Oct 062019
 
 October 6, 2019  Posted by at 10:14 am Finance Tagged with: , , , , , , , , , , ,  15 Responses »


Paul Gauguin Cow on the seashore 1886

 

Powell: Fed’s Job To Keep Economy In A ‘Good Place As Long As Possible’ (CNBC)
Auto Imports From Mexico Surge As US Sales Decline (WS)
The Ukraine Affair Is Damning, All Right – Just Not In The Way You Think (RT)
Trump Told Theresa May He Doubted Russia Was Behind Skripal Poisoning (G.)
US Media Now Filled With Former Intelligence Agents (Rania Khalek)
Hong Kong Democrats To Challenge Mask Ban In Court (HKFP)
Hong Kong Mask Ban Spurs New Mass Protest On Sunday (BBC)
Epstein Victim Says Leslie Wexner “Responsible For What Happened To Me” (Hill)
24 State Attorneys General Launch Legal Challenge Against Purdue Pharma (Hill)

 

 

This is so incredibly stupid and nobody calls him out over it.

Powell: Fed’s Job To Keep Economy In A ‘Good Place As Long As Possible’ (CNBC)

Federal Reserve Chairman Jerome Powell described the U.S. economy on Friday as being solid, noting the central bank must do what it can to keep it there. “While not everyone fully shares economic opportunities and the economy faces some risks, overall it is— as I like to say— in a good place,” Powell said in prepared remarks delivered at a “Fed Listens” event in Washington. The event is part of a monetary policy communication review by the Fed. “Our job is to keep it there as long as possible.” Powell’s comments came after a raft of disappointing data releases this week. On Tuesday, the Institute for Supply Management said U.S. manufacturing contracted to its weakest level in a decade.


The ISM also said Thursday that the U.S. services sector grew at its slowest pace since August 2016. The Labor Department, meanwhile, reported weaker-than-expected jobs growth for September. This batch of weaker-than-forecast economic numbers led traders to ratchet up their bets on easier monetary policy from the Fed. Market expectations for a rate cut later this month are around 80%, according to the CME Group’s FedWatch tool. “While we believe our strategy and tools have been and remain effective, the U.S. economy, like other advanced economies around the world, is facing some longer-term challenges—from low growth, low inflation, and low interest rates,” Powell said, adding the Fed is “examining strategies” that will help it achieve its inflation goal of 2%.

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Something ain’t happening.

Auto Imports From Mexico Surge As US Sales Decline (WS)

Automakers continue to shift their production base from the U.S. to Mexico, where labor costs pale in comparison with those in the U.S., despite growing opposition from U.S. auto workers and their unions. U.S. imports of new vehicles from Mexico surged by 8% in the first three quarters of 2019, according to the auto manufacturers association AIMA, released by Mexico’s National Institute of Statistics and Geography (INEGI). This surge has occurred even as total deliveries of vehicles to end-users in the US fell by 1.6%. Between January and September 2019, 2.03 million new vehicles were dispatched from assembly plants in Mexico to the U.S. market, 158,000 more than during the first three quarters of 2018.


In the last eight years, auto imports from Mexico have almost doubled, from 1.3 million in 2011 to 2.57 million last year, at annual growth rates of between 6.3% and 13.9%. Barring any major supply chain hiccups, the U.S. is on track to import over 2.7 million new vehicles from Mexico this year. The latest figures cement Mexico’s position as number one exporter of automobiles to the US, ahead of Canada in second place. According to AIMA, 16% of the 12.7 million cars and other light vehicles delivered in the U.S. in the first three quarters of 2019 were assembled in Mexico.

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Nebojsa Malic, senior writer at RT: “It’s curious how the same treatment was not given a few months ago to the anti-Trump text messages of FBI employees Peter Strzok and Lisa Page..”

The Ukraine Affair Is Damning, All Right – Just Not In The Way You Think (RT)

Democrats say texts and transcripts involving US officials dealing with Ukraine prove President Donald Trump should be impeached. What they actually confirm, however, is the extent to which the US treats Ukraine as a vassal. At the heart of the latest media firestorm are the text messages between US diplomats and Trump’s personal attorney Rudy Giuliani. House Democrats seeking to impeach Trump have already sent a subpoena to the White House seeking more documents, and their allies in the media have proclaimed the texts to be “damning.” Much of the brouhaha centers on messages from Bill Taylor, charge d’affaires at the US Embassy in Kiev, who is the only one to suggest the military aid to Ukraine and President Volodymyr Zelensky’s meeting with Trump are being “conditioned” on investigations of Hunter Biden and Ukraine’s role in 2016 meddling in the US election.

In one of the exchanges with US ambassador to the EU, Gordon Sondland, dated September 9, Taylor spells out what would become the Democrats’ argument for impeachment: “As I said on the phone, I think it’s crazy to withhold security assistance for help with a political campaign.” Sondland’s admonishment of Taylor – “I believe you are incorrect about President Trump’s intentions. The President has been crystal clear: no quid pro quo’s of any kind.” – is somehow being held up as an admission of wrongdoing, along with his request for a phone call instead of continued texts. Just like that, all of a sudden, the controversy about the so-called “whistleblower” who may have colluded with House Intelligence Committee chair Adam Schiff (D-California) before filing his complaint – based on hearsay – is declared “irrelevant” and the texts are held up as the Holy Grail of impeachment proceedings.

It’s curious how the same treatment was not given a few months ago to the anti-Trump text messages of FBI employees Peter Strzok and Lisa Page, when the entire media establishment twisted itself into pretzels to explain that when Strzok said “we’ll stop” Trump from becoming president what he really meant, you see, was something totally innocuous and not sinister at all. House Republicans have blasted the diplomatic texts as “cherry-picked” by the other party, and argued that the closed-doors testimony of Kurt Volker, former US special envoy to Ukraine who participated in the exchanges, painted a completely different picture. Reading the transcript of Volker’s opening statement, obtained and published Friday by investigative reporter John Solomon and the Federalist, seems to back that claim.

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Sacrilege. BTW, where is Skripal? Hiding out with Wexner and Maxwell?

Trump Told Theresa May He Doubted Russia Was Behind Skripal Poisoning (G.)

Donald Trump disputed that Russia was behind the attempted murder of a former Russian spy in a tense call with Theresa May, it has emerged. Despite the widespread conclusion that Vladimir Putin’s regime was behind the poisoning of Sergei Skripal and his daughter Yulia last year, the US president is said to have spent 10 minutes expressing his doubts about Russian involvement. According to the Washington Post, Trump “harangued” May about Britain’s contribution to Nato in a phone call with Britain’s then prime minister in the summer of last year, before disputing Russian involvement in the Skripal case.


“Trump totally bought into the idea there was credible doubt about the poisoning,” said a figure briefed on the call. “A solid 10 minutes of the conversation is spent with May saying it’s highly likely and him saying he’s not sure.” The Skripals were left fighting for their lives after the novichok attack in Salisbury, while a policeman was also left seriously ill. A second policeman was recently discovered to have been injured in the attack. Two Russian agents, Alexander Petrov and Ruslan Boshirov, were identified as the likely culprits. However, they later appeared on Russia’s state-funded TV station RT, claiming they visited the “wonderful” English city as tourists to see its cathedral.

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Any day now, CNN can start a spook soccer team.

US Media Now Filled With Former Intelligence Agents (Rania Khalek)

After years in the shadows overseeing espionage, kill programs, warrantless wiretapping, entrapment, psyops and other covert operations, national security establishment retirees are are turning to a new line of work where they can carry out their imperial duties. That is, propagandizing the public on cable news. Reborn as cable news pundits, these people are cashing in. So many years working in the dark, only to emerge in the studio lights of the same networks that rail all day everyday against state TV from countries that America hates. I’m talking about people like… Below is but a partial list of prominent former spooks turned mainstream media pundits and analysts, to say nothing of the even greater numbers of retired generals the network continuously rely on.

• Former CIA Director John Brennan who is now an NBC News senior national security and intelligence analyst.
• Fran Townsend, former homeland security advisor to George W. Bush. She’s now a CBS News senior national security analyst.

But CNN takes the cake — it’s the biggest spook show of all.
• Jim Clapper, former Director of National Intelligence, now a CNN national security analyst.
• Retired General Michael Hayden, former director of the CIA and the NSA, now a CNN national security analyst.
• Asha Rangappa, former FBI special agent, now CNN legal analyst.
• James Gagliano, a retired FBI supervisory special agent, now a CNN law enforcement analyst.
• Tony Bliken, former deputy secretary of state and former deputy national security advisor, and now CNN global affairs analyst.
• Mike Rogers, former chair of the House Intelligence Committee, now CNN national security commentator.
• Samantha Vinograd senior advisor to the national security advisor under President Obama, now CNN national security analyst.
• Steven Hall, retired CIA chief of Russia operations, now a CNN national security analyst.
• Philip Mudd, former CIA counter-terrorism official, now CNN counter-terrorism analyst.

…Welcome to the spook show!

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Kyle Bass on Twitter: “Bank runs all over Hong Kong now. ATM machines running out of cash but there is something more important…failed leader carrie lam(b) can now officially confiscate bank accounts and assets without recourse. The HK legal system is essentially gone.”

Challenge was already thrown out by the High Court in the meantime.

Hong Kong Democrats To Challenge Mask Ban In Court (HKFP)

Hong Kong’s pro-democracy lawmakers will challenge the newly imposed mask ban in court, arguing that Chief Executive Carrie Lam broke the law when she bypassed the legislature. Filed jointly by all 24 democrats, the lawsuit targeted the Emergency Regulations Ordinance (ERO) – the colonial-era law that grants the city’s leader and her council of advisors wide-ranging powers to “make regulations on occasions of emergency or public danger.” Democrats called for the mask ban to be suspended, before a proper judicial review hearing can be held. The court will hear their first round of arguments at Sunday 10am.


The lawmakers said that Lam “circumvented” the constitutional framework of One Country, Two Systems when she invoked the ERO to ban facial coverings at legal and unauthorised protests from Saturday. “Since the Handover, there has never been an occasion when the chief executive enacted legislation without going through LegCo,” said Civic Party lawmaker Dennis Kwok. On Friday, the High Court dismissed a bid by activists Lester Shum and “Long Hair” Leung Kwok-hung to suspend the law, saying that their case was not strong enough to outweigh the government’s rationale. Kwok said that the democrats’ lawsuit was different, as they had special standing as lawmakers to make constitutional arguments.

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Lam: “We cannot allow rioters any more to destroy our treasured Hong Kong.”

That is HER treasured HK, not THEIRS?

Hong Kong Mask Ban Spurs New Mass Protest On Sunday (BBC)

Thousands of anti-government protesters have turned out for marches in Hong Kong despite pouring rain, spurred into action by a government ban on masks. Many defiantly covered their faces as they set off from several points in a co-ordinated response to the ban, which the High Court upheld on Sunday. Metro services, which were attacked by rioters on Friday, have resumed in some parts of the Chinese city. The masks have become the latest focus in months of pro-democracy protests. Police use of live bullets against protesters this week, leaving two people injured, has also fuelled the unrest. Chief executive Carrie Lam introduced the ban by invoking powers dating back to colonial rule by the British.

Demonstrators fear that democratic rights are being eroded in the semi-autonomous territory under Chinese rule. Many more people have turned out than on Saturday, when a small march was held in the aftermath of Friday’s rioting. Two groups set off at the same time from the Causeway Bay and Tsim Sha Tsui districts, the South China Morning Post reports. Shops could be seen closing early while luxury and chain stores were closed in Causeway Bay. On Friday, both businesses and railway stations were attacked by rioters. Hosun Lee, a protester in Causeway Bay, told AFP news agency he feared more emergency laws were on the way. “The anti-face mask law is the first step,” he said.

Ms Lam vowed on Saturday to prevent further violence, saying: “We cannot allow rioters any more to destroy our treasured Hong Kong.” She justified the law against masks as a response to the demonstrators’ “extreme violence” which was, she said, endangering Hong Kong’s public safety. A second legal challenge to the mask ban, which was brought by opposition legislators, was rejected by the High Court. The legislators had argued that the prohibition was unconstitutional because it denied the rights of free expression and free assembly.

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Wexner is walking around free, as is Ghislaine. Not sure about Skripal.

Epstein Victim Says Leslie Wexner “Responsible For What Happened To Me” (Hill)

A woman allegedly attacked by Jeffrey Epstein said she holds Victoria’s Secret billionaire Leslie Wexner “responsible for what happened to me” because she was staying on a property monitored by Wexner and his wife and guarded by his security team, the Washington Post reported. Maria Farmer stayed in a home that was a half-mile away from Wexner’s home in New Albany, Ohio during the summer of 1996 while she was creating two paintings for the film “As Good as it Gets.” Farmer was employed by Jeffrey Epstein at the time, and while she was staying in the house in Ohio, she alleges that Epstein and his associate Ghislaine Maxwell sexually assaulted her.


When she tried to leave the home after the alleged assault, Farmer said a security guard employed by Wexner told her “You aren’t leaving,” and “You’re not going anywhere.” She said another security guard later took her by the arm, and as she fought against him, he grabbed her so hard she bruised. Farmer said she also tried to call local police and the Franklin County Sheriff’s office. But Wexner had contracted with the office, and a person told her “we work for Wexner,” when she tried to report the crime, Farmer told the Washington Post. She also alleged that she was discouraged from leaving the house without the permission of Abigail Wexler, Leslie Wexler’s wife. She was later picked up by her father at the Washington home.

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“..Purdue gave up to $13 billion in company profits to the Sackler family.”

24 State Attorneys General Launch Legal Challenge Against Purdue Pharma (Hill)

US Attorneys General from 24 states and Washington, D.C. launched a lawsuit against Purdue Pharma this week in an attempt to block the OxyContin maker from avoiding thousands of lawsuits after filing for bankruptcy, Reuters reported. The state officials objected to Purdue Pharma’s request that a U.S. bankruptcy judge block the more than 2,600 lawsuits seeking billions in damages, according to court filings, Reuters reported. The lawsuits argue that the company, along with the Sackler family, were a catalyst in the opioid crisis across the country by not disclosing the addictive risks of opioids. “The Sacklers are billionaires, they are not bankrupt,” the Massachusetts attorney general, Maura Healey, told Reuters.


“They should not be allowed to use the filing to shield their assets.” Purdue filed for chapter 11 bankruptcy last month, after reaching a settlement between $10 billion and $12 billion for the thousands of plaintiffs involved in the lawsuits. The committee of attorneys who negotiated the settlement said the filing will not stop the company from finalizing the settlement. But Purdue sought the injunction to stop the lawsuits against the company because the Sackler family did not file for bankruptcy, Reuters reported. The Sacklers have offered to give control of Purdue to the plaintiffs and give at least $3 billion towards the settlement. The case filed this week by the state attorneys general also said Purdue gave up to $13 billion in company profits to the Sackler family.

Read more …

 

 

 

 

Aug 242019
 


Frank Walton Crows on a beach 1884

 

World Needs To End Risky Reliance On US Dollar: BoE’s Carney (R.)
China Strikes Back At US With New Tariffs On $75 Billion In Goods (R.)
Trump Heaps Another 5% Tariff On Chinese Goods In Latest Escalation (R.)
Majority Of Americans Don’t Want Trump Impeached, Removed From Office (USAT)
CNN Hires Former FBI #2 Andy McCabe, Who Was Fired For Leaking And Lying (ZH)
Genesis and Evolution of the Jeffrey Epstein-Bill Clinton Relationship (Webb)
Bill Barr And Bill Clinton (Webb)
Long Before Epstein: Sex Traffickers & Spy Agencies (Vos)
Psychologist Approved Jeffrey Epstein’s Removal From Suicide Watch (R.)
France Launches Rape Inquiry in Jeffrey Epstein Case (BBC)
Lost at Sea (Kunstler)
Tulsi Gabbard Victimized by DNC’s Dubious Debate Criteria (Tracey)

 

 

“Synthetic Hegemonic Currency” sounds creepy to me.

World Needs To End Risky Reliance On US Dollar: BoE’s Carney (R.)

Bank of England Governor Mark Carney took aim at the U.S. dollar’s “destabilizing” role in the world economy on Friday and said central banks might need to join together to create their own replacement reserve currency. The dollar’s dominance of the global financial system increased the risks of a liquidity trap of ultra-low interest rates and weak growth, Carney told central bankers from around the world gathered in Jackson Hole, Wyoming, in the United States. “While the world economy is being reordered, the U.S. dollar remains as important as when Bretton Woods collapsed,” Carney said, referring to the end of the dollar’s peg to gold in the early 1970s. Emerging economies had increased their share of global activity to 60% from around 45% before the financial crisis a decade ago, Carney said.

But the dollar was still used for at least half of international trade invoices – five times more than the United States’ share of world goods imports – fuelling demand for U.S. assets and exposing many countries to damaging spillovers from swings in the U.S. economy. Carney – who was considered a candidate to be the next head of the International Monetary Fund but failed to secure backing from Europe’s governments – said the problems in financial system were encouraging protectionist and populist policies. [..] Carney warned that very low equilibrium interest rates had in the past coincided with wars, financial crises and abrupt changes in the banking system. As a first step to reorder the world’s financial system, countries could triple the resources of the IMF to $3 trillion as a better alternative to countries protecting themselves by racking up enormous piles of dollar-denominated debt.

“While such concerted efforts can improve the functioning of the current system, ultimately a multi-polar global economy requires a new IMFS (international monetary and financial system) to realize its full potential,” Carney said. China’s yuan represented the most likely candidate to become a reserve currency to match the dollar, but it still had a long way to go before it was ready. The best solution would be a diversified multi-polar financial system, something that could be provided by technology, Carney said. Facebook’s Libra was the most high-profile proposed digital currency to date but it faced a host of fundamental issues that it had yet to address. “As a consequence, it is an open question whether such a new Synthetic Hegemonic Currency (SHC) would be best provided by the public sector, perhaps through a network of central bank digital currencies,” Carney said.

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Globalization is dead.

China Strikes Back At US With New Tariffs On $75 Billion In Goods (R.)

China said on Friday it will impose retaliatory tariffs against about $75 billion worth of U.S. goods, putting as much as an extra 10% on top of existing rates in the dispute between the world’s top two economies. The latest salvo from China comes after the United States unveiled tariffs on an additional $300 billion worth of Chinese goods, including consumer electronics, scheduled to go into effect in two stages on Sept. 1 and Dec. 15. China will impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States including agricultural products such as soybeans, crude oil and small aircraft. China is also reinstituting tariffs on cars and auto parts originating from the United States.

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Dead as a doornail.

Trump Heaps Another 5% Tariff On Chinese Goods In Latest Escalation (R.)

U.S. President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5% duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat trade war escalation by the world’s two largest economies. Trump’s move, announced on Twitter, came hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. goods, prompting the president earlier in the day to demand U.S. companies move their operations out of China. The intensifying U.S.-China trade war stoked market fears that the global economy will tip into recession, sending U.S. stocks into a tailspin, with the Nasdaq Compositedown 3%, and the S&P 500 down 2.6%. U.S. Treasury yields also declined as investors sought safe-haven assets, and crude oil, targeted for the first time by Chinese tariffs, fell sharply.


Trump’s tariff response was announced after markets closed on Friday, leaving potentially more damage for next week. “Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer,” Trump said on Twitter. “As President, I can no longer allow this to happen!” He said the United States would raise its existing tariffs on $250 billion worth of Chinese imports to 30% from the current 25% beginning on Oct. 1, the 70th anniversary of the founding of the communist People’s Republic of China. At the same time, Trump announced an increase in planned tariffs on the remaining $300 billion worth of Chinese goods to 15% from 10%.

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Don’t take Nadler’s hobby away.

Majority Of Americans Don’t Want Trump Impeached, Removed From Office (USAT)

A majority of Americans oppose impeaching President Donald Trump, according to a new poll by Monmouth University released Thursday. The data point – with 59% of those surveyed responding that Trump should not be impeached and compelled to leave office – comes as Trump’s approval rating remains at 40% in the same poll. In the poll, there is a clear partisan divide on whether the House Judiciary Committee should pursue an impeachment inquiry. While 72% of Democrats believe such an inquiry is a good idea, only 39% of independents and 8% of Republicans share that belief. House Judiciary Committee Chairman Rep. Jerry Nadler, D-N.Y. confirmed the launch of an impeachment inquiry by his House panel earlier this month in an interview on CNN.

