment systems by companies deemed at greater risk of fraud. “Protecting consumers from credit fraud is, of course, a commendable goal,” Charles Cooper, a lawyer for the CFSA, wrote. “But the manner in which the defendant agencies have chosen to pursue that ostensible goal betrays that their true intent has always been to eradicate a disfavored industry.”

Read more …

I don’t know to what extent Modi is the psychopath he’s made out to be here, but I do like the decentralization described (fits in with my end of centralization themes). “What a crazy idea it is to have a State monopoly on money..” [..] “In a tribalistic and irrational society, decentralization makes life much safer and makes the market more free, as complex decisions will be taken on the local level, where they belong”

When Money Dies (Bhandari)

Most people — particularly the salaried middle class – still seem to have a favorable opinion of Mr. Modi. They have been indoctrinated – in India’s extremely irrational and superstitious society – to believe that this demonetization will somehow alleviate corruption and that anything but support of Modi’s actions is anti-national and unpatriotic. This gives me pause to reflect. What a crazy idea it is to have a State monopoly on money, particularly a money that carries no inherent value and depends on regulatory edicts. On a deeper level, it makes me reflect on why for the culture of India – which is tribalistic, nativistic, superstitious and irrational – “India” is actually an unnatural entity. Such a society should consist of hundreds of tribes and countries, which is what “India” was before the British consolidated it.

In a tribalistic and irrational society, decentralization makes life much safer and makes the market more free, as complex decisions will be taken on the local level, where they belong . India’s institutions – not just organizations, but larger socio-political beliefs – have begun to decay and crumble after the British left, losing their underlying essence, the reason for which they had been institutionalized in the first place. This degradation is now picking up pace. They must eventually fall apart – including the nation-state of India – to adjust to the underlying culture. Let us consider some of these institutions. Western education implanted in India has mutated. It is making individuals cogs in a big machine, all for the service of one great leader. Public education and the mass-media have become instruments of propaganda.

Complexity and the diversity of options that technology brings make an irrational thinker extremely confused, forcing him to seek sanity in ritualistic religion —hence the increase in religiosity in India and elsewhere in the region. This has happened despite the explosion in information technology. The concept of the nation-state, when it took hold in Europe, was about the values the emergent rational and enlightened societies of Europe shared and had collectively come to believe in, at least among their elites. In India, the idea of the nation-state has morphed into a valueless thread, which binds people together through nothing but a flag and an anthem, symbols completely devoid of any values. It has collectivized tribalistic and irrational people (an irrationality that is amply epitomized by the negative force Islam has become in the last two decades).

In India and many similarly constituted countries, institutions that are not natural to their culture – the nation state, education, monetary system, etc. must eventually face entropy, slowly at first, and then rapidly. India has now entered the rapid phase. The death of money – amid a lack of respect for property rights (which again are a purely European concept that emerged from the intellectual revolutions of the last 800 years) – has been sudden and will very likely be catastrophic. It is a man-made disaster of gargantuan proportions. It will fundamentally change India in a very negative way, particularly if the demonetization effort succeeds, as it will have created the foundations enabling the rapid emergence of a police state.

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Yeah, expecting peaceful transitions is perhaps a bit much.

Here’s What Happened When Ancient Romans Tried To ‘Drain The Swamp’ (Black)

In late January of the year 98 AD, after decades of turmoil, instability, inflation, and war, Romans welcomed a prominent solider named Trajan as their new Emperor. Prior to Trajan, Romans had suffered immeasurably, from the madness of Nero to the ruthless autocracy of Domitian, to the chaos of 68-69 AD when, in the span of twelve months, Rome saw four separate emperors. Trajan was welcome relief and was generally considered by his contemporaries to be among the finest emperors in Roman history. Trajan’s successors included Hadrian and Marcus Aurelius, both of whom were also were also reputed as highly effective rulers.

But that was pretty much the end of Rome’s good luck. The Roman Empire’s enlightened rulers may have been able to make some positive changes and delay the inevitable, but they could not prevent it. Rome still had far too many systemic problems. The cost of administering such a vast empire was simply too great. There were so many different layers of governments—imperial, provincial, local—and the upkeep was debilitating. Rome had also installed costly infrastructure and created expensive social welfare programs like the alimenta, which provided free grain to the poor. Not to mention, endless wars had taken their toll on public finances. Romans were no longer fighting conventional enemies like Carthage, and its famed General Hannibal bringing elephants across the Alps.

Instead, Rome’s greatest threat had become the Germanic barbarian tribes, peoples viewed as violent and uncivilized who would stop at nothing to destroy Roman way of life. Corruption and destructive bureaucracy were increasingly rampant. And the worse imperial finances became, the more the government tried to “fix” everything by passing debilitating regulation and debasing the currency. In his seminal work The History of the Decline and Fall of the Roman Empire, Edward Gibbon wrote: “The story of its ruin is simple and obvious; and instead of inquiring why the Roman empire was destroyed, we should rather be surprised that it had subsisted so long.”

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Progress as a blind faith. “Critics wondered if Nixon was wise to point to modern appliances such as blenders and dishwashers as the emblems of American superiority.”

Innovation Is Overvalued. Maintenance Matters More (Aeon)

Innovation is a dominant ideology of our era, embraced in America by Silicon Valley, Wall Street, and the Washington DC political elite. As the pursuit of innovation has inspired technologists and capitalists, it has also provoked critics who suspect that the peddlers of innovation radically overvalue innovation. What happens after innovation, they argue, is more important. Maintenance and repair, the building of infrastructures, the mundane labour that goes into sustaining functioning and efficient infrastructures, simply has more impact on people’s daily lives than the vast majority of technological innovations. The fates of nations on opposing sides of the Iron Curtain illustrate good reasons that led to the rise of innovation as a buzzword and organising concept.

