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


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.”

Read more …

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
 
 May 14, 2019  Posted by at 8:55 am Finance Tagged with: , , , , , , , , , , , , , ,  


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.

Read more …

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
 
 April 25, 2019  Posted by at 9:03 am Finance Tagged with: , , , , , , , , , , , , ,  


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.

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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.

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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.

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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.”

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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.

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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.

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“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.

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“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.

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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.

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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: , , , , , , , , , , , ,  


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.

Read more …

(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.

Read more …

“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.

Read more …

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.

Read more …

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.

Read more …

“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.

Read more …

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.”

Read more …

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.

Read more …

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: , , , , , , , , , , , , , ,  


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
 
 March 24, 2019  Posted by at 10:29 am Finance Tagged with: , , , , , , , , , , , , , ,  


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.

Read more …

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?

Read more …

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.”

Read more …

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.”

Read more …

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.

Read more …

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!

Read more …

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.

Read more …

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.

Read more …

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.

Read more …

Jan 032019
 
 January 3, 2019  Posted by at 11:11 am Finance Tagged with: , , , , , , , , , , , ,  


Gerard Dou A woman playing a clavichord 1665

 

$55 Billion Wiped Off Apple Value As China Slowdown Takes Toll (G.)
China’s Economy Deteriorating Faster than Expected, Apple Warns (WS)
Apple Sales Look $9 Billion Worse Than Expected, Tim Cook Blames China (RT)
When The Stock Buybacks Go Bye-Bye (Colombo)
Corbyn Defies Calls From Within Labour To Back Second Brexit Referendum (G.)
French ‘Yellow Vest’ Leader Arrested (AFP)
After Trump, Society Will Have A Gigantic Media Hangover (Arkin)
Reporter Quits NBC Citing Network’s Support For Endless War (CJ)
Greek Consumption Is Over 90% Of GDP (Traa)
Towns And Villages Offered Millions To Become UK’s ‘Nuclear Dustbin’ (DM)

 

 

As we use focusing on the dark side of the moon and the farthest reaches of the galaxy to evade reality, and Britain uses a few handfuls of migrants to not be forced to talk about Brexit, China uses Apple and Apple uses China to turn attention away from actual issues.

$55 Billion Wiped Off Apple Value As China Slowdown Takes Toll (G.)

Apple cut its sales forecasts for its key end of year period on Wednesday, citing the unforeseen “magnitude” of the economic slowdown in China. Trading in the company’s shares was temporarily halted as Tim Cook, Apple’s chief executive, issued a letter to shareholders explaining the reason for the change. When selling started again, Apple shares fell by 7.45%, wiping $55bn (£44bn) off its value. “While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in greater China,” he said. He cited falling sales of iPhones, Mac computers and iPads. The news sparked a “flash crash” in currency markets as investors rushed to less risky assets, with the Japanese yen soaring against most major currencies in a matter of seconds.

US stock futures pointed to another rough start on Wall Street, with Nasdaq E-mini futures down 2.2% and S&P 500 E-mini futures off 1.3%. MSCI’s broadest gauge of Asia-Pacific shares outside Japan fell 0.4% after an early attempt at a bounce. Japanese markets were closed for holidays but Nikkei futures dropped 1.9%. Shares in China and Hong Kong see-sawed between gains and losses as investors waited for Beijing to roll out fresh support measures for the cooling Chinese economy. China’s central bank said late on Wednesday it was adjusting policy to benefit more small firms that are having trouble obtaining finance, in its latest move to ease strains on the private sector, a key job creator. Apple’s statement was its first profit warning since 2002 and its first of the smartphone age. It is also one that will further rattle investors already worried about the slowing Chinese economy.

Read more …

Faster than expected? Maybe the numbers were just too good for too long.

China’s Economy Deteriorating Faster than Expected, Apple Warns (WS)

On Wednesday after the market closed, Apple released a letter to shareholders in which it said that revenues are going to be a lot worse in the quarter ended December 29 than its guidance two months ago, that iPhone revenues have dropped year-over-year, that China’s economic problems are deeper than expected, and that iPhone revenues are hurting elsewhere too. This confirms a series of revenue warnings from Apple suppliers. Shares plunged 7.5% after hours to $146. If shares close at this level on Thursday, it would be the lowest close since November 7, 2017. Shares have plunged 38% in three months. Wow, this was quick:

In its “Letter from Tim Cook,” Apple slashed its revenue guidance by 6% to 10% from its prior guidance two months ago, to about $84 billion in the quarter, down from its previous guidance of $89 billion to $93 billion. Just to get this straight, this revenue guidance of $84 billion represents a 5% revenue decline from the quarter a year ago. The price increases of its new models aren’t exactly helping a lot, it seems. Here are some of the key points Apple made in its letter: While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China. In fact, most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad.

China’s economy began to slow in the second half of 2018. The government-reported GDP growth during the September quarter was the second lowest in the last 25 years. We believe the economic environment in China has been further impacted by rising trade tensions with the United States. As the climate of mounting uncertainty weighed on financial markets, the effects appeared to reach consumers as well, with traffic to our retail stores and our channel partners in China declining as the quarter progressed. And market data has shown that the contraction in Greater China’s smartphone market has been particularly sharp. Lower than anticipated iPhone revenue, primarily in Greater China, accounts for all of our revenue shortfall to our guidance…

Read more …

Note how this is happening while Huawei is a news issue.

Apple Sales Look $9 Billion Worse Than Expected, Tim Cook Blames China (RT)

Apple shares plummeted after CEO Tim Cook revealed that the iPhone maker expects a drop of up to $9bn in revenue compared to its November report. More affordable battery replacements are to blame, among other things. Apple stated that it now expects a revenue of approximately $84 billion in the first quarter of 2019, down from its previous estimate of $89bn to $93bn. Markets have reacted swiftly to the news, sending Apple shares into a 7.5-percent nosedive. Explaining the causes behind the revision, Cook almost squarely blamed the expected drop in sales on the economic slowdown in mainland China, a key emerging market for Apple smartphones.

“While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China,” Cook wrote, noting that “most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China.” By far the greatest hit was dealt by iPhone sales, which, per Cook’s admission, are responsible “for all our revenue shortfall to our guidance and for much more than our entire year-over-year revenue decline” In fact, non-iPhone product revenues actually contributed to 19-percent growth, except in China, where, according to Cook, a cooling-down economy hurt all kinds of Apple products (but still, the iPhone was the worst by far).

Read more …

That second graph tells a very serious story. No dividends at all even..

When The Stock Buybacks Go Bye-Bye (Colombo)

Debt-funded stock buybacks have been one of the major drivers of the U.S. stock market boom since the Great Recession. Ironically, 2018 was the most active year on record for buyback activity, yet the stock market faltered and experienced its first annual loss since 2008. If the stock market performed as poorly as it did in 2018 with record amounts of buybacks to prop it up, just imagine how much worse it would be if buybacks were to slow down significantly or grind to a halt? Well, that is the risk that I’m going to address in this piece. From the bear market low in March 2009 until the recent peak, the S&P 500 surged by approximately 300%:

The chart below shows how stock buybacks have been rising steadily since 2009. As I explained several months ago, U.S. corporations have taken advantage of ultra-low bond yields to borrow heavily in the corporate bond market to fund buybacks (I believe that a corporate debt bubble formed as a result of this borrowing).

The LQD iShares Investment Grade Corporate Bond ETF is a good proxy for the U.S. corporate bond market. When the ETF falls in price, corporate bond yields are rising and vice versa. The 110 to 115 support zone is the key line in the sand to watch in the LQD ETF. If LQD closes below this zone in a convincing manner, it would likely foreshadow an even more powerful bond and stock market bust ahead.

Read more …

Between now and March 29, it is very possible that a majority of Brits want to stay in the EU. But they have nobody to speak for them.

Corbyn Defies Calls From Within Labour To Back Second Brexit Referendum (G.)