Additionally, Nadler sent a letter Thursday asking four other Democratic House committee chairs currently leading investigations into Trump to share documents to aid his committee’s investigation into possible obstruction and other abuses, which could lead to potentially filing articles of impeachment against the president. Nadler wrote to Intelligence Chairman Adam Schiff, D-Calif., Oversight and Reform Chairman Elijah Cummings, D-Md., Financial Services Chairwoman Maxine Waters, D-Calif., and Foreign Affairs Chairman Eliot Engel, D-N.Y. He asked for “documents and testimony, depositions, and/or interview transcripts that you believe may be relevant to the Judiciary Committee’s ongoing impeachment investigation relating to President Trump.”

The Monmouth University poll surveyed 800 adults in the U.S. via telephone from August 16-20, 2019. It has a margin of error of plus or minus 3.5 percentage points.

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Neither Orwell nor Bizzarro World have anything on this: CNN just hired the FBI’s former no. 2, who was fired for lying to his own employer/agency. For which he should obviously be in jail, but he’s not. Want to guess where you would be if you lied to the FBI? Ask George Papadopoulos. His lie was superficial slash meaningless at best, but he served time. McCabe’s lies are a whole different universe.

CNN Hires Former FBI #2 Andy McCabe, Who Was Fired For Leaking And Lying (ZH)

Another Ex-Obama official has joined the ranks of anti-Trump cable news punditry, this time disgraced FBI #2 Andrew McCabe, who was fired for leaking information to the media – then lying about it at least four times, including under oath. Now, McCabe – who is suing the DOJ and FBI over what he claims was a “politically motivated” firing just days before he was set to retire with full benefits,” will join former Director of National Intelligence James Clapper at CNN. Succinctly put by The Federalist’s Mollie Hemmingway: “Andrew McCabe, one of the central figures of the “Russia collusion” hoax, who was fired from the FBI for lying about his leaks to the media, has been hired by CNN, one of the media outlets that did the most to perpetuate the damaging hoax.” – Mollie (@MZHemingway) August 23, 2019

McCabe authorized an FBI spokesman to tell the Wall Street Journal’s Devlin Barrett – just days before the 2016 US election, that the FBI hadn’t put the brakes on an investigation into the Clinton Foundation – at a time in which McCabe was coming under fire for his wife taking a $467,500 campaign contribution from Clinton associate, Terry McAuliffe. As noted above, McCabe then lied about the leak at least four times and was subsequently fired over it. McCabe claimed that his boss, also-fired former FBI Director James Comey, was well aware of the leaks. Comey shot back on ABC’s The View, calling McCabe a liar.

Comey was asked by host Megan McCain how he thought the public was supposed to have “confidence” in the FBI amid revelations that McCabe lied about the leak. “It’s not okay. The McCabe case illustrates what an organization committed to the truth looks like,” Comey said, adding “Good people lie … I still believe Andrew McCabe is a good person but the inspector general found he lied,” noting that there are “severe consequences” within the DOJ for doing so.

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Part 4 of Whitney Webb’s incredible series on sexual blackmail.

“Of particular importance are Epstein’s relationship to the Clinton Foundation and the alleged role of Epstein’s Virgin Islands-based hedge fund and the Clinton Foundation in money laundering activity.. [..] It is this tale of intrigue that fully reveals the extent to which this decades-old alliance between organized crime, the CIA, and Israeli intelligence has corrupted and influenced politicians of both political parties, both through the use of sexual blackmail and through other means of coercion. ”

Genesis and Evolution of the Jeffrey Epstein-Bill Clinton Relationship (Webb)

[..] these sexual blackmail operations proliferated during the Iran-Contra affair, which involved this same dark alliance between U.S./Israeli intelligence and organized crime. Though this series has thus far largely focused on the ties of Republican officials to those operations and associated crimes, the final installment of this series will focus on Democratic politicians, namely the Clinton family, and their ties to this same network as well as Jeffrey Epstein. The Clintons’ own involvement in Iran-Contra revolved around the covert activities at Arkansas’ Mena Airport, which involved the CIA front company Southern Air Transport and occurred while Clinton was governor.

Just a few years into the Clinton presidential administration, Leslie Wexner and Jeffrey Epstein would play a major role in Southern Air Transport’s relocation to Columbus, Ohio, leading to concerns among top Ohio officials that both men were not only working with the CIA, but that Wexner’s company, The Limited, sought to use the CIA-linked airline for smuggling. During that same period of time, Epstein had already forged close ties to important Clinton White House officials and prominent Clinton donors like Lynn Forester de Rothschild and made several personal visits to the official presidential residence.

Some of these ties appear related to Epstein’s shady financial activities, particularly involving currency markets and offshore tax havens — activities he began to perfect while working for prominent Iran-Contra figures in the early 1980s, several of whom were tied to the CIA-linked bank Bank of Credit and Commerce International (BCCI) and had known relationships with Israeli intelligence, namely the Mossad. The nature of Epstein’s work for these individuals and other evidence strongly suggests that Epstein himself had a relationship with BCCI after leaving Bear Stearns and prior to the bank’s collapse in 1991.

Of particular importance are Epstein’s relationship to the Clinton Foundation and the alleged role of Epstein’s Virgin Islands-based hedge fund and the Clinton Foundation in money laundering activity, a relationship still under investigation by MintPress. It is this tale of intrigue that fully reveals the extent to which this decades-old alliance between organized crime, the CIA, and Israeli intelligence has corrupted and influenced politicians of both political parties, both through the use of sexual blackmail and through other means of coercion.

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From the same Whitney Webb article. This part warrants attention.

Bill Barr And Bill Clinton (Webb)

After Clinton’s half-brother Roger was busted for cocaine smuggling (Clinton would later pardon him while president) the CIA sought to move Contra operations out of Arkansas, hoping to put a damper on the increasingly public and sloppy Arkansas-based operation. According to Terry Reed in his book Compromised: Clinton, Bush and the CIA, co-written with John Cummings, a hushed meeting was held in a bunker at Camp Robinson in North Little Rock, Arkansas. During the meeting, William Barr, who represented himself as the emissary of then-CIA Director Bill Casey told Clinton: “The deal we made was to launder our money through your bond business but what we didn’t plan on was you and your n****r here start taking yourselves seriously and purposely shrinking our laundry.”

Barr chastised Clinton for his sloppy handling of the delicate operation and his half-brother’s very public fall from grace. He would later tell Clinton, according to Reed, “Bill, you are Mr. Casey’s fair-haired boy … You and your state have been our greatest asset. Mr. Casey wanted me to pass on to you that unless you fuck up and do something stupid, you’re No. 1 on the short list for a shot at the job that you’ve always wanted. You and guys like you are the fathers of the new government. We are the new covenant.” Attempts to investigate Clinton’s role in the Mena operations and more broadly in the Iran-Contra affair were allegedly axed by Clinton’s own confidantes, who consistently denied he played a role in the scandal.

According to the Wall Street Journal, former IRS investigator William Duncan teamed with Arkansas State Police Investigator Russell Welch in what became a decade-long battle to bring the matter to light. In fact, of the nine separate state and federal probes into the affair, all failed. Duncan would later say of the investigations, “[They] were interfered with and covered up, and the justice system was subverted,” and a 1992 memo from Duncan to high-ranking members of the attorney general’s staff notes that Duncan was instructed “to remove all files concerning the Mena investigation from the attorney general’s office.” The attorney general, serving under George H. W. Bush, at that time was William Barr, who is currently attorney general under Trump.

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This stuff is so institutionalized, so deeply engrained in our societies, that is will be very hard to get rid of.

Long Before Epstein: Sex Traffickers & Spy Agencies (Vos)

In the U.S., the New York State Select Committee On Crime in 1982 investigated nationwide networks of trafficking underage sex workers and producing child pornography. Dale Smith, a committee investigator, noted that call services using minors also profited from “sidelines,” besides the income from peddling prostitution. Smith said they sold information “on the sexual proclivities of the clients to agents of foreign intelligence.” Presumably, this information could be used to blackmail those in positions of power. Smith added that one call service sold information to “British and Israeli intelligence.”

Another U.K. scandal included allegations that Sir Peter Hayman, a British diplomat and deputy director of MI6, was a member of the Pedophile Information Exchange (PIE). Police discovered that two of the roughly dozen pedophiles in his circle had been writing to each other about their interest in “the extreme sexual torture and murder of children,” according to the The Daily Mail. In 2015, The Guardian reported that former Prime Minister Margaret Thatcher had been “adamant that officials should not publicly name” Hayman, “even after she had been fully briefed on his activities….formerly secret papers released to the National Archives shows.”

Still, Hayman was unmasked as a subscriber to PIE in 1981 by M.P. Geoffrey Dickens, who also reportedly raised the national security risk of Hayman’s proclivities, implying they were a potential source of blackmail sought by intelligence agencies. The British tabloid The Mirror reported that intelligence agencies, including the KGB and CIA, kept their own dossiers on U.K. establishment figures involved with PIE and the abuse of minors, to blackmail the targets in exchange for information.

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Makes very little sense. Suicide watch is a serious thing, and all it takes is one psychologist?

Psychologist Approved Jeffrey Epstein’s Removal From Suicide Watch (R.)

A psychologist at the federal detention center in New York City where financier Jeffrey Epstein was jailed on sex-trafficking charges had approved his removal from suicide watch before he killed himself, the U.S. Justice Department said on Friday. The disclosure came in a letter dated on Thursday from Assistant Attorney General Stephen Boyd and addressed to the leaders of the Judiciary Committee of the U.S. House of Representatives, seeking details about the circumstances surrounding Epstein’s death earlier this month. Epstein, who was 66, was found dead Aug. 10 in his cell inside a segregated housing unit of the Metropolitan Correctional Center (MCC) in Lower Manhattan. An autopsy concluded that he hanged himself.


His death triggered investigations by the FBI, the Justice Department’s Office of Inspector General and the U.S. Bureau of Prisons, which runs the detention facility. The Boyd letter, provided to Reuters on Friday, confirmed that Epstein had been placed on suicide watch in July, a status under which the designated prisoner is held in a special cell under constant observation by staff or “inmate companions.” Epstein was “later removed from suicide watch after being evaluated by a doctoral-level psychologist who determined that a suicide watch was no longer warranted,” Boyd wrote in the three-page letter. The letter did not state precisely why a suicide watch had been ordered for Epstein. But Epstein in July had been found unconscious on the floor of his cell with marks on his neck, and officials had been investigating that incident as a possible suicide attempt or assault.

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Maybe it takes the French to dig deep enough. Certainly wouldn’t bet on Bill Barr doing the job.

France Launches Rape Inquiry in Jeffrey Epstein Case (BBC)

French prosecutors have opened an inquiry into rape allegations against the late US financier Jeffrey Epstein. [..] He had an apartment in Paris, and French gender equality minister Marlène Schiappa had called for an inquiry into any abuses committed on French soil. On Friday Paris prosecutors launched a probe for “rape” and “sexual assault”. [..] Epstein spent plenty of time in Paris and owned a luxury apartment near the Arc de Triomphe. Investigations “will focus on potential crimes committed against French victims… and on suspects who are French citizens”, Paris Prosecutor Remy Heitz said in a statement.


A French advocacy group for child sex abuse victims, Innocence En Danger (Innocence at Risk), said this week it had received 10 witness statements involving Epstein regarding alleged sex crimes committed against minors on French soil. Epstein was also friends with French modelling tycoon Jean-Luc Brunel, who was accused in US court documents of procuring young girls for Epstein, along with allegations of rape. Mr Brunel has denied the accusations.

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“The Democratic contest may be peaking way too early. And Joe Biden hasn’t even had a chance to claim he is the out-of-wedlock grandson of W.C. Handy.”

Lost at Sea (Kunstler)

Elizabeth Warren set the stage for anointing herself America’s Race Hustler-in-Chief by addressing the niggling matter of her former claim to be a Cherokee Indian, since disproven by a DNA test. There was loose talk, you see, that she used the Cherokee ruse to bamboozle her overseers on the Harvard Plantation, where she got to work in the Big House known as the Harvard Law School based on her “diversity” bona fides — a “minority hire!” The claim was so transparently idiotic and dishonest that she was desperate to walk it back as delicately as possible, in order to keep up with the race hustling of her fellow pols chasing the nomination. A rain dance was arranged in the aptly-named heartland town of Sioux City.

“Like anyone who’s being honest with themselves, I know that I have made mistakes,” said Ms. Warren, who was met with a standing ovation when she took the stage [The Times reported]. “I am sorry for harm I have caused. I have listened and I have learned a lot, and I am grateful for the many conversations that we’ve had together.” Was a more disingenuous political statement ever contrived? A bundle of devious platitudinous promises of the sort that white people always offered the indigenous folk at a thousand crooked treaty councils? It would have been a little more satisfying, perhaps, if Ms. Warren had specified the mistakes made, e.g. I was falsely claiming a racial identity for career advancement. Now that’s an apology!

“Listening and learning?” I dunno… sounds a little like groveling and pandering. Anyone can choke down a few bites of humble pie but please don’t make me eat that shit sandwich! The Democratic contest may be peaking way too early. And Joe Biden hasn’t even had a chance to claim he is the out-of-wedlock grandson of W.C. Handy. There are indications that the political center is already a little tired of the Everything-Is-Racist trope that the party ran up the flagpole this summer. For The New York Times, it became the publicly acknowledged official editorial slant when newsroom chief Dean Baquet announced that the paper needed a replacement for the shredded gonfalon of RussiaGate.

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Is the DNC secretly working for Trump?

Gabbard torpedoed Kamala Harris’s shot at the job. That won’t be forgiven.

Tulsi Gabbard Victimized by DNC’s Dubious Debate Criteria (Tracey)

Tulsi Gabbard is on the verge of being excluded from the next Democratic presidential debate on the basis of criteria that appear increasingly absurd. Take, for instance, her poll standing in New Hampshire, which currently places Gabbard at 3.3% support, according to the RealClearPolitics average as of Aug. 20. One might suspect that such a figure would merit inclusion in the upcoming debates — especially considering she’s ahead of several candidates who have already been granted entry, including Cory Booker, Amy Klobuchar, Beto O’Rourke, and Andrew Yang. But the Democratic National Committee has decreed that the polls constituting this average are not sufficiently “qualifying.”

What makes a poll “qualifying” in the eyes of the DNC? The answer is conspicuously inscrutable. Months ago, party chieftains issued a list of “approved sponsoring organizations/institutions” for polls that satisfy their criteria for debate admittance. Not appearing on that list is the Boston Globe, which sponsored a Suffolk University poll published Aug. 6 that placed Gabbard at 3%. The DNC had proclaimed that for admittance to the September and October debates, candidates must secure polling results of 2% or more in four separate “approved” polls – but a poll sponsored by the newspaper with the largest circulation in New Hampshire (the Globe recently surpassed the New Hampshire Union Leader there) does not count, per this cockamamie criteria.

There has not been an officially qualifying poll in New Hampshire, Gabbard’s best state, in over a month. The absurdity mounts. A South Carolina poll published Aug. 14 by the Post and Courier placed Gabbard at 2%. One might have again vainly assumed that the newspaper with the largest circulation in a critical early primary state would be an “approved” sponsor per the dictates of the DNC, but it is not. Curious.

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Cerberus, the early days.

 

 

 

 

 

Aug 102019
 


Henri Matisse Open window, collioure 1905

 

Albert Edwards: “Chinese Authorities Lost Control Back In 2015” (ZH)
China Nationalizes Third Bank Since May (SCMP)
US, China Step Up War Of Words Over Hong Kong (AFP)
Who’s Afraid of Tulsi Gabbard? (Matt Taibbi)
Rude Awakening (Kunstler)
Huge Cache Of Records Details How Jeffrey Epstein And Madam Lured Girls (MH)
If You’re A Sexual Predator, It Pays To Be A Rich One (MH)
Assange’s Persecution Rides on Feeble Lies (Floth)
40 Rebuttals to CNN’s Bias on Assange (Fidel Narváez)
Conductor Boots Racially Abusive Teenage Girl Off Wellington Train (Stuff)
Giant River Animals On Verge Of Extinction (G.)

 

 

The last time I said something critical about the Chinese economy I was accused of sinophobia. Kid you not.

Albert Edwards: “Chinese Authorities Lost Control Back In 2015” (ZH)

.. what Edwards focused on in his latest periodic report was China in the wake of the intensification of the trade/currency war and the recent historic breach of the 7.00 Yuan floor, and in typical style, Edwards cautioned that “investors may be underestimating the turmoil that is now stirring under the surface in China. All may not be as stable as investors suppose.” One of Edwards’ key argument is, as we said earlier today, that contrary to popular opinion, it is not China that is winning the trade war – after all it has the benefit of time, while Trump has to win (or lose) the war ahead of the 2020 presidential election – but rather it is Trump who has the upper hand (today’s news of a 3rd major Chinese bank failure/bailout in as months certainly underscores Edwards’ claim). In this context, he asks the following rhetorical question:


“… what happens if this consensus is wrong? What if China is in a far more vulnerable situation than investors realise? US economic data has been poor of late but it hasnit been great in China either. I think the chart below showing a rapidly contracting jobs market will be a key concern to the Chinese authorities. Indeed, our own China economist, Wei Yao, described the economy being on shaky ground in a recent note.”

… we will only touch on Edwards’ next point, which not surprisingly, refers to China’s growing bank instability, and which notes that “more concerning are the ructions in the banking sector after the recent bailout of Baoshang Bank. Wei writes “It would not be an overstatement to say that Baoshang’s fallout is a milestone in China’s deleveraging reform and financial liberalisation. The deleveraging process is bound to expose weak institutions along the way, and it is only a matter of time before counter-party risk reaches the interbank market. …When the deleveraging process enters the very core of the financial system, the risk of things going terribly wrong rises”

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Main question here is how widespread this is.

China Nationalizes Third Bank Since May (SCMP)

China’s sovereign wealth fund has taken over Heng Feng Bank, a troubled lender linked to fugitive financier Xiao Jianhua, in the third case in as many months of the state exerting its grip over wayward financial institutions. Central Huijin Investment, a subsidiary of the China Investment Corporation that acts as the Chinese government’s shareholder in the country’s four biggest banks, has emerged as a strategic investor in Heng Feng, according to a brief report overnight by Shanghai Securities News, published by state news agency Xinhua. The investment was a breakthrough in Heng Feng’s debt restructuring led by the Shandong provincial government, the state-owned newspaper said, without citing a source or providing financial details.


Huijin’s investment would increase Heng Feng’s capital adequacy, improve the troubled bank’s management and enhance its operational capability, the paper said. [..] It’s also the second of several banks in Xiao’s financial empire to be put under state ward, after the May 24 nationalisation of Baoshang Bank in Inner Mongolia’s Baotou city. Xiao’s Tomorrow Group, which owned 89 per cent of Baoshang, had misappropriated large sums from the bank, triggering serious credit risks that prompted the government to step in, the central bank said. [..] The Chinese government’s first nationalisation of a private bank since 1998 has led to a collective collapse in the stock prices of China’s listed banks, driving their valuations to record lows, amid fears that the shakeout would affect more lenders, and that the largest and best capitalised institutions would be called upon to bail them out.

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Don’t be surprised if the US extradites a few Chinese diplomats soon.

US, China Step Up War Of Words Over Hong Kong (AFP)

The United States and China have stepped up an increasingly harsh war of words over pro-democracy protests in Hong Kong, as Beijing seeks to push its accusations that the mass demonstrations are being fueled by foreign powers. In the latest exchange, Washington on Friday called out Beijing-backed news outlets for sharing “dangerous” reports after a newspaper revealed personal information about an American diplomat in Hong Kong who met with pro-democracy activists. “Official Chinese media reports on our diplomat in Hong Kong have gone from irresponsible to dangerous. This must stop,” State Department spokeswoman Morgan Ortagus posted on Twitter.

Beijing has increasingly pitched the anti-government protests in the semi-autonomous city as funded by the West, at one point describing violent unrest in the city as “the work of the US.” But China has provided little evidence for the claim beyond supportive statements from some Western politicians. The Hong Kong-based, pro-Beijing Ta Kung Pao reported that the political unit chief of the US Consulate General in Hong Kong, Julie Eadeh, had met with members of the political party Demosisto — including prominent democracy activist Joshua Wong. It shared details on Eadeh’s career as well as her family members’ names.

The Office of the Commissioner of the Ministry of Foreign Affairs of China in Hong Kong denounced Ortagus’ remarks as “blatant slander against China” that had “again exposed US gangster logic.” Ortagus, however, said that “Chinese authorities know full well, our accredited consular personnel are just doing their jobs, just like diplomats from every other country.” “Foreign diplomats in the United States, including Chinese ones, enjoy open access to all elements of American politics, civil society, academia, and business,” she added.