Over the course of the 20th century, open societies that celebrated diversity, novelty, and progress performed better than closed societies that defended uniformity and order. In the late 1960s in the face of the Vietnam War, environmental degradation, the Kennedy and King assassinations, and other social and technological disappointments, it grew more difficult for many to have faith in moral and social progress. To take the place of progress, ‘innovation’, a smaller, and morally neutral, concept arose. Innovation provided a way to celebrate the accomplishments of a high-tech age without expecting too much from them in the way of moral and social improvement.

Before the dreams of the New Left had been dashed by massacres at My Lai and Altamont, economists had already turned to technology to explain the economic growth and high standards of living in capitalist democracies. Beginning in the late 1950s, the prominent economists Robert Solow and Kenneth Arrow found that traditional explanations – changes in education and capital, for example – could not account for significant portions of growth. They hypothesised that technological change was the hidden X factor. Their finding fit hand-in-glove with all of the technical marvels that had come out of the Second World War, the Cold War, the post-Sputnik craze for science and technology, and the post-war vision of a material abundance.

Robert Gordon’s important new book, The Rise and Fall of American Growth, offers the most comprehensive history of this golden age in the US economy. As Gordon explains, between 1870 and 1940, the United States experienced an unprecedented – and probably unrepeatable – period of economic growth. That century saw a host of new technologies and new industries produced, including the electrical, chemical, telephone, automobile, radio, television, petroleum, gas and electronics. Demand for a wealth of new home equipment and kitchen appliances, that typically made life easier and more bearable, drove the growth. After the Second World War, Americans treated new consumer technologies as proxies for societal progress – most famously, in the ‘Kitchen Debate’ of 1959 between the US vice-president Richard Nixon and the Soviet premier Nikita Kruschev. Critics wondered if Nixon was wise to point to modern appliances such as blenders and dishwashers as the emblems of American superiority.

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Just wow. No lessons learned from Vancouver, keep digging while in that hole.

Australia Eases Limits On Foreign Buyers As Apartment Glut Looms (AFR)

The federal government has announced it will make it easier for foreigners to buy new apartments amid concerns of a looming glut that will drive down prices. Treasurer Scott Morrison said the government will make changes to the foreign investment framework to allow foreign buyers to buy an off-the-plan dwelling that another foreign buyer has failed to settle as a new dwelling. Previously, on-sale of a purchased off the plan apartment was regarded as a second hand sale, which is not open to foreign buyers. Foreign buyers can only buy new dwellings. The move effectively opens up the pool of buyers who can soak a potential flood of apartments hitting the residential markets due to failed settlements.

“This change addresses industry concerns, and means property developers won’t be left in the lurch when a foreign buyer pulls out of an off-the-plan purchase,” Mr Morrison said in an announcement. “It is common sense that an apartment or house that has just been built, or is still under construction and for which the title has never changed hands, is not considered an established dwelling.” The policy change comes after Mirvac said it experienced a rise in the default rate for the settlement of off-the-plan residential sales, above its historic average of 1%. The changes will apply immediately and regulation change will be made soon to enable developers to acquire “New Dwelling Exemption Certificates” for foreign buyers of these recycled off-the-plan homes.

On top of defaults, the Australian apartment markets – which boomed in the last four years – are facing other fresh risks. On Friday, HSBC said an oversupply of apartments in Melbourne and Brisbane could send unit prices down by as much as 6% in 2017. The apartment building boom, an ongoing concern for the Reserve Bank of Australia, especially in inner city Melbourne is likely to “start showing through” in price drops of between 2% and 6% in that city next year, HSBC chief economist Paul Bloxham said in a note. It’s a similar story in Brisbane where apartment prices are forecast to fall by as much as 4%. “A national apartment building boom, which has been part of the rebalancing act, is likely to deliver some oversupply in the Melbourne and Brisbane apartment markets, which is expected to see apartment price falls in these markets,” Mr Bloxham said.

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No play no pay.

Australia Ceases Multimillion-Dollar Donations To Clinton Foundation (News)

The Clinton Foundation has a rocky past. It was described as “a slush fund”, is still at the centre of an FBI investigation and was revealed to have spent more than $50 million on travel. Despite that, the official website for the charity shows contributions from both AUSAID and the Commonwealth of Australia, each worth between $10 million and $25 million. News.com.au approached the Department of Foreign Affairs and Trade for comment about how much was donated and why the Clinton Foundation was chosen as a recipient. A DFAT spokeswoman said all funding is used “solely for agreed development projects” and Clinton charities have “a proven track record” in helping developing countries. Australia jumping ship is part of a post-US election trend away from the former Secretary of State and presidential candidate’s fundraising ventures.

Norway, one of the Clinton Foundation’s most prolific donors, is reducing its contribution from $20 million annually to almost a quarter of that, Observer reported. One reason for the drop-off could be increased scrutiny on international donors. The International Business Times reported in 2015 on curious links between donors and State Department approval. IBT wrote that the State Department approved massive commercial arms sales for countries which had donated to the Clinton charity. More than $165 billion worth of arms sales were approved by the State Department to 20 nations whose governments gave money to the Clinton Foundation, data shows. The countries buying weapons from the US were the same countries previously condemned for human rights abuses. They included Algeria, Saudi Arabia and Kuwait.