Jeremy Corbyn will defy calls to change course on the party’s Brexit policy ahead of parliament’s vote on the deal, insisting that the government should secure a new deal with the EU if MPs reject Theresa May’s agreement. Under increasing pressure from Labour members and MPs to reconsider his approach as preparations for the delayed “meaningful vote” ramp up over the next week, Corbyn said on Wednesday that the party’s policy remained “sequential” and that no decision could be made on a second referendum until parliament voted down the deal on offer. His remarks come as Westminster gears up for the end of recess and the return in earnest of the Brexit debate. MPs are expected to hold the delayed vote in the second week of January.

With Corbyn’s position coming under increasing scrutiny ahead of the crucial vote, it is understood that a number of high-profile leftwing Labour figures, including Ann Pettifor, a former adviser to the shadow chancellor, John McDonnell, as well as the economics commentator Paul Mason, and Manuel Cortes, the general secretary of the TSSA trade union, are in advanced discussions about forming a policy commission to make the left’s case for remaining in the EU. Their planned intervention follows the publication of a new study revealing that an overwhelming majority of party members want the Labour leader to back a second referendum, though most remain loyal to Corbyn’s leadership. Corbyn and several of his closest allies have been both publicly and privately sceptical of the policy, and the Labour leader has said in a previous interview with the Guardian that the party would pursue a negotiated Brexit deal even if it won a snap general election.

Read more …

I thought they had no leaders?!

French ‘Yellow Vest’ Leader Arrested (AFP)

One of the leaders of the “yellow vest” anti-government demonstrations, Eric Drouet, was detained by French police and placed in custody on Wednesday for organising a central Paris protest without declaring it, according to a source at the prosecutors office. Drouet – who already faces a trial for carrying a weapon – was held while heading for the Champs-Elysees, according to a police source. A few dozen demonstrators had gathered outside a McDonalds near France’s famous Arc de Triomphe war monument and had been waiting for Drouet to arrive early Wednesday evening.

“Yellow vest” demonstrations — so-called after the high-visibility jackets they wear — began in rural France in November over fuel taxes and ballooned into a wider revolt against President Emmanuel Macron’s pro-business policies, which they view as skewed towards the rich. The protesters have repeatedly clashed with police in Paris and other big French cities, plunging Macron’s presidency into crisis. Drouet was first arrested last month. He face trial on June 5 for “carrying a prohibited category D weapon”, a judicial source told AFP. Radical leftist leader Jean-Luc Melenchon, a fierce critic of Macron, tweeted: “Again Eric Drouet arrested, why? Abuse of power. A politicised police targeting and harassing the leaders of the yellow vest movement.”

Read more …

Brian Stelter at CNN covers BIll Arkin leaving NBC, and predictably tries to make it into something negative about Trump: “Reporter warns of Trump circus”. But if you read well, you see that Arkin depicts CNN as part of the Trump circus. The circus is the way the media covers the president: “I find myself completely out of synch with the network, being neither a day-to-day reporter nor interested in the Trump circus.” What Arkin says is he leaves NBC because they are too similar to CNN.

The one thing CNN did right was to post Arkin’s mail in its entirety. Here’s part of that.

After Trump, Society Will Have A Gigantic Media Hangover (Arkin)

In our day-to-day whirlwind and hostage status as prisoners of Donald Trump, I think – like everyone else does – that we miss so much. People who don’t understand the medium, or the pressures, loudly opine that it’s corporate control or even worse, that it’s partisan. Sometimes I quip in response to friends on the outside (and to government sources) that if they mean by the word partisan that it is New Yorkers and Washingtonians against the rest of the country then they are right. For me I realized how out of step I was when I looked at Trump’s various bumbling intuitions: his desire to improve relations with Russia, to denuclearize North Korea, to get out of the Middle East, to question why we are fighting in Africa, even in his attacks on the intelligence community and the FBI.

Of course he is an ignorant and incompetent impostor. And yet I’m alarmed at how quick NBC is to mechanically argue the contrary, to be in favor of policies that just spell more conflict and more war. Really? We shouldn’t get out Syria? We shouldn’t go for the bold move of denuclearizing the Korean peninsula? Even on Russia, though we should be concerned about the brittleness of our democracy that it is so vulnerable to manipulation, do we really yearn for the Cold War? And don’t even get me started with the FBI: What? We now lionize this historically destructive institution. Even without Trump, our biggest challenge as we move forward is that we have become exhausted parents of our infant (and infantile) social media children.

And because of the “cycle,” we at NBC (and all others in the field of journalism) suffer from a really bad case of not being able to ever take a breath. We are a long way from resolving the rules of the road in this age, whether it be with regard to our personal conduct or anything related to hard news. I also don’t think that we are on a straight line towards digital nirvana, that is, that all of this information will democratize and improve society. I sense that there is already smartphone and social media fatigue creeping across the land, and my guess is that nothing we currently see – nothing that is snappy or chatty – will solve our horrific challenges of information overload or the role (and nature) of journalism. AndI am sure that once Trump leaves center stage, society will have a gigantic media hangover.

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Arkin understands what’s happening. There’s no way he’s the only one at the MSM. Time to call them out. Not just for war oor anti-war coverage, as Caitlin does here, but for the Trump circus they’ve created.

Reporter Quits NBC Citing Network’s Support For Endless War (CJ)

A journalist with NBC has resigned from the network with a statement which highlights the immense resistance that ostensibly liberal mass media outlets have to antiwar narratives, skepticism of US military agendas, and any movement in the opposite direction of endless military expansionism. “January 4 is my last day at NBC News and I’d like to say goodbye to my friends, hopefully not for good,” begins an email titled ‘My goodbye letter to NBC’ sent to various contacts by William M Arkin, an award-winning journalist who has been associated with the network for 30 years. “This isn’t the first time I’ve left NBC, but this time the parting is more bittersweet, the world and the state of journalism in tandem crisis,” the email continues. “My expertise, though seeming to be all the more central to the challenges and dangers we face, also seems to be less valued at the moment. And I find myself completely out of synch with the network, being neither a day-to-day reporter nor interested in the Trump circus.”

The lengthy email covers details about Arkin’s relationship with NBC and its staff, his opinions about the mainstream media’s refusal to adequately scrutinize and criticize the US war machine’s spectacular failures in the Middle East, how he “argued endlessly with MSNBC about all things national security for years”, the fact that his position as a civilian military analyst was unusual and “peculiar” in a media environment where that role is normally dominated by “THE GENERALS and former government officials,” and how he was “one of the few to report that there weren’t any WMD in Iraq” and remembers “fondly presenting that conclusion to an incredulous NBC editorial board.” “A scholar at heart, I also found myself an often lone voice that was anti-nuclear and even anti-military, anti-military for me meaning opinionated but also highly knowledgeable, somewhat akin to a movie critic, loving my subject but also not shy about making judgements regarding the flops and the losers,” he writes.

“I thought that the mission was to break through the machine of perpetual war acceptance and conventional wisdom to challenge Hillary Clinton’s hawkishness. It was also an interesting moment at NBC because everyone was looking over their shoulder at Vice and other upstarts creeping up on the mainstream. But then Trump got elected and Investigations got sucked into the tweeting vortex, increasingly lost in a directionless adrenaline rush, the national security and political version of leading the broadcast with every snow storm. And I would assert that in many ways NBC just began emulating the national security state itself – busy and profitable. No wars won but the ball is kept in play.

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In the US, consumption is some 70% of GDP. Quite high. In Greece it has become 90%. This simply means that almost all money goes towards basic needs. But you wouldn’t know that from this piece by one Bob Traa in Kathimerini. He gets completely lost in -shaky- economic theory.

Greek Consumption Is Over 90% Of GDP (Traa)

In this Note, we look at the Hellenic Statistical Authority’s (ELSTAT) report of the quarterly national accounts from the demand side. We are interested in the structure of aggregate demand and how government policy connects to this structure. In the next Note, we will look at the income side of GDP – who earns what. Figure 1 shows us the four-quarter moving average of the share of final consumption (by the private sector and the government combined) out of GDP. We will show for each component how Greece compares to the eurozone overall. All data are from ELSTAT and Eurostat from Q1 1995 through Q3 2018. These figures are interesting and generate lots of ideas and hypotheses.