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Kamala Harris support went from 20% to 7% in a week.

Who’s Afraid of Tulsi Gabbard? (Matt Taibbi)

“It just shows,” says Hawaii congresswoman Tulsi Gabbard, “that launching a smear campaign is the only response to the truth.” Gabbard, 38, burst into headlines after a July 31 Democratic Party presidential debate, when she went after California Senator Kamala Harris’s record as Attorney General of the State of California. The “smear campaign” refers to the bizarre avalanche of negative press that ensued, as reporters seemed to circle wagons around a Harris, a party favorite. The Gabbard-Harris exchange was brief but revealing, as a window into a schism in the Democratic Party. Harris was elected Attorney General of California in 2010. She frequently sought moderate or even conservative positions on issues like criminal sentencing, drug enforcement, and prison labor.

These stances were standard among Democrats back when being “tough on crime” was considered an essential component of the “electability” argument. The Democratic electorate has changed, becoming especially concerned about mass incarceration. However, the party has not quite caught up. Gabbard exposed these divisions in the July 31 event, when she said: “She put over 1500 people in jail for marijuana, and then laughed about it when asked if she ever smoked marijuana.” The Detroit crowd cheered all the way through Gabbard’s next point, about Harris’ blocking the introduction of DNA evidence in a murder case. The applause unnerved Harris, who looked like someone dented her car. She’d been at 20 points in a July 2 Quinnipiac poll; after a multi-week slide that culminated with Gabbard’s attack, Harris was at 7 percent, a “distant fourth” behind Joe Biden, Elizabeth Warren, and Bernie Sanders.

Having wounded a presumptive frontrunner backed by nearly $25 million in campaign funds, Gabbard instantly became the subject of a slew of negative leaks, tweets, and press reports. Many of these continued the appalling recent Democratic Party tradition of denouncing anything it doesn’t like as treasonous aid to foreign enemies. Harris national press chair Ian Sams tweeted, “Yo, you love Assad!”, a reference to Gabbard’s controversial visit with Syrian president Bashar al-Assad in 2017. He then tweeted a link to an insidious February 2 NBC News story, which asserted that Gabbard’s campaign was the beneficiary of Russian bots.

Harris herself meanwhile gave a sneering interview to Anderson Cooper. “This is going to sound immodest,” she said, but as a “top-tier candidate,” she could “only take what [Gabbard] says and her opinion so seriously.” She added Gabbard was an “apologist for an individual, Assad, who has murdered the people of his country like cockroaches.”

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“.. the Democratic Party first lost its mind, and then committed suicide.”

Rude Awakening (Kunstler)

Speaking of “stabbing motherfuckers in the heart,” why are the “progressives” who moiled outside Senator Mitch McConnell’s house the other night not cooling their heels in a federal lock-up for threatening to assassinate a public official? That’s the usual procedure. How difficult would it be to locate them? Nobody has even asked — a peculiar development. Twitter boss Jack Dorsey took the predictable “progressive” action of banning Senator McConnell’s election campaign account for posting a video of the very mob looking to “stab motherfuckers in the heart” outside his house. That should be good, at least, for a hearty lawsuit against Twitter that might raise the consciousness of the 23-year-old wokester myrmidons Jack Dorsey hired to pretend that their diligent bannings of non-woke Tweeters are the work of supposed “algorithms” — as well as Mr. Dorsey himself, the arrogant prick behind it all.

Any decent psychological detective can conclude why the Left, including especially the Democratic Party — formerly a pillar of our political system — has gone insane. Losing a national election two and half years ago traumatized the base. In the process, the party made the rueful discovery that it was devoid of reality-based political ideas. This prompted the adoption of reality-optional excuses for failure masquerading as political ideas: Russia did it! Trump was “Putin’s puppet.” That clinically paranoid meme, and the massive investigatory activity it provoked, ended in more failure, so profound that the party still can’t face it.

But the Democratic Party must sense that it is about to be held accountable for all that. The Deep State officials who acted out that shadow-play on its behalf, with all its seditious overtones, are about to be frog-marched into the grand juries any week now. The party itself, or at least its executive gang, the DNC, may be included in the clean-up operation. It’s really hard to see how the party survives that. Its loyal historians will probably say that some motherfucker stabbed it in the heart. More factually, the Democratic Party first lost its mind, and then committed suicide.

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Julie K. Brown’s take at the Miami Herald. Brown is one of the initiators of the entire investigation.

Huge Cache Of Records Details How Jeffrey Epstein And Madam Lured Girls (MH)

A chilling picture of how hundreds of girls and young women from around the world were trafficked for sex by Jeffrey Epstein, his madam, Ghislaine Maxwell, and — allegedly — a number of powerful business and world leaders emerged Friday in court documents unsealed in New York. The documents, the largest cache to be released in the 13 years since Epstein’s case began, offer brutal details about Epstein’s trafficking of teenage girls in Palm Beach, New York and overseas — as well as Maxwell’s obsessive and often abusive quest to provide him with new girls over a span of years in the early to mid 2000s.

Virginia Roberts Giuffre, whose 2015 federal defamation suit against Maxwell was the source of the documents, provided testimony and evidence to substantiate her claims of exploitation at the hands of Epstein and Maxwell through photographs, plane logs and even a medical record from Presbyterian Hospital in New York where Giuffre was taken by Epstein after a particularly abusive sex episode. Her story was also corroborated by an ex-boyfriend, whom she told about the abuse at the time, and another woman who worked as an assistant for Maxwell and Epstein named Johanna Sjoberg. Sjoberg, who was a college student at Palm Beach Atlantic University when she was recruited by Maxwell, said that Maxwell’s primary role in Epstein’s life was to provide him with young girls at least three times a day.

“He explained to me that, in his opinion, he needed to have three orgasms a day. It was biological, like eating,’’ Sjoberg said in a sworn deposition in 2015. The names of some prominent, wealthy men Giuffre says she was directed to have sex with are spattered throughout the approximately 2,000 pages released Friday. They include: the late scientist Marvin Minsky, modeling scout Jean-Luc Brunel, former New Mexico Gov. Bill Richardson, 71, former Sen. George Mitchell, 85, Hyatt hotels magnate Tom Pritzker, 69, and prominent hedge fund manager Glenn Dubin, 62. Giuffre has previously identified Epstein’s lawyer, Alan Dershowitz, 80, and Prince Andrew, 59, as two of the people with whom she had sex.

All the men have issued denials, with some of them, including Dershowitz, insisting that they never met Giuffre. No charges have been filed against anyone other than Epstein, who was indicted last month in New York on two counts of sex trafficking. Some of the testimony released Friday is difficult to read, as when one 15-year-old Swedish girl, shaking and crying in fear, told a butler who worked for two of Epstein’s closest friends that she had been taken to Epstein’s island in the Caribbean and ordered to have sex with him and others. The butler, in a sworn statement, said the girl, visibly traumatized, told him that Epstein and Maxwell had physically threatened to harm her and seized her passport to keep her on the island, according to the butler’s statement.

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Also from the Miami Herald. Epstein was abusing girls while serving a sentence for abusing girls.

If You’re A Sexual Predator, It Pays To Be A Rich One (MH)

The more we learn about Jeffrey Epstein’s 13 months in so-called custody at the Palm Beach County Stockade, the clearer is the lesson: It definitely helps to be rich, even if you’re a sexual predator. Last week, Gov. Ron DeSantis finally ordered the Florida Department of Law Enforcement to investigate Epstein’s coddled life while serving 13 months of an 18-month sentence after pleading guilty in 2008 to two felony counts of prostitution. One of those crimes involved soliciting sex from a minor, serial behavior of Epstein’s that had caught the attention of the FBI. A 53-page federal indictment resulting from that probe was spiked by then-U.S. Attorney Alex Acosta, paving the way for the multimillionaire’s mysteriously lenient plea deal.

Even the most jaded observers of the justice system wouldn’t expect that royal treatment would be given to a slimy perv who recruited high school girls to visit his Palm Beach mansion and give him massages. Yet, according to records from the jail and sheriff’s department, Epstein enjoyed perks that no other convicted sex criminal would ever have the gall to request. He took the concept of “work release” to a whole new level. He was allowed to leave the stockade 12 hours a day, six days a week, and upon his return stayed in a mostly empty wing of the facility. For Epstein, jail wasn’t an incarceration so much as an inconvenience. Deputies were given permission to leave his cell unlocked while he was there. He was more of an out-mate than an inmate.

Sometimes he got to watch TV in a room normally reserved for attorneys visiting jailed clients. During his daily road trips, he was followed by off-duty deputies who were paid $126,000 for their respectful supervision. The officers often wore business suits and addressed him as “Mr. Epstein.” [..] Attorney Bradley Edwards, who represents some of Epstein’s female accusers, said he knows of women who were brought to Epstein for sex while he was away from the stockade during the day. Those claims will be part of the new FDLE investigation.

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“..a dog snarling into the hole of a rabbit does not confine it there..”

Assange’s Persecution Rides on Feeble Lies (Floth)

The official US reaction to Melzer’s report has naturally been to decry the content. It starts upon this with a certain fable of righteousness, which implies that a dog snarling into the hole of a rabbit does not confine it there: “Mr Assange voluntarily stayed in the embassy to avoid facing lawful criminal charges pending against him. As such his time in the embassy did not constitute confinement and was in no way arbitrary.” Like the term ‘confinement,’ the word ‘arbitrary’ is a weasel in this particular fable. It does not function in human rights law to imply any lack of rationale, but to identify the rationale of some authority as crucially unprincipled. Where such a fault applies it is likely to be ignored, misrepresented and/or distracted from by the culpable authority.

Hence, as in the quote above, they tend to assert some righteous motive, real or fictional, as centrally vindicating. It is common and wrong for those reprimanded to respond this way, since their place is to respect the findings of UN appointees and if necessary, reasonably correspond with them. The entire point of international law is that countries are legally held to account. In terms of the presently relevant human rights covenants, this involves a regime of independent assessment as to whether they are complying with the covenants they ratified. No brute enforcement applies here and the system should work perfectly well without it, if only the signatories abide by it in good faith.

In this primary and neglected context, the account that the US has given of itself has been a spectacular self-incrimination. The two sentences quoted above happen to assert the main premise of Assange and appointees from the UN who saw fit to defend him. For it is plainly implied in the quote that staying in the embassy was the logical means he appropriated to avoid negative repercussions intentionally prepared for him by the US in response to his publishing.

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Fidel Narváez worked at the Ecuador embassy in London Assange stayed in. They became friends.

40 Rebuttals to CNN’s Bias on Assange (Fidel Narváez)

Having worked as a diplomat at the Ecuadorian embassy in London for six out of the seven years that Julian Assange lived there as a political refugee, unlike others, I am privy to what actually happened there. I am alarmed by CNN’s June 15th 2019 story, alleging Assange turned the Ecuadorian embassy in London into a command post for election meddling. The story contains several substantive shortcomings and too many factual errors. I warned CNN about them when I was approached during their “investigation,” but none of my points were included in the article. It is clear that CNN was not looking for balance in their publication, choosing instead to make assertions without showing actual proof, and to use props such as irrelevant CCTV images, a sensationalist collage and a miniature image of unreadable documents to make it seem as though the story was based on evidence.

CNN’s story is based on the wrong premise that publishing information about an election—in this case the 2016 US presidential election—constitutes interference. Nobody refutes the authenticity of the material and nobody claims that the information was not in the public interest. In fact, New York Times editor Dean Baquet stated that had his newspaper obtained the same material, and regardless of the source or means by which the information had been obtained, the New York Times would have published it. Following CNN’s own logic, all major newsrooms should also be called “election interference centers,” which is how CNN chooses to call the embassy where Julian Assange received political asylum while he was the publisher of WikiLeaks. CNN implies criminality in something that is a legitimate exercise in journalism.

Prior to CNN’s story, the best example of this type of completely unsubstantiated reporting was the Guardian’s front page story “Manafort Held Secret Conversations With Assange In The Ecuadorian Embassy”, which was preceded by another libelous article entitled “Russia’s Secret Plan To Help Julian Assange Escape From UK.” Both of these stories were absolutely false; both were written by the same authors and propped using the same sources: reports written by employees of a private company in charge of security at the Ecuadorian embassy, as well as information provided by anonymous agents of Ecuador’s intelligence services.

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Nice.

Conductor Boots Racially Abusive Teenage Girl Off Wellington Train (Stuff)

A Wellington train was literally stopped in its tracks after a teenage girl racially abused a male passenger for speaking Hindi on his cellphone. The passenger was reportedly yelling, “go back to your own country, don’t speak that language here”. Unhappy with the teenager’s actions, conductor JJ Phillips told her to get off the train which was travelling on the 8.35pm service from Wellington Railway Station bound for Upper Hutt on Thursday. Unwilling to comply, the teenager told Phillips that she wasn’t getting off, so the conductor called police. “She said she was getting off at the next stop, and the conductor said ‘no you can get off at this one, I’m not putting up with that nonsense’,” a passenger told RNZ.

“We were just in awe that she had the courage to say ‘this isn’t on and I’m not going to put up with it, no matter who you are and whether you’re a paying customer or not – you can get off the train and find your own way home.'” A Transdev spokeswoman said the teenager was “acting aggressively, swearing and repeating racist comments to several customers on the train who were speaking in other languages”. Despite passengers objecting, the girl continued and the conductor was alerted to the situation. “Manager JJ Phillips asked the customer to stop the behaviour, then when she did not, she was asked to leave the train. The comments persisted so JJ phoned the Police who removed the customer at Ngauranga.”

The train continued after the teenager had been left with police. Phillips then apologised for the delay, telling the passengers that behaviour wasn’t acceptable in New Zealand – and she was rewarded with a round of applause.

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“Across Europe, North Africa and Asia, populations have plunged by 97% since 1970. ”

Giant River Animals On Verge Of Extinction (G.)

Populations of the great beasts that once dominated the world’s rivers and lakes have crashed in the last 50 years, according to the first comprehensive study. Some freshwater megafauna have already been declared extinct, such as the Yangtze dolphin, and many more are now on the brink, from the Mekong giant catfish and stingray to India’s gharial crocodiles to the European sturgeon. Just three Chinese giant softshell turtles are known to survive and all are male. Across Europe, North Africa and Asia, populations have plunged by 97% since 1970. The killing of the animals for meat, skins and eggs is the cause of the decline, along with humanity’s ever growing thirst for freshwater for crops, its many dams, as well as widespread pollution.

The scientists assessed 126 species, covering 72 countries, and found numbers had plunged by an average of 88%. Many of the creatures are keystone species in their ecosystems, such as beavers, and the researchers said their loss will have knock on effects on all fauna and flora and on the many millions of people that depend on the waterways for their livelihoods. “The results are a wake-up call to us about the plight of these species,” said Zeb Hogan from the University of Nevada, US, who participated in the research team. “Many of them are at risk of extinction, and almost all of them need our help. It’s a race now to see what can be understood and protected before it’s too late.”

The Mekong river in southeast Asia is home to more giant fish species than any other river on Earth and Hogan has worked there for two decades. But he said populations have dropped to almost zero as the rapidly increasing human population has escalated the pressure on them. The Mekong is also home to the world’s largest catfish, which can weigh almost 300kg (661lb), and the biggest carp and freshwater stingray species. All are now classified as critically endangered, one step from extinction.

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On August 10, 1897, German chemist Felix Hoffmann synthesized acetylsalicylic acid (ASA) in a stable form usable for medical applications. In 1899 it was marketed for the first time under the trade name Aspirin.

 

 

 

 

 

Jul 162019
 
 July 16, 2019  Posted by at 9:51 am Finance Tagged with: , , , , , , , , , ,  6 Responses »


Jack Delano South Water Street freight depot of the Illinois Central Railroad, Chicago 1943

 

US “Transportation Recession” Gets Uglier (WS)
Stress Test a Sham, European Court of Auditors Warns (WS)
Boeing 737 Max Ordered By Ryanair Undergoes Name Change (G.)
What Looms Behind (Kunstler)
Von Der Leyen Faces Crucial Vote In Quest To Lead EU Executive (R.)
Christine Lagarde Must Confront Berlin To Save The Euro (Varoufakis)
Epstein’s Accusers Urge US Judge To Keep Him Jailed Until Trial (R.)
Epstein and the Explosive Crisis of the Deep State (CHS)
CNN Twists Embassy Surveillance Records To Attack Assange (SP)
Pathologizing Kids, Pharma Style (CP)
The True Cost Of Cheap Food Is Health And Climate Crises (G.)

 

 

A hidden crisis in plain sight?!

US “Transportation Recession” Gets Uglier (WS)

Freight shipments in the US across all modes of transportation – truck, rail, air, and barge – fell 5.3% in June compared to June last year, after having fallen 6.0% in May, the seventh month in a row of year-over-year declines, according to the Cass Freight Index for Shipments. This decline, along with other freight indicators, including orders for heavy trucks, now clearly outline the new Transportation Recession – number 2 since the Great Recession – in this very cyclical business. In terms of freight traffic by rail, the Association of American Railroads (AAR) reported that in June overall, volume fell 6.3% from a year ago. The volume of intermodal freight – containers hauled by truck and then transferred to rail, or semi-truck trailers that piggyback on special rail cars – dropped 7.2% in June.

For the first half, overall freight volume by rail was down 3.2%, with all segments in the red, except Petroleum and Petroleum Products, which was up 23%! Intermodal was down 3.3%. The Cass Freight Index, which tracks shipments of consumer and industrial goods but not bulk commodities such as grains, has now fallen below the June 2014 level. June 2014 had set a record in shipments just before Transportation Recession 1 came along. The boom in 2018 broke the 2014 records, and by a big margin. And now the industry is back in its own recession. In the stacked chart below of the Cass Freight Index, the red line denotes 2019 through June, which has now dipped below June 2014 (green line). Note how much of an outlier the boom of 2018 (black line at the top) had been, though it faded sharply at the end of last year:

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“Unlike its counterparts in the UK, the US and Japan, the European Banking Authority (EBA) does not itself calculate the impacts on banks of the adverse scenario; it leaves that up to the banks themselves.”

Stress Test a Sham, European Court of Auditors Warns (WS)

European bank stocks continue to get hammered near multi-decade lows by a slew of problems, including the ECB’s monetary policies, particularly its negative-interest-rate policy (NIRP), festering nonperforming loans, and a well-deserved lack of confidence by investors. This was just exacerbated by a scathing new report from the European Court of Auditors (ECA) highlighting a litany of problems and shortcomings with the European Banking Authority’s latest stress test. Among other things, the test ignored some of the most common factors that cause a bank to fail, excluded many of Europe’s most fragile banks, and used simulations that were a lot more benign than the last financial crisis.


Banking stress tests are supposed to gauge the resilience of a banking system by imposing a hypothetical shock — or “adverse stress scenario” — on a large share of the system’s banks. The problem in Europe is that the European Banking Authority’s stress tests have tended to ignore, rather than identify, many of the worst stress points in the banking system, which is probably why many of the Continent’s worst banking failures, including Bankia BFA, Dexia and Banco Popular, have happened shortly after the banks in question had passed a stress test. Unlike its counterparts in the UK, the US and Japan, the European Banking Authority (EBA) does not itself calculate the impacts on banks of the adverse scenario; it leaves that up to the banks themselves. It does not even corroborate the information provided or conduct on-site inspections.

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What a surprise. I would dump the entire 737 name.

Boeing 737 Max Ordered By Ryanair Undergoes Name Change (G.)

A Boeing 737 Max due to be delivered to Ryanair has had the name Max dropped from the livery, further fuelling speculation that the manufacturer and airlines will seek to rebrand the troubled plane. Photos have emerged of a 737 Max in Ryanair colours outside Boeing’s manufacturing hub, with the designation 737-8200 – instead of 737 Max – on the nose. The 737-8200 is a type name for the aircraft that is used by aviation agencies. The Max aircraft remains grounded worldwide after two crashes in Indonesia and Ethiopia killed a total of 346 people. Boeing has yet to convince regulators that modifications to its software are sufficient to ensure its safety.


