Mar 272025
 


Henri Matisse Woman with a hat 1905

 

Trump Admin Hit by Record Number of Injunctions From Partisan Courts (McCarthy)
When Judges Violate the Constitution (Joecks)
President Trump Unleashes 25% Tariffs On Foreign-Made Auto Imports (ZH)
Japanese Carmakers Face Catastrophic Profit Hit From Trump’s Auto Tariffs (ZH)
Goldberg Accidentally Proved His ‘Signalgate’ Narrative Is a Hoax (Margolis)
“Those Are Some Really Sh*tty War Plans”: Hegseth Ridicules ‘Bombshell’ (ZH)
White House Selects Elon Musk To Investigate SignalGate Controversy (JTN)
Distinguishing the Signal From the Noise (Victoria Taft)
Might of the Living Feds: 1,500+ Cash-Sucking ‘Zombies’ (RCW)
“Sometimes a Little Brain Damage Can Help.” (Pinsker)
Trump Declassifies FBI Crossfire Hurricane Files (RT)
US Government is a Big Money Laundering Operation – John Rubino (USAW)
RFK Jr. is Pushing Big Pharma Ad Ban – And Corporate Media is Panicking (Becker)
EU Officials Unhappy With Kallas – Politico (RT)
Moscow Backs Ceasefire Despite Kiev’s Breaches – Kremlin (RT)
Russia Winning In Ukraine, Continually Gaining Leverage: US Intel (ZH)
Ukraine Never Had Nuclear Weapons – Grenell (RT)
US Looking For ‘Proper Way’ To Reconnect Russia to SWIFT – Bessent (RT)
Moody’s Issues Warning On US Finances (RT)

 

 

 

 

Elon why

XO

 

 

Russian steel

2016
https://twitter.com/JackPosobiec/status/1904948216447008882

 

 

 

 

 

 

“..69 District Court judges presiding over cases involving the Trump administration..”

Trump Admin Hit by Record Number of Injunctions From Partisan Courts (McCarthy)

Since returning to the White House on Jan. 20, President Donald Trump has unleashed a storm of executive orders, a great many of which have been halted or blocked—not by the now-Republican-controlled Congress, but by federal District Courts. According to numbers compiled by the Harvard Law Review, U.S. District Courts have issued more sweeping injunctions against Trump in the past two months than they have against three former presidents over their entire terms. Since Jan. 20, lower courts have imposed 15 nationwide injunctions against the Trump administration, compared to what the Harvard Law Review recounts as six over the course of George W. Bush’s eight-year presidency, 12 over the course of Barack Obama’s eight years in the White House, and 14 during Joe Biden’s single four-year term.

During his first term, Trump was subjected to 64 nationwide injunctions. If inferior courts continue issuing nationwide injunctions against the Trump administration at the current rate (15 for every two months in office), then the second Trump administration will have accumulated 360 nationwide injunctions by the time the president leaves office—and a grand total of 424 over the course of both of Trump’s terms. However, there have been a total of over 45 rulings or more targeted injunctions leveled against the second Trump administration overall, according to The New York Times.

The Harvard Law Review’s tally (published in 2024) also noted the increased partisanship of the federal judiciary. Of the six injunctions imposed against Republican Bush, half came from judges appointed by Democrats and half from judges appointed by Republicans. Of the 12 injunctions imposed against Democrat Obama, seven (less than 60%) were issued by judges appointed by Republicans. Of the 64 injunctions Trump’s first Republican administration was slapped with, 92.2% were issued by judges appointed by Democrats. All—100%—of the 14 injunctions issued against Democrat Biden came from Republican-appointed judges.

Almost a year before Trump’s return to the White House, the Harvard Law Review also warned against the practice of “judge shopping,” essentially looking at the partisan leanings of various federal judges and bringing a complaint in a given district based on a judge’s presumed political leanings. During the first Trump administration, more injunctions were issued against the president by federal District Court judges in deep-blue California than by judges in any other state.

The second Trump term is seemingly witnessing a repeat of this effect. The Washington Stand conducted an analysis of all the lawsuits either already heard or pending a ruling or injunction at the District Court level against the second Trump administration, disregarding the handful of cases being overseen by federal magistrate judges. Of the 69 District Court judges presiding over cases involving the Trump administration, 21 were appointed by Republican presidents: two by Ronald Reagan, one by George H.W. Bush, eight by George W. Bush, and 10 by Trump himself. Already, several of those Republican-appointed judges have issued injunctions or rulings against Trump’s executive orders and actions. The other 48 District Court judges overseeing complaints against the Trump administration were appointed by Democrats: seven by Bill Clinton, 20 by Obama, and 21 by Biden.