For instance, note that consumption in Greece (around 90 percent of GDP) is much higher than in the eurozone as a whole (around 75 percent of GDP). This means that the flip side of consumption, saving, is much lower in Greece than in the eurozone as a whole. If you enjoy spending, but you are not a good saver, guess where the difference must come from: debt. But why is saving so much lower in Greece than in the eurozone? One possible candidate is an overvalued real exchange rate. When the real exchange rate is overvalued, this provides incentives to pull in consumption from the future into the present, because consumption today is relatively cheap, compared to consumption tomorrow when the real exchange rate resets to equilibrium – i.e. falls. Another way to put this is that Greece is not quite competitive yet.

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There is no solution for nuclear waste. But the call for more plants is everywhere. Again. Look up the status of Yucca Mountain to see where the legal positions are. People are going to tell you nuclear energy is clean. It is the opposite.

Towns And Villages Offered Millions To Become UK’s ‘Nuclear Dustbin’ (DM)

Towns and villages are being offered millions of pounds as an incentive to become Britain’s ‘nuclear dustbin’. Hundreds of tons of radioactive nuclear power station waste needs to be stored a kilometre – roughly 3,000ft – deep in the ground. The facility will need to hold 750,000 cubic metres of waste – enough to fill three quarters of Wembley stadium – and will cost an estimated £8billion to build. To provide an incentive to hosting the dumping ground, the selected area will be given between £1million and £2.5million a year for community projects, the Government said. The sweetener comes after the last attempt to find a nuclear burial ground flopped in 2013 – following five years of consultations – when Cumbria county council rejected the plan. It is expected the process to find a site will take 20 years, and it will take ten years to build. It will then need to remain safe for up to 200,000 years.

In the new scheme, rather than a council deciding, a final decision will rest on a local referendum. Waste is currently stored at 30 sites, mostly at Sellafield in Cumbria. It includes around 112 tonnes – the world’s biggest stockpile – of plutonium, the most poisonous substance ever created. In 2016 the House of Commons Office of Science and Technology warned that plutonium is so dangerous it can even ‘self-sustain a nuclear chain reaction under certain conditions’. Other radioactive materials include uranium. A Government document on how it find a site said the dump would need 600 skilled staff and was ‘likely to have a positive effect on the local economy’ and ‘will provide jobs and benefits to the economy for more than 100 years’.

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https://twitter.com/i/status/1080512542299033602

Dec 262018
 
 December 26, 2018  Posted by at 10:56 am Finance Tagged with: , , , , , , , , , , ,  


Caravaggio Burial of St. Lucy 1608

 

US Prepares To Hit The Wall As Reckless Trump Undoes Years Of Hard Work (G.)
Trump Urges Americans To Buy The Dip; Voices Confidence In Mnuchin, Powell (ZH)
Trump’s Frustration With Mnuchin Rising – Source (CNN)
BOJ’s Kuroda Further Waters Down Pledge To Hit Inflation Target Quickly (R.)
Japan To Resume Commercial Whaling (AFP)
Asian Stocks Slip On US Shutdown Worries, Trump’s Fresh Criticism Of Fed (MW)
Asian Stocks Retreat As US Political Tumult Adds To Growth Worry (R.)
‘We’re Not Far From Zuckerberg Getting Subpoenaed’ (Ind.)
How Can We Break The Brexit Deadlock? Ask Ancient Athens (Bridle)
Brexit Made The UK A Global Joke. Can We Rebuild Our Reputation? (Kampfner)
Arab League Set To Readmit Syria Eight Years After Expulsion (G.)
More Than 50 Australian Plant Species Face Extinction Within Decade (G.)

 

 

Can’t make it up (fast enough): I used 6 anti-Trump Guardian articles from December 23 in my article yesterday, Dumping on the Donald. But guess what: I still missed one from that day. The contents are completely empty, but they really wanted to get the headline in.

US Prepares To Hit The Wall As Reckless Trump Undoes Years Of Hard Work (G.)

The accomplishments of a US president’s first year in office can be credited to his predecessor, at least where the economy is concerned. And Donald Trump was handed the best performing economy on the planet. All the tough decisions – to refinance the banks, rescue the car companies and deflate the real-estate bubble – had been made. The stock market was tearing along, setting records almost every week. Trump gave this rising balloon extra air with $1tn of tax cuts. It was borrowed money, but no matter. The economy sailed along for another year and the stock market carried on rising. His plan was to win the midterm congressional elections and then persuade the Republican party to give him another $1tn, or as near to it as possible.

In other words, he would use another pile of borrowed cash to pump up the economy again, hoping against hope that it would not blow up before his re-election. Without control of the House of Representatives, his plans are in ruins. And that was obvious to stock and bond traders, who followed the vote in November by putting a sell sign over their maps of America. December has proved to be the worst month for shares in many decades. Oil prices have slumped and the market is expecting worse to come in the new year. The reasons for pessimism are piling up. From the Atlantic to the Pacific, US home sales are struggling, with agents reporting that there are not enough buyers and asking prices are not being met.

[..] And in recent days Trump has given markets something else to worry about – building the wall. His threat to shut down the government if Congress refuses to provide him with the money for a pan-American border fence with Mexico has spooked traders. This reckless threat was preceded by the surprise decision to pull US troops out of Syria. If Trump could make such a move without consulting important allies, then perhaps he was capable of the “long shutdown” he has promised in his tweets. With ever fewer calming voices in the White House to rein in the president’s wilder excesses, it’s understandable that the finance industry is jittery about the prospects for 2019.

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Trump likes Mnuchin. Who’s been around from the get-go. And of course both know there are hard times ahead.

Trump Urges Americans To Buy The Dip; Voices Confidence In Mnuchin, Powell (ZH)

“We have companies, the greatest in the world, and they’re doing really well,” Trump told reporters at the White House on Christmas Day. “They have record kinds of numbers. So I think it’s a tremendous opportunity to buy. Really a great opportunity to buy.” Trump’s invocation to BTFD came one day after the most violent Christmas Eve selloff on record, and the day when the S&P fell not only to its lowest level in 20 months, but also slumped into a bear market. For Trump, the stock market has served as a barometer on his administration, and while he was pointing out virtually every major uptick for the past two years, the recent plunge has infuriated him, leaving him mute on any market-related topic.

But a more important catalyst for a potential Wednesday rally came when Trump appeared to back off on his demands that the Fed stop hiking, which culminated with Trump reportedly seeking to fire Fed Chair Powell and speculation that if the market does not stop falling, Treasury Secretary Mnuchin may also be on the chopping block. Alongside urging Americans to BTFD, Trump expressed confidence in the Treasury secretary and the Federal Reserve, in an attempt to calm financial markets further roiled after a recent Bloomberg report that the president had discussed firing the central bank’s chairman over raising interest rates.

Asked about Fed Chairman Jerome Powell, Trump said the central bank is “raising interest rates too fast” but he has “confidence” that the Fed will “get it pretty soon.” Trump was also asked if he has confidence in Treasury Secretary Steven Mnuchin who sparked a market panic on Monday with his late Sunday statement in which he said he had called the CEOs of the top 6 banks to make sure bank liquidity levels are fine (prompting a frenzy of question what he knows that the rest of the market does not) and followed it up with a call with the Plunge Protection Team on Monday, which however failed to prevent one of the worst one-day routs in history . Trump’s response: “yes I do, very talented guy, very smart person.”

While answering questions from reporters at the White House after addressing U.S. armed forces members on a Christmas Day video conference call, Trump also said the Fed is hiking borrowing costs because the “economy is doing so well” – which is accurate, however it is the market that is spooked by the aggressive tightening – adding that U.S. companies are having “record kinds of numbers” and it’s a “tremendous opportunity to buy.” The remarks represented Trump’s first expression of public support for Mnuchin and Powell since Bloomberg reported last week that the president has discussed dismissing Powell who was recommended by Mnuchin. Overnight, Bloomberg also reported that the president also weighed dismissing Mnuchin, while another said that Mnuchin’s tenure may depend in part on how much markets continue to drop.