Ryanair has 135 of the 737 Max models on order, the first five of which are due for delivery in the autumn, once regulators have declared it safe. The airline’s fleet order is comprised entirely of a larger version of the Max 8, with 197 seats, which it has until now referred to in official Ryanair announcements as the 737 Max 200. Neither Ryanair nor Boeing has commented on nor confirmed the substitution of the 737-8200 for the better known brand Max, as seen on the photographs taken at Renton in Washington, US, and posted on social media by Woodys Aeroimages. In previous photos from the same source, new Ryanair 737 Max 200 planes from Boeing are shown with 737 Max on its nose. It is understood that what is painted on the plane is a matter for the airline rather than the manufacturer. According to sources reported in the Wall Street Journal, the Max plane is unlikely to return to the skies before 2020.

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“Shale oil was a neat stunt. Turns out you can produce a helluva lot of it by paying more to pull it out the ground than you get from selling it.”

What Looms Behind (Kunstler)

Don’t hold your breath waiting for a coherent pre-election debate about the mother-of-all-issues facing this republic, namely, that we can’t afford the living arrangements Americans think of as “normal” anymore. This quandary has stalked us since the millennium turned. It thunders through all the activities of daily life, and the tensions emanating from it are so agonizing and difficult to face that our politics have deflected off into the kind of hysteria spawned by bad dreams. As the great Wendell Berry pointed out years ago, this is about the nation’s home economics: energy and resources in, production out, surplus wealth saved.

America had a brush with reality in 2008 when all the distortions of our home economics came together and whapped the country between the eyes with a two-by-four. Our energy-in was faltering. US oil production had fallen to a new low of under 4 million barrels a day and we were importing around 15 million. We papered over the problem with borrowed money in ever-larger amounts. This dynamic prompted ever riskier work-arounds on Wall Street, especially “innovations” in securitized debt, which invited criminal shenanigans. It blew up badly. Wealth vaporized. Industries collapsed. Homes and jobs were lost. Lives ruined.

The fairy-tale narrative since then is that technology rode to the rescue. The shale oil miracle “solved” the energy-in problem. Sure seems like it. But lots of things aren’t what they seem to be. Shale oil was a neat stunt. Turns out you can produce a helluva lot of it by paying more to pull it out the ground than you get from selling it. You can goose the process nicely by paying for it with borrowed money. And so it has gone. America now produces a new record of over 12 million barrels a day, and most of the companies doing it can’t make a red cent. And since it is increasingly obvious that they won’t ever pay back the money they borrowed before, they are unlikely to get new loans to continue their profitless operations.

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Even if she pulls it off, it will be by the slimmest of margins. Pretty ridiculous.

Von Der Leyen Faces Crucial Vote In Quest To Lead EU Executive (R.)

Germany’s Ursula von der Leyen faces a make-or-break vote on Tuesday in her quest to be the European Commission’s first female leader, and a raft of promises made the previous day may help her win over skeptical European Union socialist and liberal lawmakers. To appease them, von der Leyen pledged more ambitious carbon dioxide emissions targets, a more growth-oriented fiscal policy and taxing big tech companies. She also vowed to create an additional comprehensive European rule-of-law mechanism that includes annual reporting, boost the EU’s border guards earlier than scheduled to deal with the migrant issue, and set a minimum wage for EU workers.


Von der Leyen also suggested scrapping unanimous agreement by all 28 EU countries on climate, energy, social and taxation issues and give Britain more time to negotiate its exit from the bloc. Her pledges came amidst anger among some EU lawmakers over her nomination by EU leaders and their rejection of the “spitzenkandidaten”, the main parliamentary groups’ candidates for the job. Von der Leyen will address the 751-member European Parliament at 0700 GMT, to be followed by a debate and a secret ballot at 1600 GMT. The assembly however is currently four members short which means she needs 374 votes instead of 376.

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Draghi gave it all Europe has got.

Christine Lagarde Must Confront Berlin To Save The Euro (Varoufakis)

Lagarde’s greatest challenge is that she is replacing a man credited with saving the eurozone by means of policies that are no longer fit for purpose. If she departs from Draghi’s script, she will face fierce criticism. And if she does not, the eurozone’s never-ending crisis will spin further out of the ECB’s control. Draghi saved the eurozone by printing trillions of euros to fund the bankrupt banks and to allow Italy, Spain and other stressed states (though not Greece) to roll over their debts. To do this, he needed to skilfully subvert the eurozone’s rules which, in turn, required painstaking work to co-opt Germany’s Angela Merkel in his great clash with both the Bundesbank, Germany’s powerful central bank, and Wolfgang Schäuble, Germany’s finance minister.


While Draghi’s wall of money helped the eurozone perk up, it could not cure its underlying disease and had some pretty nasty side-effects. Stubborn negative interest rates continue to undermine pension funds and insurance companies in Germany and beyond. Rates remain negative because investment is woefully low due to investors’ self-fulfilling pessimism given the prospect of more austerity. This creates deflationary pressures that eat into the savings of the middle class, replace quality jobs with precarious ones and, thus, beget political monsters across Europe.

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You’d almost hope he gets out on bail, just to see the reactions.

Epstein’s Accusers Urge US Judge To Keep Him Jailed Until Trial (R.)

Two women who say they are victims of sexual misconduct by American financier Jeffrey Epstein on Monday urged a U.S. judge to keep him in jail while he awaits trial on charges of sex trafficking dozens of underage girls. “He’s a scary person,” one of the women, Courtney Wild, told U.S. District Judge Richard Berman in federal court in Manhattan. Wild and another accuser, Annie Farmer, spoke at the end of a hearing in which prosecutors argued that Epstein, 66, posed an “extraordinary risk of flight” and danger to the community and must remain in jail. Epstein, who has pleaded not guilty, has asked to be allowed to live under house arrest with armed guard at his expense in his mansion on Manhattan’s Upper East Side, which is valued at $77 million.

The hedge fund manager had a social circle that over the years has included Donald Trump before he became U.S. president, former President Bill Clinton and Britain’s Prince Andrew. Berman said he would probably announce his bail decision on Thursday at 9:30 a.m. EDT (1330 GMT), saying he needed more time to absorb the case. Lawyers for Epstein said their client, who wore dark blue jail scrubs in court, has had an unblemished record since he pleaded guilty more than a decade ago to a state prostitution charge in Florida and agreed to register as a sex offender.

[..] One of Epstein’s lawyers, Martin Weinberg, told Berman on Monday that Epstein needed to be out of jail so he and his lawyers could prepare their defense. In 2016, Berman rejected a similar bail proposal from Turkish-Iranian gold trader Reza Zarrab to let him live in an apartment under the watch of privately funded guards, saying wealthy defendants should not be allowed to “buy their way out of prison by constructing their own private jail.” The judge expressed similar skepticism on Monday, noting that all defendants have the same right to prepare their defense as Epstein. “If that’s the standard, then what are we going to tell all those people who can’t make the $500 or $1,000 bail?” he said.

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“..the fatal danger to empires arises not from external foes but from inside the center of power as elite corruption erodes the legitimacy of the state.”

Epstein and the Explosive Crisis of the Deep State (CHS)

Enter the sordid case of Jeffrey Epstein, suddenly unearthed after a decade of corporate-media/elitist suppression. It’s laughable to see the corporate media’s pathetic attempts to glom onto the case now, after actively suppressing it for decades:Jeffrey Epstein Was a Sex Offender. The Powerful Welcomed Him Anyway. (New York Times) Where was the NYT a decade ago, or five years ago, or even a year ago? Of all the questions that are arising, the signal one is simply: why now? There are many questions, now that the dead-and-buried case has been dug up: where did Epstein get his fortune? Why did he return to the U.S. from abroad, knowing he’d be arrested? Why was the Miami Herald suddenly able to publish numerous articles exposing the scandalous suppression of justice after 11 years of silence?

Years later, victims recount impact of Jeffrey Epstein abuse. Here’s my outsider’s take: the anti-Neocon camp within the Deep State observed the test case of Harvey Weinstein and saw an opportunity to apply what it learned. If we draw circles representing the anti-Neocon camp and the moralists who grasp the state’s legitimacy is hanging by a thread after decades of amoral exploitation and self-aggrandizement by the ruling elites, we would find a large overlap. But even die-hard Neocons are starting to awaken to the danger to their power posed by the moral collapse of the ruling elites. They are finally awakening to the lesson of history, that the fatal danger to empires arises not from external foes but from inside the center of power as elite corruption erodes the legitimacy of the state.

The upstarts in the Deep State have united to declare open war on the degenerates and their enablers, who are everywhere in the Deep State: the media, the intelligence community, and on and on. Since the battle is for the legitimacy of the state, it must be waged at least partially in the open. This is a war for the hearts and minds of the public, whose belief in the legitimacy of the state and its ruling elites underpins the power of the Deep State. If this wasn’t a war over the legitimacy of the state, the housecleaning would have been discrete. Insiders would be shuffled off to a corporate boardroom or do-nothing/fancy title office, or they’d retire, or if necessary, they’d die of a sudden heart attack or in a tragic accident (if only they knew).

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Got to keep the Russia-Assange link alive that never existed. CNn got these files, that El Pais wrote about last week, but still calls them “exclusive”.

CNN Twists Embassy Surveillance Records To Attack Assange (SP)

Spanish newspaper EL PAÍS reported on July 9 that WikiLeaks founder Julian Assange was spied on by a Spanish private defense and security firm called Undercover Global S.L., when he lived in the Ecuador embassy in the United Kingdom. The report was based on “documents, video, and audio material” that was “used in an extortion attempt against Assange by several individuals.” In May, Spanish police arrested journalist José Martín Santos, who had a record of fraud, and a computer programmer for their alleged involvement in an “attempt to make €3 million from the sale of private material.” Reporters for EL PAÍS found the spying on Assange’s legal defense meetings to be most significant.


They were stunned by the fact that Assange felt he had to hold meetings in the women’s bathroom if he wanted to ensure privacy. And they took note of U.C. Global’s “feverish, obsessive vigilance” toward “the guest,” which became more intense after Lenin Moreno was elected president of Ecuador in May 2017. That is not how CNN viewed the same cache of information compiled by the private security company and eventually used to allegedly extort Assange. Although EL PAÍS makes no mention of meddling in the 2016 presidential election in its coverage, CNN approached the material like analysts at the CIA. They voraciously consumed logs hoping the documents would confirm Assange collaborated with Russian intelligence assets to release emails from John Podesta, Hillary Clinton’s campaign chairman. Compare the two reports, as they appeared on the news organization’s websites:

 

CNN was unable to find concrete proof, and the words “potentially” and “possibility” do heavy lifting for the media organization. “New documents obtained exclusively by CNN reveal that WikiLeaks founder Julian Assange received in-person deliveries, potentially of hacked materials related to the 2016 US election, during a series of suspicious meetings at the Ecuadorian Embassy in London,” the CNN report reads. It adds, “The documents build on the possibility, raised by special counsel Robert Mueller in his report on Russian meddling, that couriers brought hacked files to Assange at the embassy.”

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A suicidal species.

Pathologizing Kids, Pharma Style (CP)

Millions of kids today are on meds for conduct disorders, depression, bipolar disorder, oppositional defiant disorder, mood disorders, obsessive-compulsive disorders, mixed manias, social phobia and, of course, ADHD. But according to data from IMS health in a Wall Street Journal article, just as many kids are being treated for non-psychiatric conditions that were often considered “adult diseases.” In fact, 25 percent of children and 30 percent of adolescents now take at least one prescription for a chronic condition said Medco, a pharmacy benefit manager, making the kid prescription market four times as strong as the adult in 2009. Between 2001 and 2009, high blood pressure meds for kids rose 17 percent, respiratory meds 42 percent, diabetes meds 150 percent and heartburn/GERD meds 147 percent.

In one study, 18.6 million children’s doctor visits for sleep problems, resulted in sleeping med prescriptions 81 percent of the time. One reason for Pharma’s pediatric bonanza is kids have become more sedentary and likely to overeat, like their adult counterparts. Over a third of U.S. kids are overweight and 17 percent are obese — which for a 4-foot-10 inch child would be 143 pounds. Obesity predisposes children to diabetes, hypertension, high cholesterol, sleep apnea, gallbladder disease, osteoarthritis and musculoskeletal disorders. But rather than telling kids to unplug the TV or video games, go outside and don’t come back until dinner, parents and medical professionals enable the deleterious lifestyles with the easy out of a pill.

In fact, the Lipitor, already the world’s top selling medication in adults until it went off patent, was approved for US children in 2008 in a chewable form in Europe. Adults on statins are six times more likely to develop liver dysfunction, acute kidney failure, cataracts and muscle damage, says an article in the British Medical Journal. So, give them to kids? “Plenty of adults down statins regularly and shine off healthy eating because they know a cheeseburger and steak can’t fool a statin,” wrote Michael J. Breus, PhD on the Huffington Post. “Imagine a 10-year-old who loves his fast food and who knows he can get away with it if he pops his pills.”

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Food should not be an industry. Food production should be part of everybody’s life, we should know where our food comes from.

The True Cost Of Cheap Food Is Health And Climate Crises (G.)

The true cost of cheap, unhealthy food is a spiralling public health crisis and environmental destruction, according to a high-level commission. It said the UK’s food and farming system must be radically transformed and become sustainable within 10 years. The commission’s report, which was welcomed by the environment secretary, Michael Gove, concluded that farmers must be enabled to shift from intensive farming to more organic and wildlife friendly production, raising livestock on grass and growing more nuts and pulses. It also said a National Nature Service should be created to give opportunities for young people to work in the countryside and, for example, tackle the climate crisis by planting trees or restoring peatlands.

“Our own health and the health of the land are inextricably intertwined [but] in the last 70 years, this relationship has been broken,” said the report, which was produced by leaders from farming, supermarket and food supply businesses, as well as health and environment groups, and involved conversations with thousands of rural inhabitants. “Time is now running out. The actions that we take in the next 10 years are critical: to recover and regenerate nature and to restore health and wellbeing to both people and planet,” said the commission, which was convened by the RSA, a group focused on pressing social challenges. The commission said most farmers thought they could make big changes in five to 10 years if they got the right backing.

“Farmers are extraordinarily adaptable,” said Sue Pritchard, director of the RSA commission and an organic farmer in Wales. [..] Pritchard said the UK had the third cheapest basket of food in the developed world, but also had the highest food poverty in Europe in terms of people being able to afford a healthy diet. Type 2 diabetes, a diet-related illness, costs the UK £27bn a year, she said. The commission also said agriculture produced more than 10% of the UK’s climate-heating gases and was the biggest destroyer of wildlife; the abundance of key species has fallen 67% since 1970 and 13% of species are now close to extinction. To solve these crises, the commission said “agroecology” practices must be supported – such as organic farming and agroforestry, where trees are combined with crops and livestock such as pigs or egg-laying hens.

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Jun 052019
 
 June 5, 2019  Posted by at 10:14 am Finance Tagged with: , , , , , , , ,  8 Responses »


Henri Matisse Notre-Dame, une fin d’après-midi 1902

 

The Fed Has No Choice But to Return to Ultra-Low Interest Rates (Polleit)
Australia’s Economy Slows To Levels Last Seen During The GFC (ABC.au)
Australia Federal Police Raid Home Of News Corp Journalist (SMH)
Australian Police Raids On National Broadcaster, News Corp Prompt Outcry (R.)
Global Semiconductor Sales Plunge 24% from Peak (WS)
CNN, Maddow Ratings In Absolute Freefall After Russia Narrative Collapses (ZH)
Ex-Trump Aide Hicks Agrees To Hand Over Campaign Documents To Congress (R.)
EU Gives Nigel Farage 24 Hours To Explain Arron Banks Funds (G.)
10 Million Acres Of US Farmland Won’t Be Planted With Crops This Year (Snyder)
Brazil Amazon Deforestation Rising At Fastest Rate In A Decade (R.)
Chimpanzees In The Wild Reduced To ‘Forest Ghettos’ (AFP)

 

 

End the Fed before it’s too late.

The Fed Has No Choice But to Return to Ultra-Low Interest Rates (Polleit)

If interest rates and returns hit rock bottom, people have little reason to save, and investors little incentive to invest. Consumption increases at the expense of savings, and capital consumption sets in. Existing capital will be used up and not replaced. It might take a while for people to find out that a central bank monetary policy that pushes the interest rate to ever lower levels does not bring prosperity but is very damaging, even ruinous, for the future prosperity of the commonweal. Once investors realize that the economy is losing its strength, elevated asset prices, previously driven up by an ultra-low interest rate, will come crashing down. In the case of stocks, for instance, profit expectations are scaled back, and a downward adjustment of stock prices sets in.

Falling asset prices in general would hit hard consumers’ and corporates’ balance sheets. Their equity positions and credit standing deteriorate. Malinvestment comes to the surface, and the boom is finally turning into bust. The lesson to learn is this: The monetary policy of ever lower interest rate is not the solution to problems caused by a low interest rate policy in the first place. In the short-term it might look promising, but it is a way towards economic destruction. The longer the boom is kept going by central banks’ ultra-low interest rate policy, the bigger will be the ensuing crisis – as the economists of the Austrian School of Economics have pointed out in great detail a long time ago. Murray N. Rothbard put it succinctly:

“It is only when bank credit expansion must finally stop or sharply slow down, either because the banks are getting shaky or because the public is getting restive at the continuing inflation, that retribution finally catches up with the boom. As soon as credit expansion stops, the piper must be paid, and the inevitable readjustments must liquidate the unsound over-investments of the boom and redirect the economy more toward consumer goods production. And, of course, the longer the boom is kept going, the greater the malinvestments that must be liquidated, and the more harrowing the readjustments that must be made.”

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No recession for 27 years.

Australia’s Economy Slows To Levels Last Seen During The GFC (ABC.au)

Australia’s economy has slowed further, with GDP growth tumbling under 2 per cent over the past year. The economy grew at 0.4 per cent in first three months of the year, to be up 1.8 per cent over the year — the slowest growth since the September quarter in 2009. While the quarterly figure was a step up from the moribund 0.2 per cent growth in final quarter of last year, it still fell below market expectations. It was also much weaker than the 1 per cent growth recorded in the March quarter last year. Excluding the impact of population growth, GDP growth was marginally negative for the third consecutive quarter, further extending the so-called GDP per capita recession.


The result was dragged down by weak household spending, slowing further from last year and up just 1.8 per cent over the year, with households cutting back on their discretionary spending, particularly in new household items, recreation and hospitality. However, spending rose in non-discretionary, essential areas such as insurance, power and health. Household spending overall contributed just 0.1 percentage point to growth. The rapidly cooling residential construction sector was also a significant drag, with dwelling investment falling 2.5 per cent over the quarter having been at record levels in late 2018.

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Part of me thinks Australia’s a testing ground. Another part wonders what the link might be to the economic collapse.

Australia Federal Police Raid Home Of News Corp Journalist (SMH)

Police have raided the home of a News Corp journalist in what the media company has called a “dangerous act of intimidation” after she reported on a top secret government proposal to give Australia’s cyber spies unprecedented powers. Australian Federal Police officers presented Annika Smethurst, the national political editor of News Corp’s Sunday tabloids, with a search warrant on Tuesday morning. The warrant granted officers authority to access her home, computer and mobile phone. The actions are in connection to a story published in April 2018 which revealed internal government discussions about introducing new powers for electronic intelligence agency the Australian Signals Directorate.

News Corp’s report included details from a top secret internal document proposing new abilities to “proactively disrupt and covertly remove” onshore threats by “hacking into critical ≠infrastructure”. The federal police confirmed the execution of a search warrant on Tuesday as part of an “investigation into the alleged unauthorised disclosure of national security information”. In a statement, the police said they would allege the disclosure of “these specific documents undermines Australia’s national security”. [..] 2GB radio host Ben Fordham also revealed on Tuesday that he has been contacted by Home Affairs this week about his reporting, with the department investigating how he obtained “highly confidential” information about asylum seeker vessels.

Smethurst’s story reported the top secret proposal as one that would for the first time allow the ASD to target Australians, as opposed to enemies on foreign soil. The use of the powers would be subject to approval from the defence and home affairs ministers.

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John Lyons on Twitter: “AFP: I’m still staggered by the power of this warrant. It allows the AFP to “add, copy, delete or alter” material in the ABC’s computers. All Australians, please think about that: as of this moment, the AFP has the power to delete material in the ABC’s computers. Australia 2019.”

Australian Police Raids On National Broadcaster, News Corp Prompt Outcry (R.)

Police raided the offices of Australia’s national broadcaster on Wednesday over allegations it had published classified material, the second raid on a media outlet in two days, prompting complaints that the “outrageous” raids hindered media freedom. The Australian Federal Police (AFP) said its officers carried out a search warrant at the head office of the government-funded Australian Broadcasting Corp. (ABC) in Sydney on Wednesday. That came a day after police raided the home of a News Corp editor, although the AFP said the raids were unrelated. “It is highly unusual for the national broadcaster to be raided in this way,” ABC Managing Director David Anderson said in a statement.


