I first asked Dr. D. a few years ago if I could turn one one his comments at the Automatic Earth into an essay. The following illustrates why I asked. Not sure he understands why some of his rants stand out while others do not, but they certainly do. Go to the Automatic Earth comments section to figure that one out. He’s there every day.
And you’re free to disagree of course. And I myself am good, have an essay on the same topic waiting but love the view from over there. Nothing not to like.
It USED to be that when a newspaper catastrophically screwed the pooch as we Yanks say, people would cancel their subscription to such a piece of pure, useless, misleading garbage.
Dr. D.: Legally, the path is pretty clear and incredibly old. It’s always been illegal to slander (in voice) or libel (in print) someone. The Covington kids are following this right now. It’s illegal everywhere, including Britain and New Zealand, and the legal threshold has a couple of bullet points. There has to be provable damage, the facts provided have to wrong, they have to be specific, and so on. Then you sue civilly for compensation in measure with the damage caused. Pretty simple. But if it’s actual libel of the sort anyone actually means, not just “I disagree with you”, then all these elements are absolutely in play. No false accusations, no just getting the facts wrong on accident.
What’s more, the government is never the plaintiff. Although in theory I suppose they could get standing, in practice slander and libel are prosecuted BY private people AGAINST private people, which eliminates a major element of government censorship and repression. …The problem is, now that the entire force of media is resident in 5 corporations the size of most countries, no one has been suing anyone, much less challenging them to pistols at dawn.
That and the marketplace is adjusting to the new reality: It USED to be that when a newspaper catastrophically screwed the pooch as we Yanks say, people would cancel their subscription to such a piece of pure, useless, misleading garbage. …But no one ever pays for news anymore; there’s nothing to cancel. Clicks are free. So even when it’s completely wrong, knowingly, provably wrong in 10 minutes of google, if it gets clicks you get paid, so there is a new OPPOSITE incentive to lie, so long as the lies are salacious. It’s literally impossible to be discredited under this model. Look at Brian Williams on NBC and Donna Brazile on Fox.
However, you can still be sued to penury and be unable to pay your click-bills, and I expect this is a new growth industry, perhaps led by Nunes. Certainly Buzzfeed and Vox haven’t waited, they’re collapsing under their blizzard of nonsense and poor reputation, while so many bloggers who got it right continue to rise despite every repression the algos can throw at them. And that’s the market adjusting, note: without the government.
So that’s how Americans and legal nations with free speech do it and always have. Because legally, there is no such thing as ‘hate speech’. If there were, it would be thought crime, a tyranny so diabolical that even the existence of opinions is illegal. You are allowed to hate. Why? Because you are human, we don’t lock people up for thinking and feeling things, and thank our ever-loving God for that.
You are also allowed to SAY you hate someone. Why? Because it’s both a fact and your opinion. What would be the alternative, universal love enacted by perpetual violent force? If people don’t know you don’t like them, you can’t be forewarned, you can’t work things out, we don’t have an open debate in the marketplace of ideas.
What you CAN’T do – and again, this is the law everywhere and always – is ACTUALLY HARM someone. ‘Cause words are just cheap air, sound and fury, signifying nothing. A world where people are terrified of words alone is a world the weakest man who ever lived could conquer. But that’s the western world now, apparently having never seen or felt violence, actually believes that ‘words are violence.’ …That is until being so weak, such violets, such snowflakes, their total weakness attracts REAL violence which devours their nation in hours, as they see with decadent, falling empires throughout history.
There are a few other things: you are generally liable if your words cause physical or monetary harm. Further, you can’t therefore call for specific harm to a specific person, as is called on my people every day, because being more dangerous, the law wishes to prevent murder rather than punish it. But any rational person can follow these without even knowing the law exists, although, like all laws in the U.S. presently, it isn’t enforced, or only enforced on people they don’t like.
But that’s all terribly simple. The media legally CAN’T tell lies like this without consequences. Thankfully, however, the government isn’t the plaintiff and repressor. We legally can have open discussions where bad ideas, bad beliefs are able to be read openly and refuted, like Jim Jones, like Mein Kampf; as they must be, for the only alternative is to control and erase history, and then we could never learn, never recognize it. To punish people for ideas in their heads and feelings in their hearts, making their very existence a prison.
The media will soon wish they could erase history, and perhaps they will already. I mean, they just erased Patrick Moore from founding Greenpeace yesterday. But without the authorization of legal propaganda against the people and the government cash payments that’s soon going to be revealed — as long-used but signed into law by Obama — CNN, MSNBC and the boys are going to go broke on a business plan that has been totally discredited.
So under market capitalism – and now lacking monetary and legal protection of their lies by government, and under attack for monopoly bias and with executive orders reminding everyone that speech is always free – the liars are about to be sued, go broke, and disappear. Which is a pity, since I doubt they have the competence to clean toilets instead. So that’s what free nations do, and are doing right now, instead of making all news, all facts, and all history verboten.
“Who controls the past controls the future. Who controls the present controls the past.”
– George Orwell, 1984
I could gloat and congratulate myself for having resisted the anti-Trump Russiagate mania for 2-3 years. But I’m occupied by wondering where this will go from here. Same with Brexit: what will all this folly lead to?
Important pundits and news networks have served up an impressive display of denials, evasions and on-air strokes after learning that Robert Mueller has ended his probe without issuing a single collusion-related indictment. The Special Counsel delivered his final report to Attorney General William Barr for review on Friday, with the Justice Department confirming that there will be no further indictments related to the probe. The news dealt a devastating blow to the sensational prophesies of journalists, analysts and entire news networks, who for nearly two years reported ad nauseam that President Donald Trump and his inner circle were just days away from being carted off to prison for conspiring with the Kremlin to interfere in the 2016 presidential election.
Some journalists and television anchors took to Twitter and the airwaves on Friday night to acknowledge that the media severely misreported Donald Trump’s alleged ties to Russia, as well as what Mueller’s probe was likely to find. “How could they let Trump off the hook?” an inconsolable Chris Matthews asked NBC reporter Ken Dilanian during a segment on MSNBC’s ‘Hardball’. Dilanian tried to comfort the MSNBC host with some of his signature punditry. “My only conclusion is that the president transmitted to Mueller that he would take the Fifth. He would never talk to him and therefore, Mueller decided it wasn’t worth the subpoena fight,” he expertly mused. Actually, there were several journalists who conjured up a reason why Mueller didn’t throw the book at Trump, even though the president is clearly a Putin puppet.
“It’s certainly possible that Trump may emerge from this better than many anticipated. However! Consensus has been that Mueller would follow DOJ rules and not indict a sitting president. I.e. it’s also possible his report could be very bad for Trump, despite ‘no more indictments,'” concluded Mark Follman, national affairs editor at Mother Jones, who presumably, and very sadly, was not being facetious. Revered news organizations were quick to artfully modify their expectations regarding Mueller’s findings. “What is collusion and why is Robert Mueller unlikely to mention it in his report on Trump and Russia?” a Newsweek headline asked following Friday’s announcement. Three months earlier, Newsweek had meticulously documented all the terrible “collusion” committed by Donald Trump and his inner circle.
The denials, evasions and bizarre hot takes are made even more poignant by the fact that just days ago, there was still serious talk about Trump’s entire family being hauled off to prison. “You can’t blame MSNBC viewers for being confused. They largely kept dissenters from their Trump/Russia spy tale off the air for 2 years. As recently as 2 weeks ago, they had @JohnBrennan strongly suggesting Mueller would indict Trump family members on collusion as his last act,” journalist Glenn Greenwald tweeted. While the Mueller report has yet to be released to the public, the lack of indictments makes it clear that whatever was found, nothing came close to the vast criminal conspiracy alleged by virtually the entire American media establishment.
“You have been lied to for 2 years by the MSM. No Russian collusion by Trump or anyone else. Who lied? Head of the CIA, NSA,FBI,DOJ, every pundit every anchor. All lies,” wrote conservative activist Chuck Woolery. Kim Dotcom was more blunt, but said it all: “Mueller – The name that ended all mainstream media credibility.”
Mueller – The name that ended all mainstream media credibility.
No matter what you think of Donald Trump. His unexpected rise to power has educated the entire world about what’s wrong with US politics, the fake news media and the deep state.
Now, Mueller’s investigations leave one major mission unfinished: meting out justice to the intelligence, congressional, FBI and DOJ officials who appear to have used a political dirty trick to falsely weave an unproven narrative of Russia collusion. Unverified political opposition research never should be treated as actionable intelligence or Foreign Intelligence Surveillance Act (FISA) evidence, as it was in this case. Just hours before Mueller’s report arrived, new evidence emerged of just how egregious the FBI acted in the early days of the Russia probe.
Fox News’s brilliant reporter Catherine Herridge obtained new text messages Friday showing Deputy FBI Director Andrew McCabe and his chief lawyer, Lisa Page, were discussing credibility issues and “bias” about a key human source whose work was to support the FISA warrant used to first spy on the Trump campaign in October 2016. Those credibility issues likely were hidden from the judges who approved the warrant of Trump campaign adviser Carter Page (no relation to Lisa Page). As I have reported, the FBI also possesses emails showing concerns with the evidence it was going to use to support the FISA warrant.
Likewise the bureau didn’t disclose to the court that: • the “Steele dossier” that was the main FISA evidence was paid for with funds from Hillary Clinton’s campaign and the Democratic Party; • Christopher Steele, the dossier’s author, had told a senior DOJ official he was desperate to defeat Trump; • most of the dossier was not verified before it was used as evidence of alleged Trump-Russia collusion; and • agents collected statements from key defendants such as Papadopoulos and Carter Page during interactions with an FBI informant that strongly suggested their innocence. Such omissions are so glaring as to constitute defrauding a federal court. And each and every participant to those omissions needs to be brought to justice.
Nobody wants to hear this, but news that Special Prosecutor Robert Mueller is headed home without issuing new charges is a death-blow for the reputation of the American news media. As has long been rumored, the former FBI chief’s independent probe will result in multiple indictments and convictions, but no “presidency-wrecking” conspiracy charges, or anything that would meet the layman’s definition of “collusion” with Russia. With the caveat that even this news might somehow turn out to be botched, the key detail in the many stories about the end of the Mueller investigation was best expressed by the New York Times: “A senior Justice Department official said that Mr. Mueller would not recommend new indictments.”
The Times tried to soften the emotional blow for the millions of Americans trained in these years to place hopes for the overturn of the Trump presidency in Mueller. Nobody even pretended it was supposed to be a fact-finding mission, instead of an act of faith. The Special Prosecutor literally became a religious figure during the last few years, with votive candles sold in his image and Saturday Night Live cast members singing “All I Want for Christmas is You” to him featuring the rhymey line: “Mueller please come through, because the only option is a coup.” The Times story today tried to preserve Santa Mueller’s reputation, noting Trump’s Attorney General William Barr’s reaction was an “endorsement” of the fineness of Mueller’s work:
“In an apparent endorsement of an investigation that Mr. Trump has relentlessly attacked as a “witch hunt,” Mr. Barr said Justice Department officials never had to intervene to keep Mr. Mueller from taking an inappropriate or unwarranted step.” Mueller, in other words, never stepped out of the bounds of his job description. But could the same be said for the news media?
Tory insiders described the party’s atmosphere as “end of days”. May was in her Chequers retreat on Sunday, talking tactics to colleagues. She faces resignations from both wings of her cabinet should her Brexit deal be voted down this week, as expected. One of her team said they expected Brexit to come down to a “blunt choice between no deal or a customs union [with the EU]”. Pro-Remain ministers will not tolerate any endorsement of a no-deal Brexit. But some pro-Brexit ministers have said that May could not carry on in No 10 unless she backed a no-deal Brexit. “It is being said that the only way she could stay on as prime minister is if she backed no-deal,” said a cabinet source. “That is where the party is – anything else would cause a huge division.”
While accepting that May faces a terminal loss of support, some senior ministers are also warning that toppling her now would unleash a general election and a leadership fight that would be “toxic” for the Tories. “It is much better that one person is held responsible for all this mess,” said one senior minister.“If you get shot of her this week, you can almost guarantee an election and a whole set of problems.” There is no clear plan of what would happen should May stand down. Some assume that her de facto deputy, David Lidington, would take over. However, seen as a pro-Remain minister, he would also face serious challenges from Tory MPs if he attempted to engineer a soft Brexit. One minister said: “The idea that everyone would step back and allow David Lidington to deliver a soft Brexit is absurd.”
Pro-Remain MPs are drawing up plans for a vote on revoking article 50 as an emergency measure to stop Britain crashing out of the EU, after an online petition to cancel Brexit became the most popular ever. By Saturday night more than 4.6 million people had signed the petition on the parliament website, which states: “A People’s Vote may not happen – so vote now”. Public discussion about halting Brexit was considered politically toxic until just days ago. But that shifted last week as the prospect of crashing out drew closer and the number of petition signatures rose dramatically. A cross-party group of parliamentarians is now examining the possibility of cancelling the Brexit process, following concerns that Theresa May could end up backing Tory MPs who favour a no-deal departure if her own withdrawal agreement is rejected again.
They are planning to table an amendment to Brexit legislation closer to the day of Britain’s scheduled departure from the EU. The European court of justice ruled late last year that Britain could unilaterally revoke article 50, although not just to buy time. Writing on theguardian.com, the Tory MP Phillip Lee said that the people had to be given an opportunity to reconsider Brexit and that one way of allowing this to happen would be to revoke article 50. “Mrs May should ensure that the UK has the time and the space to do this in a properly considered way – either by seeking a long extension of article 50, or by taking back control and revoking it altogether.”
An estimated 1 million people staged one of the biggest marches in British history to demand a second referendum on Brexit and for the public to have the Final Say on the gathering crisis. The streets of central London were clogged with protesters from across the country, urging politicians – faced with the country potentially crashing out of the EU in just three weeks’ time – to hand the decision back to the people. Aerial cameras captured the spectacular scenes of the vast throng winding its way to outside the Houses of Parliament to hear passionate speeches from MPs of all parties.
Perhaps the most dramatic picture was the unfurling of an enormous banner with the pre-referendum words of David Davis, the Brexit-supporting Tory MP: “If a democracy cannot change, it ceases to be a democracy.” Among the speakers were Tom Watson, Labour’s deputy leader, who called out to Theresa May, saying: “Have a look out of the window prime minister. Open your curtains. Switch on your TV. Here are the people.” Some in the crowd cried out “Where’s Jeremy Corbyn?” – the Labour leader, who was later revealed to be campaigning for his party ahead of local elections in Lancashire. Michael Heseltine, the Conservative grandee, used his speech to express “contempt” for Brexiteers “wrapped in a Union Jack” who invoke Winston Churchill for their cause.
US corporate debt, excluding debt by banks – so “nonfinancial” corporate debt – has surged in recent years by all measures and to such an extent that it was featured prominently in the Fed’s Financial Stability Report, in terms of what might trigger the next financial crisis. The Fed is counting total nonfinancial business debts, which include the debts of businesses that are not incorporated. It found about $17 trillion in debts.
A narrower measure is nonfinancial corporate debt, which amounts to $15 trillion. This is up a breath-taking 40% from the prior peak in 2008. The Bank for International Settlements (BIS) uses this measure to compare how corporate debt stacks up in different countries. One of its measures is corporate debt denominated in local currency; and in order to determine the relative size of this debt, the BIS expresses it as a percent of nominal local-currency GDP. So Chinese debt in yuan as a percent of Chinese GDP in yuan. By this measure, the US nonfinancial corporate debt-to-GDP ratio has ballooned to the highest ever: a stunning whopping 73.9% of GDP:
The BIS also converts local-currency debt to dollars, so that the total debts can be compared from one country to another. And the US corporate debt of $15 trillion pales compared to China’s corporate debt of $19.7 trillion. But that is down from the $21.1 trillion in Q1 2018, at which point Chinese authorities got serious about deleveraging the corporate sector. The monstrous pileup of corporate debt in China happened in just 12 years:
China’s economy, while growing much faster than the US economy, is still quite a bit smaller than the US economy, when measured by GDP in US dollars. And so among the larger economies, China’s corporate-debt-to-GDP ratio is unrivaled (though there are some small economies with special tax laws that blow right past China for other reasons, and we’ll get to those in a moment). The data for China goes back only to 2006. Note the effects of China’s efforts to deleverage its corporate sector, with corporate debt-to-GDP ratio now down to 152.9%. But China is only in 7th Place by debt-to-GDP!
The government’s fracking proposals would release the same amount of greenhouse gas emissions as almost 300 million new cars, fatally undermining ministers’ obligation to tackle the escalating climate crisis, according to new research. Analysis by the Labour party shows that the amount of carbon dioxide released into the atmosphere if the government’s plans go ahead would be the same as the lifetime emissions of 286 million cars – or 29 new coal-fired power plants. The findings come as ministers’ efforts to kickstart their fracking proposals face growing resistance, with defeat in the courts, fierce local objections and opposition from Labour and Tory councils alike.