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But CNN has found an anonymous source who claims Mnuchin is on his way out. Bloomberg claimed something similar.

Is it getting through to people that nothing CNN has to say about Trump has any news value?

Trump’s Frustration With Mnuchin Rising – Source (CNN)

President Donald Trump’s frustration with Treasury Secretary Steven Mnuchin is ratcheting up further after markets suffered their worst Christmas Eve drop ever despite Mnuchin’s attempts to calm Wall Street, according to a source close to the White House. The source told CNN that Mnuchin could be in “serious jeopardy” with Trump, who regularly rages at Cabinet members he feels have made mistakes, before he cools off. Trump nevertheless vouched for Mnuchin publicly, shifting blame for the market volatility to the Federal Reserve instead. “Yes, I do,” Trump said Tuesday when asked whether he had confidence in Mnuchin. “Very talented, very smart person.”

But the source painted a different picture of Mnuchin’s standing behind the scenes. “Mnuchin is under the gun,” the source said. The Treasury secretary left Washington for a Christmas holiday in Mexico’s Cabo San Lucas as the federal government shut down over the weekend, while Trump canceled his own planned trip to his Mar-a-Lago resort in Florida and remained cooped up in the White House over the holiday, absorbing a flood of negative news about the markets. Mnuchin aides have been scrambling to find economic data to help their boss calm Trump down, but Trump was said to be unhappy with what Mnuchin was telling him, this source said. An administration source dismissed the latest round of rumors that the secretary’s continued tenure was on the line. “This is nonsense,” they said.

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Abenomics bleeds to death very slowly and even more expensively.

BOJ’s Kuroda Further Waters Down Pledge To Hit Inflation Target Quickly (R.)

Conceding it was taking longer than expected to achieve 2 percent inflation, Kuroda said global risks have “come to warrant further attention” as China’s growth slows and trade frictions hurt business sentiment. He also said the BOJ must be mindful of the rising costs of prolonged monetary easing, such as the chance years of near-zero rates could hurt financial institutions’ profits and discourage them from boosting lending. “The BOJ will proceed step by step toward achieving its price target, while taking into account in a balance manner not only the benefits of monetary easing but also its costs,” Kuroda told an annual meeting of business lobby Keidanren on Wednesday. Up till now, Kuroda has repeatedly said the BOJ will seek to achieve 2 percent inflation “at the earliest date possible.”

[..] The BOJ is caught in a bind. With inflation distant from its target, it is forced to maintain a massive stimulus despite the negative spillovers. Its dwindling policy ammunition limits the ability to ramp up stimulus to prevent another recession. The dilemma has created a rift within the BOJ with its board members disagreeing on ways to address the dangers of prolonged easing, minutes of the October rate review showed. Kuroda said the situation has changed from when the BOJ deployed a massive asset-buying program in 2013, when such a drastic action was critical to pull Japan out of stagnation. Now, the economy is in good shape but inflation remains weak and closer attention is needed to overseas risks, he said. “In complex times like now, what’s required is to persistently continue with the current powerful easing while weighing the benefits and costs of our policy in a balanced manner,” Kuroda said.

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Nobody wants whale hunts. They’re arcane and stupid. So stop buying Japanese cars and electronics. Get organized. Either boycott them completely or hold your tongue.

Japan To Resume Commercial Whaling (AFP)

Japan said Wednesday it is withdrawing from the International Whaling Commission and will resume commercial whaling next year, sparking criticism from activists and anti-whaling countries including Australia. The announcement comes after Japan failed earlier this year to convince the IWC to allow it to resume commercial whaling. Top government spokesman Yoshihide Suga said the commercial hunts would be limited to Japan’s territorial waters. “We will not hunt in the Antarctic waters or in the southern hemisphere,” he added. Tokyo has repeatedly threatened to pull out of the IWC, and has been regularly criticised for catching hundreds of whales a year for “scientific research” despite being a signatory to a moratorium on hunting the animals.

Suga said Japan would officially inform the IWC of its decision by the end of the year, which will mean the withdrawal comes into effect by June 30. Leaving the IWC means Japanese whalers will be able to resume hunting in Japanese coastal waters of minke and other whales currently protected by the IWC. But Japan will not be able to continue the so-called scientific research hunts in the Antarctic and elsewhere that it has been exceptionally allowed as an IWC member. Japan joins Iceland and Norway in openly defying the IWC’s ban on commercial whale hunting, and its decision sparked international criticism.

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I think they slip because their economies are in trouble.

Asian Stocks Slip On US Shutdown Worries, Trump’s Fresh Criticism Of Fed (MW)

Asian markets were mostly lower on Wednesday after President Donald Trump said that there was “nothing new” in efforts to end the partial government shutdown over a U.S.-Mexico border wall. Traders had no fresh leads from Wall Street, which was closed on Christmas. U.S. stocks are headed for their worst December since the Great Depression in 1931. South Korea’s Kospi, 1.3% to 2,028.01 and the Shanghai Composite Index shed 0.3% to 2,498.29. Japan’s Nikkei, which plunged 5% on Tuesday, picked up 0.9 percent to 19,327.06. Shares fell Taiwan and throughout Southeast Asia. Markets in Hong Kong and Australia were closed.

The partial shutdown of the U.S. government that started Saturday shows no signs of abating. “Nothing new. Nothing new on the shutdown. Nothing new. Except we need border security,” Trump told reporters. The White House said Trump will reject any deal that does not include any funding for a wall or a fence. The Democrats have opposed this and are offering $1.3 billion for security. The routines of 800,000 federal employees are expected to be disrupted by the shutdown, but essential services will keep running. Trump’s criticism of the U.S. central bank triggered a drop in Asian equities on Tuesday. “The only problem our economy has is the Fed,” the president said on Twitter.

“They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders.” Trump has since said since that interest rate hikes were a “form of safety” for an economy that was doing well, while stressing that the Fed was raising rates too quickly. “The outsized moves are not reflective of the current U.S. economic landscape, but that seems to matter little so far as fear mongering continues to permeate every pocket of global capital markets,” Stephen Innes of OANDA said in a market commentary.

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Trump brings down Asian stocks. Didn’t win your Christmas lottery? You know who to blame.

Asian Stocks Retreat As US Political Tumult Adds To Growth Worry (R.)

Asian stock markets retreated again on Wednesday, extending a rout that began last week as U.S. political uncertainty exacerbated worries over slowing global economic growth. Investors were unnerved by the U.S. federal government partial shutdown and President Donald Trump’s hostile stance toward the Federal Reserve chairman. U.S. Treasury Secretary Steven Mnuchin had also raised market concerns by convening a crisis group amid the pullback in stocks. S&P 500 emini futures were last down 0.6 percent, pointing toward a lower start for Wall Street when the U.S. market reopens after Christmas Day, when many of the world’s financial markets were shut.

Markets in Britain, Germany and France will remain closed on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.5 percent, brushing a two-month low. The Shanghai Composite Index lost 0.4 percent while South Korea’s KOSPI shed 1.6 percent. Japan’s Nikkei, which slumped 5 percent the previous day, had a volatile session. It swerved in and out of the red, falling more than 1 percent to a 20-month-low at one stage, before ending the day with a gain of 0.9 percent. “In addition to concerns toward the U.S. economy, the markets are now having to grapple with growing turmoil in the White House which has raised political risk ahead of the year-end,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.

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The CIA and MI6 are watching.

‘We’re Not Far From Zuckerberg Getting Subpoenaed’ (Ind.)

David Carroll, an associate professor at Parsons School of Design in New York, said this week may finally have dealt Facebook its “knockout” blow. As an outspoken critic of the way Facebook uses people’s data, Prof Carroll is currently suing Cambridge Analytica under the Data Protection Act following the UK firm’s role in mining data from 87 million Facebook users for the purpose of political profiling during the 2016 US presidential elections. But the latest revelations that other tech firms were given access to people’s private messages was beyond even what he thought Facebook was capable of. “Even as someone who is deeply sceptical of Facebook, I was surprised by the latest revelations,” he told The Independent.