“This is a serious development and raises legitimate concerns over freedom of the press and proper public scrutiny of national security and defense matters,” he said. The AFP said the ABC raid was in relation to allegations it had published classified material and followed a referral from the chief of the Australian Defence Force and a former acting defense secretary in 2017. The ABC raid was authorized by a court and based on evidence that provided “sufficient suspicion that a criminal offence has been committed”, the AFP said in a statement. Marcus Strom, president of the Media Entertainment and Arts Alliance trade union, said on his Twitter account the two raids were “just outrageous”. “Police raiding journalists is becoming normalized. It has to stop,” he said.

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Something’s afoot.

Global Semiconductor Sales Plunge 24% from Peak (WS)

Global semiconductor sales dropped 14.6% in April from April last year, to $32.1 billion, on a three-month moving average basis, the World Semiconductor Trade Statistics (WSTS) organization reported Tuesday afternoon. The three-month moving average in April has plunged 24% from the peak last October, thus continuing the deepest plunge in semiconductor sales since the Financial Crisis. In dollar terms, semiconductor sales plunged by over $10 billion in April compared to the pace in October 2018, the largest peak-to-trough dollar-drop ever. During the Financial Crisis, chip sales dropped by $9 billion from peak to trough.


But in percentage terms, the current plunge doesn’t quite measure up: 24% versus the 39% collapse during the Financial Crisis and the 45% collapse during the long dotcom bust. The Semiconductor Industry Association (SIA) said in its press release that sales, based on the data compiled by the WSTS, dropped in all major geographic regions in April (three-month moving averages compared to the same period last year): • Americas: -29.5% • Europe: -8.0% • Japan: -10.9% • China: -10.9% • Asia Pacific/All Other: -10.7

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“..Rachel Maddow has lost 500,000 viewers who realized life is too short for her bullshit…”

CNN, Maddow Ratings In Absolute Freefall After Russia Narrative Collapses (ZH)

According to Breitbart’s John Nolte, CNN’s primetime ratings suffered a 16% collapse in May – luring just 761,000 members of the resistance and captive airport audiences alike. Overall, the network’s total day viewers dropped to just 559,000. As Nolte points out, “Fox News earned three times as many primetime viewers (2.34 million) and more than twice as many total day viewers (1.34 million). What’s more, when compared to this same month last year, Fox lost none of its primetime viewers and only four percent of its total day viewers.” “Do you have any idea just how low 761,000 primetime viewers is…? How does a nationally known brand like CNN, a brand that is decades old, only manage to attract 761,000 viewers throughout a gonzo news month in a country of over 300 million?

But his is just how far over the cliff CNN has gone… CNN has lost almost all of its viewers, all of its moral authority, and every bit of trust it once had. Over the past six years, as soon as Jeff Zucker took over, CNN got every major national story exactly wrong, including… • Hispanic George Zimmerman: The White Racist Killer • Hands Up, Don’t Shoot • Trump Can’t Win • Brett Kavanaugh: Serial Rapist • The KKKids from KKKovington High School • Trump Colluded with Russia. And in every one of those cases, CNN got it deliberately wrong because CNN is nothing less than a hysterical propaganda outlet, a fire hose of hate, violence, and lies… -Breitbart

In a separate Tuesday article, Nolte notes that MSNBC’s top conspiracy theorist Rachel Maddow has lost 500,000 viewers who realized life is too short for her bullshit. During the first quarter of 2019, prior to the release of the Mueller Report (which debunked the media’s Russia Collusion Hoax and proved Trump did not obstruct justice), Maddow averaged 3.1 million nightly viewers. Last month, after the release of the Mueller Report (which debunked the media’s Russia Collusion Hoax and proved Trump did not obstruct justice), she averaged only 2.6 million viewers. -Breitbart

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Mueller 2.0.

Ex-Trump Aide Hicks Agrees To Hand Over Campaign Documents To Congress (R.)

Former White House Communications Director Hope Hicks, once a close aide to President Donald Trump, has agreed to turn over documents related to his 2016 election campaign to congressional investigators, a top Democratic lawmaker said on Tuesday. The agreement marks a step forward for House of Representatives Judiciary Committee Chairman Jerrold Nadler in investigations of Republican Trump and his inner circle, digging into the campaign, his turbulent presidency and business interests. Hicks, Trump’s former campaign press secretary, agreed to supply the documents from the campaign, despite a White House directive advising her not to provide the committee with material from her subsequent time at the White House.

She and former White House lawyer Annie Donaldson were subpoenaed on May 21 by the panel as part of its inquiry into whether Trump obstructed Special Counsel Robert Mueller’s investigation into Russian interference in the 2016 election and contacts between Trump’s campaign and Moscow. Hicks’ attorney Robert Trout said in a letter to Nadler that Hicks would not hand over documents related to Trump’s time in the White House and his presidential transition period because administration attorneys believe the papers may be subject to a claim of executive privilege by Trump.

[..] The committee is seeking any material Hicks has on a June 2016 meeting at Trump Tower in New York between campaign officials including the president’s son Donald Trump Jr. and son-in-law Jared Kushner and Russians offering to help Trump’s candidacy. The subpoena also seeks documents relating to any payments made to Trump’s convicted former personal lawyer Michael Cohen. Cohen said Trump directed “hush money” payments he made for two women’s silence before the election about their alleged sexual relations with Trump.

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Like he cares. Note that they have no instruments to punish him: “..he could potentially lose the right to make a victory speech in the chamber..”

EU Gives Nigel Farage 24 Hours To Explain Arron Banks Funds (G.)

Nigel Farage has been given 24 hours by the European parliament to explain in person his failure to declare lavish expenses funded by Arron Banks, an insurance tycoon under investigation by the UK’s National Crime Agency. The summons came just two hours before the Brexit party leader was spotted arriving at the US ambassador’s residence in London for a meeting with Donald Trump during the US president’s state visit to the UK. Last month Channel 4 News revealed emails, invoices and documents suggesting that Banks had covered Farage’s costs for a £13,000-a-month Chelsea home in the year of the Brexit referendum, visits to the US and a chauffeur-driven car. Should Farage fail to convince the parliament of his reason for not declaring Banks’s funding, he could potentially lose the right to make a victory speech in the chamber in July as head of his parliamentary group.

None of the donations were declared to the European parliament despite the MEPs’ code of conduct stipulating that all members must declare travel, accommodation or subsistence expenses from third parties. The European parliament’s president, Antonio Tajani, had referred the matter to a committee of five MEPs who act as watchdogs over the parliament’s code of conduct. They met on Tuesday to agree on an unusually short deadline for Farage to explain the failure to declare the expenses at a hearing in Brussels on Wednesday. Farage, who earns €102,000 (£90,000) each year as an MEP and received up to €700,000 from media appearances in 2014-18, told the Guardian that he had no intention of attending the hearing.

He said: “What is this but an EU kangaroo court where I am given 24 hours notice about allegations picked up from press stories? “I will not be attending at such short notice. And if they try to bar me from the building, who else gives voice to the thousands of people who voted for me? Is this democracy EU style? “I did not receive any private money for political purposes. This committee would better spend its time investigating the waste of public money by well-known MEPs.” A failure to attend the advisory committee’s hearing does not bring with it any sanction in itself…

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What are the costs to Monsanto?

10 Million Acres Of US Farmland Won’t Be Planted With Crops This Year (Snyder)

It looks like 2019 could be the worst year for U.S. agriculture in modern American history by a very wide margin. As you will see below, millions upon millions of acres of U.S. farmland will go unused this year due to cataclysmic flooding. And many of the farmers that did manage to plant crops are reporting extremely disappointing results. The 12 month period that concluded at the end of April was the wettest 12 month period in U.S. history, and more storms just kept on coming throughout the month of May. And now forecasters are warning of another series of storms this week, and following that it looks like a tropical storm will pummel the region. As Bloomberg has pointed out, we have truly never seen a year like this ever before…

“There has never been a spring planting season like this one. Rivers topped their banks. Levees were breached. Fields filled with water and mud. And it kept raining.” Many farmers just kept waiting for the flooding and the rain to end so that they could plant their crops, but that didn’t happen. At this point it is too late for many farmers to plant crops at all, and it is now being projected that 6 million acres of farmland that is usually used for corn will go completely unsown this year… “There has never been weather like this, either. The 12 months that ended with April were the wettest ever for the contiguous U.S. That spurred other firsts: Corn plantings are further behind schedule for this time of year than they have been in records dating to 1980 and analysts are predicting an unheard-of 6 million acres intended for the grain may simply go unsown this year.”

[..] In the end, we could easily see more than 10 million acres of U.S. farmland go completely unused this year. And please don’t assume that the acres that have been planted are going to be okay. In Nebraska, farmer Ed Brummels said that conditions are so bad that it is “like we are trying to plant on top of a lake!”… “It’s like we are trying to plant on top of a lake! Planting will be over soon as farmers continue to be frustrated with these very saturated conditions.”

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“They are removing the lungs of our planet… ”

Brazil Amazon Deforestation Rising At Fastest Rate In A Decade (R.)

Deforestation of the Amazon rainforest in Brazil sped up in May to the fastest rate in a decade, according to data from an early-warning satellite system, as experts pointed to activity by illegal loggers encouraged by the easing of environmental protections under President Jair Bolsonaro. According to the Brazilian space research institute INPE, the DETER alerting system registered deforestation of 739 square kilometers (285 square miles) in May, the first of three months in which logging tends to surge following the region’s rainy season. That is up from 550 square kilometers in May 2018 and more than double the deforestation detected two years earlier.


“If this upward curve continues, we could have a bad year for the Amazon forest,” Claudio Almeida, head of INPE’s satellite monitoring program, said on Tuesday. “It will depend on how much policing there is in the next two critical months,” he added. The data adds to concerns from environmentalists who warn that Bolsonaro’s five-month-old government has dismantled conservation agencies, shown skepticism about fighting climate change and cut the budget to enforce environmental laws. Brazil’s environmental protection agency IBAMA, which has been starved of funds in recent years, lost authority when he took office in January, and the forestry commission was moved to the Agriculture Ministry, which is run by farm industry allies.

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The sadness is deafening.

Chimpanzees In The Wild Reduced To ‘Forest Ghettos’ (AFP)

Urban expansion and hunting have pushed chimpanzees, humanity’s closest relative in the animal kingdom, into shrinking islets of wildness, top experts said Tuesday after a three-day meeting in Germany. All four sub-species of the African primate are threatened with extinction, with at least one – the western chimpanzee – declining in number by more than 80 percent over three generations. Forty chimp experts from around the world – with a combined 300 years of field experience – issued a collective appeal to save the only animal whose DNA overlaps with humans by 98%. “Over the decades that we have been working with wild chimpanzee communities, we have all seen our study groups become isolated,” they said in a statement.


“Chimpanzees are being reduced into living in forest ghettos.” The main threat to chimps and other large mammals is habitat loss. Africa still has large tracts of undisturbed savannah and forest, but these areas are shrinking rapidly due growing cities, mining, deforestation, and industrial agriculture. The continent’s human population of more than 1.2 billion is expected to double by mid-century, and could top four billion by the end of the century.

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May 142019
 


Pablo Picasso Napping 1932

 

AG Barr Appoints US Attorney To Investigate FBI/DOJ Spying On Trump (ZH)
Who Were the Mueller Report’s Hired Guns? (RCI)
US Accuses Iran Of Attack On Saudi Tankers (ZH)
Sweden Wants To Extradite Assange Over Rape Allegation (R.)
Lewinsky Scandal Beginning Of The End Of American Journalism – Taibbi (SHTF)
The CNN Search Engine? Google Favors Stories From Liberal News Sites (RT)
The Trend is Not Your Friend (Jim Kunstler)
US Police Raid Venezuelan Embassy To Evict Pro-Maduro Activists (RT)
Britain Risks Heading To US Levels Of Inequality – Angus Deaton (G.)
Theresa May Remains Opposed To Any Form Of Brexit Referendum (G.)
Uber & Lyft IPOs Turn into Colossal Flops (WS)
California Jury Awards Couple $2 Billion In Monsanto/Bayer Cancer Trial (RT)
Bayer Says Monsanto Likely Kept Files On Influential People Across Europe (R.)
German Failure on the Road to a Renewable Future (Spiegel)
415.26 Parts Per Million: CO2 Levels Hit Historic High (AFP)

 

 

To what extent can US intelligence take care of its own? We’re about to find out.

AG Barr Appoints US Attorney To Investigate FBI/DOJ Spying On Trump (ZH)

Attorney General William Barr has appointed US Attorney John H. Durham of Connecticut to examine the origins of the Trump-Russia investigation to determine if the FBI’s spying on the Trump campaign was “lawful and appropriate,” according to Fox News. The move comes as the Trump administration has demanded answers over the use of “informants” on his 2016 campaign. According to Fox, Barr is “serious” and has assembled a team from the DOJ to participate in the probe, adding that Durham is known as a “hard-charging, bulldog” prosecutor according to their source.

“Sources familiar with matter say the focus of the probe includes the pre-transition period – prior to Nov. 7, 2016 – including the use and initiation of informants, as well as potential Foreign Intelligence Surveillance Act (FISA) abuses. An informant working for U.S. intelligence posed as a Cambridge University research assistant in September 2016 to try extracting any possible ties between the Trump campaign and Russia from George Papadopoulos, then a Trump foreign policy adviser, it emerged earlier this month. Papadopoulos told Fox News the informant tried to “seduce” him as part of the “bizarre” episode. Durham previously has investigated law enforcement corruption, the destruction of CIA videotapes and the Boston FBI office’s relationship with mobsters. He is set to continue to serve as the chief federal prosecutor in Connecticut.” -Fox News

Of note – in January House Republicans Jim Jordan and Mark Meadows wrote to Durham, saying that they had “discovered” he was “investigating former FBI General Counsel James Baker” over unauthorized leaks to the media, adding “We know the DOJ and FBI departed from traditional investigative and prosecutorial practices, and insufficiently adhered to the Foreign Intelligence Surveillance Act (FISA). Durham has a history of serving as a special prosecutor, investigating wrongdoing among national security officials – including the FBI’s ties to a Boston crime boss, as well as accusations of CIA detainee abuse. According to the report, Durham’s review would run in parallel with the ongoing DOJ probe by Inspector General (IG) Michael Horowitz. Meanwhile, Republicans have been seeking answers from US Attorney for Utah, John Huber, who was appointed by former AG Jeff Sessions to review FBI and DOJ surveillance abuses, as well as authorities’ handling of the probe into the Clinton Foundation.

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Mueller and Steele. A fine pair. If Mueller really worked with Steele and Fusion GPS, he should be investigated, because he knew they were Hillary assets.

Who Were the Mueller Report’s Hired Guns? (RCI)

[..] The arrangement has led congressional investigators, government watchdog groups and others to speculate that the private investigators and researchers who worked for the special counsel’s office might have included Christopher Steele and Fusion GPS, the private research firm that hired Steele to produce the Russia collusion dossier for the Clinton campaign. U.S. Rep. Devin Nunes, the top Republican on the House Intelligence Committee, said the report should be renamed “The Mueller Dossier,” because he says it contains a lot of similar innuendo. Even though Mueller failed to corroborate key allegations leveled in the dossier, Nunes said his report twists key facts to put a collusion gloss on events.

He also asserted that it selectively quotes from Trump campaign emails and omits exculpatory information in ways that cast the campaign’s activities in the most sinister light. Steele’s 17-memo dossier alleged that the Trump campaign was involved in “a well-developed conspiracy of cooperation” with the Russian government to rig the 2016 presidential election in Trump’s favor. It claimed this conspiracy “was managed on the Trump side by Campaign Chairman Paul Manafort, who was using foreign policy adviser Carter Page and others as intermediaries.” Specifically, the dossier accused Page of secretly meeting with Kremlin officials in July 2016 to hatch a plot to release dirt on Hillary Clinton. And it accused Manafort of being corrupted by Russian President Vladimir Putin through his puppets in the Ukraine.

Likewise, Mueller’s report focuses on Manafort and Page and whether they “committed crimes by colluding with Russian government officials with respect to the Russian government’s efforts to interfere with the 2016 presidential election.” [..] Mueller’s team worked closely with dossier author Steele, a long-retired British intelligence officer who worked for the Clinton campaign. Mueller’s investigators went to London to consult with Steele for at least two days in September 2017 while apparently using his dossier as an investigative road map and central theory to his collusion case. Steele now runs a private research and consulting firm in London, Orbis Business Intelligence. It’s not clear if Mueller’s office paid Steele, but recently released FBI records show the bureau previously made a number of payments to him, and at one point during the 2016 campaign offered him $50,000 to continue his dossier research. Steele was also paid through the Clinton campaign, earning $168,000 for his work on the dossier.

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“Oh, and that would be the Persian Gulf for those wondering, not the Gulf of Tonkin..”

US Accuses Iran Of Attack On Saudi Tankers (ZH)

Update: Just as everyone with half a frontal lobe had expected, the WSJ reported late on Monday that according to an initial U.S. assessment, “Iran was likely behind the attack” on the two Saudi Arabian oil tankers and two other vessels damaged over the weekend near the Strait of Hormuz, a U.S. official said, a finding that, whether confirmed or not, will certainly inflame military tensions in the Gulf and likely result in a global proxy war that drags in the US, China and Russia. Oh, and that would be the Persian Gulf for those wondering, not the Gulf of Tonkin, which is where another famous False Flag naval incident occurred. Furthermore, as we predicted would happen on Sunday, this “official assessment”, was the first suggestion by any nation that Iran was responsible for the attack and follows a series of U.S. warnings against “aggression” by Iran or its allies and proxies against military or commercial vessels in the region.

Some more details from the WSJ: “The U.S. official, who declined to be identified, didn’t offer details about what led to the assessment or its implications for a possible U.S. response. The U.S. has said in the past week that it was sending an aircraft carrier, an amphibious assault ship, a bomber task force and an antimissile system to the region after it alleged intelligence showed Iran posed a threat to its troops. “If they do anything, they will suffer greatly. We’ll see what happens with Iran,” President Trump said while meeting with Hungary’s Prime Minister Viktor Orban at the White House earlier on Monday.”

The assessment, predictable from a mile away, squares perfectly with CIA veteran Mike Pompeo’s warning from just two days before the alleged attack, in which he said that “The regime in Tehran should understand that any attacks by them or their proxies of any identity against US interests or citizens will be answered with a swift and decisive US response,” the US Secretary of State wrote in a statement warning that Iran should not mistake US “restraint” for a “lack of resolve,” and criticizing Iran for “an escalating series of threatening actions and statements in recent weeks.”

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There was a preliminary investigation. The case was closed three times. The word “rape” never came up until propaganda started.

Sweden is a country full of very sick people. I haven’t seen even one raise their voice. Avoid Sweden. Don’t buy IKEA.

Sweden Wants To Extradite Assange Over Rape Allegation (R.)

Sweden reopened an investigation into a rape allegation against WikiLeaks founder Julian Assange on Monday and will seek to extradite him from Britain, a potential setback to efforts by the United States to put him on trial over a huge release of secret documents. Deputy Chief Prosecutor Eva-Marie Persson told a news conference in Stockholm she would continue a preliminary investigation that was dropped in 2017 without charges being brought after Assange took refuge in the Ecuadorean embassy in London. Assange, who denies the accusation, was arrested in Britain last month after spending seven years hiding inside the embassy.


The Swedish prosecutor said she would request Assange be detained in his absence on probable cause for an allegation of rape and that her office would issue a European arrest warrant – the start of the extradition process. The United States is also seeking to extradite him on conspiracy charges relating to the public release by Wikileaks of a cache of secret documents, including assessments of foreign leaders, wars and security matters. The British courts will have to rule on the two extradition requests, with Home Secretary Sajid Javid having the final say on which one takes precedence. “I am well aware of the fact that an extradition process is ongoing in the UK and that he could be extradited to the US,” Persson said.

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Yes, true. But is it all about anger? Or is the anger merely a substitute for identity and belonging?

Lewinsky Scandal Beginning Of The End Of American Journalism – Taibbi (SHTF)

In a new “On Contact” episode, host Chris Hedges and Taibbi dive into the roots of the decay of journalism in the United States, which preys on prejudices and fear while pitting people against each other and paving the way for demagogues. According to RT, Taibbi says this all started back when Bill Clinton was president. From Monica Lewinski to Hillary Clinton, the coverage of major news stories by the U.S. media has grown increasingly strident, with cable channels no longer trying to project a picture of objectivity but “selling a story that makes people angry,” Taibbi, an award-winning journalist, and author says. Taibbi says that the result of this journalistic decay and emotional fear mongering is a public addicted to hating each other.