But what does Australia gain from topping up the Clinton coffers? The Australian reported in February that Australia was “the single biggest foreign government source of funds for the Clinton Foundation” but questions remain unanswered about the agreement between the two parties. “It’s not clear why Canberra had to go through an American foundation to deliver aid to Asian countries (including Indonesia, Papua New Guinea and Vietnam). There is now every chance the payments will become embroiled in presidential politics.” The Daily Telegraph wrote in October that “Lo and behold, (Julia Gillard) became chairman (of the Clinton-affiliated Global Partnership for Education) in 2014”, one year after being defeated in a leadership ballot by Kevin Rudd.

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“After contributing $88mm to the Clinton Foundation over the past 10 years, making them one of the Foundation’s largest contributors, Australia has decided to pull all future donations.

But why would they stop funding now that Hillary has so much more free time to focus on her charity work?

Australia Joins Norway, Cuts Clinton Foundation Donations To $0 (ZH)

For months we’ve been told that the Clinton Foundation, and it’s various subsidiaries, were simple, innocent “charitable” organizations, despite the mountain of WikiLeaks evidence suggesting rampant pay-to-play scandals surrounding a uranium deal with Russia and earthquake recovery efforts in Haiti, among others. Well, if that is, in fact, true perhaps the Clintons could explain why wealthy foreign governments, like Australia and Norway, are suddenly slashing their contributions just as Hillary’s schedule has been freed up to focus exclusively on her charity work. Surely, these foreign governments weren’t just contributing to the Clinton Foundation in hopes of currying favor with the future President of the United States, were they? Can’t be, only an useless, “alt-right,” Putin-progranda-pushing, fake news source could possibly draw such a conclusion.

Alas, no matter the cause, according to news.com.au, the fact is that after contributing $88mm to the Clinton Foundation, and its various affiliates, over the past 10 years the country of Australia has decided to cease future donations to the foundation just weeks after Hillary’s stunning loss on November 4th. And just like that, 2 out of the 3 largest foreign contributors to the Clinton Foundation are gone with Saudia Arabia being the last remaining $10-$25mm donor that hasn’t explicitly cut ties or massively scaled by contributions. [..]
News.com.au confirmed Australia’s decision to cut future donations to the Clinton Foundation earlier today. When asked why donations were being cut off now, a Department of Foreign Affairs and Trade official simply said that the Clinton Foundation has “a proven track record” in helping developing countries. While that sounds nice, doesn’t it seem counterintuitive that these countries would pull their funding just as Hillary has been freed up to spend 100% of her time helping people in developing countries?

“Australia has finally ceased pouring millions of dollars into accounts linked to Hillary Clinton’s charities. Which begs the question: Why were we donating to them in the first place? The federal government confirmed to news.com.au it has not renewed any of its partnerships with the scandal-plagued Clinton Foundation, effectively ending 10 years of taxpayer-funded contributions worth more than $88 million. News.com.au approached the Department of Foreign Affairs and Trade for comment about how much was donated and why the Clinton Foundation was chosen as a recipient. A DFAT spokeswoman said all funding is used “solely for agreed development projects” and Clinton charities have “a proven track record” in helping developing countries.”

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Fake News Inc.

New Zealand Media Merger Risks Growth Of ‘Glib, Click-Bait’ Coverage (G.)

A group of distinguished former newspaper editors has launched a scathing attack on plans for New Zealand’s largest print media companies to merge, calling it a threat to democracy which could see a concentration of power exceeded “only in China”. The merger of NZME and Fairfax Media, which was proposed in May, would not be healthy in a country that “already suffers from a dearth of serious content and analysis”, the editors say in a submission to the commerce commission. The group, which includes Suzanne Chetwin, former Dominion chief Richard Long and ex-New Zealand Herald editor Gavin Ellis, also criticise the trend towards “click-bait stories” at a time when television has “all but abandoned current affairs and our public discourse is increasingly glib”.

“The merger would see one organisation controlling nearly 90% of the country’s print media market (and associated websites), the greatest level of concentration in the OECD and one that is exceeded only by China. “That cannot be healthy, particularly in a society like New Zealand’s that has so few checks and balances in its constitutional arrangements.” The submission went on to state the greatest threat to New Zealand media came from off-shore publishers who had “no feel for New Zealand’s social fabric”, and urged the commerce commission to decline the merger. The merger was sold as an attempt by both companies to stem revenue losses and drastic staff and budget cuts, particularly to rural and regional newsrooms.

Dunedin’s The Otago Daily Times would be the only newspaper in the country to remain independent, although it too could be affected as they have content sharing agreements with NZME’s The New Zealand Herald. Radio stations and magazines owned by both companies would also be affected.

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That’s not debt relief, it’s Schauble-friendly creative accounting.

Greek Debt Relief Plan Said to Entail $35 Billion Bank Bond Swap (BBG)

Greece’s battered banks are being asked to swap about 33 billion ($35 billion) euros in floating-rate bonds for 30-year, fixed-rate securities under a euro-area plan to shield Athens from future interest rate increases, three people with knowledge of the matter said. The swap is part of a package of debt-relief proposals for Greece to be presented at a Dec. 5 meeting of euro-area finance ministers, according to the people, who asked not to be named because they weren’t authorized to speak publicly about the matter. The notes were issued by the European Financial Stability Facility, the region’s crisis-fighting fund, to re-capitalize Greek lenders in 2013.