In its analysis, The Harvard Law Review observed that “the extreme use of nationwide injunctions during the Trump Administration could reflect judicial responsiveness to the unprecedented degree to which President Trump tested the limits of presidential power.” However, the legal journal added that “in the Biden years, judges appear to be ordering vacatur in cases where plaintiffs requested an injunction.” An order of vacatur is binding only on the agency to which it is directed—as opposed to nationwide injunctions, which are, as the name suggests, binding nationwide and enforceable by holding violators in contempt—and simply vacates a rule, declaring that it shall have no legal effect.

The Harvard Law Review continued, “Whether the falling rate of injunctions from the Trump to the Biden Administration reflects a decrease in abuses of executive power, judicial responsiveness to growing criticism of the nationwide injunction, or the replacement of some injunctions with the ‘lesser remedy’ of vacatur, the decrease should not mislead: district court judges appear to be striking down executive policies of opposing administrations with unprecedented frequency.”

The growing use of nationwide injunctions by inferior courts, the prestigious legal journal warned, necessarily has a chilling effect on the development of law and precedent. When several inferior courts of different jurisdictions issue conflicting rulings, the matter often winds up at the U.S. Supreme Court, where a definitive standard is set for addressing similar issues going forward. However, nationwide injunctions halt the continued challenging of executive orders, executive actions, or laws, since, as the Harvard Law Review pointed out, various other inferior courts simply refuse to take up related cases, determining that there can be no demonstration of injury in fact while the nationwide injunctions are in place.

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“..Constitution. Article II gives “executive power” to the president, who is also commander in chief of the military. Yet, according to some federal judges, the judiciary is in charge of the executive branch’s military policy, hiring, spending decisions and deportation flights. The Trump administration can’t even take down a website.”

When Judges Violate the Constitution (Joecks)

Leftist judges want to turn President Donald Trump into a president in name only. Look at all the ways that individual judges have hamstrung the Trump administration. A district court judge recently blocked Trump’s executive order removing transgender individuals from the military. Another judge ordered the Trump administration to send two men who are pretending to be women into a women’s prison. One federal judge ordered the administration to restore government webpages that promote the Left’s transgender narrative. A different district court judge stopped the Trump administration from disbanding the wasteful United States Agency for International Development. Secretary of State Marco Rubio appointed Jeremy Lewin to a high-level position in USAID. The judge later ruled that Lewin wasn’t allowed to serve in that role.

Last weekend, another federal judge blocked the Trump administration from deporting illegal immigrant gang members. He even unsuccessfully attempted to force them to turn around flights that were already in the air. These examples are only the tip of the judicial overreach iceberg. Now, all presidential administrations face lawsuits, but what’s happening here is well beyond historical norms. In his four years in office, former President Joe Biden’s administration received 14 federal injunctions. In less than two months, judges have already hit the Trump administration with more than that. These rulings are an affront to the Constitution. Article II gives “executive power” to the president, who is also commander in chief of the military. Yet, according to some federal judges, the judiciary is in charge of the executive branch’s military policy, hiring, spending decisions and deportation flights. The Trump administration can’t even take down a website.

Contrast that judicial activism with what Alexander Hamilton laid out in Federalist 78. “The judiciary is beyond comparison the weakest of the three departments of power,” he wrote. And “it can never attack with success either of the other two.” But, Hamilton warned, while “liberty can have nothing to fear from the judiciary alone,” it “would have everything to fear from its union with either of the other departments.” That’s what some district court judges are attempting to do. These unelected, unaccountable judges are attempting to upend the constitutional order. Most people take it for granted that the executive and legislative branches will abide by judicial decisions. And despite Trump’s social media bluster, his administration has been remarkably deferential to the judicial process in its actions.

That’s likely in part due to a belief that higher courts, including the Supreme Court, will largely overrule these individual judges. That’s already happened in one case involving Trump’s push to eliminate diversity, equity, and inclusion. Republicans in Congress are also working on potential solutions, such as requiring a three-judge panel to rule on injunctive relief. The judiciary is more vulnerable than many activist judges seem to realize. As Hamilton wrote, the judiciary “may truly be said to have neither force nor will, but merely judgment; and must ultimately depend upon the aid of the executive arm even for the efficacy of its judgments.” In other words, if Trump tells the court to enforce its own rulings, the court can’t. It can only hope there would be a political price to pay for openly defying a court order.