“I didn’t know it could be that bad in terms of scope and scale. But it all seems to fit with Zuckerberg’s master plan for global domination.” The first lawsuit against Facebook regarding the Cambridge Analytica scandal, which affected more than 87 million users, comes courtesy of the attorney general of the District of Columbia. It is unlikely to be the last, given Facebook is also currently facing probes by the US Securities and Exchange Commission, the Federal Trade Commission and the Department of Justice – and that’s just in the US. A relatively insignificant fine of £500,000 that was handed to Facebook in the UK may be dwarfed following investigations by the Irish data protection regulator, which are being seen as the first serious test of Europe’s new General Data Protection Regulation.

But with more than 2 billion users worldwide and an annual revenue of more than $40 billion in 2017, it will take more than a fine to have any significant impact on Facebook. Prof Carroll has called for Facebook CEO Mark Zuckerberg and other senior executives to be subpoenaed and thinks it might not be long before that becomes a reality. “We need to get them under oath and ask them questions they cannot dodge. It will depend on the Mueller investigation. It’s imaginable additional facts come to our knowledge to justify Zuckerberg’s subpoena and we find out how much he knew and when. We need more to justify it but we’re not that far from getting there.”

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Elect your decision makers at random. That way they can’t be bought by special interests. And that’s just one of many advantages.

James Bridle is the author of New Dark Age: Technology and the End of the Future.

How Can We Break The Brexit Deadlock? Ask Ancient Athens (Bridle)

In the central marketplace of ancient Athens, around 350BC, there stood a machine called the kleroterion. This was a six-foot-high slab of stone that had a series of slots on the front, and a long tube bored down from the top to the base. Those up for selection for the various offices of state would insert metal ID tags, called pinakia, into the slots, and a functionary would pour a bucket of coloured balls, suitably shaken, into the top of the tube. The order in which the balls emerged would determine who took which role, some for the day, some for a year.

Today the kleroterion survives, in fragments, in Athens’ Museum of the Ancient Agora, alongside other pieces of democratic technology such as the clepsydra, a water clock used to time orators’ speeches and the fragments of pottery, called ostraka, on which they scratched the names of the too-powerful politicans they wished to see banished from the city, and from which we derive the modern word “ostracism”. The method of governance embodied in the kleroterion, which dates back to the very establishment of democracy, is called sortition, meaning selection by lot, as opposed to election by vote. The Athenians believed that the principle of sortition was critical to democracy. Aristotle declared that: “It is accepted as democratic when public offices are allocated by lot; and as oligarchic when they are filled by election.”

But along the way, sortition – and the even more exciting possibility of actual banishment – has fallen out of most democracies’ toolkits. Sortition in ancient Athens had a number of important qualities. First, those eligible for selection included the entire suffrage (which, it must be noted, was at the time limited to adult male citizens). Second, it applied to much more than jury selection, which is the only form in which sortition survives in most places today, and included magistrates, legislators and the main governing councils of the city – all the important posts, in fact, bar the military. And third, and perhaps most significantly, it both embodied and enabled transparent and participatory governance: that is, anybody could come down to the agora and not merely see but understand how the machine worked – and anyone could be selected by it.

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No, your reputation’s pretty much shot.

Brexit Made The UK A Global Joke. Can We Rebuild Our Reputation? (Kampfner)

Britain is now the butt of global mirth and cringe-making sympathy. I spent most of this autumn on trips trying to link our creative industries with those of other countries. From Mexico City to Montreal, Amsterdam to Tallinn, the welcome starts with the avuncular hand on the shoulder, a sigh and a reference to “our British friends”, followed by “I hope you’re all right”. Consternation over the original referendum decision long ago gave way to bafflement over the chaos. “What on earth is Mrs May doing playing pantomime host in the House of Commons at a time like this?” someone asked me last week. “We used to think that you were serious, reliable people.” Americans and Europeans used to tune in to our parliamentary antics to wonder at the jousting.

Now they are baffled that we continue to play games at a time like this. I am constantly asked why we hark on about the second world war, as if we are stuck in time and are not proud of our achievements since. The gulf between those trying to sell the UK’s skills and modernity and the poor calibre of our political culture is hitting hard. Business groups, which had been surprisingly cowed, are now waking up to the dangers of the brain drain. It is not just young, ambitious Europeans who are moving home, apparently to our prime minister’s delight. The movement of talented Britons to other countries is steady and will grow, as the reality of Brexit sinks in. Why work in a country that regards economic self-harm as just one of those things you have to get through? Why work in a country that permits people to come rather than welcomes them?

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Putin moves silently.

Arab League Set To Readmit Syria Eight Years After Expulsion (G.)

Gulf nations are moving to readmit Syria into the Arab League, eight years after Damascus was expelled from the regional bloc over its brutal repression of peaceful protests against President Bashar al-Assad. At some point in the next year it is likely Assad will be welcomed on to a stage to once again take his place among the Arab world’s leaders, sources say. Shoulder to shoulder with the Saudi crown prince, Mohammed bin Salman, and Egypt’s latest autocrat, General Abdel Fatah al-Sisi, the moment will mark the definitive death of the Arab spring, the hopes of the region’s popular revolutions crushed by the newest generation of Middle Eastern strongmen.

Syria was thrown out of the Arab League in 2011 over its violent response to opposition dissent, a move that failed to stem the bloodshed that spiralled into civil war. Now though, a regional thaw is already under way. This week, the Sudanese president, Omar al-Bashir, became the first Arab League leader to visit Syria in eight years, a visit widely interpreted as a gesture of friendship on behalf of Saudi Arabia, which has shored up ties with Khartoum in recent years. Pro-government media outlets posted pictures of the two leaders shaking hands and grasping each other’s arms on a red carpet leading from the Russian jet that ferried Bashir to Damascus along with the hashtag “More are yet to come”.

Read more …

50 plant species? Who’s that going to impress?

More Than 50 Australian Plant Species Face Extinction Within Decade (G.)

More than 50 Australian plant species are under threat of extinction within the next decade, according to a major study of the country’s threatened flora. Just 12 of the most at-risk species were found to be listed as critically endangered under national environment laws – the Environment Protection and Biodiversity Conservation Act – and 13 had no national threatened listing at all. The scientists behind the research, published in the Australian Journal of Botany this month, say the results point to a need for re-evaluation of Australia’s national lists for threatened plants. It is the first major assessment of the status of Australia’s threatened flora in more than two decades. Plants account for about 70% of Australia’s national threatened species list, with 1,318 varieties listed as either critically endangered, endangered or vulnerable.

The research team assessed species that met criteria for either a critical or endangered listing at national or state levels to track their rate of decline. They did this by reviewing all available literature on the plants – including recovery plans, conservation advice and peer-reviewed research – and conducting interviews with 125 botanists, ecologists and land managers with expertise on particular geographic regions or species. The study examined 1,135 species, including 81 that were unearthed through the interview process as being eligible for a critically endangered or endangered listing but did not have one. It found 418 plants had continued declines in their population and a further 265 species had insufficient monitoring information available to determine their status.

The scientists concluded that 55 species were at high risk of extinction within the next 10 years, with fewer than 250 individual plants or only a single population remaining. They found just 12 of the most imperilled species were listed under the EPBC Act as critically endangered and 13 had no listing at all. They said there were also 56 species of plants currently on the critically endangered list that they assessed as having no documented declines or that were stable or even increasing.