While the current EFSF holdings of Greek banks fall due between 2034 and 2046, the fixed-rate notes will expire in 2047, the people said. That will reduce Greece’s interest rate risk, but it may come at a cost for its four systemically important lenders, which could be left with securities that are more difficult to trade. The technical aspects of the operation are still being hashed out. “There are discussions going on as to proposals which will improve the sustainability of the Greek debt,” Piraeus Bank Chairman George Handjinicolaou said in an interview Thursday. “Part of this proposal is a change in the EFSF bonds for something else, some form of fixed-rate debt, which would improve the predictability of the sustainability of the Greek debt profile.”

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Nov 122016
 
 November 12, 2016  Posted by at 10:57 am Finance Tagged with: , , , , , , , , ,  3 Responses »


Harris&Ewing National Press Club Building newssstand, Washington DC 1940

Escaping the Soulless Machine (Steen Jakobsen)
Moving Past Never Trump (NR)
Donald Trump Appears To Soften Stance On Range Of Pledges (G.)
The Clintons And Soros Launch America’s Purple Revolution (Madsen)
A Visit to Trump’s America (Speed)
Supporters To Trump: Break Campaign Promises At Your Peril (R.)
Trump Spells End of Normality for Europe (Spiegel)
Trump’s Rise Comes As No Surprise On England’s Disaffected East Coast (G.)
Oil Tankers Used to Store Millions of Barrels as Land Sites Fill (BBG)
Rupee Rage Grows In India as Property Prices Collapse Overnight (R.)
White House Gives Up On Passing TPP (Hill)
Obama To Speak In Favour Of Debt Relief During Nov 15 Visit to Greece (Amna)
President Obama Goes to Greece (TEI)
Financial Crisis Takes Huge Toll On Greeks’ Dental Hygiene (Kath.)
Greek Hospitals Scrounging For Cash (Kath.)

 

 

Excellent by the Danish banker, h/t Mish.

Escaping the Soulless Machine (Steen Jakobsen)

Like Brexit, the US vote was never about personalities or issues. Had the “issues” meant anything to US voters, neither Clinton nor Trump would have made it on to the ticket in November. The very fact that someone like Donald Trump could lead the Republican party into a presidential election is testament to how it had nothing to do with the person, nothing to do with policy, but everything to do with Americans’ perceived need to escape what one strategist called “a soulless political machine”. In the end, Hillary Clinton was simply unelectable. She ran a $1 billion campaign designed to cater to all manner of special interest groups, be they ethnically based, gender-specific, or concerned with very specific policy areas.

Trump’s campaign, conversely, consisted mainly of his Twitter account (and its many followers)! That’s right: his Twitter account. Conclusion number one, then, is very uplifting: spending more money does not buy you more votes, nor can it purchase integrity. It seems that Trump, despite his often inflammatory persona, managed to transform himself into a candidate who believed in America as a whole rather than in specific groups. Several newspapers, including the New York Times, ran page after page of facts detailing how Trump degraded, disparaged, and broadly ignored the norms of political correctness, yet he kept rising in the polls. If that won’t get the media and political strategists to think twice, what will?

Is the positive conclusion, then, that in future the “map to becoming president” has more to do with the desire, both spoken and implied, to be a president for all of America? A real person rather than a focus group-approved construct? Does it require concentrating on what makes America strong, and a decreased emphasis on the needs and grievances of specific sub-groups? If that indeed is the case, then US politics appear ready to rise from the ashes of destruction. If this is in turn the case, then it means that Americans need to be American first and a member of whatever minority or special interest group second, but for decades it has been the other way around.

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Too many are too emotionally invested to make that move.

Moving Past Never Trump (NR)

There were different reasons for being Never Trump. On the left, the meme that Trump supporters are all the deplorable “–ists” has taken hold. The idea is that this is all this election represents: a triumph of angry, racist misogynists lashing back at a black president and a potential female one. One has to conclude they haven’t actually met any Trump voters; otherwise, the inanity of their analysis is hard to sustain. In the middle and in the GOP “establishment,” when Trump was doing badly, some became Never Trump (or, more accurately, “Only If He Might Win Trump”) because they like to back a winner and flinch from association with a loser. Their support ebbed and flowed with the changing consensus that Trump might or couldn’t win, and so a number ended on the wrong side of the trade and even if nominally supporting Trump, they didn’t expect success.

Finally, on the right, there were many wonderful, dedicated, principled conservatives who were repelled by Trump personally and saw him as protectionist, isolationist, nativist, and possibly racist. They were concerned that he would do long-term harm to the brand of both their philosophy and their party, and they traveled in circles where everyone they knew and cared about felt similarly. The conviction that Trump not only should not but could not win was one in which they were deeply invested. Why so invested in that idea? Possibly because if they admitted that he could win (however awful they believed a Trump presidency would be), they would have to explain why a Trump presidency would be worse overall than a Clinton presidency. If Trump wasn’t going to win anyway, they didn’t need to justify not voting for Trump.

Why was voting for Trump a problem? Because they asked the question “What does my vote say about me?” And their answer was that voting for Trump was tantamount to endorsing his beliefs and behavior, which put them on the wrong side of how they wanted to see themselves, and wanted their friends and colleagues to see them, too. But those who voted for Trump answered that question differently: How they voted was not about endorsing the worst of Trump but about the future of the country. Indeed, in focus groups we did this year, as well as anecdotally, Trump voters were better versed and more keenly aware of Trump’s warts than repelled and consequently undecided voters were.