Americans have become addicted to the news that agrees with their bias, and it was set up that way on purpose. The only thing anyone will hear when they turn on the news are stories specifically crafted to manufacture outrage, make you hate the other side, and fuel the addiction to anger. Taibbi is the author of Hate Inc: Why Today’s Media Makes Us Despise One Another. “In this characteristically turbocharged new book, Matt Taibbi provides an insider’s guide to the variety of ways today’s mainstream media tells us lies. Part tirade, part confessional, it reveals that what most people think of as “the news” is, in fact, a twisted wing of the entertainment business. “Heading into a 2020 election season that promises to be a Great Giza Pyramid Complex of invective and digital ugliness, Hate Inc. will be an invaluable antidote to the hidden poisons dished up by those we rely on to tell us what is happening in the world.” –Hate Inc. description, Amazon

If video doesn’t show properly, please go to the Automatic Earth site

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“..CNN is stuck in a vicious cycle; criticized for focusing too much on negative Trump stories, yet not being able to stop for fear of losing more viewers.”

The moment CNN is labeled “left” is where insanity takes off.

The CNN Search Engine? Google Favors Stories From Liberal News Sites (RT)

Researchers from Northwestern University performed an “algorithm audit” of the ‘Google Top Stories’ box, which is a major driver of traffic to news publishers and therefore prime online real estate. They examined results for nearly 200 searches relating to news events for one month in late 2017 and found “a left-leaning ideological skew.” The researchers did allow some leeway for Google to defend itself, however, saying that while the left-leaning bias was detected, it is possible that the dominance of particular sources is a result of “successful strategic behavior” by those sources to achieve “algorithmic recognizability” — but whatever the reason, liberal sources still far eclipsed conservatives ones.

CNN, perhaps the outlet most-reviled by conservatives, was Google’s overall favorite source. Of the 6,302 articles appearing on Google’s ‘top stories’ during the month in focus, more than 10 percent came from CNN. The New York Times and Washington Post were up next, garnering 6.5 and 5.6 percent of the results, respectively. Fox News, the most mainstream right-wing outlet, was the source for only 3 percent of stories appearing in the top box. Then it was back to liberal outlets, with the BBC, USA Today, Los Angeles Times, The Guardian, Politico and ABC News filling out the rest of the top 10. Overall, 62.4 percent of the most common sources were left-leaning, while only 11.3 perfect were said to be right-leaning.

Ironically, despite the heavy promotion from Google in the online realm, CNN’s overall audience declined by a colossal 26 percent in April compared to a year earlier — and network boss Jeff Zucker admitted last November that CNN’s audience just “goes away” any time the channel switches from its (overwhelmingly negative) coverage of President Donald Trump to other topics. So it seems CNN is stuck in a vicious cycle; criticized for focusing too much on negative Trump stories, yet not being able to stop for fear of losing more viewers. Perhaps an even more damning indictment than Google’s detected liberal bias, however, is that nearly all (86 percent) of the stories promoted by the search giant came from just 20 sources across the entire internet, which doesn’t exactly display much of a commitment to diversity of information and opinion.

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“All that, to paraphrase the immortal words of Mr. Dylan, balances like a mattress on a bottle of wine.”

The Trend is Not Your Friend (Jim Kunstler)

By the mid-1980s, the non-OPEC world was once again swimming in oil from the last great bonanzas of the oil age: The Alaska North Slope and the North Sea. Twenty years later, they were running down. Meanwhile, the USA had fecklessly “offshored” its factories in the mistaken belief that we had entered a shimmering new digital economy of virtual business were nobody had to make real stuff. China became the world’s workshop and the USA became the world’s financial bucket-shop, churning out endless swindles and frauds. The predictable result was the financial crisis of 2008, which coincided with oil prices rising to over $140-a-barrel (and six months later they crashed, with the economy, to under $30-a-barrel).

The “recovery” from that was based on Wall Street’s premier swindle: the shale oil “miracle,” based on high-risk lending to companies that couldn’t make a red cent even while accomplishing the majestic stunt of exceeding America’s old 1970 oil production peak of around 10 million barrels-a-day (now at around 12 million). Notice, too, that the final push to 12-million barrels occurred during the last two years: thus, Mr. Trump’s miracle economy. All that, to paraphrase the immortal words of Mr. Dylan, balances like a mattress on a bottle of wine.

The China-US trade impasse, if it stands for even a few months, will crash the US economy again and it will also crash the price of shale oil back to levels that destroy oil companies. You understand, of course, that the rise of shale oil was amazingly swift, ten years, and that its fall will be similarly fast and furious. The feds may have to either bail it out or nationalize the whole shootin’ match — and that will end up as just another rat-hole we pound sand into, along with our long-running campaign to build failed states overseas. Translation: not so good for the value of the US dollar.

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Sore losers.

US Police Raid Venezuelan Embassy To Evict Pro-Maduro Activists (RT)

Pro-Maduro activists occupying the Venezuelan embassy in Washington have refused to vacate the premises in defiance of a notice threatening them with arrest and police entering the building but stopping short of evicting everyone. “We are expecting the police to come in and violate the Vienna convention with their fictional government, nongovernment claiming that we should leave,” the Embassy Civilian Protection Collective said in a video message shortly before the police arrived at the doors of the diplomatic premises to the cheers of the pro-Guaido camp outside. At least four embassy ‘protectors’ have remained inside the building and could be seen through the windows – even after police entered and left, apparently stopping short of forcefully evicting everyone – for now.


Despite their resolve to defend the diplomatic mission from “illegal seizure” by Guaido-appointed US representative Carlos Vecchio, many of the activists have left the embassy – apparently tired of the siege and worried about the threat of arrest – after a notice, which was not signed by any US government agency, urged them to “depart immediately” from the building in which they have lived for the last 34 days. “The United States does not recognize the authority of the former Maduro regime or any of its former representatives to allow any individuals to lawfully enter, remain on this property, or take any action with respect to this property,” a notice taped to the door of the building earlier in the day read.

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The Guardian tries to make this about the finance sector. It is not.

Britain Risks Heading To US Levels Of Inequality – Angus Deaton (G.)

Rising inequality in Britain risks putting the country on the same path as the US to become one of the most unequal nations on earth, according to a Nobel-prize winning economist. Sir Angus Deaton is leading a landmark review of inequality in the UK amid fears that the country is at a tipping point due to a decade of stagnant pay growth for British workers. The Institute for Fiscal Studies thinktank, which is working with Deaton on the study, said the British-born economist would “point to the risk of the UK following the US” which has extreme inequality levels in pay, wealth and health. Speaking to the Guardian at the launch of the study, he said: “There’s a real question about whether democratic capitalism is working, when it’s only working for part of the population.


“There are things where Britain is still doing a lot better [than the US]. What we have to do is to make sure the UK is inoculated from some of the horrors that have happened in the US.” His warning comes as analysis from the Trades Union Congress (TUC) showed that real wages in the finance sector had outstripped average salaries in the UK over the decade since the financial crisis. Earnings after inflation in the finance sector have grown by as much as £120 a week on average, compared with the average British worker still being about £17 a week worse off after taking account of rising living costs over the past decade. Frances O’Grady, the TUC general secretary, said: “It’s not right that pay is racing ahead in the City when most working people are still worse off than a decade ago.”

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Who cares anymore? Wait till she loses bigly in the EU elections in two weeks. Then nobody will care.

Theresa May Remains Opposed To Any Form Of Brexit Referendum (G.)

Downing Street has said the prime minister remains opposed to any form of referendum being attached to a Brexit deal, as the government prepares to enter its seventh week of talks with Labour to find a compromise. The shadow Brexit secretary, Keir Starmer, and the deputy Labour leader, Tom Watson, have said a deal is unlikely to pass without a referendum as part of the package, with up to 150 of the party’s MPs prepared to vote against an agreement without one. Key figures from both sides including Starmer, John McDonnell and Rebecca Long-Bailey, as well as the chancellor, Philip Hammond, Theresa May’s de facto deputy, David Lidington, and the environment secretary, Michael Gove, are set to meet again on Monday afternoon.


Downing Street said May had made clear her views about a second public vote: “She has said on many occasions that she is focused on delivering the result of the first referendum.” May’s spokesman declined to put a deadline on the talks but said the government was prepared to move on to a series of indicative votes in parliament if no resolution was possible. “If we were able to make progress with Labour then we would look to bring the bill before the House of Commons before the European elections,” he said. Both Labour and government sources have suggested the two sides will need to take stock on the likely progress of the talks this week, and the effectiveness of continuing discussions is likely to be discussed at cabinet on Tuesday morning.

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Scams “R” Us.

Uber & Lyft IPOs Turn into Colossal Flops (WS)

The Nasdaq composite dropped 3.4% today. In the six trading days since its peak on May 3 (8,164), it has dropped 6.3%, after a historic surge of 32% from December 24 through May 3. I mean, what did you expect? The index is now back where it had first been on June 6, 2018. Uber, which had sold its China operations and is no longer significantly tangled up in the US-China trade war, is morphing from the biggest, most hyped tech IPO in recent memory into the most colossal flop in recent memory. Shares plunged nearly 11% today to $37.10 a share. This left shares down 17.6% from its IPO price of $45, at which Uber had extracted another $8.1 billion from gullible investors. Prior investors are even deeper in the hole.


Uber extracted nearly $7 billion from institutional investors between December 2015 and February 2017 by selling them 140 million shares at $48.77 a share, over half of them to Saudi Arabia’s Public Investment Fund, and these folks are now down nearly 24%. Shares of Softbank, which also holds a large stake in Uber, fell 5.5% today. Lyft dropped another 5.7% today, to a new closing low of $48.15. Lyft had been the trailblazer this year for the hottest most hyped IPOs. On March 28, Lyft priced the IPO shares at $72 and extracted at this price about $2.3 billion in new money from IPO investors. On March 29, the first day of trading, it took hours of machinations before shares finally started trading, with a heavily mediatized “pop” of 21%, at $87.24. Then, Lyft shares plunged 10% in 4 Hours from “pop” to close. Today, shares were down 45% from the pop.

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At what point are Bayer shareholders going to protest?

California Jury Awards Couple $2 Billion In Monsanto/Bayer Cancer Trial (RT)

A US jury has awarded $2 billion in punitive damages to a California couple after concluding that Roundup weed killer caused their cancer and that Monsanto, now owned by Bayer, failed to warn them of the chemical’s health risks. Glyphosate, the signature ingredient in Roundup, was found by jury in Alameda County Superior Court to be the cause of non-Hodgkin lymphoma in both Alva and Alberta Pilliod of Livermore. The couple has used the herbicide since the 1970s. In their ruling on Monday, the jury noted that American agrochemical giant Monsanto (now owned by Germany’s Bayer AG) failed to properly warn Roundup users about potential detrimental effects to their health.


Pointing out deliberate negligence by the company, the jury went on to award $18 million in compensatory and $1 billion in punitive damages to Alva Pilliod. His wife Alberta was awarded another $37 million in compensatory and $1 billion in punitive damages. The ruling marks the third time since August 2018 that a US jury has found glyphosate to be a cause of cancer. Thousands of lawsuits with similar claims have been filed against Monsanto, which was acquired by the German pharmaceutical giant last June.

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Bayer trying to clear its name. And the press just prints it, no questions asked.

Bayer Says Monsanto Likely Kept Files On Influential People Across Europe |(R.)

Bayer said on Monday its Monsanto unit, which is being investigated by French prosecutors for compiling files of influential people such as journalists in France, likely did the same across Europe, suggesting a potentially wider problem. French prosecutors said on Friday they had opened an inquiry after newspaper Le Monde filed a complaint alleging that Monsanto – acquired by Bayer for $63 billion last year – had kept a file of 200 names, including journalists and lawmakers in hopes of influencing positions on pesticides. On Sunday, Bayer acknowledged the existence of the files, saying it does not believe any laws were broken but that it will ask an external law firm to investigate.

“It’s safe to say that other countries in Europe were affected by lists … I assume that all EU member states could potentially be affected,” Matthias Berninger, Bayer’s head of public affairs and sustainability, told journalists on Monday. While he did not say there had any illegal activity and added it was up to the external law firm to evaluate the conduct, Berninger said there were signs Monsanto had not played fairly in the use of private data. “There have been a number of cases where – as they would say in football – not the ball was played but the man, or woman, was tackled,” Berninger, who joined Bayer in January, said on a conference call.

Bayer said in its initial statement on Sunday that “Currently, we have no indication that the preparation of the lists under discussion violated any legal provisions.” It added, “Bayer will ask an external law firm to investigate the project Monsanto commissioned and evaluate the allegations. The law firm will also inform all of the persons on the lists of the information collected about them”.

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The point of my article last week was that renewables don’t scale up the way people are told to believe. Not in Germany and not elsewhere.

German Failure on the Road to a Renewable Future (Spiegel)

The German government made a key mistake when it announced the end of the nuclear era in Germany eight years ago: It announced it was turning away from nuclear power, without simultaneously initiating the end of coal. Wind turbines and solar panels were installed across the country — but the coal-fired power plants kept operating. The government set up a clean energy system alongside the dirty one. But why? Because Berlin was afraid of do anything that might harm a single company or voter. Germany has never come up with a clear strategy for the shift to renewables, fully thought out from the beginning to end. There have always been two competing concepts of the Energiewende, even before Merkel.


Politicians like former Environment Minister Jürgen Trittin, a Green Party politician who was part of the cabinet of the center-left Social Democratic (SPD) Chancellor Gerhard Schröder, were in favor of a radical shift, no matter what the cost. Others, like the SPD Economics Minister Sigmar Gabriel and his successor Peter Altmaier, from Merkel’s center-right Christian Democrats (CDU), were more concerned about German industry and job numbers. Neither side trusted the other and a stalemate ensued. Progress halted. This helps explain why the government never dared set up an Energy Ministry that might have had the ability to move things forward, and instead divided up the project among the Chancellery, the Environment Ministry and the Economics Ministry.

It is an unholy trinity that has continually followed the same pattern: The Environment Ministry surges ahead, the Economics Ministry warns of dramatic job losses and the Chancellery avoids making a decision. The expansion of Germany’s electrical grid has suffered the most from this lack of political impetus. More than a decade ago, the German government passed a resolution to quickly build the necessary high-voltage transmission lines, with experts today saying there is a need for 7,700 kilometers (4,800 miles) of such lines. But only 950 have been built. And in 2017, only 30 kilometers of lines were built across the whole country. In Berlin, one can hear the wry observation that 30 kilometers is roughly the distance that a snail can travel in a year.

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“..the increase is increasing at an increasing rate!”

415.26 Parts Per Million: CO2 Levels Hit Historic High (AFP)

Scientists in the United States have detected the highest levels of planet-warming carbon dioxide in Earth’s atmosphere since records began, sounding new alarm over the relentless rise of man-made greenhouse gas emissions..26 The Mauna Loa Observatory in Hawaii, which has tracked atmospheric CO2 levels since the late 1950s, on Saturday morning detected 415.26 parts per million (ppm). It was also the first time on record that the observatory measured a daily baseline above 415 ppm. The last time Earth’s atmosphere contained this much CO2 was more than three million years ago, when global sea levels were several metres higher and parts of Antarctica were blanketed in forest.

“It shows that we are not on track with protecting the climate at all. The number keeps rising and it’s getting higher year after year,” Wolfgang Lucht, from the Potsdam Institute for Climate Impact Research (PIK), told AFP. “This number needs to stabilise.” But far from stabilising, levels of CO2 – one of a trinity of greenhouse gases produced when fossil fuels are burnt – are climbing ever more rapidly. Ralph Keeling, director of Scripps Institution of Oceanography’s CO2 Programme, said the trend would probably continue throughout 2019 – likely to be an El Nino year in which temperatures rise due to warmer ocean currents. “The average growth rate is remaining on the high end. The increase from last year will probably be around three parts per million whereas the recent average has been 2.5 ppm,” he said. “Likely we’re seeing the effect of mild El Nino conditions on top of ongoing fossil fuel use.”

[..] “I’m old enough to remember when passing 400ppm was a big deal,” Gernot Wagner, a research associate at Harvard University, said on Twitter. “Two years ago we hit 410ppm for the first time. By now, it’s 415ppm. And oh, the increase is increasing at an increasing rate!”

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Apr 252019
 


Giovanni Bellini Pietà 1505

 

There Will Be No Soft Brexit Now. It’s No Deal, Revoke Or Another Vote (G.)
More British Families Than Ever Depend On Food Banks (Ind.)
Curbing Pensioner Benefits Could Help The Young (G.)
Deutsche Bank Handing Over Trump Loan Documents To NY Officials (AFP)
Former AG Mukasey Shreds CNN For Misleading Russia Conspiracy Theories (RT)
She Wrote The Patriot Act. Her Next Job Is With Facebook (ZH)
Iceland Court Orders Valitor (Formerly VISA) to Pay WikiLeaks $10 Million (GP)
Global Grounding Of 737 Max Will Cost Boeing More Than $1 Billion (G.)
Tesla Reports Another Doozie (WS)
Belt and Road Forum: China’s ‘Project Of The Century’ Hits Tough Times (G.)
Past Role and Current Risks from China – Anne-Stevenson Yang (HF)
Declare Capitalism Dead – Before It Takes Us All Down With It (Monbiot)
‘Death By A Thousand Cuts’: Vast Expanse Of Rainforest Lost In 2018 (G.)

 

 

There’s sweet poetic justice in the European elections playing a decisive role in what Brexit means.

There Will Be No Soft Brexit Now. It’s No Deal, Revoke Or Another Vote (G.)

Until recently, my view could have been summarised as follows: Brexit remains a lamentable event I will always oppose; but, in the absence of public permission to overturn it, a softer version would be less bad than a hard one, and could provide the fragile basis for an eventual form of reintegration with Europe down the line. At times in the past five months, ever since the UK and the EU struck the withdrawal agreement, a pragmatic compromise of this kind has seemed tantalisingly viable. Desperately though they tried through the winter, the hard Brexiteers failed to harden the original deal or take down May in the way they wanted. That left a space in the political centre.

So, when May finally made an opening to Labour in early April, there was a possibility that a Brexit compromise was on the cards – even at the eleventh hour and in spite of the immense party political difficulties it might entail for both. But it hasn’t happened. The talks between the government and Labour continue. But they are not going anywhere. This week both May and Jeremy Corbyn accused the other of dragging their feet. That could be a cunning joint deception, preparing their respective parties for a surprise deal. But it isn’t the case – believe me. There is an increasing air of unreality about the whole thing. On both sides of the table, the participants are looking over their shoulders at their own colleagues, not negotiating in earnest.

There are three big issues on the table in these talks. But there is no agreement on any of them. The first is over the terms of a future customs union and on single market alignment. The second, on which the two sides have had the biggest arguments, is on “future-proofing” any agreement against the next Conservative leader. The third is over the role, if any, of a confirmatory second vote. On each of these, May is unwilling to make concessions – or even to put options on the table – that would further divide the Tories, while Corbyn remains deeply reluctant to become co-owner of a joint agreement that might end in the overturning of Brexit.

Read more …

Parliament’s too busy with Brexit.

More British Families Than Ever Depend On Food Banks (Ind.)

Food bank use has soared to record levels, with the number of emergency supplies distributed across the UK having risen by nearly a fifth in one year, new figures show. Campaigners said it was “shameful” that a growing number of Britons were unable to feed themselves after data published by the Trussell Trust, the UK’s largest food bank provider, revealed 1,583,668 three-day emergency food supplies were distributed in the year to March 2019 – a 19 per cent rise on the previous year. More than half a million of these (577,618) went to children, fuelling concerns about rising child poverty, after government figures last month revealed that the number of youngsters living in absolute poverty had increased by 200,000 in a year – to a total of 3.7 million.


The figures have also prompted renewed criticism of the government’s flagship welfare reform, universal credit, as the Trussell Trust said issues with moving onto the new system were a “key driver” of increasing need, primarily due people having to wait five weeks for payment under the new system. Labour’s shadow work and pensions secretary Margaret Greenwood branded the sharp rise “shocking” and said the “need for emergency food parcels in one of the richest countries of the world” was “shameful”. “Nobody in our society should be forced to turn to food banks to survive. Despite ministers’ attempts to explain away food bank use, the Trussell Trust is very clear that cuts to social security and the five-week wait for universal credit payments are key reasons for the rise,” she added.