Read more …

Nov 092018
 
 November 9, 2018  Posted by at 10:21 am Finance Tagged with: , , , , , , , , , , , ,  


Paul Henry Altan Lough, Donegal 1933-34

 

Larry King: CNN Stopped Doing News A Long Time Ago. They Do Trump (ZH)
Democrats Want Healthcare Protected – And Trump Impeached (R.)
The Fed Stands Pat on Thursday, What’s Next? (Street)
US Sues UBS, Alleges Crisis-Era Mortgage Securities Fraud (R.)
Frail Mikhail Gorbachev Warns Against Return To The Cold War (R.)
Corbyn Advisor Economist Mariana Mazzucato Has UK Residency Bid Rejected (G.)
As Renewables Drive Up Energy Prices US, Asia & Europe Opt For Nuclear (F.)
US Court Halts Construction Of Keystone XL Oil Pipeline (AFP) <
World’s First AI News Anchor Unveiled In China (G.)
UN Envoy Meets UK Food Bank Users (G.)
‘Remarkable’ Decline In Global Fertility Rates (BBC)
Stopping Antimicrobial Resistance Would Cost Just $2 Per Person A Year (OECD)

 

 

Not that I need vindication, but it’s good to see that Larry King says the same I’ve been saying: CNN – like NYT, Wapo etc.- is in it for the money only, not for the news. Think of that as the recount stories start spreading.

Larry King: CNN Stopped Doing News A Long Time Ago. They Do Trump (ZH)

HOST RICK SANCHEZ: You know it’s interesting. As I listen to you I’m thinking that both you and I are old enough to remember that there was a lot of antagonism during the 1960s. There was a lot of antagonism during Watergate. There was certainly antagonism during the Clinton years. But there is something, maybe it’s an undercurrent, that is different now. Can you put your finger on it? What is it?

KING: Two things, Rick — the internet and cable news. Could you imagine cable news in Watergate? And they don’t do news anymore. In fact, RT is one of the few channels doing news. RT does news. CNN stopped doing news a long time ago. They do Trump. Fox is Trump TV and MSNBC is anti-Trump all the time. You don’t see a story — there was vicious winds and storms in the Northeast the other day – not covered on any of the three cable networks, not covered. Not covered! So when CNN started covering Trump — they were the first — they covered every speech he made and then they made Trump the story.

So, Trump is the story in America. I would bet that ninety-eight percent of all Americans mention his name at least once a day. And when it’s come to that, when you focus on one man, I know Donald 40 years — I know the good side of Donald and I know the bad side of Donald — I think he would like to be a dictator. I think he would love to be able to just run things. So, he causes a lot of this. Then his fight with the media and fake news. I’ve been in the media a long time, like you — longer than you, Rick. And at all my years at CNN, in my years at Mutual Radio, I have never seen a conversation where a producer said to a host “pitch the story this way. Angle it that way. Don’t tell the truth.” Never saw it. Never saw it.

SANCHEZ: You know it’s funny, just quick because you know these producers are telling me you guys have to start wrapping this up … you said something interesting about how CNN played along with Trump. I think they only played along or at least gave him that much airtime in many ways because they didn’t think he was going to win, correct?

KING: I guess it’s to their regret. But, they covered him as a character. They carried every speech he made. They carried him more than Fox News, at the beginning. And so they built the whole thing up and the Republicans had a lot of candidates and they all had weaknesses. When I saw Senator Cruz hug Donald Trump the other day I said, “this is what America has become.” He said that Cruz’s father helped kill Kennedy!

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Healthcare good. Impeachment painfully dumb. These people should go looking for trustworthy news stories, not blindly parrot MSM.

Democrats Want Healthcare Protected – And Trump Impeached (R.)

Democrats have a clear message for party leaders who will take control of the U.S. House of Representatives next year, according to a Reuters/Ipsos national opinion poll: Protect their healthcare and impeach President Donald Trump. The poll released on Thursday found that 43 percent of people who identified as Democrats want impeachment to be a top priority for Congress. That goal was second in priority only to healthcare, which played a major role in Democratic campaigns’ closing arguments before Tuesday’s elections.

They may be disappointed: Party leaders on Wednesday vowed to use their newly won majority to impose a new level of scrutiny on the Trump White House, but said impeachment would require evidence of action to subvert the Constitution that was so overwhelming that it would trouble even Trump’s supporters. Democratic Party leaders had practical reasons for caution. While they were poised to gain at least 30 House seats, more than the 23 they needed for a majority, Republicans strengthened their control of the U.S. Senate, which has the power to determine guilt or innocence in an impeachment proceeding. [..] The American public at large was far less supportive of impeachment proceedings, with just 24 percent of overall respondents listing it among their top three goals for the new Congress.

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A raise next month is what’s next.

The Fed Stands Pat on Thursday, What’s Next? (Street)

In an unsurprising move, Fed chair Jerome Powell kept rates flat on Thursday. “The committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions and inflation near the committee’s symmetric 2 percent objective over the medium term,” the Fed said following its regularly scheduled two-day meeting to discuss interest rates. “Risks to the economic outlook appear roughly balanced.” TheStreet Founder and Action Alerts portfolio manager Jim has been adamant that the pause was necessary given a “collapse in oil” and a “collapse in housing.” He noted that Powell’s pause, and potentially an extended pause, could change that.

[..] Powell has paused, but the market seems to be slow off the starting line so far as major indices finished Thursday down slightly. So what’s next? “People have to remember that this November meeting is the last lame duck meeting,” Quill Intelligence CEO and former Federal Reserve Bank of Dallas advisor Danielle DiMartino Booth told TheStreet. “imagine all of the drama with Trump castigating Powell.” She added that a raise is very likely in December and speculated that rates could possibly be raised again in January, which would surprise the markets. “I don’t think he has any qualms about having the market make monetary policy for him,” Dimartino Booth said. “He’s not afraid of the stock market.”

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Why did that take 10 years? And what are the odds an actual person will be held accountable?

US Sues UBS, Alleges Crisis-Era Mortgage Securities Fraud (R.)

The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-09 global financial crisis. UBS was accused of misleading investors about the quality of more than $41 billion of subprime and other risky mortgage loans backing 40 securities offerings in 2006 and 2007, the Department of Justice said in a complaint filed with the federal court in Brooklyn. The lawsuit came after UBS rejected a government proposal that it pay nearly $2 billion to settle, according to a person familiar with the talks who was not authorized to speak publicly about them.

While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell. [..] U.S. officials faulted UBS for having a business culture that placed a higher priority on profits than full disclosure to investors, who were deprived of crucial information about the quality of the loans underlying the securities they bought. Thursday’s lawsuit quoted a UBS trader who in a 2006 instant message said “our crack due diligence effort is a joke,” and a UBS mortgage employee who the same year complained to his bosses about the bank’s ethics, including that “Lying is ok.”

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His last warning?

Frail Mikhail Gorbachev Warns Against Return To The Cold War (R.)

Mikhail Gorbachev, the last Soviet leader, warned on Thursday against rising tensions between Russia and the United States and said there should be no return to the Cold War. The frail 87-year-old was physically helped by aides to a cinema hall to watch the premiere in Russia of a new documentary about his life, his Soviet reforms in the 1980s and his arms control drive that helped end the Cold War. His legacy has come under a pall as ties between Moscow and Washington have fallen to post-Cold War lows, following Russia’s annexation of Crimea in 2014 and rows over sanctions, election meddling and the poisoning of a spy in England.

He spoke briefly to a cinema hall in Moscow after “Meeting Gorbachev”, a new documentary directed by filmmakers Werner Herzog and Andre Singer, and was asked if the world would hold back from a new Cold War. “We must hold back,” he said. “And not just from the Cold War. We have to continue the course we mapped. We have to ban war once and for all. Most important is to get rid of nuclear weapons.” Reviled by many Russians as the man whose reforms ultimately led to the Soviet breakup, Gorbachev is lauded in the West as the man who helped end the Cold War. Gorbachev, whose visibly ailing health was in stark contrast to the vigorous reformist figure he cut in the 1980s, said the world was moving dangerously closer to a new arms race.

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This happened last year. Even university professors with 4 British kids are not safe.

Corbyn Advisor Economist Mariana Mazzucato Has UK Residency Bid Rejected (G.)

The London-based international economist Mariana Mazzucato has said her application for permanent residency in the UK was turned down, prompting renewed anger about the government’s immigration policy. Mazzucato, the founding director of University College London’s Institute for Innovation and Public Purpose and the author of several influential books on the economy, was born in Italy but has lived in the UK for 20 years. She applied for permanent residency in 2017, a few months after the UK voted to leave the EU. On Thursday she tweeted that her application had been refused and her Italian passport kept by the Home Office for six months. Immigration officials blamed a credit card problem with her application fee, she said, adding that there was no problem with her card.