And while most had not favored Trump at the beginning of the election season, they were convinced that the gravity of this turning point for our country superseded their concerns about Trump’s flaws. Now that Trump is in fact the president-elect, most Never Trumpers will complete the last of the stages of grief — acceptance — that many of their compatriots traveled through just a little faster. They are coming to terms, many with relief and even some exhilaration, that Hillary won’t be president, that the Senate majority has been retained, that we might in fact start to undo the damage of the last eight-plus years.

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Of course he does.

Donald Trump Appears To Soften Stance On Range Of Pledges (G.)

Donald Trump has appeared to soften his stance on a range of sweeping campaign pledges, saying in his first interview since being elected US president that he might not repeal Obamacare and admitting the prosecution of Hillary Clinton over confidential emails was not a priority. The president-elect, who said he would “immediately repeal and replace” Obamacare after taking office, told the Wall Street Journal he might instead seek to reform the policy, keeping the ban on insurers denying coverage for pre-existing conditions. He said he would also look to retain the provision that allowed young adults to be insured on their parents’ policies, adding that he had been convinced of the virtues of the two points in his meeting with outgoing president, Barack Obama, on Thursday.

Trump and his family also filmed an interview with CBS’s 60 Minutes to be broadcast on Sunday. The president-elect said he would amend or repeal and replace Obamacare without any gaps in healthcare provision. “It will be just fine. It’s what I do: I do a good job and I know how to do this stuff,” he told Lesley Stahl. Having called Hillary Clinton a “nasty woman” and “crooked” during the campaign, Trump struck a conciliatory tone towards his former opponent in both interviews. The Wall Street Journal asked about campaign promises to appoint a special prosecutor to pursue criminal charges against his Democratic rival over her use of a private email server to conduct official business as secretary of state. “It’s not something I’ve given a lot of thought, because I want to solve healthcare, jobs, border control, tax reform,” Trump said.

The statement is likely to anger the president-elect’s core supporters, many of whom chanted: “Lock her up, lock her up,” at rallies during the campaign. He told 60 Minutes the call in which Clinton conceded the election was “lovely”, adding: “It was a tough call for her, I can imagine… She couldn’t have been nicer. She just said, congratulations Donald, well done.” He praised his former opponent: “She’s very strong and very smart.” Her husband, former president Bill Clinton, had also called. “He couldn’t have been more gracious. He said it was an amazing run – one of the most amazing he had ever seen,” Trump said.

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Trump should kick out the Soros NGOs the same way Putin did.

The Clintons And Soros Launch America’s Purple Revolution (Madsen)

Defeated Democratic presidential candidate Hillary Rodham Clinton is not about to «go quietly into that good night». On the morning after her surprising and unanticipated defeat at the hands of Republican Party upstart Donald Trump, Mrs. Clinton and her husband, former President Bill Clinton, entered the ball room of the art-deco New Yorker hotel in midtown Manhattan and were both adorned in purple attire. The press immediately noticed the color and asked what it represented. Clinton spokespeople claimed it was to represent the coming together of Democratic «Blue America» and Republican «Red America» into a united purple blend.

This statement was a complete ruse as is known by citizens of countries targeted in the past by the vile political operations of international hedge fund tycoon George Soros. The Clintons, who both have received millions of dollars in campaign contributions and Clinton Foundation donations from Soros, were, in fact, helping to launch Soros’s «Purple Revolution» in America. The Purple Revolution will resist all efforts by the Trump administration to push back against the globalist policies of the Clintons and soon-to-be ex-President Barack Obama. The Purple Revolution will also seek to make the Trump administration a short one through Soros-style street protests and political disruption.

[..] President-elect Trump is facing a two-pronged attack by his opponents. One, led by entrenched neo-con bureaucrats, including former Central Intelligence Agency and National Security Agency director Michael Hayden, former Homeland Security Secretary Michael Chertoff, and Bush family loyalists are seeking to call the shots on who Trump appoints to senior national security, intelligence, foreign policy, and defense positions in his administration. These neo-Cold Warriors are trying to convince Trump that he must maintain the Obama aggressiveness and militancy toward Russia, China, Iran, Venezuela, Cuba, and other countries. The second front arrayed against Trump is from Soros-funded political groups and media. This second line of attack is a propaganda war, utilizing hundreds of anti-Trump newspapers, web sites, and broadcasters, that will seek to undermine public confidence in the Trump administration from its outset.

One of Trump’s political advertisements, released just prior to Election Day, stated that George Soros, Federal Reserve chair Janet Yellen, and Goldman Sachs chief executive officer Lloyd Blankfein, are all part of «a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth and put that money into the pockets of a handful of large corporations and political entities». Soros and his minions immediately and ridiculously attacked the ad as «anti-Semitic». President Trump should be on guard against those who his campaign called out in the ad and their colleagues. Soros’s son, Alexander Soros, called on Trump’s daughter, Ivanka, and her husband Jared Kushner, to publicly disavow Trump. Soros’s tactics not only seek to split apart nations but also families. Trump must be on guard against the current and future machinations of George Soros, including his Purple Revolution.

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More like: a visit to the America everyone else ignored. It became Trump’s be default.

A Visit to Trump’s America (Speed)

Two months ago, when I was in Ohio visiting my daughter, I was given an insight into the early indicators of a Trump victory. The clues were there, but I didn’t fully understand what I was seeing. At that time, I had no inkling of the depth and breadth of rural dissatisfaction that would elect a Donald Trump as President. I’m a photographer and the coordinator of The Texas Farm and Ranch Photography Project, photographing the daily lives of farm and ranch families, their work, meals, worship, and family life. In September, I drove almost 300 miles up and down the rural roads east of Dayton and south of Columbus, Ohio, to add some farm images to my portfolio. Mile after mile, farm after farm, town after town, ag business after ag business, I saw only Trump signs.