Labour leader Jeremy Corbyn, who was in Lancashire on Saturday to join the anti-fracking campaign in the region, said a future Labour government would ban fracking “once and for all”. “The Conservatives’ fracking plans will damage our environment and fly in the face of community opposition,” he said. “There is a clear alternative to fracking. Clean, renewable energy is the future of our economy and will create more than 400,000 jobs as part of Labour’s green industrial revolution.” Concerns about drilling flared in the run-up to Christmas when energy company Cuadrilla was forced to pause operations near Blackpool three times after drilling caused small earthquakes that breached government safety limits.
Several local authorities – including London, Manchester, Leeds, Wakefield, Hull and York – have expressed opposition to fracking. There is also opposition from many Tories. In Westminster, almost two dozen Tory MPs are reported to be against fracking and willing to “destroy the government’s majority” if it tries to weaken planning laws.
For Dimitra Dionysopoulou, who lives in the shadow of the Acropolis, there is no mistaking the signs of the Airbnb takeover in her neighbourhood. “Renovation noise, debris disposal bins on every street, and rolling luggage,” said the 50-year-old Athenian mother. Dionysopoulou has lived her entire life in the middle-class district of Koukaki, now in the midst of a home-sharing frenzy. In 2016, it was named Airbnb’s fifth fastest growing neighbourhood globally with an 800-percent jump in activity. Its selling point? Walking distance from one of the world’s most visited archaeological sites, as well as the state-of-the-art Acropolis museum. Hundreds of apartments in Koukaki’s ageing concrete buildings are now on offer.
Rents have doubled and entire families of tenants have been pushed out by cash-hungry owners, said Dionysopoulou. “Three families I know have already left, and we are currently trying to find a home for a fourth,” she told AFP. [..] Dionysopoulou is not alone in feeling that the Airbnb phenomenon, as in other major cities, has run amok. Greek authorities this year belatedly introduced registration and tax rules for Airbnb homeowners. According to Angelos Skiadas, head of Greece’s tenant association, the home-sharing craze has even spread to far-off Athens suburbs with no tourist interest. “Homeowners think this is a cure-all that will solve their problems for life. Many use Airbnb as a threat (to raise the rent),” he said.
One of nature’s most remarkable creatures, the pangolin, is being driven to extinction as hunting and trafficking have soared in recent years. Studies have discovered that hundreds of thousands of these distinctive, scaly animals are now being killed every year to satisfy markets in Asia, making it the most trafficked and poached mammal on Earth. The pangolin is hunted for its meat – and also for its scales, which are believed to have important medicinal properties as cures for poor circulation, skin complaints and asthma. Last January, authorities in Hong Kong seized 8.3 tonnes of pangolin scales in a shipment from Nigeria bound for Vietnam.
It was one of the largest confiscation of the animal’s scales ever made and its weight suggests that around 13,800 animals died to make up the consignment. In addition, in February, Malaysian customs officers seized 1,800 boxes that contained 30 tonnes of frozen pangolins and pangolin parts. Ironically, the confiscation was made only a few days before World Pangolin Day was held on 16 February this year. “We simply do not know if pangolins can withstand this level of hunting,” said Daniel Ingram of University College London. “The problem is compounded by the fact we do not have reliable pangolin population estimates.” Ingram is lead author of a paper on pangolin trafficking that has just been published in the journal Global Ecology and Conservation.
As we use focusing on the dark side of the moon and the farthest reaches of the galaxy to evade reality, and Britain uses a few handfuls of migrants to not be forced to talk about Brexit, China uses Apple and Apple uses China to turn attention away from actual issues.
Apple cut its sales forecasts for its key end of year period on Wednesday, citing the unforeseen “magnitude” of the economic slowdown in China. Trading in the company’s shares was temporarily halted as Tim Cook, Apple’s chief executive, issued a letter to shareholders explaining the reason for the change. When selling started again, Apple shares fell by 7.45%, wiping $55bn (£44bn) off its value. “While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in greater China,” he said. He cited falling sales of iPhones, Mac computers and iPads. The news sparked a “flash crash” in currency markets as investors rushed to less risky assets, with the Japanese yen soaring against most major currencies in a matter of seconds.
US stock futures pointed to another rough start on Wall Street, with Nasdaq E-mini futures down 2.2% and S&P 500 E-mini futures off 1.3%. MSCI’s broadest gauge of Asia-Pacific shares outside Japan fell 0.4% after an early attempt at a bounce. Japanese markets were closed for holidays but Nikkei futures dropped 1.9%. Shares in China and Hong Kong see-sawed between gains and losses as investors waited for Beijing to roll out fresh support measures for the cooling Chinese economy. China’s central bank said late on Wednesday it was adjusting policy to benefit more small firms that are having trouble obtaining finance, in its latest move to ease strains on the private sector, a key job creator. Apple’s statement was its first profit warning since 2002 and its first of the smartphone age. It is also one that will further rattle investors already worried about the slowing Chinese economy.
On Wednesday after the market closed, Apple released a letter to shareholders in which it said that revenues are going to be a lot worse in the quarter ended December 29 than its guidance two months ago, that iPhone revenues have dropped year-over-year, that China’s economic problems are deeper than expected, and that iPhone revenues are hurting elsewhere too. This confirms a series of revenue warnings from Apple suppliers. Shares plunged 7.5% after hours to $146. If shares close at this level on Thursday, it would be the lowest close since November 7, 2017. Shares have plunged 38% in three months. Wow, this was quick:
In its “Letter from Tim Cook,” Apple slashed its revenue guidance by 6% to 10% from its prior guidance two months ago, to about $84 billion in the quarter, down from its previous guidance of $89 billion to $93 billion. Just to get this straight, this revenue guidance of $84 billion represents a 5% revenue decline from the quarter a year ago. The price increases of its new models aren’t exactly helping a lot, it seems. Here are some of the key points Apple made in its letter: While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China. In fact, most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad.
China’s economy began to slow in the second half of 2018. The government-reported GDP growth during the September quarter was the second lowest in the last 25 years. We believe the economic environment in China has been further impacted by rising trade tensions with the United States. As the climate of mounting uncertainty weighed on financial markets, the effects appeared to reach consumers as well, with traffic to our retail stores and our channel partners in China declining as the quarter progressed. And market data has shown that the contraction in Greater China’s smartphone market has been particularly sharp. Lower than anticipated iPhone revenue, primarily in Greater China, accounts for all of our revenue shortfall to our guidance…
Apple shares plummeted after CEO Tim Cook revealed that the iPhone maker expects a drop of up to $9bn in revenue compared to its November report. More affordable battery replacements are to blame, among other things. Apple stated that it now expects a revenue of approximately $84 billion in the first quarter of 2019, down from its previous estimate of $89bn to $93bn. Markets have reacted swiftly to the news, sending Apple shares into a 7.5-percent nosedive. Explaining the causes behind the revision, Cook almost squarely blamed the expected drop in sales on the economic slowdown in mainland China, a key emerging market for Apple smartphones.
“While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China,” Cook wrote, noting that “most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China.” By far the greatest hit was dealt by iPhone sales, which, per Cook’s admission, are responsible “for all our revenue shortfall to our guidance and for much more than our entire year-over-year revenue decline” In fact, non-iPhone product revenues actually contributed to 19-percent growth, except in China, where, according to Cook, a cooling-down economy hurt all kinds of Apple products (but still, the iPhone was the worst by far).
Debt-funded stock buybacks have been one of the major drivers of the U.S. stock market boom since the Great Recession. Ironically, 2018 was the most active year on record for buyback activity, yet the stock market faltered and experienced its first annual loss since 2008. If the stock market performed as poorly as it did in 2018 with record amounts of buybacks to prop it up, just imagine how much worse it would be if buybacks were to slow down significantly or grind to a halt? Well, that is the risk that I’m going to address in this piece. From the bear market low in March 2009 until the recent peak, the S&P 500 surged by approximately 300%:
The chart below shows how stock buybacks have been rising steadily since 2009. As I explained several months ago, U.S. corporations have taken advantage of ultra-low bond yields to borrow heavily in the corporate bond market to fund buybacks (I believe that a corporate debt bubble formed as a result of this borrowing).
The LQD iShares Investment Grade Corporate Bond ETF is a good proxy for the U.S. corporate bond market. When the ETF falls in price, corporate bond yields are rising and vice versa. The 110 to 115 support zone is the key line in the sand to watch in the LQD ETF. If LQD closes below this zone in a convincing manner, it would likely foreshadow an even more powerful bond and stock market bust ahead.
Jeremy Corbyn will defy calls to change course on the party’s Brexit policy ahead of parliament’s vote on the deal, insisting that the government should secure a new deal with the EU if MPs reject Theresa May’s agreement. Under increasing pressure from Labour members and MPs to reconsider his approach as preparations for the delayed “meaningful vote” ramp up over the next week, Corbyn said on Wednesday that the party’s policy remained “sequential” and that no decision could be made on a second referendum until parliament voted down the deal on offer. His remarks come as Westminster gears up for the end of recess and the return in earnest of the Brexit debate. MPs are expected to hold the delayed vote in the second week of January.
With Corbyn’s position coming under increasing scrutiny ahead of the crucial vote, it is understood that a number of high-profile leftwing Labour figures, including Ann Pettifor, a former adviser to the shadow chancellor, John McDonnell, as well as the economics commentator Paul Mason, and Manuel Cortes, the general secretary of the TSSA trade union, are in advanced discussions about forming a policy commission to make the left’s case for remaining in the EU. Their planned intervention follows the publication of a new study revealing that an overwhelming majority of party members want the Labour leader to back a second referendum, though most remain loyal to Corbyn’s leadership. Corbyn and several of his closest allies have been both publicly and privately sceptical of the policy, and the Labour leader has said in a previous interview with the Guardian that the party would pursue a negotiated Brexit deal even if it won a snap general election.
One of the leaders of the “yellow vest” anti-government demonstrations, Eric Drouet, was detained by French police and placed in custody on Wednesday for organising a central Paris protest without declaring it, according to a source at the prosecutors office. Drouet – who already faces a trial for carrying a weapon – was held while heading for the Champs-Elysees, according to a police source. A few dozen demonstrators had gathered outside a McDonalds near France’s famous Arc de Triomphe war monument and had been waiting for Drouet to arrive early Wednesday evening.
“Yellow vest” demonstrations — so-called after the high-visibility jackets they wear — began in rural France in November over fuel taxes and ballooned into a wider revolt against President Emmanuel Macron’s pro-business policies, which they view as skewed towards the rich. The protesters have repeatedly clashed with police in Paris and other big French cities, plunging Macron’s presidency into crisis. Drouet was first arrested last month. He face trial on June 5 for “carrying a prohibited category D weapon”, a judicial source told AFP. Radical leftist leader Jean-Luc Melenchon, a fierce critic of Macron, tweeted: “Again Eric Drouet arrested, why? Abuse of power. A politicised police targeting and harassing the leaders of the yellow vest movement.”
Brian Stelter at CNN covers BIll Arkin leaving NBC, and predictably tries to make it into something negative about Trump: “Reporter warns of Trump circus”. But if you read well, you see that Arkin depicts CNN as part of the Trump circus. The circus is the way the media covers the president:“I find myself completely out of synch with the network, being neither a day-to-day reporter nor interested in the Trump circus.” What Arkin says is he leaves NBC because they are too similar to CNN.
The one thing CNN did right was to post Arkin’s mail in its entirety. Here’s part of that.
In our day-to-day whirlwind and hostage status as prisoners of Donald Trump, I think – like everyone else does – that we miss so much. People who don’t understand the medium, or the pressures, loudly opine that it’s corporate control or even worse, that it’s partisan. Sometimes I quip in response to friends on the outside (and to government sources) that if they mean by the word partisan that it is New Yorkers and Washingtonians against the rest of the country then they are right. For me I realized how out of step I was when I looked at Trump’s various bumbling intuitions: his desire to improve relations with Russia, to denuclearize North Korea, to get out of the Middle East, to question why we are fighting in Africa, even in his attacks on the intelligence community and the FBI.
Of course he is an ignorant and incompetent impostor. And yet I’m alarmed at how quick NBC is to mechanically argue the contrary, to be in favor of policies that just spell more conflict and more war. Really? We shouldn’t get out Syria? We shouldn’t go for the bold move of denuclearizing the Korean peninsula? Even on Russia, though we should be concerned about the brittleness of our democracy that it is so vulnerable to manipulation, do we really yearn for the Cold War? And don’t even get me started with the FBI: What? We now lionize this historically destructive institution. Even without Trump, our biggest challenge as we move forward is that we have become exhausted parents of our infant (and infantile) social media children.
And because of the “cycle,” we at NBC (and all others in the field of journalism) suffer from a really bad case of not being able to ever take a breath. We are a long way from resolving the rules of the road in this age, whether it be with regard to our personal conduct or anything related to hard news. I also don’t think that we are on a straight line towards digital nirvana, that is, that all of this information will democratize and improve society. I sense that there is already smartphone and social media fatigue creeping across the land, and my guess is that nothing we currently see – nothing that is snappy or chatty – will solve our horrific challenges of information overload or the role (and nature) of journalism. AndI am sure that once Trump leaves center stage, society will have a gigantic media hangover.
Arkin understands what’s happening. There’s no way he’s the only one at the MSM. Time to call them out. Not just for war oor anti-war coverage, as Caitlin does here, but for the Trump circus they’ve created.
A journalist with NBC has resigned from the network with a statement which highlights the immense resistance that ostensibly liberal mass media outlets have to antiwar narratives, skepticism of US military agendas, and any movement in the opposite direction of endless military expansionism. “January 4 is my last day at NBC News and I’d like to say goodbye to my friends, hopefully not for good,” begins an email titled ‘My goodbye letter to NBC’ sent to various contacts by William M Arkin, an award-winning journalist who has been associated with the network for 30 years. “This isn’t the first time I’ve left NBC, but this time the parting is more bittersweet, the world and the state of journalism in tandem crisis,” the email continues. “My expertise, though seeming to be all the more central to the challenges and dangers we face, also seems to be less valued at the moment. And I find myself completely out of synch with the network, being neither a day-to-day reporter nor interested in the Trump circus.”
The lengthy email covers details about Arkin’s relationship with NBC and its staff, his opinions about the mainstream media’s refusal to adequately scrutinize and criticize the US war machine’s spectacular failures in the Middle East, how he “argued endlessly with MSNBC about all things national security for years”, the fact that his position as a civilian military analyst was unusual and “peculiar” in a media environment where that role is normally dominated by “THE GENERALS and former government officials,” and how he was “one of the few to report that there weren’t any WMD in Iraq” and remembers “fondly presenting that conclusion to an incredulous NBC editorial board.” “A scholar at heart, I also found myself an often lone voice that was anti-nuclear and even anti-military, anti-military for me meaning opinionated but also highly knowledgeable, somewhat akin to a movie critic, loving my subject but also not shy about making judgements regarding the flops and the losers,” he writes.
“I thought that the mission was to break through the machine of perpetual war acceptance and conventional wisdom to challenge Hillary Clinton’s hawkishness. It was also an interesting moment at NBC because everyone was looking over their shoulder at Vice and other upstarts creeping up on the mainstream. But then Trump got elected and Investigations got sucked into the tweeting vortex, increasingly lost in a directionless adrenaline rush, the national security and political version of leading the broadcast with every snow storm. And I would assert that in many ways NBC just began emulating the national security state itself – busy and profitable. No wars won but the ball is kept in play.
In the US, consumption is some 70% of GDP. Quite high. In Greece it has become 90%. This simply means that almost all money goes towards basic needs. But you wouldn’t know that from this piece by one Bob Traa in Kathimerini. He gets completely lost in -shaky- economic theory.
In this Note, we look at the Hellenic Statistical Authority’s (ELSTAT) report of the quarterly national accounts from the demand side. We are interested in the structure of aggregate demand and how government policy connects to this structure. In the next Note, we will look at the income side of GDP – who earns what. Figure 1 shows us the four-quarter moving average of the share of final consumption (by the private sector and the government combined) out of GDP. We will show for each component how Greece compares to the eurozone overall. All data are from ELSTAT and Eurostat from Q1 1995 through Q3 2018. These figures are interesting and generate lots of ideas and hypotheses.
For instance, note that consumption in Greece (around 90 percent of GDP) is much higher than in the eurozone as a whole (around 75 percent of GDP). This means that the flip side of consumption, saving, is much lower in Greece than in the eurozone as a whole. If you enjoy spending, but you are not a good saver, guess where the difference must come from: debt. But why is saving so much lower in Greece than in the eurozone? One possible candidate is an overvalued real exchange rate. When the real exchange rate is overvalued, this provides incentives to pull in consumption from the future into the present, because consumption today is relatively cheap, compared to consumption tomorrow when the real exchange rate resets to equilibrium – i.e. falls. Another way to put this is that Greece is not quite competitive yet.