A spokesman for University College London said Prof Mazzucato did not want to elaborate on her Twitter update. Later, after her tweet prompted widespread outrage, it clarified that she was referring to an incident in 2017. Mazzucato joined Jeremy Corbyn’s Economic Advisory Committee in 2015 and 2016 alongside other big name economists, including Joseph Stiglitz and Thomas Piketty. She is a member of the Scottish government’s Council of Economic Advisers. Her attempt to secure permanent residency ran into problems over a mixup about single digit on her 85-page application. “My ‘big’ error was making 4 look like 9 in my credit card number,” she tweeted in May 2017. At the time she said her application had to be resubmitted.

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No, we are not a smart species.

As Renewables Drive Up Energy Prices US, Asia & Europe Opt For Nuclear (F.)

Voters in the U.S., Asia, and Europe are increasingly opting for nuclear power in response to rising electricity prices from the deployment of renewables like solar panels and wind turbines. By a more than two-to-one margin (70% to 30%), voters in Arizona on Tuesday rejected a ballot initiative (proposition 127) that would have resulted in the closure of that state’s nuclear power plant and in the massive deployment of solar and wind. In Taiwan, momentum is building for a repeal of that nation’s nuclear energy phase-out. Grassroots pro-nuclear advocacy inspired a former president to help activists gather over 300,000 signatures so voters could vote directly on the issue on November 24.

And after a coalition of grassroots groups rallied in Munich, Germany last month to protest the closure of nuclear plants, a wave of mostly positive media coverage spread across Europe, inspiring a majority of Netherlands voters, and the nation’s ruling political party, to declare support for building new nuclear reactors. Now, in the wake of rising public support for nuclear energy, a longstanding foe of nuclear power, the U.S.-based Union of Concerned Scientists, has reversed its blanket opposition to the technology and declared that existing U.S. nuclear plants must stay open to protect the climate.

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The never ending battle continues. Just let interest rates bankrupt shale, and we’re good.

US Court Halts Construction Of Keystone XL Oil Pipeline (AFP)

A federal judge on Thursday halted construction of the Keystone XL oil pipeline, arguing that President Donald Trump’s administration had failed to adequately explain why it had lifted a ban on the project. The ruling by Judge Brian Morris of the US District Court for the District of Montana dealt a stinging setback to Trump and the oil industry and served up a big win for conservationists and indigenous groups. Trump granted a permit for the $8 billion conduit meant to stretch from Canada to Texas just days after taking office last year. He said it would create jobs and spur development of infrastructure. In doing so the administration overturned a ruling by then president Barack Obama in 2015 that denied a permit for the pipeline, largely on environmental grounds, in particular the US contribution to climate change.

The analysis of a cross-border project like this is done by the State Department. The same environmental analysis that the department carried out before denying the permit in 2015 was ignored when the department turned around last year and approved it, the judge argued. “An agency cannot simply disregard contrary or inconvenient factual determinations that it made in the past, any more than it can ignore inconvenient facts when it writes on a blank slate,” Morris wrote. He added: “The department instead simply discarded prior factual findings related to climate change to support its course reversal.” The judge also argued that the State Department failed to properly account for factors such as low oil prices, the cumulative impacts of greenhouse gases from the pipeline and the risk of oil spills.

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Who’ll know the difference?

World’s First AI News Anchor Unveiled In China (G.)

China’s state news agency Xinhua this week introduced the newest members of its newsroom: AI anchors who will report “tirelessly” all day every day, from anywhere in the country. Chinese viewers were greeted with a digital version of a regular Xinhua news anchor named Qiu Hao. The anchor, wearing a red tie and pin-striped suit, nods his head in emphasis, blinking and raising his eyebrows slightly. “Not only can I accompany you 24 hours a day, 365 days a year. I can be endlessly copied and present at different scenes to bring you the news,” he says.

Xinhua also presented an English-speaking AI, based on another presenter, who adds: “The development of the media industry calls for continuous innovation and deep integration with the international advanced technologies … I look forward to bringing you brand new news experiences.” Developed by Xinhua and the Chinese search engine, Sogou, the anchors were developed through machine learning to simulate the voice, facial movements, and gestures of real-life broadcasters, to present a “a lifelike image instead of a cold robot,” according to Xinhua.

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Britian’s reality.

UN Envoy Meets UK Food Bank Users (G.)

At Britain’s busiest food bank in Newcastle’s west end people loaded carrier bags with desperately needed groceries as unemployed Michael Hunter, 20, took his chance to spell out to one of the world’s leading experts in extreme poverty and human rights just how tight money can get in the UK today. Previous destinations for Philip Alston, the United Nations rapporteur on the issue, have included Ghana, Saudi Arabia, China and Mauritania. But now his lens is trained on Britain, the fifth richest country in the world, and he listened as Hunter explained an absurdity of the government’s much-criticised universal credit welfare programme.

Users have to go online to keep their financial lifeline open, but computers need electricity – and with universal credit leaving a £465 monthly budget to stretch across the three people in Michael’s family (about £5 each a day), they can barely afford it with the meter ticking. “I have to be quick doing my universal credit because I am that scared of losing the electric,” he said. Alston mentally logged the situation, ahead of a report ruling on whether Britain is meeting its international obligations not to increase inequality. But it was not just the computer that was too expensive to power. “I am hungry sometimes,” Michael said. “I’m scared to eat sometimes in case we run out of food.”

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Maybe mankind CAN solve some of its problems?!

‘Remarkable’ Decline In Global Fertility Rates (BBC)

There has been a remarkable global decline in the number of children women are having, say researchers. Their report found fertility rate falls meant nearly half of countries were now facing a “baby bust” – meaning there are insufficient children to maintain their population size. The researchers said the findings were a “huge surprise”. And there would be profound consequences for societies with “more grandparents than grandchildren”. The study, published in the Lancet, followed trends in every country from 1950 to 2017. In 1950, women were having an average of 4.7 children in their lifetime. The fertility rate all but halved to 2.4 children per woman by last year. But that masks huge variation between nations. The fertility rate in Niger, west Africa, is 7.1, but in the Mediterranean island of Cyprus women are having one child, on average.

Whenever a country’s average fertility rate drops below approximately 2.1 then populations will eventually start to shrink (this “baby bust” figure is significantly higher in countries which have high rate of deaths in childhood). At the start of the study, in 1950, there were zero nations in this position. Prof Christopher Murray, the director of the Institute for Health Metrics and Evaluation at the University of Washington, told the BBC: “We’ve reached this watershed where half of countries have fertility rates below the replacement level, so if nothing happens the populations will decline in those countries. “It’s a remarkable transition. “It’s a surprise even to people like myself, the idea that it’s half the countries in the world will be a huge surprise to people.”

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Apparently for the OECD, these are equal issues: ..handwashing and more prudent prescription of antibiotics. Though they know full well that simply putting a ban on antibiotics in agriculture would solve the issue in no time.

Stopping Antimicrobial Resistance Would Cost Just $2 Per Person A Year (OECD)

Superbug infections could cost the lives of around 2.4 million people in Europe, North America and Australia over the next 30 years unless more is done to stem antibiotic resistance. Yet, three out of four deaths could be averted by spending just USD 2 per person a year on measures as simple as handwashing and more prudent prescription of antibiotics, according to a new OECD report. Stemming the Superbug Tide: Just A Few Dollars More says that dealing with antimicrobial resistance (AMR) complications could cost up to USD 3.5 billion a year on average across the 33 countries included in the analysis, unless countries step up their fight against superbugs.