It was obvious that if Ohio was going to block Trump, it would have to be in the cities because agricultural Ohio was overwhelmingly Trump country. This mirrored the same Trump support that I saw in the agricultural communities I have been photographing across Texas for the past year. As I engaged in countless conversations in both rural Ohio and Texas, I tried to understand how any farming or ranching family could even remotely identify with a brash, thrice-married, womanizing, bankruptcy-declaring, New York billionaire. What I learned is that agricultural America felt not only ignored and forgotten, it felt rejected and despised by America’s political elite, and that any candidate who could hurt that elite was worth their vote.

No story brought this home to me more powerfully than a grandfather who spoke of national news stories about what he described as the whining and crying on elite college campuses by those who demanded “safe places” and “safe zones” where they will be sheltered from anything that remotely offends them. He spoke of ingrates wanting special “only me” safe places where they do not have to do anything, hear anything, see anything, or be around anyone or anything they don’t like. In that farmer’s mind, while the safe-space crowd whined about its “offendedness” and demanded entitlements, children of agricultural families were up early in the morning working on their chores and projects, followed by a full day at school, coming home to more work – all while being part of a family, a community, and a nation.

He described watching youngsters at county fairs and livestock shows hauling feed, cleaning stalls, washing and grooming livestock, shoveling manure, unloading and loading their family trucks and trailers, and trying to sleep in uncomfortable chairs – all while ungrateful elite college students failed to appreciate their pampered lives. In this gentleman’s world view, it was not black versus white, rich versus poor, feminism versus patriarchy, illegal versus citizen; rather, it was those who produce nothing believing themselves entitled, without appreciation, to the goods produced by others versus those who actually produce. Although this grandfather did not use the exact words, he pretty much described a political elite and liberal establishment as thinking of American agriculture families as nothing more than serfs in a self-protecting, self-serving feudal system.

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A balancing act alright, but he’s not bad at that.

Supporters To Trump: Break Campaign Promises At Your Peril (R.)

Mark Morris, a leader of the Colorado-based Three% United Patriots militia group, said he understood Trump would need time on some issues, but he expected quick movement on repealing Obamacare and appointing a conservative Supreme Court justice to fill the seat of the late Antonin Scalia. He said he hoped Trump would stand with ranchers in their disputes with the federal government over fees charged for cattle grazing on public land – a call to arms for many in the patriot and militia movement. Morris warned Trump should not count on his followers to stay with him if he did not produce results. “People voted with a lot of faith that he will come through,” he said. “I don’t think it is going to work out very well if he doesn’t get the things done and he comes back at the end of four years and says I need four more years to accomplish what I need to accomplish.”

Trump had to take strong action on immigration given his rhetoric, said Roy Beck, head of Numbers USA, a group that favors reduced immigration levels. He said Numbers USA and other grassroots groups would pressure Trump to keep his promises to bolster enforcement and cut back on legal immigration and foreign workers, including eliminating immigration by low-skill and non-extraordinary-skilled workers. “There’s no way he would have been elected president if he had not so boldly made immigration his top issue,” Beck said. “You have to come through on your top issue. The question is in the details.” He said many Trump supporters understood his talk about the border wall was “shorthand” for restoring the rule of law in immigration, although it was a promise by which he would be judged. “We’re in the best position we’ve ever been in since the 1950s to get control of this issue, but we still have big challenges,” Beck said.

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Nothing to do with Trump, it’s been coming for a long time.

Trump Spells End of Normality for Europe (Spiegel)

Angela Merkel has no lack of experience in dealing with egocentric men. The chancellor has known Russian President Vladimir Putin for years and she speaks regularly with Turkish President Recep Tayyip Erdogan on the phone. After the surprising victory of self-made politician Donald Trump in the US presidential elections, another member of this species will now be added to the group. No wonder, then, that the German chancellor wanted to call the new US president-elect as quickly as possible on Wednesday. The only problem was that no one in the German government had a number to call. It was only after the Chancellery in Berlin requested assistance from the German Embassy in Washington that they were able to reach a contact close to Trump.

The election victory of Trump, literally the embodiment of the new wave of angry voters, creates fresh challenges for the German political elite, not just when it comes to the phone directory. Most leading politicians among both the center-right Christian Democrats (CDU) and the center-left Social Democrats (SPD) had been convinced that Democratic rival Hillary Clinton would prevail in the election. Now they are all facing the same difficult question. How do you react when the incoming occupant of the most powerful position in the Western world sees himself as a populist and is threatening to end traditional Western alliances? German Foreign Minister Frank-Walter Steinmeier, who recently branded Trump a “hate preacher,” has said he is preparing for “difficult times.”

The chancellor herself also reminded the president-elect that “democracy, freedom, respect for the law and for human dignity, regardless of ancestry, skin color, religion, gender and sexual orientation” are all values that must be defended – the very ones that the Republican candidate more or less openly questioned during his campaign.

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The entire world economic problem in just a few words: “A lot of profit that is created here does not stay here. It goes to the business headquarters in London or other parts of the world.”

Trump’s Rise Comes As No Surprise On England’s Disaffected East Coast (G.)