There is no solution for nuclear waste. But the call for more plants is everywhere. Again. Look up the status of Yucca Mountain to see where the legal positions are. People are going to tell you nuclear energy is clean. It is the opposite.
Towns and villages are being offered millions of pounds as an incentive to become Britain’s ‘nuclear dustbin’. Hundreds of tons of radioactive nuclear power station waste needs to be stored a kilometre – roughly 3,000ft – deep in the ground. The facility will need to hold 750,000 cubic metres of waste – enough to fill three quarters of Wembley stadium – and will cost an estimated £8billion to build. To provide an incentive to hosting the dumping ground, the selected area will be given between £1million and £2.5million a year for community projects, the Government said. The sweetener comes after the last attempt to find a nuclear burial ground flopped in 2013 – following five years of consultations – when Cumbria county council rejected the plan. It is expected the process to find a site will take 20 years, and it will take ten years to build. It will then need to remain safe for up to 200,000 years.
In the new scheme, rather than a council deciding, a final decision will rest on a local referendum. Waste is currently stored at 30 sites, mostly at Sellafield in Cumbria. It includes around 112 tonnes – the world’s biggest stockpile – of plutonium, the most poisonous substance ever created. In 2016 the House of Commons Office of Science and Technology warned that plutonium is so dangerous it can even ‘self-sustain a nuclear chain reaction under certain conditions’. Other radioactive materials include uranium. A Government document on how it find a site said the dump would need 600 skilled staff and was ‘likely to have a positive effect on the local economy’ and ‘will provide jobs and benefits to the economy for more than 100 years’.
Can’t make it up (fast enough): I used 6 anti-Trump Guardian articles from December 23 in my article yesterday, Dumping on the Donald. But guess what: I still missed one from that day. The contents are completely empty, but they really wanted to get the headline in.
The accomplishments of a US president’s first year in office can be credited to his predecessor, at least where the economy is concerned. And Donald Trump was handed the best performing economy on the planet. All the tough decisions – to refinance the banks, rescue the car companies and deflate the real-estate bubble – had been made. The stock market was tearing along, setting records almost every week. Trump gave this rising balloon extra air with $1tn of tax cuts. It was borrowed money, but no matter. The economy sailed along for another year and the stock market carried on rising. His plan was to win the midterm congressional elections and then persuade the Republican party to give him another $1tn, or as near to it as possible.
In other words, he would use another pile of borrowed cash to pump up the economy again, hoping against hope that it would not blow up before his re-election. Without control of the House of Representatives, his plans are in ruins. And that was obvious to stock and bond traders, who followed the vote in November by putting a sell sign over their maps of America. December has proved to be the worst month for shares in many decades. Oil prices have slumped and the market is expecting worse to come in the new year. The reasons for pessimism are piling up. From the Atlantic to the Pacific, US home sales are struggling, with agents reporting that there are not enough buyers and asking prices are not being met.
[..] And in recent days Trump has given markets something else to worry about – building the wall. His threat to shut down the government if Congress refuses to provide him with the money for a pan-American border fence with Mexico has spooked traders. This reckless threat was preceded by the surprise decision to pull US troops out of Syria. If Trump could make such a move without consulting important allies, then perhaps he was capable of the “long shutdown” he has promised in his tweets. With ever fewer calming voices in the White House to rein in the president’s wilder excesses, it’s understandable that the finance industry is jittery about the prospects for 2019.
“We have companies, the greatest in the world, and they’re doing really well,” Trump told reporters at the White House on Christmas Day. “They have record kinds of numbers. So I think it’s a tremendous opportunity to buy. Really a great opportunity to buy.” Trump’s invocation to BTFD came one day after the most violent Christmas Eve selloff on record, and the day when the S&P fell not only to its lowest level in 20 months, but also slumped into a bear market. For Trump, the stock market has served as a barometer on his administration, and while he was pointing out virtually every major uptick for the past two years, the recent plunge has infuriated him, leaving him mute on any market-related topic.
But a more important catalyst for a potential Wednesday rally came when Trump appeared to back off on his demands that the Fed stop hiking, which culminated with Trump reportedly seeking to fire Fed Chair Powell and speculation that if the market does not stop falling, Treasury Secretary Mnuchin may also be on the chopping block. Alongside urging Americans to BTFD, Trump expressed confidence in the Treasury secretary and the Federal Reserve, in an attempt to calm financial markets further roiled after a recent Bloomberg report that the president had discussed firing the central bank’s chairman over raising interest rates.
Asked about Fed Chairman Jerome Powell, Trump said the central bank is “raising interest rates too fast” but he has “confidence” that the Fed will “get it pretty soon.” Trump was also asked if he has confidence in Treasury Secretary Steven Mnuchin who sparked a market panic on Monday with his late Sunday statement in which he said he had called the CEOs of the top 6 banks to make sure bank liquidity levels are fine (prompting a frenzy of question what he knows that the rest of the market does not) and followed it up with a call with the Plunge Protection Team on Monday, which however failed to prevent one of the worst one-day routs in history . Trump’s response: “yes I do, very talented guy, very smart person.”
While answering questions from reporters at the White House after addressing U.S. armed forces members on a Christmas Day video conference call, Trump also said the Fed is hiking borrowing costs because the “economy is doing so well” – which is accurate, however it is the market that is spooked by the aggressive tightening – adding that U.S. companies are having “record kinds of numbers” and it’s a “tremendous opportunity to buy.” The remarks represented Trump’s first expression of public support for Mnuchin and Powell since Bloomberg reported last week that the president has discussed dismissing Powell who was recommended by Mnuchin. Overnight, Bloomberg also reported that the president also weighed dismissing Mnuchin, while another said that Mnuchin’s tenure may depend in part on how much markets continue to drop.
President Donald Trump’s frustration with Treasury Secretary Steven Mnuchin is ratcheting up further after markets suffered their worst Christmas Eve drop ever despite Mnuchin’s attempts to calm Wall Street, according to a source close to the White House. The source told CNN that Mnuchin could be in “serious jeopardy” with Trump, who regularly rages at Cabinet members he feels have made mistakes, before he cools off. Trump nevertheless vouched for Mnuchin publicly, shifting blame for the market volatility to the Federal Reserve instead. “Yes, I do,” Trump said Tuesday when asked whether he had confidence in Mnuchin. “Very talented, very smart person.”
But the source painted a different picture of Mnuchin’s standing behind the scenes. “Mnuchin is under the gun,” the source said. The Treasury secretary left Washington for a Christmas holiday in Mexico’s Cabo San Lucas as the federal government shut down over the weekend, while Trump canceled his own planned trip to his Mar-a-Lago resort in Florida and remained cooped up in the White House over the holiday, absorbing a flood of negative news about the markets. Mnuchin aides have been scrambling to find economic data to help their boss calm Trump down, but Trump was said to be unhappy with what Mnuchin was telling him, this source said. An administration source dismissed the latest round of rumors that the secretary’s continued tenure was on the line. “This is nonsense,” they said.
Conceding it was taking longer than expected to achieve 2 percent inflation, Kuroda said global risks have “come to warrant further attention” as China’s growth slows and trade frictions hurt business sentiment. He also said the BOJ must be mindful of the rising costs of prolonged monetary easing, such as the chance years of near-zero rates could hurt financial institutions’ profits and discourage them from boosting lending. “The BOJ will proceed step by step toward achieving its price target, while taking into account in a balance manner not only the benefits of monetary easing but also its costs,” Kuroda told an annual meeting of business lobby Keidanren on Wednesday. Up till now, Kuroda has repeatedly said the BOJ will seek to achieve 2 percent inflation “at the earliest date possible.”
[..] The BOJ is caught in a bind. With inflation distant from its target, it is forced to maintain a massive stimulus despite the negative spillovers. Its dwindling policy ammunition limits the ability to ramp up stimulus to prevent another recession. The dilemma has created a rift within the BOJ with its board members disagreeing on ways to address the dangers of prolonged easing, minutes of the October rate review showed. Kuroda said the situation has changed from when the BOJ deployed a massive asset-buying program in 2013, when such a drastic action was critical to pull Japan out of stagnation. Now, the economy is in good shape but inflation remains weak and closer attention is needed to overseas risks, he said. “In complex times like now, what’s required is to persistently continue with the current powerful easing while weighing the benefits and costs of our policy in a balanced manner,” Kuroda said.
Japan said Wednesday it is withdrawing from the International Whaling Commission and will resume commercial whaling next year, sparking criticism from activists and anti-whaling countries including Australia. The announcement comes after Japan failed earlier this year to convince the IWC to allow it to resume commercial whaling. Top government spokesman Yoshihide Suga said the commercial hunts would be limited to Japan’s territorial waters. “We will not hunt in the Antarctic waters or in the southern hemisphere,” he added. Tokyo has repeatedly threatened to pull out of the IWC, and has been regularly criticised for catching hundreds of whales a year for “scientific research” despite being a signatory to a moratorium on hunting the animals.
Suga said Japan would officially inform the IWC of its decision by the end of the year, which will mean the withdrawal comes into effect by June 30. Leaving the IWC means Japanese whalers will be able to resume hunting in Japanese coastal waters of minke and other whales currently protected by the IWC. But Japan will not be able to continue the so-called scientific research hunts in the Antarctic and elsewhere that it has been exceptionally allowed as an IWC member. Japan joins Iceland and Norway in openly defying the IWC’s ban on commercial whale hunting, and its decision sparked international criticism.
Asian markets were mostly lower on Wednesday after President Donald Trump said that there was “nothing new” in efforts to end the partial government shutdown over a U.S.-Mexico border wall. Traders had no fresh leads from Wall Street, which was closed on Christmas. U.S. stocks are headed for their worst December since the Great Depression in 1931. South Korea’s Kospi, 1.3% to 2,028.01 and the Shanghai Composite Index shed 0.3% to 2,498.29. Japan’s Nikkei, which plunged 5% on Tuesday, picked up 0.9 percent to 19,327.06. Shares fell Taiwan and throughout Southeast Asia. Markets in Hong Kong and Australia were closed.
The partial shutdown of the U.S. government that started Saturday shows no signs of abating. “Nothing new. Nothing new on the shutdown. Nothing new. Except we need border security,” Trump told reporters. The White House said Trump will reject any deal that does not include any funding for a wall or a fence. The Democrats have opposed this and are offering $1.3 billion for security. The routines of 800,000 federal employees are expected to be disrupted by the shutdown, but essential services will keep running. Trump’s criticism of the U.S. central bank triggered a drop in Asian equities on Tuesday. “The only problem our economy has is the Fed,” the president said on Twitter.
“They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders.” Trump has since said since that interest rate hikes were a “form of safety” for an economy that was doing well, while stressing that the Fed was raising rates too quickly. “The outsized moves are not reflective of the current U.S. economic landscape, but that seems to matter little so far as fear mongering continues to permeate every pocket of global capital markets,” Stephen Innes of OANDA said in a market commentary.
Asian stock markets retreated again on Wednesday, extending a rout that began last week as U.S. political uncertainty exacerbated worries over slowing global economic growth. Investors were unnerved by the U.S. federal government partial shutdown and President Donald Trump’s hostile stance toward the Federal Reserve chairman. U.S. Treasury Secretary Steven Mnuchin had also raised market concerns by convening a crisis group amid the pullback in stocks. S&P 500 emini futures were last down 0.6 percent, pointing toward a lower start for Wall Street when the U.S. market reopens after Christmas Day, when many of the world’s financial markets were shut.
Markets in Britain, Germany and France will remain closed on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.5 percent, brushing a two-month low. The Shanghai Composite Index lost 0.4 percent while South Korea’s KOSPI shed 1.6 percent. Japan’s Nikkei, which slumped 5 percent the previous day, had a volatile session. It swerved in and out of the red, falling more than 1 percent to a 20-month-low at one stage, before ending the day with a gain of 0.9 percent. “In addition to concerns toward the U.S. economy, the markets are now having to grapple with growing turmoil in the White House which has raised political risk ahead of the year-end,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.
David Carroll, an associate professor at Parsons School of Design in New York, said this week may finally have dealt Facebook its “knockout” blow. As an outspoken critic of the way Facebook uses people’s data, Prof Carroll is currently suing Cambridge Analytica under the Data Protection Act following the UK firm’s role in mining data from 87 million Facebook users for the purpose of political profiling during the 2016 US presidential elections. But the latest revelations that other tech firms were given access to people’s private messages was beyond even what he thought Facebook was capable of. “Even as someone who is deeply sceptical of Facebook, I was surprised by the latest revelations,” he told The Independent.
“I didn’t know it could be that bad in terms of scope and scale. But it all seems to fit with Zuckerberg’s master plan for global domination.” The first lawsuit against Facebook regarding the Cambridge Analytica scandal, which affected more than 87 million users, comes courtesy of the attorney general of the District of Columbia. It is unlikely to be the last, given Facebook is also currently facing probes by the US Securities and Exchange Commission, the Federal Trade Commission and the Department of Justice – and that’s just in the US. A relatively insignificant fine of £500,000 that was handed to Facebook in the UK may be dwarfed following investigations by the Irish data protection regulator, which are being seen as the first serious test of Europe’s new General Data Protection Regulation.
But with more than 2 billion users worldwide and an annual revenue of more than $40 billion in 2017, it will take more than a fine to have any significant impact on Facebook. Prof Carroll has called for Facebook CEO Mark Zuckerberg and other senior executives to be subpoenaed and thinks it might not be long before that becomes a reality. “We need to get them under oath and ask them questions they cannot dodge. It will depend on the Mueller investigation. It’s imaginable additional facts come to our knowledge to justify Zuckerberg’s subpoena and we find out how much he knew and when. We need more to justify it but we’re not that far from getting there.”
In the central marketplace of ancient Athens, around 350BC, there stood a machine called the kleroterion. This was a six-foot-high slab of stone that had a series of slots on the front, and a long tube bored down from the top to the base. Those up for selection for the various offices of state would insert metal ID tags, called pinakia, into the slots, and a functionary would pour a bucket of coloured balls, suitably shaken, into the top of the tube. The order in which the balls emerged would determine who took which role, some for the day, some for a year.
Today the kleroterion survives, in fragments, in Athens’ Museum of the Ancient Agora, alongside other pieces of democratic technology such as the clepsydra, a water clock used to time orators’ speeches and the fragments of pottery, called ostraka, on which they scratched the names of the too-powerful politicans they wished to see banished from the city, and from which we derive the modern word “ostracism”. The method of governance embodied in the kleroterion, which dates back to the very establishment of democracy, is called sortition, meaning selection by lot, as opposed to election by vote. The Athenians believed that the principle of sortition was critical to democracy. Aristotle declared that: “It is accepted as democratic when public offices are allocated by lot; and as oligarchic when they are filled by election.”
But along the way, sortition – and the even more exciting possibility of actual banishment – has fallen out of most democracies’ toolkits. Sortition in ancient Athens had a number of important qualities. First, those eligible for selection included the entire suffrage (which, it must be noted, was at the time limited to adult male citizens). Second, it applied to much more than jury selection, which is the only form in which sortition survives in most places today, and included magistrates, legislators and the main governing councils of the city – all the important posts, in fact, bar the military. And third, and perhaps most significantly, it both embodied and enabled transparent and participatory governance: that is, anybody could come down to the agora and not merely see but understand how the machine worked – and anyone could be selected by it.
Britain is now the butt of global mirth and cringe-making sympathy. I spent most of this autumn on trips trying to link our creative industries with those of other countries. From Mexico City to Montreal, Amsterdam to Tallinn, the welcome starts with the avuncular hand on the shoulder, a sigh and a reference to “our British friends”, followed by “I hope you’re all right”. Consternation over the original referendum decision long ago gave way to bafflement over the chaos. “What on earth is Mrs May doing playing pantomime host in the House of Commons at a time like this?” someone asked me last week. “We used to think that you were serious, reliable people.” Americans and Europeans used to tune in to our parliamentary antics to wonder at the jousting.
Now they are baffled that we continue to play games at a time like this. I am constantly asked why we hark on about the second world war, as if we are stuck in time and are not proud of our achievements since. The gulf between those trying to sell the UK’s skills and modernity and the poor calibre of our political culture is hitting hard. Business groups, which had been surprisingly cowed, are now waking up to the dangers of the brain drain. It is not just young, ambitious Europeans who are moving home, apparently to our prime minister’s delight. The movement of talented Britons to other countries is steady and will grow, as the reality of Brexit sinks in. Why work in a country that regards economic self-harm as just one of those things you have to get through? Why work in a country that permits people to come rather than welcomes them?