Read more …

Free TV licenses? What century is this? But seriously, this is why I think a UBI is inevitable. Taking from the old to give to the young is not an answer.

Curbing Pensioner Benefits Could Help The Young (G.)

Free TV licences for over-75s should be scrapped, the age threshold for free bus passes raised and the triple-lock on pensions abolished to close the widening gap between young and old in Britain, according to a Lords report. The House of Lords committee on intergenerational fairness and provision said it was time to rebalance government policy in favour of the young, to remove the risk of the social bonds between generations fraying further. For reasons of fairness and because many pensioner households across the UK have become better off on average than many working-age families, it called on ministers to curb several benefits targeted at older Britons.


The report said the triple-lock – which raises state pension payments in line with the highest of consumer price inflation, average earnings growth, or 2.5% – should be removed. The increase in annual pension payments should instead track average earnings, it said. Free TV licences based on age should be phased out but could be offered based on household income instead. The age when older people can apply for a free bus pass and receive winter fuel payments should also rise to at least five years after a person becomes eligible for the state pension, said the report. It added that this could be phased in to coincide with the state pension age rising to 67 from 2026.

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And there we go again.

NB: Deutsche just announced the death of the merger with Commerzbank.

Deutsche Bank Handing Over Trump Loan Documents To NY Officials (AFP)

Deutsche Bank has begun to provide documents on financing for some of President Donald Trump’s projects to New York State authorities, a source familiar with the matter told AFP on Wednesday. In mid-March, New York Attorney General Letitia James subpoenaed the German bank, demanding records related to loans and lines of credit granted to the Trump Organization. The money was intended to finance projects such as Trump hotels in Washington, DC, Miami and Chicago, another source told AFP last month on the condition of anonymity. It was unclear whether Deutsche Bank had provided all the documents requested.


“We remain committed to cooperating with authorized investigations,” a bank spokesman told AFP, while declining to comment on a CNN report that the company was handing over the documents. James’ office also declined to comment on the status of the documents regarding financing for the Trump Organization, the holding company that has been run by Trump’s sons Eric and Donald Trump Jr since he entered the White House. New York authorities also wanted records related to the Trump Organization’s failed attempt in 2014 to buy the Buffalo Bills football team, the source said on condition of anonymity.

Read more …

On CNN, no less: “In essence, panels of people sitting around a table inhaling their own exhaust, and getting high on it.”

Former AG Mukasey Shreds CNN For Misleading Russia Conspiracy Theories (RT)

Retired US Attorney General Michael Mukasey slammed CNN on its own network for what he said was flawed coverage of the special counsel investigation into US President Donald Trump. Appearing for a one-on-one interview on Cuomo Prime Time on Tuesday, Mukasey said CNN was “misleading a lot of people” in its coverage of the investigation, which sought to determine whether then-candidate Trump conspired with Moscow to win the 2016 presidential election. “You have a big audience – getting smaller by the minute now,” he said to host Chris Cuomo, who laughed nervously. Mukasey served as attorney general from 2007 to 2009 under the George W. Bush administration.


While the special counsel’s final report did not find evidence of a criminal conspiracy with Russia, the report was for weeks the subject of intense speculation in the media. Mukasey was not impressed with CNN’s performance in the lead-up to the report’s publication, as the network insisted on the collusion narrative. “Your network was devoting days of people sitting around and talking about a report whose contents they didn’t know – that they hadn’t seen,” Mukasey said. “In essence, panels of people sitting around a table inhaling their own exhaust, and getting high on it.” He added that CNN helped to whip the country into “a state of absolute hysteria” over the investigation. “Consider this,” he said, “[Trump is] being investigated for a crime that didn’t happen, and that he certainly didn’t commit.”

Read more …

Facebook = CIA.

She Wrote The Patriot Act. Her Next Job Is With Facebook (ZH)

Facebook announced Monday that Jennifer Newstead, a Trump appointee who served in the Department of Justice (DoJ) under President Bush, will join the social media company as General Counsel, supervising its global legal functions. Newstead replaces Colin Stretch, who announced in 3Q18 that he will exit. Stretch will remain with Facebook through the transition phase, expected to be completed in the coming months. “Jennifer is a seasoned leader whose global perspective and experience will help us fulfill our mission,” said Sheryl Sandberg, Facebook’s Chief Operating Officer. “We are also truly grateful to Colin for his dedicated leadership and wise counsel over the past nine years. He has played a crucial role in some of our most important projects and has created a strong foundation for Jennifer to build upon.”

Newstead brings a terrifying history of lobbying and legislating for an Orwellian style of mass electronic surveillance of Americans. The Hill explains she was credited with writing the controversial 2001 Patriot Act, a piece of legislation that stripped Americans of their First and Fourth Amendments in the name of fighting the War on Terror. In a 2002 statement, Assistant Attorney General Viet Dinh described Newstead’s role in drafting the Patriot Act: “Her enhanced leadership duties and her excellent service on a range of issues — including helping craft the new U.S.A. Patriot Act to protect the United States against terror — have earned her this important distinction. She is first among equals.”


Congress enacted the Patriot Act in the wake of September 11, 2001 attacks, the Act expanded the scope of the government’s surveillance powers to investigate terrorism, organized crime, and drug trafficking. It allowed government investigators to use roving wiretaps and the ability to collect telephone records from US carriers.

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That means Assange defense.

Iceland Court Orders Valitor (Formerly VISA) to Pay WikiLeaks $10 Million (GP)

The Icelandic court has ordered Valitor, formerly VISA Iceland, to pay WikiLeaks $10 million in damages over the 2011 banking blockade. Valitor had been ordered to process card payments for WikiLeaks in 2013 by the same court, and was told they would face daily penalties if they refused to comply. By not reinstating services, the company was fined $204,900 per month or $2,494,604 per year for continuing the blockade. On Wednesday, Icelandic media reported that the company has now been ordered to pay up. Valitor has stated that they are likely to appeal, according to WikiLeaks. WikiLeaks had launched a case against Valitor in Reykjavik back in June of 2012 over the unlawful suspension of financial services against Wikileaks.


Ten days after WikiLeaks published Cablegate, they were blockaded by Bank of America, VISA, MasterCard, PayPal and Western Union. The political effort to defund the organization lead to a wave of hacks and cyber attacks against the companies by transparency activists. “The blockade is outside of any accountable, public process. It is without democratic oversight or transparency. The US government itself found that there were no lawful grounds to add WikiLeaks to a US financial blockade. But the blockade of WikiLeaks by politicized US finance companies continues regardless,” WikiLeaks said in a statement at the time.

Read more …

Appears to be a real low amount. They lose a billion a month from not building 52 but 42 planes.

Global Grounding Of 737 Max Will Cost Boeing More Than $1 Billion (G.)

The global grounding of Boeing’s 737 Max jets will cost the company more than $1bn, the company said on Wednesday. In its first quarterly earnings report since the Lion Air and Ethiopian Airlines disasters, Boeing announced it had abandoned its 2019 financial outlook and halted share buy-backs in mid-March as it deals with the crisis. Dennis Muilenburg, Boeing’s chairman and chief executive officer, said: “We have great sorrow for the families affected. This weighs heavily on us.” He said the company’s first priority was to get the 737 Max back in the air and that the company was working closely with the Federal Aviation Administration (FAA) and other regulators to end the aircraft grounding.


The announcement was a sharp reversal from Boeing’s last earnings report in January, when executives unveiled plans to deliver more than 900 jetliners this year alongside higher sales and profits. The world’s largest plane-maker reported first-quarter revenue and cashflow below sharply lowered Wall Street estimates, largely due to stopping deliveries of the 737 Max jets, which were grounded in March after the two crashes. [..] Boeing cut production of the jets following the crashes to 42 aircraft per month, down from 52, and its operating cash flow in the first quarter was about $350m lower than a year earlier.

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Musk’s business models are all based on subsidies.

Tesla Reports Another Doozie (WS)

It would be a joke for a small niche automaker, specialized in luxury cars, with a global market share of less than 1% to get this kind of global attention. But Tesla is unique because of its extraordinarily ludicrous stock price. Though that price has come down by about 32% from its peak in June 2017, it’s still ludicrously high. More on that in a moment. We’re going to skip over all the glossy stuff and go straight to the financial statement, more specifically to the bottom line of the income statement, where Tesla reported a zinger of a net loss of $702 million, its third-worst quarterly net loss ever. We note here that part of Tesla’s business model is to sell taxpayer-funded pollution credits to other companies, but they’re not fully disclosed until Tesla files its 10-Q at a later date:

These pollution credits are pure profit. For Q1, Tesla disclosed only $15 million of these credits. For the full disclosure we have to wait until Tesla files its 10-Q report for Q1 at a later date, when no one pays attention. For example, in the miraculous third quarter last year, Tesla reported a profit of $311 million on October 24, and all the world was left speculating and digging into how it accomplished this. At the time, it disclosed $52 million in “regulatory credits,” as it calls them. But then on November 2, Tesla filed its 10-Q for that quarter, disclosing that $189.5 million of its $311 million in profits had come from the sale of those “regulatory credits,” a much larger amount than typical.


[..] at the price of $258.66 a share at the close today, Tesla has a market capitalization of $44.7 billion. By comparison, GM – and I’m no fan of GM at this price – which made $48 billion in net income over the past four years and whose revenues of $147 billion in 2018 were seven times the size of Tesla’s, has a market cap of $56.6 billion. And at peak Tesla nuttiness, there were long periods when the market cap of Tesla exceeded that of GM. So to have some fun, I created this chart to show the difference in market cap (GM minus Tesla) in billion dollars.

Read more …

“debt trap diplomacy”

Belt and Road Forum: China’s ‘Project Of The Century’ Hits Tough Times (G.)

As China fetes its Belt and Road initiative at a summit this week, Chinese officials will be working hard to defend the flagship project from growing international criticism. The three-day forum starting on Thursday is meant to promote Chinese leader Xi Jinping’s “project of the century”, a foreign policy initiative launched in 2013 to revive ancient trading routes between Asia and Europe, as well as build new links in the Middle East, Africa, and South America. But in contrast to its first summit two years ago, the Belt and Road Initiative (BRI) takes place in a much less welcoming environment. Critics say the initiative is an effort to cement Chinese influence around the world by financially binding countries to Beijing by way of “debt trap diplomacy”.


“The ‘Belt and Road initiative’ (BRI) is not a geopolitical tool but a platform for cooperation,” Chinese foreign minister Wang Yi said last week, ahead of the forum “We welcome all parties to take part in it.” This week’s event is especially important for Beijing, which uses the forum as a way to convince the international community, as well as its own citizens, of the success of the project. Beijing is likely to laud the memoranda of understanding signed at the event, which will conclude with a joint communique. [..] The event is to be attended by 37 leaders, including Russian president Vladimir Putin, Italian prime minister Giuseppe Conte, UK chancellor Philip Hammond, Pakistan’s prime minister Imran Khan and the heads of state of the 10 Asean (Association of South-east Asian Nation) states.

Read more …

“In this week’s episode of Hidden Forces, Demetri Kofinas speaks with China expert Anne Stevenson-Yang about the imminent dangers facing global financial markets in the event of a break in the renminbi-dollar peg.”

“I really have never seen a listed company in China that did not have material and significant fraud.” – Anne Stevenson-Yang”

Past Role and Current Risks from China – Anne-Stevenson Yang (HF)

The problem is that China generated a tremendous amount of money and credit since the GFC, in particular, and therefore risks a major devaluation in the value of the RMB should the country no longer be able to get the foreign exchange reserves it needs through a sustainable current account surplus. They are, at the moment, running a negative current account, a negative fiscal balance (of roughly 9% of GDP), their foreign exchange reserves are declining for the first time ever, while the country’s external debt has doubled in the last five years, increasing by an average of $70 billion per quarter since the beginning of 2017. More than half of this debt is short-term, which means it needs to be constantly rolled over.


Up until the Fed paused it’s tightening cycle, the rising interest rates coupled with new tariffs on Chinese goods were creating a pincer-like effect on China’s economy and on its ability to maintain its peg, forcing it to fund more of its dollar needs through borrowing at ever higher interest rates. China cannot maintain a credible peg between the RMB and the USD when its money supply is growing, by some calculations at more than 10x that of the United States over the last 10 years. This is a fundamental problem of accounting. If China were completely self-sufficient – if it had access to sufficient energy, food, base metals, etc. within its own borders – then its inability to obtain dollars would not be an issue. The problem is that it is desperately short these commodities as inputs for its manufacturing and domestic consumption.

Read more …

Not a Monbiot fan, but surely a discussion point. Unlike him, do come with an alternative.

Thunberg: ‘That future was sold so that a small number of people could make unimaginable amounts of money. It was stolen from us every time you said that the sky was the limit, and that you only live once.’

Declare Capitalism Dead – Before It Takes Us All Down With It (Monbiot)

Capitalism’s failures arise from two of its defining elements. The first is perpetual growth. Economic growth is the aggregate effect of the quest to accumulate capital and extract profit. Capitalism collapses without growth, yet perpetual growth on a finite planet leads inexorably to environmental calamity. Those who defend capitalism argue that, as consumption switches from goods to services, economic growth can be decoupled from the use of material resources. Last week a paper in the journal New Political Economy, by Jason Hickel and Giorgos Kallis, examined this premise. They found that while some relative decoupling took place in the 20th century (material resource consumption grew, but not as quickly as economic growth), in the 21st century there has been a recoupling: rising resource consumption has so far matched or exceeded the rate of economic growth.

The absolute decoupling needed to avert environmental catastrophe (a reduction in material resource use) has never been achieved, and appears impossible while economic growth continues. Green growth is an illusion. A system based on perpetual growth cannot function without peripheries and externalities. There must always be an extraction zone – from which materials are taken without full payment – and a disposal zone, where costs are dumped in the form of waste and pollution. As the scale of economic activity increases until capitalism affects everything, from the atmosphere to the deep ocean floor, the entire planet becomes a sacrifice zone: we all inhabit the periphery of the profit-making machine.

[..] The second defining element is the bizarre assumption that a person is entitled to as great a share of the world’s natural wealth as their money can buy. This seizure of common goods causes three further dislocations. First, the scramble for exclusive control of non-reproducible assets, which implies either violence or legislative truncations of other people’s rights. Second, the immiseration of other people by an economy based on looting across both space and time. Third, the translation of economic power into political power, as control over essential resources leads to control over the social relations that surround them.

Read more …

The only thing we’re acutally good at is destruction.

‘Death By A Thousand Cuts’: Vast Expanse Of Rainforest Lost In 2018 (G.)

Millions of hectares of pristine tropical rainforest were destroyed in 2018, according to satellite analysis, with beef, chocolate and palm oil among the main causes. The forests store huge amounts of carbon and are teeming with wildlife, making their protection critical to stopping runaway climate change and halting a sixth mass extinction. But deforestation is still on an upward trend, the researchers said. Although 2018 losses were lower than in 2016 and 2017, when dry conditions led to large fires, last year was the next worst since 2002, when such records began. Clearcutting of primary forest by loggers and cattle ranchers in Brazil dominated the destruction, including invasions into indigenous lands where uncontacted tribes live.

Losses were also high in the Democratic Republic of the Congo (DRC) and Indonesia. Indonesia is the only major country where government protections appear to be significantly reducing the losses. Ghana and Ivory Coast recorded the biggest percentage rises in rainforest destruction, driven by gold mining and cocoa farming. “We are nowhere near winning this battle,” said Frances Seymour from the World Resources Institute, part of the Global Forest Watch (GFW) network, which produced the analysis. “It is really tempting to celebrate a second year of decline since peak tree cover loss in 2016 but, if you look back over the last 18 years, it is clear that the overall trend is still upwards.”

“The world’s forests are now in the emergency room – it is death by a thousand cuts,” she said. “Band-Aid responses are not enough. For every hectare lost, we are one step closer to the scary scenario of runaway climate change.” There are many government and corporate efforts to combat deforestation, but they are not proving to be enough, Seymour said.

Read more …

 

 

Apr 222019
 
 April 22, 2019  Posted by at 9:23 am Finance Tagged with: , , , , , , , , , , , ,  6 Responses »


El Greco La Pietà c1575

 

The Fly in the Mueller Ointment (VIPS)
Holy Week and WikiLeaks (OffG.)
Mueller’s Done, And Dems Should Be Too – Because Trump Is No Nixon (Penn)
NYT: Time To Investigate The FBI, Steele And The ‘Witch Hunters’ (ZH)
CNN Op-Ed Admits “Mueller’s Report Looks Bad For Obama” (ZH)
Zelenskiy Crushes Poroshenko In Ukraine Presidential Election (R.)
“Hollow And Laughable”: Russia’s 120-page Reaction To Mueller Report (ZH)
Chris Hedges on Russiagate & Mueller Report with Aaron Maté (RT)
America: The Triumph of Evil (Paul Craig Roberts)
Boeing Dreamliner Workers Warn Of Defective Manufacturing (ZH)
Theresa May Plans To End Free School Lunches For One Million Children (Ind.)
Indiscriminate Slaughter: The Leaks that Led to the Targeting of Assange (SCL)
Media Condemns Julian Assange For Recklessly Exposing Them (ONION)

 

 

VIPS Blast Mueller Over Refusal To Interview Assange.

Yes, I feel vindicated because yes, the VIPS are saying exactly what I’ve been saying for a long time: Mueller has no evidence of either Assange’s or the Russian government’s involvement in email hacks. If he went to talk to Assange, he would have to prove that involvement. If he doesn’t, he can let the accusation linger.

That is precisely why I said Robert Mueller Is A Coward And A Liar. And Mueller, what a surprise, ignores the VIPS as well, because they, too, would destroy the US intelligence narrative that he made his own.

“The bug in Mueller’s report released on Thursday is that he accepts that the Russian government interfered in the election. Trump should challenge that, says VIPS…”

 

The Fly in the Mueller Ointment (VIPS)

MEMORANDUM FOR: The President

FROM: Veteran Intelligence Professionals for Sanity (VIPS)

SUBJECT: The Fly in the Mueller Ointment

April 16, 2019

Mr. President:

The song has ended but the melody lingers on. The release Thursday of the redacted text of Special Counsel Robert Mueller’s “Report on the Investigation into Russian Interference in the 2016 Presidential Election” nudged the American people a tad closer to the truth on so-called “Russiagate.” But the Mueller report left unscathed the central-but-unproven allegation that the Russian government hacked into the DNC and Podesta emails, gave them to WikiLeaks to publish, and helped you win the election. The thrust will be the same; namely, even if there is a lack of evidence that you colluded with Russian President Vladimir Putin, you have him to thank for becoming president. And that melody will linger on for the rest of your presidency, unless you seize the moment.

Mueller has accepted that central-but-unproven allegation as gospel truth, apparently in the lack of any disinterested, independent forensic work. Following the odd example of his erstwhile colleague, former FBI Director James Comey, Mueller apparently has relied for forensics on a discredited, DNC-hired firm named CrowdStrike, whose credibility is on a par with “pee-tape dossier” compiler Christopher Steele. Like Steele, CrowdStrike was hired and paid by the DNC (through a cutout). We brought the lack of independent forensics to the attention of Attorney General William Barr on March 13 in a Memorandum entitled “Mueller’s Forensic-Free Findings”, but received no reply or acknowledgement.

In that Memorandum we described the results of our own independent, agenda-free forensic investigation led by two former Technical Directors of the NSA, who avoid squishy “assessments,” preferring to base their findings on fundamental principles of science and the scientific method. Our findings remain unchallenged; they reveal gaping holes in CrowdStrike’s conclusions. We do not know if Barr shared our March 13 Memorandum with you. As for taking a public position on the forensics issue, we suspect he is being circumspect in choosing his battles carefully, perhaps deferring until later a rigorous examination of the dubious technical work upon which Mueller seems to have relied.

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(Note to Moreno: it didn’t end well for Judas).

Holy Week and WikiLeaks (OffG.)

I was sent a humourous Birthday card, depicting Jesus holding his mobile phone; his thought bubble reads: “Twelve followers so far. Sweet!”. As a Catholic, one often thinks of historical parallels and what insights into the Human Condition can be gleaned from old stories – looking for parables? It is Holy Week this week, a rapid 7 days in which Christ goes from the celebrity status of Palm Sunday, through to the Last Supper, Agony in the Garden in which he pleads for this chalice to pass his lips, betrayal by Judas, arraigned before the religious courts, and then delivered to the Romans for their judgement.