“It’s like Brexit isn’t it,” says Tim Rix, a staunch leave supporter and the fifth generation of his family to run JR Rix and Sons. “Donald Trump was voted in for many different – and sometimes conflicting – reasons,” the managing director says. “Many reasons that overturned the establishment’s expected result.” There are thousands of miles between the rust-belt US states that supported Trump and Rix’s office in Hull in east Yorkshire, but in many respects the two places are closely aligned. The communities of both quietly voted to shock the world, taking decisions that would reveal deep divisions in each nation and leave large swaths of society asking how this could happen. Rix sees parallels in the economic protectionism that Trump used to appeal to millions of struggling US middle-class voters.

“Europe is broken, it’s not going to work,” he says. “We have our own problems and we need to concentrate on dealing with the problems in this country.” The mood in those areas that turned against the establishment in the EU referendum is one of economic and social discontent, where people feel left behind and struggle to find their own answers to this and every other question posed by the decline of post-war industrial Britain. And while Rix and his forebears managed to develop a business that now turns over £4m to £5m, the local area is faring less well. Following the demise of its fishing, shipping and heavy industries, the city moved into sharp decline. But manufacturing still makes up 17% of the jobs in Hull, compared with 2.6% in London, according to statistics from the Centre for Cities thinktank.

“When the fish industry went down other businesses got more important. We have a lot of global operators in food, chemical, aerospace and oil refineries,” explains Ian Kelly, chief executive of the Hull and Humber chamber of commerce. “A lot of profit that is created here does not stay here. It goes to the business headquarters in London or other parts of the world.” And so Hull remains one of the poorest cities in Britain, with nearly 30% of households in social housing and one of the lowest average workplace earnings in the UK.

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Dancing the Con Tango.

Oil Tankers Used to Store Millions of Barrels as Land Sites Fill (BBG)

Oil companies booked tankers to store as many as 9 million barrels of crude in northwest Europe amid signs that space in on-land depots is filling up, a ship-operator said. The glut could get bigger still, given the region is scheduled to load the most cargoes in 4 1/2 years next month. There are 14 to 16 Aframax-class tankers now storing crude in the region, Jonathan Lee, CEO of Tankers International, operator of the world’s biggest pool of supertankers, said. Standard cargoes are normally almost 600,000 barrels. Lack of on-land capacity to hold the oil is the most likely cause of the buildup, he said. North Sea producers are among a long list of suppliers adding barrels just as OPEC prepares to try and eliminate a surplus.

Pressure on the exporter club is piling up because its own members are pumping like never before while nations outside the group including Brazil, Kazakhstan, Canada and Russia are producing more than ever or pumping from new fields. Traders began looking for profit at sea again earlier this month, with Tankers International saying at the time that between five and 10 ships had been chartered to hold oil near Singapore, most likely to profit from weak crude prices. Those ships are the industry’s biggest supertankers, holding 2 million barrels a piece. The vessels in the North Sea would normally carry about 70% less oil. Oversupply in the oil market has caused a key oil-price spread that denotes the scale of any surplus to balloon.

The difference in the price of January and February Brent contracts rose to $1.18 a barrel this week, the widest since April 2015, excluding days when the price expires. When the month-on-month discount gets deep enough – something called contango – it sometimes rewards traders to hire ships, keep hold of the oil, and sell it at the later price, because the gap more than covers the cost of booking a vessel. Other times, there just isn’t space to unload, forcing vessels to wait. Inventories in Amsterdam, Rotterdam and Antwerp are the highest for the time of year since at least 2013, according to data from Genscape. “The big question is whether it’s contango or whether it’s a lack of physical land-based storage” that’s caused the storage buildup in Northwest Europe, London-based Lee said. “It seems to be the latter at the moment.”

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From my email contact: Property prices down 80% overnight in Delhi. I have a friend there, some apartments that were going for Rs 10,000,000 are now Rs 2,000,000. Owners desperate for cash. He doesn’t have money for milk and he’s a wealthy businessman. Business in the big bazaars is dead. Lines at banks for hours and lines as far as the eye can see. On the black market Rs/USD rate has doubled to 120. Cash is not a defence against deflation. We just saw it legislated out of existence. In a day. One freaking day. Poof.”

Rupee Rage Grows In India as Property Prices Collapse Overnight (R.)

Anger was rising across India on Saturday as banks struggled to dispense cash after the government withdrew large-denomination notes in a shock move aimed at uncovering billions of dollars of unaccounted wealth hidden from the taxman. Hundreds of thousands of people stood outside banks for a third day for long hours trying to replace 500- and 1,000-rupee banknotes that were abolished earlier in the week. The two bills, worth about 265 and 530 baht respectively, made up more than 80% of all currency in circulation, leaving millions of people without cash and threatening to grind large parts of the $400-billion cash-driven economy to a halt. There were also reports of people with large stashes of undocumented cash offering up to double the market rate for gold just to get rid of their bills.

The government has begun issuing new 2,000-rupee banknotes, said to be much more difficult to counterfeit than their predecessors, but the supply is far short of the huge demand. Redesigned 500-rupee notes are also in the pipeline. Thai residents planning to visit India are also being advised to prepare for inconvenience. “There is chaos everywhere,” said Delhi Chief Minister Arvind Kejrilwal and a bitter foe of Prime Minister Narendra Modi. He said Modi’s move had upended the lives of the poor and working while the rich — whose wealth he had sought to target — had found loopholes to get around the new rules. People argued and banged the glass doors of a branch of Standard Chartered in southern Delhi after the security guards blocked entry, saying there were already too many people inside the bank.

Others turned on Modi, criticising his ongoing visit to Japan while countrymen suffered at home. “He is taking bullet train rides in Japan and here you have old people knocking on bank doors for cash,” said Prabhat Kumar, a college student who said he had spent six hours at the queue. “He has made a terrible mistake.”