Gulf nations are moving to readmit Syria into the Arab League, eight years after Damascus was expelled from the regional bloc over its brutal repression of peaceful protests against President Bashar al-Assad. At some point in the next year it is likely Assad will be welcomed on to a stage to once again take his place among the Arab world’s leaders, sources say. Shoulder to shoulder with the Saudi crown prince, Mohammed bin Salman, and Egypt’s latest autocrat, General Abdel Fatah al-Sisi, the moment will mark the definitive death of the Arab spring, the hopes of the region’s popular revolutions crushed by the newest generation of Middle Eastern strongmen.
Syria was thrown out of the Arab League in 2011 over its violent response to opposition dissent, a move that failed to stem the bloodshed that spiralled into civil war. Now though, a regional thaw is already under way. This week, the Sudanese president, Omar al-Bashir, became the first Arab League leader to visit Syria in eight years, a visit widely interpreted as a gesture of friendship on behalf of Saudi Arabia, which has shored up ties with Khartoum in recent years. Pro-government media outlets posted pictures of the two leaders shaking hands and grasping each other’s arms on a red carpet leading from the Russian jet that ferried Bashir to Damascus along with the hashtag “More are yet to come”.
More than 50 Australian plant species are under threat of extinction within the next decade, according to a major study of the country’s threatened flora. Just 12 of the most at-risk species were found to be listed as critically endangered under national environment laws – the Environment Protection and Biodiversity Conservation Act – and 13 had no national threatened listing at all. The scientists behind the research, published in the Australian Journal of Botany this month, say the results point to a need for re-evaluation of Australia’s national lists for threatened plants. It is the first major assessment of the status of Australia’s threatened flora in more than two decades. Plants account for about 70% of Australia’s national threatened species list, with 1,318 varieties listed as either critically endangered, endangered or vulnerable.
The research team assessed species that met criteria for either a critical or endangered listing at national or state levels to track their rate of decline. They did this by reviewing all available literature on the plants – including recovery plans, conservation advice and peer-reviewed research – and conducting interviews with 125 botanists, ecologists and land managers with expertise on particular geographic regions or species. The study examined 1,135 species, including 81 that were unearthed through the interview process as being eligible for a critically endangered or endangered listing but did not have one. It found 418 plants had continued declines in their population and a further 265 species had insufficient monitoring information available to determine their status.
The scientists concluded that 55 species were at high risk of extinction within the next 10 years, with fewer than 250 individual plants or only a single population remaining. They found just 12 of the most imperilled species were listed under the EPBC Act as critically endangered and 13 had no listing at all. They said there were also 56 species of plants currently on the critically endangered list that they assessed as having no documented declines or that were stable or even increasing.
Not that I need vindication, but it’s good to see that Larry King says the same I’ve been saying: CNN – like NYT, Wapo etc.- is in it for the money only, not for the news. Think of that as the recount stories start spreading.
HOST RICK SANCHEZ: You know it’s interesting. As I listen to you I’m thinking that both you and I are old enough to remember that there was a lot of antagonism during the 1960s. There was a lot of antagonism during Watergate. There was certainly antagonism during the Clinton years. But there is something, maybe it’s an undercurrent, that is different now. Can you put your finger on it? What is it?
KING: Two things, Rick — the internet and cable news. Could you imagine cable news in Watergate? And they don’t do news anymore. In fact, RT is one of the few channels doing news. RT does news. CNN stopped doing news a long time ago. They do Trump. Fox is Trump TV and MSNBC is anti-Trump all the time. You don’t see a story — there was vicious winds and storms in the Northeast the other day – not covered on any of the three cable networks, not covered. Not covered! So when CNN started covering Trump — they were the first — they covered every speech he made and then they made Trump the story.
So, Trump is the story in America. I would bet that ninety-eight percent of all Americans mention his name at least once a day. And when it’s come to that, when you focus on one man, I know Donald 40 years — I know the good side of Donald and I know the bad side of Donald — I think he would like to be a dictator. I think he would love to be able to just run things. So, he causes a lot of this. Then his fight with the media and fake news. I’ve been in the media a long time, like you — longer than you, Rick. And at all my years at CNN, in my years at Mutual Radio, I have never seen a conversation where a producer said to a host “pitch the story this way. Angle it that way. Don’t tell the truth.” Never saw it. Never saw it.
SANCHEZ: You know it’s funny, just quick because you know these producers are telling me you guys have to start wrapping this up … you said something interesting about how CNN played along with Trump. I think they only played along or at least gave him that much airtime in many ways because they didn’t think he was going to win, correct?
KING: I guess it’s to their regret. But, they covered him as a character. They carried every speech he made. They carried him more than Fox News, at the beginning. And so they built the whole thing up and the Republicans had a lot of candidates and they all had weaknesses. When I saw Senator Cruz hug Donald Trump the other day I said, “this is what America has become.” He said that Cruz’s father helped kill Kennedy!
Democrats have a clear message for party leaders who will take control of the U.S. House of Representatives next year, according to a Reuters/Ipsos national opinion poll: Protect their healthcare and impeach President Donald Trump. The poll released on Thursday found that 43 percent of people who identified as Democrats want impeachment to be a top priority for Congress. That goal was second in priority only to healthcare, which played a major role in Democratic campaigns’ closing arguments before Tuesday’s elections.
They may be disappointed: Party leaders on Wednesday vowed to use their newly won majority to impose a new level of scrutiny on the Trump White House, but said impeachment would require evidence of action to subvert the Constitution that was so overwhelming that it would trouble even Trump’s supporters. Democratic Party leaders had practical reasons for caution. While they were poised to gain at least 30 House seats, more than the 23 they needed for a majority, Republicans strengthened their control of the U.S. Senate, which has the power to determine guilt or innocence in an impeachment proceeding. [..] The American public at large was far less supportive of impeachment proceedings, with just 24 percent of overall respondents listing it among their top three goals for the new Congress.
In an unsurprising move, Fed chair Jerome Powell kept rates flat on Thursday. “The committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions and inflation near the committee’s symmetric 2 percent objective over the medium term,” the Fed said following its regularly scheduled two-day meeting to discuss interest rates. “Risks to the economic outlook appear roughly balanced.” TheStreet Founder and Action Alerts portfolio manager Jim has been adamant that the pause was necessary given a “collapse in oil” and a “collapse in housing.” He noted that Powell’s pause, and potentially an extended pause, could change that.
[..] Powell has paused, but the market seems to be slow off the starting line so far as major indices finished Thursday down slightly. So what’s next? “People have to remember that this November meeting is the last lame duck meeting,” Quill Intelligence CEO and former Federal Reserve Bank of Dallas advisor Danielle DiMartino Booth told TheStreet. “imagine all of the drama with Trump castigating Powell.” She added that a raise is very likely in December and speculated that rates could possibly be raised again in January, which would surprise the markets. “I don’t think he has any qualms about having the market make monetary policy for him,” Dimartino Booth said. “He’s not afraid of the stock market.”
The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-09 global financial crisis. UBS was accused of misleading investors about the quality of more than $41 billion of subprime and other risky mortgage loans backing 40 securities offerings in 2006 and 2007, the Department of Justice said in a complaint filed with the federal court in Brooklyn. The lawsuit came after UBS rejected a government proposal that it pay nearly $2 billion to settle, according to a person familiar with the talks who was not authorized to speak publicly about them.
While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell. [..] U.S. officials faulted UBS for having a business culture that placed a higher priority on profits than full disclosure to investors, who were deprived of crucial information about the quality of the loans underlying the securities they bought. Thursday’s lawsuit quoted a UBS trader who in a 2006 instant message said “our crack due diligence effort is a joke,” and a UBS mortgage employee who the same year complained to his bosses about the bank’s ethics, including that “Lying is ok.”
Mikhail Gorbachev, the last Soviet leader, warned on Thursday against rising tensions between Russia and the United States and said there should be no return to the Cold War. The frail 87-year-old was physically helped by aides to a cinema hall to watch the premiere in Russia of a new documentary about his life, his Soviet reforms in the 1980s and his arms control drive that helped end the Cold War. His legacy has come under a pall as ties between Moscow and Washington have fallen to post-Cold War lows, following Russia’s annexation of Crimea in 2014 and rows over sanctions, election meddling and the poisoning of a spy in England.
He spoke briefly to a cinema hall in Moscow after “Meeting Gorbachev”, a new documentary directed by filmmakers Werner Herzog and Andre Singer, and was asked if the world would hold back from a new Cold War. “We must hold back,” he said. “And not just from the Cold War. We have to continue the course we mapped. We have to ban war once and for all. Most important is to get rid of nuclear weapons.” Reviled by many Russians as the man whose reforms ultimately led to the Soviet breakup, Gorbachev is lauded in the West as the man who helped end the Cold War. Gorbachev, whose visibly ailing health was in stark contrast to the vigorous reformist figure he cut in the 1980s, said the world was moving dangerously closer to a new arms race.
The London-based international economist Mariana Mazzucato has said her application for permanent residency in the UK was turned down, prompting renewed anger about the government’s immigration policy. Mazzucato, the founding director of University College London’s Institute for Innovation and Public Purpose and the author of several influential books on the economy, was born in Italy but has lived in the UK for 20 years. She applied for permanent residency in 2017, a few months after the UK voted to leave the EU. On Thursday she tweeted that her application had been refused and her Italian passport kept by the Home Office for six months. Immigration officials blamed a credit card problem with her application fee, she said, adding that there was no problem with her card.
A spokesman for University College London said Prof Mazzucato did not want to elaborate on her Twitter update. Later, after her tweet prompted widespread outrage, it clarified that she was referring to an incident in 2017. Mazzucato joined Jeremy Corbyn’s Economic Advisory Committee in 2015 and 2016 alongside other big name economists, including Joseph Stiglitz and Thomas Piketty. She is a member of the Scottish government’s Council of Economic Advisers. Her attempt to secure permanent residency ran into problems over a mixup about single digit on her 85-page application. “My ‘big’ error was making 4 look like 9 in my credit card number,” she tweeted in May 2017. At the time she said her application had to be resubmitted.
Voters in the U.S., Asia, and Europe are increasingly opting for nuclear power in response to rising electricity prices from the deployment of renewables like solar panels and wind turbines. By a more than two-to-one margin (70% to 30%), voters in Arizona on Tuesday rejected a ballot initiative (proposition 127) that would have resulted in the closure of that state’s nuclear power plant and in the massive deployment of solar and wind. In Taiwan, momentum is building for a repeal of that nation’s nuclear energy phase-out. Grassroots pro-nuclear advocacy inspired a former president to help activists gather over 300,000 signatures so voters could vote directly on the issue on November 24.
And after a coalition of grassroots groups rallied in Munich, Germany last month to protest the closure of nuclear plants, a wave of mostly positive media coverage spread across Europe, inspiring a majority of Netherlands voters, and the nation’s ruling political party, to declare support for building new nuclear reactors. Now, in the wake of rising public support for nuclear energy, a longstanding foe of nuclear power, the U.S.-based Union of Concerned Scientists, has reversed its blanket opposition to the technology and declared that existing U.S. nuclear plants must stay open to protect the climate.
A federal judge on Thursday halted construction of the Keystone XL oil pipeline, arguing that President Donald Trump’s administration had failed to adequately explain why it had lifted a ban on the project. The ruling by Judge Brian Morris of the US District Court for the District of Montana dealt a stinging setback to Trump and the oil industry and served up a big win for conservationists and indigenous groups. Trump granted a permit for the $8 billion conduit meant to stretch from Canada to Texas just days after taking office last year. He said it would create jobs and spur development of infrastructure. In doing so the administration overturned a ruling by then president Barack Obama in 2015 that denied a permit for the pipeline, largely on environmental grounds, in particular the US contribution to climate change.
The analysis of a cross-border project like this is done by the State Department. The same environmental analysis that the department carried out before denying the permit in 2015 was ignored when the department turned around last year and approved it, the judge argued. “An agency cannot simply disregard contrary or inconvenient factual determinations that it made in the past, any more than it can ignore inconvenient facts when it writes on a blank slate,” Morris wrote. He added: “The department instead simply discarded prior factual findings related to climate change to support its course reversal.” The judge also argued that the State Department failed to properly account for factors such as low oil prices, the cumulative impacts of greenhouse gases from the pipeline and the risk of oil spills.
China’s state news agency Xinhua this week introduced the newest members of its newsroom: AI anchors who will report “tirelessly” all day every day, from anywhere in the country. Chinese viewers were greeted with a digital version of a regular Xinhua news anchor named Qiu Hao. The anchor, wearing a red tie and pin-striped suit, nods his head in emphasis, blinking and raising his eyebrows slightly. “Not only can I accompany you 24 hours a day, 365 days a year. I can be endlessly copied and present at different scenes to bring you the news,” he says.
Xinhua also presented an English-speaking AI, based on another presenter, who adds: “The development of the media industry calls for continuous innovation and deep integration with the international advanced technologies … I look forward to bringing you brand new news experiences.” Developed by Xinhua and the Chinese search engine, Sogou, the anchors were developed through machine learning to simulate the voice, facial movements, and gestures of real-life broadcasters, to present a “a lifelike image instead of a cold robot,” according to Xinhua.
At Britain’s busiest food bank in Newcastle’s west end people loaded carrier bags with desperately needed groceries as unemployed Michael Hunter, 20, took his chance to spell out to one of the world’s leading experts in extreme poverty and human rights just how tight money can get in the UK today. Previous destinations for Philip Alston, the United Nations rapporteur on the issue, have included Ghana, Saudi Arabia, China and Mauritania. But now his lens is trained on Britain, the fifth richest country in the world, and he listened as Hunter explained an absurdity of the government’s much-criticised universal credit welfare programme.
Users have to go online to keep their financial lifeline open, but computers need electricity – and with universal credit leaving a £465 monthly budget to stretch across the three people in Michael’s family (about £5 each a day), they can barely afford it with the meter ticking. “I have to be quick doing my universal credit because I am that scared of losing the electric,” he said. Alston mentally logged the situation, ahead of a report ruling on whether Britain is meeting its international obligations not to increase inequality. But it was not just the computer that was too expensive to power. “I am hungry sometimes,” Michael said. “I’m scared to eat sometimes in case we run out of food.”
There has been a remarkable global decline in the number of children women are having, say researchers. Their report found fertility rate falls meant nearly half of countries were now facing a “baby bust” – meaning there are insufficient children to maintain their population size. The researchers said the findings were a “huge surprise”. And there would be profound consequences for societies with “more grandparents than grandchildren”. The study, published in the Lancet, followed trends in every country from 1950 to 2017. In 1950, women were having an average of 4.7 children in their lifetime. The fertility rate all but halved to 2.4 children per woman by last year. But that masks huge variation between nations. The fertility rate in Niger, west Africa, is 7.1, but in the Mediterranean island of Cyprus women are having one child, on average.
Whenever a country’s average fertility rate drops below approximately 2.1 then populations will eventually start to shrink (this “baby bust” figure is significantly higher in countries which have high rate of deaths in childhood). At the start of the study, in 1950, there were zero nations in this position. Prof Christopher Murray, the director of the Institute for Health Metrics and Evaluation at the University of Washington, told the BBC: “We’ve reached this watershed where half of countries have fertility rates below the replacement level, so if nothing happens the populations will decline in those countries. “It’s a remarkable transition. “It’s a surprise even to people like myself, the idea that it’s half the countries in the world will be a huge surprise to people.”
Apparently for the OECD, these are equal issues: ..handwashing and more prudent prescription of antibiotics. Though they know full well that simply putting a ban on antibiotics in agriculture would solve the issue in no time.
Superbug infections could cost the lives of around 2.4 million people in Europe, North America and Australia over the next 30 years unless more is done to stem antibiotic resistance. Yet, three out of four deaths could be averted by spending just USD 2 per person a year on measures as simple as handwashing and more prudent prescription of antibiotics, according to a new OECD report. Stemming the Superbug Tide: Just A Few Dollars More says that dealing with antimicrobial resistance (AMR) complications could cost up to USD 3.5 billion a year on average across the 33 countries included in the analysis, unless countries step up their fight against superbugs.
Southern Europe risks being particularly affected. Italy, Greece and Portugal are forecast to top the list of OECD countries with the highest mortality rates from AMR while the United States, Italy and France would have the highest absolute death rates, with almost 30,000 AMR deaths a year forecast in the US alone by 2050. A short-term investment to stem the superbug tide would save lives and money in the long run, says the OECD. A five-pronged assault on antimicrobial resistance — by promoting better hygiene, ending the over-prescription of antibiotics, rapid testing for patients to determine whether they have viral or bacterial infections, delays in prescribing antibiotics and mass media campaigns — could counter one of the biggest threats to modern medicine.
Investment in a comprehensive public health package encompassing some of these measures in OECD countries could pay for themselves within just one year and end up by saving USD 4.8 billion per year, says the OECD. While resistance proportions for eight high-priority antibiotic-bacterium combinations increased from 14% in 2005 to 17% in 2015 across OECD countries, there were pronounced differences between countries. The average resistance proportions in Turkey, Korea and Greece (about 35%) were seven times higher than in Iceland, Netherlands and Norway, the countries with the lowest proportions (about 5%).