When Pilate can find no guilt, the crowds are influenced by temple agents to demand his crucifixion. Christ is duly tormented, humiliated and put to very public and agonising death on the cross, but with his last words, he pleads for his tormentors: “Father forgive them, for they know not what they do”. Meanwhile his followers go into hiding, terrified that they will be next. But what has this story got to do with us now? Although the cartoon depiction of Jesus doesn’t look much like Julian Assange, it provoked a thought exercise: imagine being witness to those events 2,000 years ago in Jerusalem. There is something biblical about fleeing into exile for 7 years.


One overarching parallel is the dominance of the Roman Empire akin to that of the American influence and the craven subjugation of the British Establishment – and other territories under Roman/American Rule. Many supporters of Assange have already labelled Lenin Moreno as Judas having sold his soul for 30 pieces of silver. (Note to Moreno: it didn’t end well for Judas). Imagine how the tabloids and MSM would treat Jesus today: “He mixes with lepers and is probably leprous himself”; “What about that long-haired Mary Magdalene who seems overly attentive to his needs?” “His hair looks like he just spent 40 days in the wilderness”. Meanwhile, the alternative media has become the voice in the wilderness, unsettling Herod’s peace of mind.

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“Reps. Jerrold Nadler (D-N.Y.) and Adam Schiff (D-Calif.) are congressmen from safe districts who are nobodies if they have no investigations to launch.”

Mueller’s Done, And Dems Should Be Too – Because Trump Is No Nixon (Penn)

Most people don’t understand what it is to not only be personally investigated for something you didn’t do but also have your friends, family members and associates placed in legal jeopardy over it. Special counsel Robert Mueller’s team systematically targeted the people around the president, squeezing them like lemons, indicting them on mostly process crimes created by the investigation itself. They reviewed everyone’s emails, text messages, phone calls, bank statements — and yet their conclusion on collusion was clear and definitive. It has to be believed. I was there working with former President Clinton in 1998 when he pondered whether to send missiles against Osama bin Laden but was concerned it would be viewed as “wagging the dog.”

We missed bin Laden that day. It was symbolic of how everything in the White House was affected by the Monica Lewinsky investigation; it changed everything we did. And, yes, there was a good bit of cursing then, too. The big difference between today and what happened in 1998 or during the Nixon era is that, at the end of the day, the Mueller investigators found no stained dress, no break-in, no hush money, no enemies list. There never was a crime, and what seemed far-fetched was simply that — this time, a duly elected president was investigated for a crime that never even existed. In fact, evidence is mounting that the investigation itself was launched on phony grounds.


And so, the screaming partisan antics of Democrats in the House are likely to set the Democratic Party back a decade if they do not get a grip on themselves. In partisan unison, with scripted talking points, they keep calling everyone else “partisan.” It simply does not pass the laugh test at this point. But the problem is that Reps. Jerrold Nadler (D-N.Y.) and Adam Schiff (D-Calif.) are congressmen from safe districts who are nobodies if they have no investigations to launch. It’s in the interest of their egos to keep it all going so that they can have daily press availabilities.

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The New York Times in a deparate attempt to look reasonable. After they published tons of articles with headlines such as “Trump Campaign Aides Had Repeated Contacts With Russian Intelligence”.

NYT: Time To Investigate The FBI, Steele And The ‘Witch Hunters’ (ZH)

[..] had Hillary won, as expected, none of this would have seen the light of day. We wouldn’t know that a hyper-partisan FBI had spied on the Trump campaign, as Attorney General William Barr put it during his April 10 Congressional testimony. We wouldn’t know that a Clinton-linked operative, Joseph Mifsud, seeded Trump campaign aide George Papadopoulos with the rumor that Russia had ‘Dirt’ on Hillary Clinton – which would later be coaxed out of Papadopoulos by a Clinton-linked Australian ambassador, Alexander Downer, and that this apparent ‘setup’ would be the genesis of We wouldn’t know about the role of Fusion GPS – the opposition research firm hired by Hillary Clinton’s campaign to commission the Steele dossier.


Fusion is also linked to the infamous Trump Tower meeting, and hired Nellie Ohr – the CIA-linked wife of the DOJ’s then-#4 employee, Bruce Ohr. Nellie fed her husband Bruce intelligence she had gathered against Trump while working for Fusion, according to transcripts of her closed-door Congressional testimony. And if not for reporting by the Daily Caller’s Chuck Ross and others, we wouldn’t know that the FBI sent a longtime spook, Stefan Halper, to infiltrate and spy on the Trump campaign – after the Obama DOJ paid him over $400,000 right before the 2016 US election (out of more than $1 million he received while Obama was president).

According to the New York Times, the tables are turning, starting with the Steele Dossier. T]he release on Thursday of the report by the special counsel, Robert S. Mueller III, underscored what had grown clearer for months — that while many Trump aides had welcomed contacts with the Russians, some of the most sensational claims in the dossier appeared to be false, and others were impossible to prove. Mr. Mueller’s report contained over a dozen passing references to the document’s claims but no overall assessment of why so much did not check out.


Now the dossier — financed by Hillary Clinton’s campaign and the Democratic National Committee, and compiled by the former British intelligence agent Christopher Steele — is likely to face new, possibly harsh scrutiny from multiple inquiries. -NYT. While Congressional Republicans have vowed to investigate, the DOJ’s Inspector General is considering whether the FBI improperly relied on the dossier when they used it to apply for a surveillance warrant on Trump campaign adviser Carter Page. The IG also wants to know about Steele’s sources and whether the FBI disclosed any doubts as to the veracity of the dossier. Attorney General Barr, meanwhile, said he will review the FBI’s conduct in the Russia investigation after saying the agency spied on the Trump campaign.

Read more …

New York Times, CNN, they all try to walk this back. Don’t let them.

CNN Op-Ed Admits “Mueller’s Report Looks Bad For Obama” (ZH)

The ‘powers-that-be’ at CNN – ground zero for the Trump’s-a-traitorous-Putin-Puppet propaganda – have allowed the publication of an op-ed amid their hallowed pages that casts blame at the anointed one. CNN contributor Scott Jennings – soon to be exiled from every social media platform we suspect – dared to point out that the Mueller report looks bad for Obama. The partisan warfare over the Mueller report will rage, but one thing cannot be denied: Former President Barack Obama looks just plain bad. On his watch, the Russians meddled in our democracy while his administration did nothing about it.


The Mueller report flatly states that Russia began interfering in American democracy in 2014. Over the next couple of years, the effort blossomed into a robust attempt to interfere in our 2016 presidential election. The Obama administration knew this was going on and yet did nothing. In 2016, Obama’s National Security Adviser Susan Rice told her staff to “stand down” and “knock it off” as they drew up plans to “strike back” against the Russians, according to an account from Michael Isikoff and David Corn in their book “Russian Roulette: The Inside Story of Putin’s War on America and the Election of Donald Trump”.

Read more …

Talk about something that looks bad for Obama. And Hillary, and John McCain, and Victoria Nuland. Another failed coup for America.

Zelenskiy Crushes Poroshenko In Ukraine Presidential Election (R.)

In a popular Ukrainian TV series, comedian Volodymyr Zelenskiy played a president who is scrupulously honest and outwits crooked lawmakers and shadowy businessmen who try to stand in his way. Zelenskiy’s character in the show “Servant of the People” was loved by Ukrainians fed up with how their country had been governed since independence in 1991. On Sunday, they turned fantasy into reality after voters elected Zelenskiy by a landslide, according to exit polls, thrusting an actor with no prior political experience and few detailed policies into the presidency of a country at war.

Zelenskiy’s sudden rise comes at a time voters around the world have upended the status quo, propelling anti-establishment forces such as U.S. President Donald Trump and Italy’s 5-Star Movement, which was also once led by a comedian, to power. His victory reflected voters’ frustration with politics as usual. Just 9 percent of Ukrainians trust their national government, the lowest of any electorate in the world, a Gallup poll in March showed. Critics question Zelenskiy’s political inexperience and he remains something of an unknown quantity for investors who want reassurances that he will accelerate reforms and keep Ukraine in an International Monetary Fund program.

Zelenskiy’s unorthodox campaign put the incumbent President Petro Poroshenko on the backfoot right from the start. He announced his bid for the presidency on New Year’s Eve, upstaging Poroshenko who was giving a traditional televised address to the nation. Eschewing traditional rallies, his campaign relied heavily on quirky social media posts to his millions of online followers, jokey posters, comedy gigs and winking allusions to the fictional president he portrays on screen. He traded insults and accusations with Poroshenko in tit-for-tat social media videos and the two met in a raucous policy debate in a soccer stadium in Kiev last Friday in front of thousands of their followers.

Back in February, when asked in an interview with Reuters what sets him apart from other candidates, Zelenskiy pointed to his face. “This. This is a new face. I have never been in politics,” he said. “I have not deceived people. They identify with me because I am open, I get hurt, I get angry, I get upset. I do not hide my emotions on camera, I do not try to look different. If I’m inexperienced in something, I’m inexperienced. If I don’t know something, I honestly admit it.”

Read more …

Time to heal relations with Russia.

“Hollow And Laughable”: Russia’s 120-page Reaction To Mueller Report (ZH)

One day following last Thursday’s bombshell Mueller report — or rather we should say the report which ended three years of nonstop ‘Russiagate’ hysteria with a not-so-dramatic whimper — the Russian embassy in the US issued its own scathing report, calling the collusion conspiracy which Mueller’s team sought to uncover “hollow and laughable”. The Russian embassy also said it was “no surprise” that the investigation delivered “no tangible result” in its own massive 120-page study, released online Friday, even the title of which pulled no punches — The Russiagate Hysteria: A Case of Severe Russiaphobia.

The publication blasted a list of “groundless accusations” repeated since Trump’s 2016 election, including allegations of Russian election meddling, the Kremlin’s supposedly being behind the DNC hack, as well as Trump’s working with Russian intelligence. “After three years, more than 8,000 publications in just four main outlets (Washington Post, New York Times, CNN and MSNBC), endless congressional inquiries, 22 months of the work of Robert Mueller that cost taxpayers an estimated $32 million, more than 2,800 subpoenas, 500 witnesses interrogated, and as many search warrants, an obvious conclusion is reached – there was no collusion.”


The report also outlines multiple instances where Moscow had “fruitlessly” asked Washington to provide “hard proof” of the allegations, even going so far to offer cooperation in any investigation, but “the US refused every single time.”During the entirety of the ordeal, the embassy report finds, “All this time, Russia pointed to the obvious made-up nature of these insinuations. ”Meanwhile, Russian Foreign Minister Sergey Lavrov ripped continued lack of US cooperation related to already agreed upon US-Russia initiatives to foster US-Russian economic and business ties.

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I think there are many people who’d like to diss Maté, but don’t feel they can do that with Hedges.

Chris Hedges on Russiagate & Mueller Report with Aaron Maté (RT)

Chris Hedges discusses with Nation reporter Aaron Mate how despite the categorical statement in Robert Mueller’s report that Donald Trump and his campaign did not collude with Russia, the conspiracy theories by the nation’s mainstream media show little sign of diminishing.

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“Despite Washington’s propaganda campaign against him and Washington’s attempt to instigate violent street protests and Maduro’s overthrow by the Venezuelan military, whose leaders have been offered large sums of money, Maduro has the overwhelming support of the people..”

America: The Triumph of Evil (Paul Craig Roberts)

Today (April 17) I heard a NPR “news” report that described the democratically elected president of Venezuela as “the Venezuelan dictator Maduro.” By repeating over and over that a democratically elected president is a dictator, the presstitutes create that image of Maduro in the minds of vast numbers of peoples who know nothing about Venezuela and had never heard of Maduro until he is dropped on them as “dictator.” Nicolas Maduro Moros was elected president of Venezuela in 2013 and again in 2018. Previously he served as vice president and foreign minister, and he was elected to the National Assembly in 2000.

Despite Washington’s propaganda campaign against him and Washington’s attempt to instigate violent street protests and Maduro’s overthrow by the Venezuelan military, whose leaders have been offered large sums of money, Maduro has the overwhelming support of the people, and the military has not moved against him. What is going on is that American oil companies want to recover their control over the revenue streams from Venezuela’s vast oil reserves. Under the Bolivarian Revolution of Chavez, continued by Maduro, the oil revenues instead of departing the country have been used to reduce poverty and raise literacy inside Venezuela.


The opposition to Maduro inside Venezuela comes from the elites who have been traditionally allied with Washington in the looting of the country. These corrupt elites, with the CIA’s help, temporarily overthrew Chavez, but the people and the Venezuelan military secured his release and return to the presidency. Washington has a long record of refusing to accept any reformist governments in Latin America. Reformers get in the way of North America’s exploitation of Latin American countries and are overthrown. With the exceptions of Venezuela, Bolivia, Cuba, and Nicaragua, Latin America consists of Washington’s vassal states. In recent years Washington destroyed reform governments in Honduras, Argentina and Brazil and put gangsters in charge.

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One gets the feeling Boeing is one crash away from being sued into bankruptcy. And that crash appears certain to happen.

Boeing Dreamliner Workers Warn Of Defective Manufacturing (ZH)

Just as it looked like the fallout from the Boeing 737 MAX crashes was finally fading into the background, the New York Times is raising new questions about an entirely different Boeing plane, the Dreamliner 787. Workers at a Boeing plant in South Carolina are complaining about “defective manufacturing, debris left on planes and pressure to not report violations”. An investigation that incorporated reviewing hundreds of emails and documents, as well as interviews with more than a dozen current and former employees, has arrived at the conclusion that Boeing pushed speed over quality when it came to its Dreamliners – a story similar to the 737 MAX, which we reported faced similar critiques. This has lead to the question whether the issues at Boeing are limited to the 737, or if they are systemic.


According to the report, Boeing’s North Charleston plant has come under fire for safety lapses, and the facility has also drawn the scrutiny of airlines and regulators. In fact, Qatar Airways even stopped taking planes from the factory after “manufacturing mishaps damaged jets and delayed deliveries”. On top of that, there have been nearly 12 whistleblower claims about the plant with regulators. They describe issues like manufacturing, debris left on planes and pressure to not report violations. Additional whistleblowers have skipped that step and gone right to suing Boeing, claiming that they were victims of retaliation for bringing up manufacturing mistakes. Joseph Clayton, a technician at the North Charleston plant claimed he often found debris dangerously close to wiring beneath cockpits. He said: “I’ve told my wife that I never plan to fly on it. It’s just a safety issue.”

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No time for anything but that Brexit failure, the whole country is on hold, but wait… Time to stop approaching these people in reasonable ways. Pure evil.

Theresa May Plans To End Free School Lunches For One Million Children (Ind.)

Almost one million children from poor backgrounds will lose the right to free school meals if Theresa May pushes through cuts in the Conservative manifesto, an educational think tank has warned. The Prime Minister announced last week that universal free lunches for infants will be stopped if the Tories win the June 8 general election, with free breakfasts on offer instead. The move will cost families around £440 a year for each child affected and is thought likely to save around £650 million a year, according to the research by the Education Policy Institute (EPI).


The EPI found that those losing hot lunches would include 100,000 from families living in relative poverty, and 667,000 from those it defined as coming from “ordinary working families” of the kind that Theresa May has said she wants to help. Those from the poorest backgrounds will still be entitled to a free midday meal. EPI executive director Natalie Perera told The Observer: “Around 900,000 children from low-income families will lose their eligibility for free school meals under these proposals. Around two-thirds of those children are from what the Government considers to be ‘ordinary working families’. “The typical annual cost for an ordinary working family would increase under these proposals to around £440 for each child aged between four and seven.”

Read more …

From the Sydney Criminal Lawyers site

Indiscriminate Slaughter: The Leaks that Led to the Targeting of Assange (SCL)

Right now, Julian Assange is languishing in south London’s Belmarsh maximum security prison. He’s facing up to 12 months inside for breach of bail. And he’ll appear in Westminster Magistrates Court via video link on 2 May for a hearing related to his possible extradition to the US. It’s common knowledge that US authorities are pursuing Assange over the publication of classified US government documents. However, the charge the US hope to extradite the Australian journalist on is one count of conspiracy to commit computer intrusion. The decision to pursue a hacking charge is hardly surprising though, as following former Australian PM Julia Gillard referring to Assange’s activities as “illegal” back in 2010, the AFP found it couldn’t identify that he’d committed any offence where Australia would have the jurisdiction to prosecute.


And while the US has decided it has jurisdiction to pursue a hacking offence allegedly attempted on foreign soil, it seems it was the 2011 musings of then Senator George Brandis in regard to Assange’s possible involvement in soliciting leaks that led US authorities to take this avenue. So, it’s an opportune time to take a look at the 700,000-odd classified, or highly-sensitive, military and diplomatic documents that Chelsea Manning passed onto Wikileaks – some of which were on a compact disc marked “Lady Gaga”- that led US authorities to want to punish Assange.

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I so wish this wasn’t funny.

Media Condemns Julian Assange For Recklessly Exposing Them (ONION)

In the wake of the WikiLeaks founder’s arrest by British authorities on behalf of the U.S. for charges stemming from the publication of classified military documents in 2010, members of the American media condemned Julian Assange Friday for the reckless exposure of how they could be spending their time. “We denounce Julian Assange in the strongest possible terms for his negligence in publicly demonstrating the kinds of work journalists could actually be doing to investigate government malfeasance and hold the powerful accountable,” said Washington Post editorial page editor Fred Hiatt, speaking on behalf of many of the leading members of the media who castigated Assange for never once considering the harm that bringing rampant government criminality to light no matter the consequences could do to other news publications’ reputations.


“It’s abundantly clear that Mr. Assange was focused on exposing documented evidence of U.S. war crimes in Iraq and Afghanistan without so much as a thought for the journalists who faithfully parroted the U.S. military’s talking points when we could have been investigating information that ran contrary to that narrative—does he realize how that makes us look? The fact that he’d just publish information vital to the public interest from primary sources exactly as it was written instead of working with government officials to omit the most damaging parts in exchange for keeping access channels open is simply beyond the pale. The fact that the American public now knows what we’re actually doing day to day is incredibly harmful to this nation.”

Read more …

Mar 262019
 
 March 26, 2019  Posted by at 10:48 pm Finance Tagged with: , , , , , , , , , , , , , ,  7 Responses »


Jan van Eijk The Arnolfini portrait 1434

 

 

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

 

 

Mar 242019
 


Edward Hopper New York movie 1938

 

Mueller – The Name That Ended All Mainstream Media Credibility (RT)
The Accountability That Must Follow Mueller’s Report (Solomon)
Russiagate Is WMD Times A Million (Matt Taibbi)
As Tory MPs Plot May’s Downfall, Her Last Allies Battle For Her Survival (G.)
Pro-Remain MPs Draw Up Plans To Vote On Revoking Article 50 (O.)
‘One Million’ Protesters Join Historic March For Second Referendum (Ind.)
The Countries with the Most Monstrous Corporate Debt Pileups (WS)
UK Fracking Plan ‘Will Release Same CO2 As 300 Million New Cars’ (O.)
Greek Homes In Airbnb Fever (AFP)
Hunt For Bogus Asthma Cure Threatens Pangolins (O.)

 

 

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?

Mueller – The Name That Ended All Mainstream Media Credibility (RT)

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.”

Read more …

John Solomon start out saying Trump’s lawyers have been right in their approach to Mueller.

The Accountability That Must Follow Mueller’s Report (Solomon)

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.

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Prediction: the media are going to dig in.

Russiagate Is WMD Times A Million (Matt Taibbi)

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?

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They should all go. Call elections, call off Brexit for now. This has become a threat to the UK itself.

As Tory MPs Plot May’s Downfall, Her Last Allies Battle For Her Survival (G.)

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.”

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A national government anyone?

Pro-Remain MPs Draw Up Plans To Vote On Revoking Article 50 (O.)

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.”

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One time is not enough. They should be there again today, and tomorrow. Will they?

‘One Million’ Protesters Join Historic March For Second Referendum (Ind.)

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.

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Wolf Richter and an insane amount of graphs. Pretty scary.

The Countries with the Most Monstrous Corporate Debt Pileups (WS)

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!

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But the profits!

UK Fracking Plan ‘Will Release Same CO2 As 300 Million New Cars’ (O.)

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.

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I’m seeing it happen around me here in Athens. I’m staying in Koukaki. Very destructive.

Greek Homes In Airbnb Fever (AFP)

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.

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More of my friends leave every single day.

Hunt For Bogus Asthma Cure Threatens Pangolins (O.)

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.

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