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It was dead anyway.

White House Gives Up On Passing TPP (Hill)

The Obama administration’s won’t pursue passage of its signature Pacific Rim trade deal, dealing a major blow to President Obama’s legacy. Any hope of passing the sweeping 12-nation Trans-Pacific Partnership (TPP) quickly faded after Donald Trump’s surprise victory on Tuesday and pronouncements by congressional leaders that the pact would not be considered during the lame-duck session. Trump and Democrat Hillary Clinton each opposed the agreement during their campaigns, endangering the already slim chances that Congress would cobble together enough support to pass the historic agreement before the end of Obama’s presidency. The long-shot trade agreement faced widespread Democratic opposition on Capitol Hill and the environment for passing the deal only grew more toxic during the presidential campaigns.

As recently as last week, U.S. Trade Representative Michael Froman expressed optimism that the Obama administration and congressional Republican leaders could reach a deal on the final outstanding issues, including patent protections for high-tech medicines called biologics. But after Tuesday, the onus shifted to the willingness of Congress to consider the agreement. “We have worked closely with Congress to resolve outstanding issues and are ready to move forward, but this is a legislative process and it’s up to congressional leaders as to whether and when this moves forward,” said Matt McAlvanah, a spokesman for the Office of the U.S. trade representative, in an email to The Hill.

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He has done nothing so far; why expect it now?

Obama To Speak In Favour Of Debt Relief During Nov 15 Visit to Greece (Amna)

U.S. President Barack Obama is in full accord with the IMF that the Greek debt is not sustainable and must be settled, a White House spokesman said on Friday, adding that the President will ask for debt relief during his visit to Athens next week. According to a report by ERT correspondent to Washington DC Lena Argiri, the spokesman said Obama recognizes the sacrifices of the Greek people and his visit will send a message of support. He will also “praise the government on the reforms” implemented and “stress that there’s still work to be done.”

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All he’ll see is what’s left of Greek riches; what’s lost will remain hidden.

President Obama Goes to Greece (TEI)

A week after Donald Trump’s upset victory, U.S. President Barack Obama is traveling to Greece, in the first stop of his last European trip of his Presidency. During his largely symbolic visit, President Obama is planning to deliver a legacy speech from the birthplace of democracy. He is expected to make an impassioned case for the merits of democracy, European unity and security, and regional stability; at a time when all three are being tested by the rise of extremist parties and rhetoric. Although he is expected to repeat these themes during his second stop in Germany, given that Greece is faced with the extra challenges of a debilitating economic crisis and an historic influx of migrants and refugees, President Obama’s stop in Athens is a particularly welcome sign of support to the country.

Under the Obama administration, the U.S. has stressed the geopolitical importance of Greece for the stability and security of the wider region. President Obama’s visit is a signal to Europe that the U.S. is putting a premium on keeping Greece as an integral part of the EU. He is also expected to make the case for an economic policy that puts Greece on the path of growth. However, the visit will require careful diplomacy. As Paul Glastris, who wrote the historic speech that President Bill Clinton made in Athens in 1999, put it, President Obama “will have to thread a series of needles simultaneously. He will have to find words that express Washington’s support for Greek debt relief without alienating the Troika or discouraging further economic reform in Greece; that praise Greece’s exemplary handling of the refugee crisis without encouraging more refugees; and that signal solidarity with Greece over its very real Aegean security concerns without provoking the Turkish president into doing something stupid.”

Turkish president Recep Tayip Erdogan has publicly challenged the Treaty of Lausanne which set the modern-day borders of Turkey, including with Greece (Erdogan made particular emphasis to “our brothers” in Western Thrace, Cyprus, Crimea and Mosul). Worried, the Greeks hope to hear the U.S. president reiterate his support for the existing international treaties. Indeed, the fact that president Obama is ending his presidency with a visit to Greece contrasts with how he started his first term, when he visited Turkey in the hope of anchoring the country to Western values and interests. But as President Erdogan is cracking down on seemingly all forms of domestic opposition after the failed coup, his rule is turning more authoritarian and relations with the U.S. are strained.

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Pure misery: “Spending on dental care in Greece declined by up to 64%..”

Financial Crisis Takes Huge Toll On Greeks’ Dental Hygiene (Kath.)

Spending on dental care in Greece declined by up to 64% between 2009 and 2015, according to data compiled by the country’s statistical authority which also showed that overall health spending fell by slightly over 19% over the same period. According to ELSTAT, in 2009 Greeks spent a total of €1.95 billion on oral care (an average €473.4 per household). Six years later, spending had dropped to €701 million (an average of €169.5 per household). Experts say that pressed by the ongoing financial crisis, Greeks chose to sacrifice oral care in favor of less flexible health spending such as medicine and hospital treatment. Experts warn that the situation is made worse by the deterioration of public dental care service which has been hit by shortages in staff and equipment.

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Until recently, one of the world’s best health care systems. Criminal austerity.

Greek Hospitals Scrounging For Cash (Kath.)

Shortages of equipment and staff in the health sector have resulted in two key Athens hospitals, the Alexandra and the Elena Venizelou, borrowing from each other and third parties, according to the Federation of Public Hospital Workers (POEDIN). “Their budgets are in the red,” POEDIN said on Thursday. “They are unable to maintain their infrastructure and their equipment or to procure medicines and medical equipment,” it said. According to POEDIN, hospitals got €1.15 billion in state funding this year, down from €1.5 billion last year. They owe €1.3 billion in debts to the state.

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