Mestre da Família Artés The Last Judgment and the Mass of Saint Gregory 1500-1520
It’s been quite a while since I first wrote that I resented the MSM (New York Times, Washington Post, CNN, MSNBC etc etc) for effectively monopolizing the entire discussion about Donald Trump. Don’t remember exactly when I wrote that, do remember Jim Kunstler sent a mail and thanked me for saying it. Because he felt- and feels- the same way.
The 24/7 daily Trump bashing machine that was unleashed in late 2015/early 2016 meant that people like us had a choice of criticizing Trump where he needed to be criticized, but that would put us in the MSM camp, where we don’t want to be. And we don’t want to not criticize him either, because there’s so much that needs scrutiny.
A third choice would be to not write at all, but hey, we’re writers. And so we’re either Trump-fans, something I’ve been accused of a lot, and I’m sure Jim has too, or we’re Trump haters, depending on what we publish. In reality, of course, we’re neither, but the way the conversation has been built, there’s no neutral ground. You’re either with us or with him.
Today, almost 3 years later, nothing much has changed about this. Other than, as I wrote at a later date, the mass media have become consciously aware that Trump is their money machine. Their financial people started pointing out that posting negative stuff about Trump all the time got them a lot of new readers and viewers and income streams. And so they continued doing it.
Their ‘news’ didn’t have to necessarily be true, or provable, it only had to look as if it could be true, until the next show or article, or the next day. That’s how we got the Russiagate story, which still lacks all evidence. Like a million other narratives, none of which have really gotten anywhere. It doesn’t matter. People who don’t like Trump eat it up. And there’s plenty of those, not in the least because of the picture the MSM has painted. It’s a self-fulfilling prophecy thing.
And today, if you take a good look, you can see that the MSM are stuck. Their entire business model over the past 2.5 years has been built on bashing Trump, and now they have to stick with that. This is how they make their money. If their viewers and readers would understand this, then perhaps some of them would wonder: ‘What am I watching here really?’ But they don’t.
There are some who are simply gullible, there are those who fall victim to information overkill and can’t tell black from white anymore, and then there’s still quite a large group who will never like anything Trump does, no matter what. Because.
But that should never be enough for an organization that purports to report only the news, impartial and objective. You can’t publish stuff solely because you know it will be eaten up and make you money. That’s not the news business, that’s entertainment.
Now, I rarely watch TV. When I’m in Greece, where I’ve spent most of my time the past few years, I see none, other than the odd soccer game at a sports bar. But last weekend I flew to Holland, and there I got to see me some CNN. Oh boy. It was when the first dummy bomb package had been reported, and more of them started to spread.
Nobody knew anything about the ‘bombs’ themselves (we still don’t), about motive, about who sent them, none had gone off, they didn’t know if these things could have gone off, nothing at all. But nevertheless CNN labeled the event: ‘Mass Assassination Attempt’. And then, you know, they have all these time slots to fill, so they all yap and yap as if this is something real that they know something about.
And then at some point Trump called for civility in the nation. And CNN, sadly and predictably, reacted by agreeing with him. Only to follow that up with: “Trump has to become more civil”. Which may or may not be true, but that was not his point and neither is it mine today.
You see, CNN pulled a perfect bait and switch: While demanding that Trump tone it down in response to his own call for civility, they categorically and emphatically denied that their tone, their ‘news reporting’ must come down too. They didn’t just deny it, they entirely ignore the whole issue. Because according to them, all they do is report the news, you know, objective and neutral, no opinions involved.
After bashing Trump for two years+ they react to his call for a more civil tone by … bashing Trump and ignoring their own role completely. The exact opposite. And then they’re surprised that his reaction to being bashed one more time, again, is to point out that they do, in fact, play a role.
CNN et al paint themselves as victims, as the ones being targeted by Trump (and not even by whoever sent the bombs), completely omitting to what extent they themselves were the ones who targeted Trump. CNN is entirely blind to their own role. They proclaim, and really seem to believe, that they speak for the American people.
But if that were true, Trump would not be president. They may speak for part of the American people, but certainly not ‘the people’. And if they continue in their present ways, they never will. As long as the MSM puts all their chips on making money off of the segment of the American population who despise their president, they only sharpen the divide.
Another thing I’ve mentioned before is that with the midterms coming up in a few days, the MSM don’t actually want to impeach Trump, or get rid of him in any other way. They want to continue writing negative stuff about him forever. They want him to maybe lose the midterms, but then to win in 2020. Obama was killing them financially. Now they got their golden goose.
And it’s not Trump who profits from the nation being so divided, or at least not nearly as much as the media does. Trump would like to be appreciated for what he achieves, but when it comes to that, he can’t get a word in edgewise. They can’t risk writing positive stuff about him, it would risk their new business model.
Moreover, after that court ruling that said Trump can’t ban people on Twitter, everyone feels free to call Trump whatever they want, idiot, lunatic, you name it, I even saw Hitler pop up again, and he cannot ban them. Trump is America’s national piñata. While he’s also the President.
And the media say they’re just reporting the news. “Trump calls for civility, but continues his attacks on the media”. Well, the media continue their attacks on him, too. “Trump refuses to acknowledge his rhetoric makes this happen.” So does the MSM rhetoric. “Words Matter”. Indeed, they do. But not only Trump’s words. Everybody’s words.
The MSM have never managed – nor tried- to move beyond the notion that Trump supporters are deplorables. They’re stuck in a time warp. That is what divides the nation. Sarah Sanders was right: the first thing Trump did was to condemn the violence, the first thing CNN did was to blame Trump for it. CNN says that’s not true, they only reported the news. Yeah, 100% objectively.
Let’s do a test: when is the last time CNN, or the WaPo, have said anything truly positive about Trump? And I don’t mean three words strung together, but an actual report on for instance jobs and the state of the economy. When is the last time they complimented him, other than perhaps when American rockets landed in some remote and deserted Syrian sandbox?
So you don’t like Trump. And in the MSM you find voices that express your ideas. What you probably don’t realize is that they amplify those ideas as well, and that’s no coincidence. You’re being used by the MSM to prolong their newly-found very profitable anti-Trump rhetoric business model. You’re an easy victim. All they have to do is confirm your thoughts all the time, and tomorrow you’ll tune in for more, and so on.
Or how about this one: There’s so much to blame Trump for, there are so many negative sides to the man, and then the media focus for a long time on a made-up story about collusion with Russians, for which a special counsel with unlimited budget and resources hasn’t found any proof after two whole years. Doesn’t that make you think? Shouldn’t it?
The MSM’s interest is to divide the country, that’s how they make money. If they would write or broadcast positive stories about Trump, which must exist, they would threaten the dividing line that keeps people from talking to each other. Once they do start talking, Trump-bashing will become much less lucrative. They can’t have that.
You don’t need to be a Trump fan to see that, and I’m definitely not, you need to be blind NOT to see it. You’re being played. And what are you going to do when the GOP wins the midterms, despite what you’ve been told would happen, what if there is no blue wave? Are you going to start talking to the other half of the country then, or are you going to dig deeper into the trenches with the MSM? Honest question.
Another crazy story. less than 2 weeks before the midterms some loonie allegedly sent crude explosive devices to Democrats and CNN. Obviously, doesn’t appear to help Trump. Who they all fall over each other to blame, absolving themselves from all responsibility in the process. Some details:
Bombs had ISIS-like logo’s on them
At least some contained shards of glass
They were sent to people who don’t open their own mail
None of the bombs went off
Powder in package to CNN was harmless
Seen a lot more like that on Twitter, many people saying the ‘bombs’ are a joke.
Donald Trump has attacked what he called media “hostility” in a speech to a campaign rally following a wave of pipe bombs sent to senior Democrats, prominent critics and the broadcaster CNN. The US president, who earlier said at the White House he condemned the attempted bombings and that a “major federal investigation” was under way, followed this with a plea for unity during a midterms campaign rally in Mosinee, Wisconsin, later on Wednesday. “Any acts or threats of political violence are an attack on our democracy itself,” he told the crowd. “We want all sides to come together in peace and harmony. We can do it … Those engaged in the political arena must stop treating political opponents as morally defective.” But he soon reverted to a familiar scapegoat. The media, he said, has “a responsibility to set a civil tone and to stop the endless hostility and constant negative and oftentimes false attacks and stories”.
[..] Trump, who still assails Clinton at rallies while supporters chant “lock her up” two years after he defeated her, took a softer tone in Wisconsin. “Let’s get along,” he told supporters. “By the way, do you see how nice I’m behaving tonight? Have you ever seen this? We’re all behaving very well and hopefully we can keep it that way, right?” He did not mention the intended recipients of the devices by name but spoke more generally, including in language which could be taken to refer to protests against himself and allies. “No one should carelessly compare political opponents to historical villains, which is done often, it’s done all the time, got to stop. We should not mob people in public places or destroy public property. There is one way to settle our disagreements. It’s called peacefully, at the ballot box.”
Zucker doesn’t take any responsibility for the political climate. Nor do any of the others. 24/7 blasting Trump for two years has had no influence, apparently. Someone should make a database with all Trump articles at MSM that contain positive things about Trump vs those that are negative.
CNN president Jeff Zucker, who has long sparred with President Donald Trump throughout their decades of knowing each other, lashed out at him in a statement on Wednesday, hours after his network’s New York office was forced to evacuate due to a bomb threat. “There is a total and complete lack of understanding at the White House about the seriousness of their continued attacks on the media,” Zucker said. “The president, and especially the White House press secretary, should understand their words matter. Thus far, they have shown no comprehension of that.”
The president has been criticized for his slow response to the bomb threat on Wednesday, initially responding only by echoing Vice President Mike Pence’s tweet condemning it. On Wednesday afternoon, Trump spoke directly at a White House event, pledging to take action. “The full weight of our government is being deployed to conduct this investigation and bring those responsible for these despicable acts to justice,” he said. “We will spare no resources or expense in this effort. In these times, we have to unify. We have to come together, and send one clear, strong unmistakable message that acts or threats of political violence of any kind have no place in the United States of America.”
Stocks ended sharply lower Wednesday, as losses accelerated into the close and put both the Dow and the S&P 500 into the red for the year, and the Nasdaq into correction territory. Upbeat results from Boeing were credited with briefly pushing the Dow higher in early morning trading, before investors took an increasingly defensive stance, fleeing for the relative safety of utilities and consumer nondurable shares. The Dow Jones Industrial Average fell 606.11 points, or 2.4%, to 24,583.42, while The S&P 500 dropped 84.59 points, or 3.1%, to 2,656.10, it’s sixth straight losing session.
Meanwhile, the Nasdaq shed 329.14 points, or 4.4%, to 7108.4, a performance that put the index more than 10% below its Aug. 29 all-time high, meeting the widely used definition of a market correction. The loss also marked the worst day for the Nasdaq since Aug. 18, 2011. October is shaping up to be a brutal month for equities, as expected, with the S&P falling 8.9% month-to-date, the Dow down 7.1%, and the Nasdaq falling 11.7% since the start of the month. Wednesday’s session also sent the Dow into losing territory for the year, with the index down 0.6% in 2018. The blue-chip index is also down for five straight weeks, it’s longest string of weekly losses since July, 11 2008, when the market fell for six straight weeks. The S&P 500 also ended the trading day in the red, down 0.7% year-to-date.
Shares in Asia Pacific have plunged into bear market territory and wiped billions off the values of companies as one analyst warned that the losses could be a harbinger of a wholesale “capitulation”. After the worst day for tech stocks on Wall Street for seven years, markets were in retreat from Sydney to Shanghai as concerns about the global economy and rising borrowing costs were compounded by local factors. In Australia the benchmark ASX200 closed down 164 points or 2.8% as it suffered its fifth straight day of losses. In Japan the Nikkei was off 3.2% and has now dropped around 13% from a 27-year peak of 24,448.07 touched in early October.
A broad indicator of shares in the region – the MSCI Asia Pacific index – has now fallen 20.3% from the year-to-date high set on 29 January, representing an official bear market. The Vix “fear” index, which measures volatility across the market, has spiked sharply this week and was up 21% overnight. “We haven’t thought that selling would be this steep. This sell-off makes us think the market may be set for capitulation,” said Shoji Hirakawa, chief global strategist at Tokai Tokyo Research Center. The contagion looked set to continue into the European trading session with the FTSE100 expected to fall 0.65% at the open.
The value of euro zone banks have collapsed by a third since markets touched their peak at the end of January, data showed on Wednesday, as another quarter of disappointing profits at Deutsche Bank dragged the region’s sector down. European banks shares, which have never reclaimed their pre-financial crisis prices, have been the worst performing sector so far in the monetary block this year, down 26.5 percent as investors shed assets seen as most vulnerable to political upheaval. “The fall is not justified by a similar drop in earnings,” commented Farhad Moshiri, an analyst covering European banks at Alphavalue, arguing that political risk had a stronger negative impact than sector results.
Still, Deutsche’s bleak results and revenue forecast on Wednesday, which sent shares down 5 percent for their worst day since end-May, deepened the sector-wide rout. The Spring political crisis in Italy and the following on-going row with the European Commission about the country’s populist government’s budget took a heavy toll, particularly on Italian banks. The latters are heavily exposed to Italian sovereign debt, which has shed value since the country decided to raise spending and put an end to years of fiscal prudence. Slowing economic growth on the continent and elusive monetary normalization, with a first interest rate hike by the European Central Bank (ECB) still far away, also weighed on stock prices.
In the last five trading days, the shares of Spain’s five largest listed banks have re-energized their plunge that had started at the end of January and now amounts to 40%. The cause for the recent drop? A shock ruling by Spain’s Supreme Court that lenders, rather than mortgage borrowers, should pay the contractual tax on mortgage loans, on the grounds that the lender is the only party with an interest in getting the loan certified by a notary, since this is what enables the bank to begin foreclosure proceedings if the borrower defaults on payments. Even the Supreme Court’s desperate decision last Friday to suspend its own ruling a day after it had announced the ruling, a historic flip-flop that left everything in limbo and its reputation in tatters, failed to stop the rout (data via YCharts):
On Monday, the Supreme Court announced that it won’t decide who has to pay the tax on mortgages — the banks or the borrowers — until November 5. In other words, there will be two more weeks of acute legal uncertainty. This has plunged Spain’s mortgage market into chaos. For years Spanish banks and builders have been desperately trying to breath new life into the market — including, in some cases, by resurrecting 100% mortgages, a high-risk instrument that helped fuel Spain’s madcap property boom. But now, thanks to the pervading legal uncertainty, the market has all but seized up. On Tuesday, sources from a number of large banks told the financial daily Cinco Dias that the only mortgages being signed are with clients who had already arranged to sign the contract before last week’s furor and who don’t mind paying the mortgage tax. “We’re not signing any new ones,” the sources said.
Markets have been on the edge regarding Italy’s future spending, but there are other countries challenging European fiscal rules. France, the second-largest economy in Europe, received a letter from Brussels last week, warning that its planned debt reduction in 2019 does not respect the proposals that Paris had agreed previously with the EU. Spain, Belgium, Portugal and Slovenia were also effectively told off by the EU. In the case of France, the 2019 budget plan sees its structural deficit (the difference between spending and revenues, excluding one-off items) falling 0.1 percent this year and 0.3 percent in 2019. Paris had agreed in April to an annual reduction of 0.6 percent of GDP for its structural deficit.
Though the tone of the warning from Brussels to Paris was softer than the tone towards Rome, the two countries have perhaps more similarities than differences. The French 2019 budget “shows that the government relies heavily on very optimistic revenues to achieve fiscal consolidation and that spending is out of control again,” Daniel Lacalle, chief economist and investment officer at Tressis Gestion, told CNBC via email. “In the case of France, it is a very difficult budget to accept by the European Commission because France has not had a balanced budget since 1974 and has missed its own deficit targets more than eleven times,” Lacalle added.
Tesla shares soared by more than 12 percent after the company reported a surprise profit for the third quarter as CEO Elon Musk made good on his promise to start turning regular profits in the last half of the year. The company’s earnings report, released after the markets closed Wednesday, also showed better-than expected car sales and a faster timeline on its Model 3 production. The electric car maker said its midsize Model 3 sedan, which it hopes to produce on mass scale, was the best-selling car in the U.S. when measured by revenue and the fifth best-selling car in terms of volume. Musk told analysts on a call it was an “incredibly historic quarter” for the young car company. It was welcome news for investors following an otherwise a tumultuous few months.
Remember the “sharing economy”? That rhetoric looks more comically disingenuous than ever in light of the news that a single Airbnb user in Barcelona is managing a portfolio of properties that brings in an eye-watering £33,000 a day in high season. Old neighbourhoods are being overrun with short-term tourists and shops selling souvenir tat. Rents for residents are being driven up, in Barcelona as well as Berlin, New York and elsewhere. Airbnb is a parasitic monster that squats over cities and hoovers up vast sums of money through its slimy proboscis. So what can be done?