Southern Europe risks being particularly affected. Italy, Greece and Portugal are forecast to top the list of OECD countries with the highest mortality rates from AMR while the United States, Italy and France would have the highest absolute death rates, with almost 30,000 AMR deaths a year forecast in the US alone by 2050. A short-term investment to stem the superbug tide would save lives and money in the long run, says the OECD. A five-pronged assault on antimicrobial resistance — by promoting better hygiene, ending the over-prescription of antibiotics, rapid testing for patients to determine whether they have viral or bacterial infections, delays in prescribing antibiotics and mass media campaigns — could counter one of the biggest threats to modern medicine.

Investment in a comprehensive public health package encompassing some of these measures in OECD countries could pay for themselves within just one year and end up by saving USD 4.8 billion per year, says the OECD. While resistance proportions for eight high-priority antibiotic-bacterium combinations increased from 14% in 2005 to 17% in 2015 across OECD countries, there were pronounced differences between countries. The average resistance proportions in Turkey, Korea and Greece (about 35%) were seven times higher than in Iceland, Netherlands and Norway, the countries with the lowest proportions (about 5%).

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Oct 292018
 
 October 29, 2018  Posted by at 5:11 pm Primers Tagged with: , , , , , , , , , , ,  


Mestre da Família Artés The Last Judgment and the Mass of Saint Gregory 1500-1520

 

It’s been quite a while since I first wrote that I resented the MSM (New York Times, Washington Post, CNN, MSNBC etc etc) for effectively monopolizing the entire discussion about Donald Trump. Don’t remember exactly when I wrote that, do remember Jim Kunstler sent a mail and thanked me for saying it. Because he felt- and feels- the same way.

The 24/7 daily Trump bashing machine that was unleashed in late 2015/early 2016 meant that people like us had a choice of criticizing Trump where he needed to be criticized, but that would put us in the MSM camp, where we don’t want to be. And we don’t want to not criticize him either, because there’s so much that needs scrutiny.

A third choice would be to not write at all, but hey, we’re writers. And so we’re either Trump-fans, something I’ve been accused of a lot, and I’m sure Jim has too, or we’re Trump haters, depending on what we publish. In reality, of course, we’re neither, but the way the conversation has been built, there’s no neutral ground. You’re either with us or with him.

Today, almost 3 years later, nothing much has changed about this. Other than, as I wrote at a later date, the mass media have become consciously aware that Trump is their money machine. Their financial people started pointing out that posting negative stuff about Trump all the time got them a lot of new readers and viewers and income streams. And so they continued doing it.

Their ‘news’ didn’t have to necessarily be true, or provable, it only had to look as if it could be true, until the next show or article, or the next day. That’s how we got the Russiagate story, which still lacks all evidence. Like a million other narratives, none of which have really gotten anywhere. It doesn’t matter. People who don’t like Trump eat it up. And there’s plenty of those, not in the least because of the picture the MSM has painted. It’s a self-fulfilling prophecy thing.

 

And today, if you take a good look, you can see that the MSM are stuck. Their entire business model over the past 2.5 years has been built on bashing Trump, and now they have to stick with that. This is how they make their money. If their viewers and readers would understand this, then perhaps some of them would wonder: ‘What am I watching here really?’ But they don’t.

There are some who are simply gullible, there are those who fall victim to information overkill and can’t tell black from white anymore, and then there’s still quite a large group who will never like anything Trump does, no matter what. Because.

But that should never be enough for an organization that purports to report only the news, impartial and objective. You can’t publish stuff solely because you know it will be eaten up and make you money. That’s not the news business, that’s entertainment.

Now, I rarely watch TV. When I’m in Greece, where I’ve spent most of my time the past few years, I see none, other than the odd soccer game at a sports bar. But last weekend I flew to Holland, and there I got to see me some CNN. Oh boy. It was when the first dummy bomb package had been reported, and more of them started to spread.

Nobody knew anything about the ‘bombs’ themselves (we still don’t), about motive, about who sent them, none had gone off, they didn’t know if these things could have gone off, nothing at all. But nevertheless CNN labeled the event: ‘Mass Assassination Attempt’. And then, you know, they have all these time slots to fill, so they all yap and yap as if this is something real that they know something about.

 

And then at some point Trump called for civility in the nation. And CNN, sadly and predictably, reacted by agreeing with him. Only to follow that up with: “Trump has to become more civil”. Which may or may not be true, but that was not his point and neither is it mine today.

You see, CNN pulled a perfect bait and switch: While demanding that Trump tone it down in response to his own call for civility, they categorically and emphatically denied that their tone, their ‘news reporting’ must come down too. They didn’t just deny it, they entirely ignore the whole issue. Because according to them, all they do is report the news, you know, objective and neutral, no opinions involved.

After bashing Trump for two years+ they react to his call for a more civil tone by … bashing Trump and ignoring their own role completely. The exact opposite. And then they’re surprised that his reaction to being bashed one more time, again, is to point out that they do, in fact, play a role.

CNN et al paint themselves as victims, as the ones being targeted by Trump (and not even by whoever sent the bombs), completely omitting to what extent they themselves were the ones who targeted Trump. CNN is entirely blind to their own role. They proclaim, and really seem to believe, that they speak for the American people.

But if that were true, Trump would not be president. They may speak for part of the American people, but certainly not ‘the people’. And if they continue in their present ways, they never will. As long as the MSM puts all their chips on making money off of the segment of the American population who despise their president, they only sharpen the divide.

 

Another thing I’ve mentioned before is that with the midterms coming up in a few days, the MSM don’t actually want to impeach Trump, or get rid of him in any other way. They want to continue writing negative stuff about him forever. They want him to maybe lose the midterms, but then to win in 2020. Obama was killing them financially. Now they got their golden goose.

And it’s not Trump who profits from the nation being so divided, or at least not nearly as much as the media does. Trump would like to be appreciated for what he achieves, but when it comes to that, he can’t get a word in edgewise. They can’t risk writing positive stuff about him, it would risk their new business model.

Moreover, after that court ruling that said Trump can’t ban people on Twitter, everyone feels free to call Trump whatever they want, idiot, lunatic, you name it, I even saw Hitler pop up again, and he cannot ban them. Trump is America’s national piñata. While he’s also the President.

And the media say they’re just reporting the news. “Trump calls for civility, but continues his attacks on the media”. Well, the media continue their attacks on him, too. “Trump refuses to acknowledge his rhetoric makes this happen.” So does the MSM rhetoric. “Words Matter”. Indeed, they do. But not only Trump’s words. Everybody’s words.

The MSM have never managed – nor tried- to move beyond the notion that Trump supporters are deplorables. They’re stuck in a time warp. That is what divides the nation. Sarah Sanders was right: the first thing Trump did was to condemn the violence, the first thing CNN did was to blame Trump for it. CNN says that’s not true, they only reported the news. Yeah, 100% objectively.

 

Let’s do a test: when is the last time CNN, or the WaPo, have said anything truly positive about Trump? And I don’t mean three words strung together, but an actual report on for instance jobs and the state of the economy. When is the last time they complimented him, other than perhaps when American rockets landed in some remote and deserted Syrian sandbox?

So you don’t like Trump. And in the MSM you find voices that express your ideas. What you probably don’t realize is that they amplify those ideas as well, and that’s no coincidence. You’re being used by the MSM to prolong their newly-found very profitable anti-Trump rhetoric business model. You’re an easy victim. All they have to do is confirm your thoughts all the time, and tomorrow you’ll tune in for more, and so on.

Or how about this one: There’s so much to blame Trump for, there are so many negative sides to the man, and then the media focus for a long time on a made-up story about collusion with Russians, for which a special counsel with unlimited budget and resources hasn’t found any proof after two whole years. Doesn’t that make you think? Shouldn’t it?

The MSM’s interest is to divide the country, that’s how they make money. If they would write or broadcast positive stories about Trump, which must exist, they would threaten the dividing line that keeps people from talking to each other. Once they do start talking, Trump-bashing will become much less lucrative. They can’t have that.

You don’t need to be a Trump fan to see that, and I’m definitely not, you need to be blind NOT to see it. You’re being played. And what are you going to do when the GOP wins the midterms, despite what you’ve been told would happen, what if there is no blue wave? Are you going to start talking to the other half of the country then, or are you going to dig deeper into the trenches with the MSM? Honest question.