Airbnb, short for “airbed and breakfast”, originally sold itself as a way for travellers to stay in people’s spare rooms and get an authentic feel of a foreign culture. This friendly idea is still present in the company’s vocabulary – “hosts”, not landlords, and “hospitality” in place of “business” – even though the vast majority of its listings are now for self-contained apartments or houses. In Barcelona, it used to cost €250 (£221) for a short-term rental permit. Now that such permits are no longer being issued, they change hands for up to €80,000. It’s “sharing” for the rich, maybe, but not for the rest of us.
During their early rapid growth, sharing economy companies started operations around the world without regard to local laws on the basis that existing regulations had not envisaged the radical and disruptive new ideas they embodied. But the tide slowly turned as the whizzy tech rhetoric wore off and it became clear that Uber was in fact a taxi company and Airbnb was in effect a hotel business.
The European Parliament’s Brexit coordinator has rejected Theresa May’s suggestion that a deal is “95 per cent done”, as Brussels warned it will not be bounced into an agreement. Guy Verhofstadt said the withdrawal agreement needed to prevent no deal was “0 per cent done” as far as MEPs were concerned, because of the lack of a solution to the Irish border issue. “Progress on the Brexit negotiations can be 90 per cent, 95 per cent or even 99 per cent,” Mr Verhofstadt said. “But as long as there is no solution for the Irish border, as long as the Good Friday agreement is not fully secured, for us in our parliament progress is 0 per cent.”
The European Parliament has a veto on the final Brexit deal and has said it would kill any agreement that does not prevent a hard border between Ireland and Northern Ireland. Speaking in a debate at the parliament’s Strasbourg seat on Wednesday morning, the second in command of the European Commission Frans Timmermans also warned that the block would not “rush a deal through at the expense of our principles”. “As was clear after the European Council the bottom line is that we do not have the decisive progress that we need,” Jean-Claude Juncker’s deputy said. “The good will and the determination to find a deal as soon as possible are there. But it is also clear that we will not rush a deal through at the expense of our principles or our agreed commitments, most notably on the Irish border question.
Theresa May has set a date for Whitehall to trigger a series of no-deal Brexit preparations as her government faces up to the possibility that there will be no agreement with the EU about Britain’s departure. With less than six months to go before the UK leaves the bloc, the cabinet has agreed that a flurry of activity will be triggered in the second week of November as the government prepares to crash out of the EU, informed sources said. Civil servants have also accelerated plans to lay down new laws and secondary legislation so that UK businesses and both British and EU citizens can prepare. The move follows concerns across government that preparations for how the UK might cope with crashing out the EU are still uncertain.
The Brexit secretary, Dominic Raab, told cabinet colleagues on Tuesday that Whitehall departments needed to step up their efforts next month and move “from warning businesses to telling them to act”. Whitehall has until now concentrated on the publication of more than 100 technical notices detailing the potential impact on particular industries but not on individual businesses and people. A source said that there would be an acceleration of preparations after MPs return from a short break on 12 November. “We have to get on with no-deal legislation. At the moment, we’re looking at the same legislation for a deal as no deal. In the case of no deal it would need royal assent before we leave. “There will be an awful lot to discuss. It will concentrate minds. Obviously we don’t want to upset the negotiations, but the clock is ticking and it will get harder and harder the later we leave it,” the source said.
Britain is a divided nation as the poor are increasingly trapped in poverty and excluded from mainstream society because of their social status, the human rights watchdog has warned. A major report from the Equality and Human Rights Commission (EHRC) found a continued decline in prospects for disadvantaged groups has cemented a “two-speed society” in the UK which leaves many behind. The watchdog found that in just three years “alarming backward steps” have left disabled people, ethnic minorities and children from poorer backgrounds struggling to make headway in a society where “significant barriers still remain”.
Charities accused Theresa May of breaking the promise she made in her first speech as prime minister to tackle “burning injustices” in British society. It comes just days before Philip Hammond, the chancellor, is to set out a budget with critics waiting for spending commitments that will deliver on the prime minister’s conference promise that austerity is finally coming to an end. In a speech on Thursday, shadow chancellor John McDonnell will say that schools, councils and the UK’s social care system are “crying out for investment” and called on the government to “stump up the cash”. David Isaac, chair of the EHRC, said Britain was facing a “defining moment in the pursuit of equality”.
Evidence that an entire class of pesticides threatens the health of children and pregnant women is now so arresting that the substances should be banned, an expert panel of toxicologists has said. Exposure to organophosphates (OPs) increases the risk of reduced IQs, memory and attention deficits, and autism for prenatal children, according to the paper, published in Plos Medicine. More than 10,000 tonnes of OP pesticides are sprayed in 24 European countries each year and usage is higher in the US, where the Trump administration is appealing against a federal court ban on chlorpyrifos, one of the most popular agricultural insecticides.
Irva Hertz-Picciotto, the paper’s lead author and director of the UC Davis environmental health sciences centre, said: “We have compelling evidence from dozens of human studies that exposures of pregnant women to very low levels of organophosphate pesticides put children and foetuses at risk for developmental problems that may last a lifetime. By law, the EPA cannot ignore such clear findings: It’s time for a ban not just on chlorpyrifos, but all organophosphate pesticides.” The meta-review of data and literature on OPs analysed and cross-referenced scores of reviews and epidemiological studies with a UN database that covers 71 countries, and other research material.
In the process, the scientists discovered that US regulators had already quietly banned 26 out of 40 OP pesticides considered hazardous to human health. In Europe, the figure was 33 out of 39. However, 200,000 people still die each year from pesticide poisonings, according to UN estimates, about 99% of them in the developing world. A further 110,000 suicides using pesticides take place each year.
Fragments of plastic have been found everywhere from Arctic sea ice to fertilisers being applied to farmland. Animals as small as plankton and as large as whales are known to eat plastic, and as tiny shards enter the human food chain they seem to be ending up inside humans as well. While much still remains unknown about the impact plastic is having on the environment and human health, environmentalists have called for urgent measures from industry and governments to curb the flow of plastic. “We have adopted the most ambitious legislation against single-use plastics. It is up to us now to stay the course in the upcoming negotiations with the council, due to start as early as November,” said Belgian liberal Frederique Ries, who was responsible for the bill.
Under the new rules, member states would have to ensure that tobacco companies cover the cost of cigarette butt collection and processing in a bid to reduce the number entering the environment by 80 per cent in the next 12 years. Similar measures would apply to producers of fishing gear, who would have to help ensure at least 50 per cent of lost or abandoned fishing gear containing plastic is collected per year. Fishing gear accounts for over a quarter of waste found on Europe’s beaches, and “ghost fishing” is thought to be responsible for thousands of whales, seals and birds dying every year. EU states would also be obliged to recycle 90 per cent of plastic bottles by 2025, and producers would have to help cover costs of waste management.
Humpback whales are famous for their eerie, underwater songs. But researchers in Japan said Wednesday these massive marine creatures stop singing, at least temporarily, when human-driven ships are nearby. Researchers focused on the remote Ogasawara Islands in Japan, some 620 miles (1,000 kilometers) south of Tokyo, where a single passenger-cargo liner passed through the area once per day. Male humpback whales sing as a way to communicate and attract mates. But by plunging a pair of hydrophones into the water to listen to the whales’ reaction — about 26 of whom were detected in the study area — researchers found that the approach of a ship silenced them.
“The main reaction of humpback whales was to stop singing either when the ship approached or after it passed by,” said the study in the journal PLOS ONE, led by Koki Tsujii from Ogasawara Whale Watching Association and Hokkaido University. Fewer male humpbacks sang in the area within 500 yards (meters) of the shipping lane than elsewhere. “After the ship passed by, whales within around 1,200 meters tended to temporarily reduce singing or stop singing altogether,” said the study. Many whales did not start to sing again until a half hour after the ship was gone from the area. Since ocean noise has been on the rise in recent decades, some experts said the findings raise new questions about what other whale behaviors might be changing due to mounting human presence on the high seas.
President Donald Trump on Wednesday indicated that the U.S. will not participate in joint military exercises with South Korea, citing his “warm” relationship with North Korean leader Kim Jong Un, even as U.S. efforts to denuclearize the reclusive dictatorship have stalled. “There is no reason at this time to be spending large amounts of money on joint U.S.-South Korea war games,” Trump said in a string of tweets Wednesday. Trump’s announcement came a day after Secretary of Defense James Mattis said that there were no plans to cancel future exercises with South Korea.
“As you know, we took this step to suspend several of the larger exercises as a good-faith measure coming out of the Singapore summit,” Mattis said Tuesday at the Pentagon. It was his first press briefing in five months, a timeline that has included President Donald Trump’s high-profile meetings with North Korean leader Kim Jong Un and Russian President Vladimir Putin. “We have no plans at this time to suspend any more exercises. We will work very closely, as I said, with the secretary of State and what he needs done,” he added, noting that forces on the Korean Peninsula have continued with small-scale training exercises.
On August 24 what is in effect the social media warfare division of the Atlantic Council published an article accusing the Russian television and print news outlet RT of running a one-sided attack against the Democratic Party and several leaders thereof ahead of this November’s politically pivotal Senate and House of Representatives elections. (Thirty-five Senate seats and all 435 House seats are being contested.) The Atlantic Council, until recently kept comparatively in the shadows for obvious reasons, is a think tank that has more than any other organization effected the transition of the NATO from a seeming Cold War relic with the break-up of the Warsaw Pact and the dissolution of the Soviet Union in 1991 to the world’s only and history’s first international military network with 70 members and partners on six continents currently.
All thirteen new full member states are in Eastern and Central Europe; four of them border Russia. Three months ago it began collaborating with Facebook to police and censor that and (presumably) soon after other social media companies which in recent decades have become the major sources of information and communication for the seven billion citizens of the planet. No modest undertaking. This is by way of follow up to a Directive on Social Media issued four years ago by NATO’s Supreme Headquarters Allied Powers Europe (SHAPE), the bloc’s military command in Europe (which also oversees activities in Israel and until the activation of U.S. Africa Command ten years ago almost all of Africa).
Excellent from Sara Carter. I took these snippets to make the point that both Flynn and Papadopoulos feel threatened by Mueller, and can’t afford to defend themselves. That’s how Mueller gets guilty pleas.
Halper was not only spying on Page for the FBI in 2016, but he had also made contact in September 2016 with another Trump campaign volunteer, George Papadopoulos. He invited Papadopoulos to London that September, luring him with a $3,000 paycheck to work on a research paper under contract. By this time the young Trump campaign volunteer had already been in contact London-based professor, Josef Mifsud, who had basically informed him that the Russians had damaging material about Democratic presidential candidate Hillary Clinton. Misfud’s role has also come into question by Congress. Eventually, Papadopoulos was swept into Robert Mueller’s Special Counsel investigation and pled guilty to one count of lying to the FBI.
His wife, Simona Papadopoulos, who’s been a vocal advocate for her husband, told SaraACarter.com that essentially he was forced to plead guilty because of threats from Mueller’s team and lack of financial resources. After testifying behind closed doors last month to the House Intelligence Committee, Simona told this outlet that she testified to Congress “as far as George is concerned, he met with individuals following the same pattern of behavior….and all of a sudden (Halper) was asking if he was doing anything with Russians…. This is the case with Halper, who is now proven to be a spy, possibly with (Australian Ambassador) Alexander Downer” who her husband met with in London.
[..] Flynn’s career with Trump ended as quickly as it came. He was forced to resign as Trump’s National Security Advisor 27 days after taking the job. The highly classified conversation between Flynn and former Russian Ambassador Sergey Kislyak was leaked to the Washington Post in January 2017 and he was later questioned by the FBI on that conversation. According to former FBI Director James Comey, the agents who interviewed Flynn did not believe he was lying, but in the end, Flynn pled guilty to one count of lying to Special Counsel Robert Mueller. He had already spent more than $1 million in lawyers fees and sold his home to help with the debt. According to sources, Flynn’s family was being threatened by the Mueller team.
CNN’s blockbuster July 26 story – that Michael Cohen intended to tell Special Counsel Robert Mueller that he was present when Donald Trump was told in advance about his son’s Trump Tower meeting with various Russians – includes a key statement about its sourcing that credible reporting now suggests was designed to have misled its audience. Yet CNN simply refuses to address the serious ethical and journalistic questions raised about its conduct. The substance of the CNN story itself regarding Cohen – which made headline news all over all the world and which CNN hyped as a “bombshell” – has now been retracted by other news outlets that originally purported to “confirm” CNN’s story.
That’s because the anonymous source for this confirmation, Cohen lawyer Lanny Davis, now admits that, in essence, his “confirmation” was false. As a result, both the Washington Post and the NY Post outed Davis as their anonymous source and then effectively retracted their stories “confirming” parts of CNN’s report. CNN, however, has retracted nothing. All inquiries to the network are directed to a corporate spokesperson, who simply says: “We stand by our story, and are confident in our reporting of it.” A newsletter sent Sunday night from CNN’s two media reporters, Brian Stelter and Oliver Darcy, contained the same corporate language, but addressed none of the questions raised about CNN’s report.
It’s certainly possible that CNN had other sources for this story besides Davis, who now repudiates it. It’s hard to see how CNN’s story could be true given that Davis, Cohen’s own lawyer, explicitly says that Cohen has no information that Trump had prior knowledge of the Trump Tower meeting, that Cohen cannot and will not tell Mueller that this happened, and that Davis’ prior claims about Cohen’s knowledge and intentions are false. Axios reported that Cohen testified under oath to Congress that he has no knowledge that Trump had prior knowledge of the meeting and repeated this to leaders of the Senate Intelligence Committee again after CNN’s report. Davis now says Cohen – rather than intending to tell Mueller he has such information – stands by his long-time claim that he has none.
The other self-serving tactic media outlets use in situations like this is to claim that their errors are just good faith and rare mistakes, and that those who report on their mistakes are exaggerating their significance. This claim was also prominently featured in the New Yorker’s critique of my work, and is reflexively applied to anyone who has critiqued the dominant media narrative on this story. This tactic is also itself highly deceitful. The reality is that from the start of the Trump/Russia story, the U.S. media has repeatedly and frequently – not rarely and periodically – gotten major stories completely wrong, always in the same direction: exaggerating the threat posed by Russia to the U.S., and concocting evidence of Trump/Russia collusion even when such evidence did not exist.
Last December, I reported on what I call (and still believe) was the U.S. media’s “most humiliating debacle in ages”: a blatantly false and equally hyped CNN story claiming that an unknown person had emailed Donald Trump Jr. access to the WikiLeaks email archive before it was published: a story that MSNBC’s Ken Dilanian purported to “confirm.” That story – predictably and by design – generated huge headlines around the world, and was given breathless coverage on cable news given its obvious significance. In fact, the email in question was sent after WikiLeaks had published that archive to the entire world, rendering the magic-bullet email utterly worthless, not a massive scoop proving collusion.
Steele and twice-demoted DOJ official Bruce Ohr communicated extensively about the Russian Oligarch as recently as February 2016, which included efforts to obtain a Visa for Deripaska to attend an Asia-Pacific Economic Cooperation meeting int he US. Deripaska is now banned from the United States as one of several Russians sanctioned in April in response to alleged 2016 election meddling. Ohr, meanwhile, was demoted twice after the DOJ’s Inspector General discovered that he lied about his involvement with opposition research firm Fusion GPS co-founder Glenn Simpson – who employed Steele. Ohr’s CIA-linked wife, Nellie, was also employed by Fusion as part of the firm’s anti-Trump efforts, and had ongoing communications with the ex-UK spy, Christopher Steele as well. What’s more, Ohr met with Deripaska according to Solomon.
“By 2015, Steele’s work had left him friendly with one of Deripaska’s lawyers, according to my sources. And when Ohr, then the associate deputy attorney general and a longtime acquaintance of Steele, sought help getting to meet Deripaska, Steele obliged. Deripaska, who frequently has appeared alongside Russian President Vladimir Putin at high-profile meetings, never really dealt with Steele, but he followed his lawyer’s recommendations and met with Ohr, my sources say. -The Hill The September 2015 meeting between Ohr, Deripaska and several FBI agents in New York sought the Russian billionaire’s assistance regarding organized crime investigations. That meeting was facilitated by Steele.
To recap: Bruce Ohr = the #4 official at the DOJ, met with a billionaire friend of Vladimir Putin, in a sit-down arranged by Christopher Steele. Steele and the DOJ, meanwhile, were accusing Donald Trump of collusion with Putin – while the Obama administration used Steele’s dodgy dossier to obtain a FISA warrant to spy on Trump campaign aide Carter Page. Talk about actual collusion!
The Indian rupee fell to a record low on Thursday morning, following a declining trend all year — which economists attributed to rising oil prices, broader emerging market concerns, and strong month-end dollar demand. It slid to 70.8100 against the dollar, after a previous new low just a day before at 70.475. That marked a 10.97 percent decline since the start of the year. “Weakening has accompanied rising investment concerns about emerging markets more broadly, as well as a widening current account deficit, itself largely the result of higher oil prices,” said a Deutsche Bank Wealth Management report on Thursday.
More expensive oil leads to a higher import bill for India, a net importer of oil. Higher oil prices also lead to a widening current account deficit — a measure of the flow of goods, services and investments in and out of the country. Oil prices have been up more than 7 percent since mid-August, DBS Economist Radhika Rao explained in a note following the previous record low on Wednesday. Along with that, end-month dollar demand has also added to the pace of currency sell-off, she said. “Markets get a sense that the authorities are tolerant of a weaker rupee, with little by way of jawboning or verbal intervention,” Rao added.
The Chinese government will continue implementing measures in order to cushion its economy from the impact of the ongoing trade spat with the U.S., a leading China economist said Wednesday. “We are not expecting any major growth correction because we think the potential impact from trade tariffs will be partially cushioned by the policy easing measures taken by the policy makers,” Robin Xing, chief China economist at Morgan Stanley, told CNBC at the Morgan Stanley Technology, Media and Telecom Conference in Beijing. Just last week, the U.S. and China slapped tariffs on $16 billion worth of goods on each other. Both countries also imposed tit-for-tat levies on $34 billion worth of each other’s imports in July.
Market watchers are now keeping their eyes on a fresh round of U.S. tariffs on $200 billion worth of Chinese goods expected later this year. If the U.S. imposes those additional tariffs, the impact could be “amplified” by how connected supply chains in East Asia are to China, Xing said. In fact, the trade war’s disruption to supply chains could cut 0.7 percentage points from China’s growth, he said. That will spur Beijing to take up more meaningful easing measures such as tax cuts and boosts to credit and liquidity in China’s financial system.
Argentina is asking the IMF for early release of funds from the country’s $50 billion standby financing deal, President Mauricio Macri said in a televised address on Wednesday, a move aimed at calming turbulent markets. The country’s currency has weakened 40.79 percent in 2018. Investors are concerned that with high inflation, a weak economy and fallout from a global selloff in emerging markets, Argentina may have problems meeting its dollar debt obligation in 2019. “We have agreed with the IMF to advance all the necessary funds to guarantee compliance with the financial program next year,” Macri said. “This decision aims to eliminate any uncertainty.” The Argentine peso dropped to trade more than 6 percent lower against the dollar on the news.
The pound has rallied against the dollar and the euro following bullish Brexit comments from both UK and EU officials. Sterling rose more than 1 per cent against the greenback to hit $1.3006, and was up 0.99 per cent against the euro to €1.1118. Brexit secretary Dominic Raab told the Lords EU committee on Wednesday that he was “confident a deal is within our sights”. He said: “We’re bringing ambition, pragmatism, energy and if, and I expect it will be, and if it is matched, we get a deal.” He said the 17 October deadline for a deal could be pushed back, but added: “I think it is important as we enter the final phase of the negotiations in the lead up to the October council – and the possibility that it may creep beyond that – we want to see some renewed energy.
“We’re bringing the ambition and the substance of our white paper on the future relationship and also I think some pragmatism to try and go the extra mile to get the deal that I think is in both sides interests. We need that to be matched obviously, it’s a negotiation.” Meanwhile the EU’s chief negotiator, Michel Barnier, said the bloc is “prepared to offer a partnership with Britain such as has never been with any other third country”. “That kind of bullishness has been in short supply of late – if it has ever been there at all – and had a hugely rejuvenating effect on the pound,” said Connor Campbell, financial analyst at Spreadex.
The European Union’s chief Brexit negotiator Michel Barnier said on Thursday the bloc must prepare for a no-deal Brexit, even if its goal was an orderly exit. The EU needed to be well prepared for everything, Barnier said, telling German broadcaster Deutschlandfunk: “That includes the no-deal scenario.” He said the issue of the Irish border with Northern Ireland was “the most sensitive point” of the negotiations. Of a solution to the issue, he added: “I think that is possible.”
The number of cars built in UK factories slumped by 11% last month compared with a year ago. Just over 121,000 cars left production lines, with a fall of 35% in models built for the UK, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). Car production for export in July fell by 4.2%. Despite the reduction, the sector remains on track to meet 2018 expectations, said the SMMT. Just under 955,500 cars were built in the first seven months of the year, down by 16% for the UK market and 1.2% for export. This marks an improvement on June, when production for the UK plunged 47%, although there was a 6% rise in cars made for export.
Model changes, operational adjustments and preparations for new emissions standards affected output last month, said the SMMT. Its chief executive, Mike Hawes, said: “While the industry is undoubtedly feeling the effects of recent uncertainty in the domestic market, drawing long-term conclusions from monthly snapshots requires a health warning. “The bigger picture is complex and month by month fluctuations are inevitable as manufacturers manage product cycles, operational changes and the delicate balance of supply and demand from market to market. “To ensure future growth, we need political and economic clarity at home, and the continuation of beneficial trading arrangements with the EU and other key markets.”
Figures show the number of Brits living in Bendorm has fallen from around 5,000 before the 2007 financial crash to 2,825 last year. Almost 5,000 waved adios to Ibiza, Majorca and Menorca over the same period of time and by 2017, 14,981 expats remained on the Balearic islands. Spanish newspaper El Pais reported the total number of British residents in Spain had dropped from 397,892 to 240,785 – a fall of 157,107. It said data from Spain’s National Statistics Institute showed the number of residents from 15 EU-countries in Spain had fallen by a quarter but the number of British expats had fallen 40 percent. Between 2012 and 2017, the number of Britons leaving Spain outnumbered those who arrived. In the previous four years, 40,454 more Britons arrived in Spain than left.
The drop in expats was put down partly to a shake up in municipal enrolment regulations in Spain but many returnees fear Brexit will have a negative impact on their lives abroad while others say life on the continent has become too expensive with the devaluation of the pound. Michelle Ball, who has a shop in La Xara, Alicante having arriving in Valencia as a 14-year-old, said: “Many are returning because life has become incredibly expensive. “My mother has lost €160 a month in her pension since the Brexit referendum because of the devaluation of the pound. “Now her pension is €690. And since the Spanish government made changes a few years back she also has to pay a portion for her medicines. It’s not a lot but it doesn’t help either.”Sterling fell to its lowest against the euro in nearly a year yesterday after Theresa May played down the consequences of a no-deal Brexit.
Yeah, just keep ’em coming, right, so that when the last one falls flat on its face people will have already forgotten about it and instead focus on the new one. It’s been the modus operandi of the US MSM ever since Donald Trump emerged as an actual presidential candidate, and they haven’t let go.
They realize by now that it divides the nation, it costs them a large chunk of their potential readers and viewers, and creates chaos all around, but the bottom line is it makes them money. Because those people who fall into the echo chamber trap, tumble into it fast and furious, and will gladly pay to read yet another installment of how bad the man really is.
But it is getting out of hand, guys and gals, it is becoming a real and present danger to the -formerly- United States. The anti-Russia propaganda machine far predates Trump, but manufacturing an ever closer link between the two has proven to be a masterstroke of media genius.
That Vladimir Putin is an existential threat to the US and indeed the entire western world is a narrative taken straight out of Edward Bernays’ playbook. And it works like a charm. The problem is, it is also the biggest threat to peace anywhere on the globe that we have ever seen since WWII.
Putin is a patriot who came to the fore in mostly unexplained ways, named by American puppet Boris Yeltsin as his successor, only to save his country from US-induced plundering and restore Russia as a functioning country. Far from perfect, but functioning. Don’t forget that Russian life-expectancy fell by many years in the post-Gorbachev era. And then look now.
Yes, Putin uses some hard-handed tactics from time to time. He has no choice: the US threat to Russia is an ongoing one. There’s still a huge economic threat, of which US sanctions are but a minor part, there’s an intelligence threat, there’s NATO encroaching upon Russia’s borders.
Thus far, Putin has been able to counter them all. And his popularity among Russia’s population is far higher than that of any western politician. His people understand and recognize what he’s done and why he’s done it. He refuses for his country to be overrun and sold off to the highest bidders.
Just a few of the points of contention: Crimea – The US tried to take away Russia’s only warm water port. Putin countered with what through non-western eyes was tactical masterpiece; no violence, no shots fired, an election that saw an overwhelming majority of Crimeans voted to (re-)join Russia.
Connected to Crimea is Ukraine. Putin had -and has- to protect Russian-speaking people in the region. Who were going to be under threat from the very dubious, neo-nazi linked government installed by the US after the coup. All Putin has been able to achieve so far is a very brittle stand still. But ‘his’ people in Eastern Ukraine have strong links to the Russian area just across the border. He’s not going to sell them out.
Connected to Ukraine is MH17. The Netherlands commemorates the victims of the shooting down again today. Several years of investigating have come up with no conclusive proof, even if they say it has. The problem is that the investigation was -is- led by The Netherlands itself. You don’t let the biggest victim conduct an investigation.
What’s worse: the Ukraine was actively involved in the investigation, even when it was a potential culprit. Try to write that scenario into the plot of one of your favorite TV crime series. Won’t fly.
Then the novichok ‘events’ in the UK. Again, no evidence, but tons of allegations. And if Russia says it’s not guilty, everyone says and writes: of course they would say that. They get accused anyway. Still, no evidence is no evidence. the time that intelligence agencies were believed on their word is over. And they did it to themselves.
In the regard, it’s useful to see that Robert Mueller was one of the people who ‘swore’ that the Weapons of Mass Destruction ‘evidence’ against Saddam Hussein was real. We now know it was complete and utter fiction. Intelligence has overplayed its hand, and they won’t get it back for a long time.
People now realize they cannot be trusted. Well, not those who read and view the MSM, but then that’s sort of the entire point, isn’t it? That’s where the dividing line is being drawn. The CIA, FBI et al present a view of the world in concoction with the media that they think a sufficient number of people will swallow, and that’s really all they care for.
And boy, it is successful. The vitriol spewed over the Helsinki summit is something to behold. #TreasonSummit was a trending hashtag. For a meeting that was long overdue and aimed at calming down tensions. The by now very poorly named ‘social’ media play an ever bigger role in these things.
People can say whatever they want on them, without feeling they’ll ever actually be tested on their claims. One after the other, and each one trying to outdo the last. It all leads up to one particular worldview at the exclusion of all others. And again, that is very dangerous.
Mueller’s indictment of 12 Russians, which just happened to coincide with the first meeting of American and Russian presidents in an exceptionally long time, has been shot full of holes by many commentators, see for instance Adam Carter and Aaron Mate, but those views won’t make it to CNN or the NYT.
But despite the fact that the indictment is hollow and riddled with holes, it’s been a large part of why people call Trump a traitor for meeting with Putin. It ties together their opinions, carefully built along Bernays principles over the past two years. It’s a Matrix, it’s a trap. But then they throw in another story, of a 29 year-old Russian(!) girl arrested for allegedly setting up links between Russia and the NRA when she was 24 or so, and that replaces the Mueller indictment in most attention spans. And so the carrousel goes on. The torture never stops.
See, the idea is that you get yourself informed and then form your own opinion. Not that you let others pre-cook and pre-chew your opinions for you. Still, once you’re inside the deafening echo chamber, that’s what inevitably happens. Because there’s so much one-sided innuendo in there, your head aches and you just give up all resistance. Just to have a quiet moment.
And so very many Americans end up believing that indeed their president is guilty of treason. Because so many pundits claim that he is. But how many of them understand what treason really is, how serious an allegation it is? Is doesn’t really matter anymore, does it? Because all those others say he is, and they can’t all be wrong. And the echo chamber gives you a headache.
This is where I should say that somebody better do something about this, but it’s hard to see what. The divide has grown into a chasm. And that both sides are equally to blame for that doesn’t excuse either side’s wilful blindness. But yes, I hear you, it makes them money.
Still, if a US president can no longer talk to another president without being accused of treason, you’re in a scary predicament.
At some point you’re going to need real proof. And Bob Mueller is not going to get it for you. That’s what his indictment of the 12 Russians, as well as the moment he released it, makes abundantly clear. Mueller is -forever- going to hide behind the ‘Trust me, I’m the FBI’ line. Well, he betrayed you before. Wisen up. Demand evidence.
We know Mueller betrayed America when he made false claims over WMD. We have no evidence that Trump betrayed his country, we have only allegations. He may be a poor choice for president, but that’s not the same thing.
The Federal Reserve told big banks they have more than enough capital, and they promptly announced a windfall for their shareholders. JPMorgan Chase, Citigroup and Bank of America led U.S. firms in unveiling plans to boost dividends and stock buybacks more than analysts had projected, after every lender passed annual stress tests for the first time since the Fed began the reviews in the wake of the 2008 financial crisis. Shares across the industry rallied in late trading. Still, Capital One slipped more than 2% after it was the lone bank to stumble through the exam Wednesday, garnering conditional approval to make payouts while it fixes “material weaknesses” in planning. Lofty payouts once made banks hot stocks before the financial crisis exposed many of them as too thinly capitalized.
The companies’ plans unveiled on Wednesday show how they’re trying to generate investor interest – even as many still struggle to meet profitability targets and a few languish below book value. “This is the big payoff after seven years of pushing the industry to get to a place where capital planning is well ingrained,” said David Wright, a managing director at Deloitte’s advisory business who once worked at the Fed. “They reached the summit.” The Fed’s projections also show regulators may have more leeway to ease rules after years of forcing companies to curtail risk-taking and beef up internal controls – demands that eroded revenue and fueled costs.
The industry is counting on President Donald Trump to soften that oversight by appointing more business-friendly board members to the Fed, shifting the balance of power from regulators to shareholders. Earlier this month, Treasury Secretary Steven Mnuchin recommended that stress tests be performed every other year and that banks maintaining a sufficiently high level of capital be exempt from exams. “The highly positive report card puts more wind at the backs of the Trump administration and others who want to soften Dodd-Frank-era regulations,” Ian Katz at Capital Alpha Partners said in a note Wednesday, referring to a 2010 rewrite of industry rules. “That’s an additional bit of longer-term good news for banks.”
Global debt has hit a record level in the first quarter of this year, mainly driven by emerging markets, raising questions of whether there will be another financial crisis in the near future. Data from the Institute of International Finance showed that global debt reached $217 trillion in the first quarter of this year, or 327% of GDP. “The debt burden is not distributed evenly. Some countries/sectors have seen deleveraging while others have built up very high debt levels. For the latter, rising debt may create headwinds for long-term growth and eventually pose risks for financial stability,” the IIF said in its Global Debt Monitor report on Tuesday. On Tuesday, U.S. Fed Chair Janet Yellen told an audience in London that banks are in a “very much stronger” position and another financial crisis is unlikely “in our lifetime.”
The 2008 financial crisis began with high indebtedness levels by U.S. households. But Yellen’s remarks aren’t’ consensual. “I think Yellen’s comment – if I am interpreting it correctly – is a huge hostage to fortune. The words Titanic and unsinkable spring to mind,” Erik Jones, professor of international political economy at Johns Hopkins University, told CNBC via email. Casrten Brzeski, senior economist at ING said that “high debt levels mean that the debt crisis has not been solved, yet. Neither in the US, nor in the Eurozone. Increasing debt levels in Asia and other emerging market economies also show that a structural change has not yet taken place.” “All of this, however, does not mean that we are at the verge of a other financial crisis. Central banks and low interest rates have and should continue to limit this risk significantly,” he added via email.
[..] “Total debt in emerging markets (excluding China) has increased by some $0.9 trillion to over $23.6 trillion in the first quarter of 2017—mainly driven by Brazil (up $0.6 trillion to $3.6 trillion) and India (up $0.2 trillion to 2.9 trillion),” the IFF said in its report. China poses a great risk in itself with households accelerating their borrowing. “The household debt-to-GDP ratio hit an all-time high of over 45% in the first quarter of 2017 —well above the Emerging Market average of around 35%. In addition, our estimates based on monthly data on total social financing suggest that China’s total debt surpassed 304% of GDP as of May 2017,” the IIF noted.
The buyers of stocks may not be who everyone thinks they are.Last week, Goldman Sachs released a report saying the recent bull market is being increasingly fed by a single source: exchange-traded funds. The Wall Street Journal echoed on Wednesday with an article titled “ETF Buyers Propel Stock Market Rally.” That certainly follows the recent narrative that the great shift to passive investing – ETFs predominantly follow indexes – is what is driving the market. It is also appears to be wrong, at least according to the most recent data, which came out earlier this month from the Federal Reserve. ETFs, which it should be said are mostly just individuals buying stocks in new packaging, are indeed on pace to plow more money into equities this year than they have in the past, nearly $400 billion, up slightly more than 100% from a year ago.
But they are still not the biggest buyer of stocks. The entities shoveling more money into the stock market than any other this year, as has been the case for the past few years, remain corporations. Buybacks are on pace to reach nearly $550 billion, or $150 billion more than ETFs. ETFs, which it should be said are mostly just individuals buying stocks in new packaging, are indeed on pace to plow more money into equities this year than they have in the past, nearly $400 billion, up slightly more than 100% from a year ago. But they are still not the biggest buyer of stocks. The entities shoveling more money into the stock market than any other this year, as has been the case for the past few years, remain corporations. Buybacks are on pace to reach nearly $550 billion, or $150 billion more than ETFs.
Buybacks are down this year, by 13%, for the first time in a while. So a case could be made that the force driving the market is shifting, though it’s a weak one. Earlier this year, many were predicting that buybacks would drop by 30%. But even if what’s driving the market is shifting, ETFs still do not appear to be holding the keys.
Short sellers like Andrew Left, founder of Citron Research, serve a real purpose in the markets and in society. His analysis helped reveal what’s going on at Valeant Pharmaceuticals and brought media focus on how the company conspired not only to manipulate up its reported sales and earnings but also drug prices for consumers. But short sellers are nuts. Short sellers are fighting a system that is totally rigged in every way against them. They’ve chosen to make money when share prices fall. They’ve chosen to make money in the most painful way possible. Self-flagellation comes to mind. Because the entire system is rigged to make share prices rise, no matter what. And when they rise, short sellers get their heads handed to them.
NYSE Group President Tom Farley, who should be neutral about share prices and should be primarily concerned about the functioning of the market, hammered home just how rigged that fight is. “It feels kind of icky and un-American, betting against a company,” he told lawmakers in Washington yesterday. Even those engaging in rampant hype, lies, and worse, I presume. According to Bloomberg: He added that because short-selling can actually improve markets, public companies don’t necessarily want to ban it outright – instead they want to see more stringent disclosure. “They say, ‘Let’s have a little more transparency,”’ said Farley. This urge for “transparency” is ironic. No one complains how Warren Buffett does it. Through Berkshire Hathaway, he quietly buys enough shares of a company to gain ownership in the single-digit percentage range.
This buying activity drives up the price. His brokerage firm knows, word spreads, and those in the know also buy the shares. Then the stake is disclosed in an SEC filing. Instantly, shares jump further. “Buffett Buys x% of…” the media scream. With his avuncular face on CNBC and other TV shows, he gets to promote what a great company this is, how he believes in the management, yada-yada-yada. Shares jump further. Then he quietly buys some more shares, a small amount this time. When the SEC filing becomes public, the whole media circus starts all over again, and shares jump some more.
The global rally in financial markets is unsustainable because it only seems to respond to changes in the real economy when it fits a certain narrative, according to the CIO of investment firm Fasanara Capital. “I call it fake markets… you know, these days they talk about fake news (but) these are fake markets in a way right?” Francesco Filia, CIO of Fasanara Capital, told CNBC on Wednesday. Filia argued financial markets had become “complacent” and “insensitive” to fundamental changes in the economy. He suggested while markets appeared to surge higher on so-called good data, a mirrored response lower on negative sentiment had not been evident.
“I think this kind of market environment is both unstable and unsustainable… at some point, something is going to happen that is going to all of a sudden wake up markets as to this overvaluation,” Filia said. European bourses were trading lower on Wednesday after European Central Bank President Mario Draghi appeared to hint the ECB would be prepared to scale back its monetary policy amid improving economic prospects for Europe. Meanwhile, in the U.S., the broader S&P 500 index posted its biggest one-day drop in about six weeks overnight and closed at its lowest point since the end of May. Wall Street’s losses appeared to accelerate on news that the U.S. Senate had delayed voting on a health care reform bill.
When Filia was asked to explain how his ‘fake markets’ theory stacked up with declining global stocks on Wednesday, he replied, “A pullback of 1% in the stock market from all-time highs? I wouldn’t call it exactly re-pricing things up. It’s just slowing the pace at which you grow.” Filia cited “Stein’s Law” as a fitting adage for the state of financial markets at present. Herbert Stein, chief economist to U.S. President Richard Nixon wrote: “If something cannot continue forever, it will stop.”
Yesterday, after dropping his first undercover CNN bombshell, which starred producer John Bonifield admitting that CNN’s endless ‘Russian meddling’ crusade was “mostly bullshit” directed by the network’s CEO Jeff Zucker with the sole intent of spiking ratings, Project Veritas’ James O’Keefe promised there was more to come. And, all we knew was that the subject of the second video would be “someone we all knew…” As it turns out, that ‘someone’ is none other than CNN’s Van Jones who inadvertently got caught revealing his true thoughts on CNN’s ‘Russian meddling’ narrative, namely that the whole story is a “big nothing burger.” PV Reporter: “What do you think is going to happen this week with the whole Russia thing?” Van Jones: “The Russia Thing Is Just A Big Nothing Burger” PV Reporter: “Really?” Van Jones: “Yeah.”
Of course, while we’re happy that Van Jones decided to tell the truth, if only while he thought no one was listening, we do wonder how he intends to explain his seemingly conflicted ‘on-air’ versus ‘off-air’ personalities to his children. As you may recall, Jones was the same distraught CNN commentator who spent election night describing Trump as a “bully” and a “bigot” all while saying that his “biggest fear” was how he could explain Trump’s victory to his children… Perhaps it’s time to think about how you can explain to your children why you exploited your position and fame to provoke mass hysteria among a divided American electorate, over a story you knew to be false…hysteria which very well could have contributed to a mass shooting that nearly claimed the life of Steven Scalise.
It’s been a tough week for CNN, so they needed a distraction, and what better way to try and gain back some credibility – from a worldwide audience now likely questioning every word out of the ‘news’ network’s mouth – than to proclaim “we are going to see a reporter face physical harm because” of President Trump’s “declaration of war on the media.” As RealClear Politics reports, CNN’s Clarissa Ward, a foreign correspondent serving as guest co-host on Wednesday’s broadcast of CNN’s News Day, fretted “people” in war zones have been “emboldened” by President Trump’s “declaration of war on the media.” Ward, expressing concern for members of the media in dangerous areas of the world, said to guest Chris Cillizza, “I can only imagine what a person like you is dealing with. At what point does this become reckless or irresponsible?”
Playboy White House correspondent Brian Karem – who is now infamous for his whiney exchange with White House deputy spokeswoman Sarah Huckabee Sanders at Tuesday’s press briefing – replied that Ward is “absolutely right” and talked about the trial and tribulations of reporters who have been jailed and even killed. “Our newspapers after Donald Trump’s election, we’ve gotten threats from both the far left and the far right,” Karem said. “They are emboldened, it is dangerous, and the fact of the matter is, it is insulting to the memory of the people who have given their lives for the cause for providing information to the public to then be told you are fake media, you do not matter, and what you’re doing is false.” Karem went as far to predict “we are going to see a reporter face physical harm because” of Trump.
“And quite frankly, every one of us should stand up against that because it is undermining the First Amendment. It is dangerous, making it dangerous for reporters. You’re absolutely right, there is going to come a time, and it’s not going to be too far off I surmise when we’re going to see a reporter is going to face physical harm because of this,” he said. We suggest readers put down all sharp objects before embarking on the following four minutes of utter farce as each personality seems to want to one-up the last in their grandstanding of just how threatened they are by Trump’s words…
Unlike Oliver Stone, who knew how to interview Vladimir Putin, Megyn Kelly did not. Thus, she made a fool of herself, which is par for her course. Now the entire Western media has joined Megyn in foolishness, or so it appears from a RT report. James O’Keefe has senior CNN producer John Bonifield on video telling O’Keefe that CNN’s anti-Russia reporting is purely for ratings: “It’s mostly bullshit right now. Like, we don’t have any big giant proof.” CNN’s Bonifield is reported to go on to say that “our CIA is doing shit all the time, we’re out there trying to manipulate governments.” And, of course, the American people, the European peoples, and the US and European governments are being conditioned by the “Russia did it” storyline to distrust Russia and to accept whatever dangerous and irresponsible policy toward Russia that Washington comes up with next.
Is the anti-Russian propaganda driven by ratings as Bonifield is reported to claim, or are ratings the neoconservatives and military/security complex’s cover for media disinformation that increases tensions between the superpowers and prepares the ground for nuclear war? RT acknowledges that the entire story could be just another piece of false news, which is all that the Western media is known for. Nevertheless, what we do know is that the fake news reporting pertains to Russia’s alleged interference in the US presidential election. Allegedly, Trump was elected by Putin’s interference in the election. This claim is absurd, but if you are Megyn Kelly you lack the IQ to see that. Instead, presstitutes turn a nonsense story into a real story despite the absence of any evidence. Who actually interfered in the US presidential election, Putin or the presstitutes themselves?
The answer is clear and obvious. It was the presstitutes, who were out to get Trump from day one of the presidential campaign. It is CIA director John Brennan, who did everything in his power to brand Trump some sort of Russian agent. It is FBI director Comey who did likewise by continuing to “investigate” what he knew was a non-event. We now have a former FBI director playing the role of special prosecutor investigating Trump for “obstruction of justice” when there is no evidence of a crime to be obstructed! What we are witnessing is the ongoing interference in the presidential election, an interference that not only makes a mockery of democracy but also of the rule of law. The presstitutes not only interfered in the presidential election; they are now interfering with democracy itself. They are seeking to overturn the people’s choice by discrediting the President of the United States and those who elected him.
The Democratic Party is a part of this attack on American democracy. It is the DNC that insists that a Putin/Trump conspiracy stole the presidency from Hillary. The Democrats’ position is that it is too risky to permit the American people—the “deplorables”— to vote. The Democratic Party’s line is that if you let Americans vote, they will elect a Putin stooge and America will be ruled by Russia. Many wonder why Trump doesn’t use the power of the office of the presidency to indict the hit squad that is out to get him. There is no doubt that a jury of deplorables would indict Brennan, Comey, Megyn Kelly and the rest. On the other hand, perhaps Trump’s view is that the Republican Party cannot afford to go down with him, and, therefore, as he is politically protected by the Republican majority, the best strategy is to let the Democrats and the presstitutes destroy themselves in the eyes of flyover America.
Finance Minister Wolfgang Schaeuble on Wednesday underscored Germany’s concerns about what he called a regulatory loophole after the EU cleared Italy to wind up two failed banks at a hefty cost to local taxpayers. Schaeuble told reporters that Europe should abide by rules enacted after the 2008 collapse of U.S. financial services firm Lehman Brothers that were meant to protect taxpayers. Existing European Union guidelines for restructuring banks aimed to ensure “what all political groups wanted: that taxpayers will never again carry the risks of banks,” he said.
Italy is transferring the good assets of the two Veneto lenders to the nation’s biggest retail bank, Intesa Sanpaolo , as part of a transaction that could cost the state up to €17 billion ($19 billion). The deal, approved by the European Commission, allows Rome to solve a banking crisis on its own terms rather than under potentially tougher European rules. Noting that closure under national insolvency laws benefited owners and investors, Schaeuble said: “We in Europe need to think about this regulatory loophole.”
In a series of clear warning messages to Qatar, Arab Gulf officials have stressed that meeting a set of demands that were put forward by four Arab countries is the only way out of the crisis for Doha. The officials said they are considering further economic pressure on Qatar, such as reducing commercial links with states that continue to trade with Doha. UAE Ambassador to Moscow, Omar Gobash, sent a strong message to Doha that it could face expulsion from the Gulf Cooperation Council if it does not meet the 13-point-demands set by Saudi Arabia, the UAE, Bahrain and Egypt. The four countries had cut their diplomatic relations with Doha earlier this month over Qatar’s foreign policy and its support to terrorism.
In an interview in London with The Guardian, Gobash said there are “certain economic decisions that we can take which are being considered right now”. “One possibility would be to set conditions on our own trading partners and say you want to work with us then you have got to make a commercial choice. “If Qatar was not willing to accept the demands, it is a case of ‘Goodbye Qatar’ we do not need you in our tent anymore,” he said. Meanwhile, Dr Anwar Mohammad Gargash, UAE Minister of State for Foreign Affairs, called on Qatar to make a “wise and well-thought choice” move before the time frame given by the four Arab countries to Doha to comply with the demands. “Now that the hour of truth is coming nearer, we invite the brother to choose his surroundings, to choose honesty and transparency in dealing [with the issue],” he said in a tweet.
“We have long suffered from the brother’s conspiracy to undermine our stability and we have witnessed his support for a partisan agenda seeking to create chaos in our Arab world. Now, we tell him: Enough! Get back to your senses or go on your way, but without us,” he posted on his Twitter account yesterday. He was referring to Qatar as brother. In Washington, Saudi Foreign Minister Adel Jubeir showed a tougher stand saying that there is no room for negotiations with Qatar. “We made our point, we took our steps and it’s up to the Qataris to amend their behavior,” Saudi Foreign Minister Adel Al Jubeir told reporters. Once they do, “then things will be worked out. But if they don’t, they will remain isolated.”
More than 800 earthquakes have now been recorded at the Yellowstone Caldera, a long-dormant supervolcano located in Yellowstone National Park, over the last two weeks – an ominous sign that a potentially catastrophic eruption could be brewing. However, despite earthquakes occurring at a frequency unseen during any period in the past five years, the US Geological Survey says the risk level remains in the “green,” unchanged from its normal levels, according to Newsweek. The biggest earthquake in this “swarm” – which registered a magnitude of 4.4 – took place on June 15, three days after the rumblings started. That quake was the biggest in the region since a magnitude 4.8 earthquake struck close to Norris Geyser Basin in March 2014. This magnitude 4.4 earthquake was so powerful that people felt it in Bozman Montana, about eight miles away.
A scientist from the University of Utah said the quakes have also included five in the magnitude three range, and 68 in the magnitude two range. “The swarm consists of one earthquake in the magnitude 4 range, five earthquakes in the magnitude 3 range, 68 earthquakes in the magnitude 2 range, 277 earthquakes in the magnitude 1 range, 508 earthquakes in the magnitude 0 range, and 19 earthquakes with magnitudes of less than zero,” the latest report said. An earthquake with a magnitude less than zero is a very small event that can only be detected with the extremely sensitive instruments used in earthquake monitoring.” There is normally a rise in seismic activity before a volcano erupts. And scientists currently believe there’s a 10% chance that a “supervolcanic Category 7 eruption” could take place this century, as pointed out by theoretical physicist Michio Kaku.
An eruption, Kaku said, is long overdue: The last one occurred 640,000 years ago. To be sure, the swarm has slowed down considerably this week, and larger swarms have been recorded in the past, according to Jacob Lowenstern, the scientists in charge of the Yellowstone Volcano Observatory. Yet the possibility that the volcano could be on the verge of what’s called a “supereruption” should be enough to give the government pause. But scientists have said recently that there’s some evidence to suggest the next one could occur this century.
A million plastic bottles are bought around the world every minute and the number will jump another 20% by 2021, creating an environmental crisis some campaigners predict will be as serious as climate change. New figures obtained by the Guardian reveal the surge in usage of plastic bottles, more than half a trillion of which will be sold annually by the end of the decade. The demand, equivalent to about 20,000 bottles being bought every second, is driven by an apparently insatiable desire for bottled water and the spread of a western, urbanised “on the go” culture to China and the Asia Pacific region. More than 480bn plastic drinking bottles were sold in 2016 across the world, up from about 300bn a decade ago. If placed end to end, they would extend more than halfway to the sun. By 2021 this will increase to 583.3bn, according to the most up-to-date estimates from Euromonitor International’s global packaging trends report.
Most plastic bottles used for soft drinks and water are made from polyethylene terephthalate (Pet), which is highly recyclable. But as their use soars across the globe, efforts to collect and recycle the bottles to keep them from polluting the oceans, are failing to keep up. Fewer than half of the bottles bought in 2016 were collected for recycling and just 7% of those collected were turned into new bottles. Instead most plastic bottles produced end up in landfill or in the ocean. Between 5m and 13m tonnes of plastic leaks into the world’s oceans each year to be ingested by sea birds, fish and other organisms, and by 2050 the ocean will contain more plastic by weight than fish, according to research by the Ellen MacArthur Foundation. Experts warn that some of it is already finding its way into the human food chain.Scientists at Ghent University in Belgium recently calculated people who eat seafood ingest up to 11,000 tiny pieces of plastic every year.
Last August, the results of a study by Plymouth University reported plastic was found in a third of UK-caught fish, including cod, haddock, mackerel and shellfish. Last year, the European Food Safety Authority called for urgent research, citing increasing concern for human health and food safety “given the potential for microplastic pollution in edible tissues of commercial fish”. Dame Ellen MacArthur, the round the world yachtswoman, now campaigns to promote a circular economy in which plastic bottles are reused, refilled and recycled rather than used once and thrown away. “Shifting to a real circular economy for plastics is a massive opportunity to close the loop, save billions of dollars, and decouple plastics production from fossil fuel consumption,” she said.