Public support for the judiciary, however, could collapse quickly. The Left has been attacking it for years. Biden openly disregarded a Supreme Court decision on student loan forgiveness. Some Democrats pushed to pack the Supreme Court, while others have wrongly smeared conservative justices as corrupt. Supreme Court Chief Justice John Roberts needs to stop rogue district court judges from violating the Constitution–and quickly. If he doesn’t, support from the right could evaporate quickly. A diminished court isn’t ideal, but neither is one that flagrantly violates the Constitution.

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There are hardly any American cars in Europe. But the US is full of Mercs and Beamers. The issue is quite obvious.

President Trump Unleashes 25% Tariffs On Foreign-Made Auto Imports (ZH)

Update (1600ET): President Trump has announced a 25% tariff on all cars not made in the US. “This will continue to spur growth,” Trump told reporters. Trump confirmed that these new tariffs are in addition to existing tariffs and are expected to result in $100 billion in revenues. To underscore his seriousness, Trump said, “This is permanent.” In addition to the tariffs, Trump discussed his plan to allow Americans to deduct interest payments on cars that are made in America. If the car is built in the US, there will be no tariffs. “We are going to charge countries for doing business in our country and taking our jobs, taking our wealth, taking a lot of things that they have been taking over the years.” GM and Ford shares are tumbling further on the news…

European and Canadian officials have already thrown their teddy-bears out of the stroller. Ontario Premier Doug Ford (who folded like broken deckchair on his last threat to hike electricity costs to Americans), warned that: “…he’ll “encourage Carney to target US automobiles… and will inflict as much trade pain as possible.” Canadian PM Mark Carney commented that US tariffs are a “direct attack” on Canadian auto workers, adding that the Trump tariffs “will hurt us.” “We will defend our workers, our companies, and our country.” European Commission Chief Ursula von der Leyen immediately posted her disappointment on X:

“I deeply regret the US decision to impose tariffs on European automotive exports. The automotive industry is a driver of innovation, competitiveness, and high quality jobs, through deeply integrated supply chains on both sides of the Atlantic. As I have said before, tariffs are taxes – bad for businesses, worse for consumers equally in the US and the European Union. We will now assess this announcement, together with other measures the US is envisaging in the next days. The EU will continue to seek negotiated solutions, while safeguarding its economic interests. As a major trading power and a strong community of 27 Member States, we will jointly protect our workers, businesses and consumers across our European Union.”

“Our automobile industry will flourish like it’s never flourished before,” Trump commented, seemingly unflapped by the possibility of retaliation.

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“..about 46% of all new cars sold in the US are imported.”

Japanese Carmakers Face Catastrophic Profit Hit From Trump’s Auto Tariffs (ZH)

As the fallout from Trump’s tariff plans comes into relief, a harsh truth is emerging for the automotive industry: there are lots of losers and not many winners. But foreign automakers, those without US facilities, will be hit especially hard. As Bloomberg notes, from South Korea’s Hyundai to Germany’s Volkswagen, and to a lesser extent America’s own General Motors, many of the world’s most prominent carmakers will soon face higher costs from Trump’s new levies on auto imports and key components. That’s because about 46% of all new cars sold in the US are imported.

“There are very few winners,” Sam Fiorani, vice president of global vehicle forecasting for AutoForecast Solutions, said in a phone interview. “Consumers will be losers because they will have reduced choice and higher prices.” One notable winner in the tariff chaos is Elon Musk. His Tesla, which has large factories in California and Texas, churns out all the electric vehicles it sells in the US, although as Elon noted late on Wednesday, the company will also not remain unscathed.

Ford could also face a less-severe impact than some rivals, with about 80% of the cars it sells in the US being built domestically. Others will be less lucky: starting April 2, the new 25% tariffs will apply to all imported passenger vehicles and light trucks, as well as key parts like engines, transmissions. Not surprisingly, the tariffs give automakers that heavily source parts in the US an edge, and Trump also allowed an exemption: the new levies will only apply to the non-US share of vehicles and parts imported under a free-trade agreement with Canada and Mexico. That may soften the blow for vehicles whose supply lines zig-zag across the continent. Tariffs on parts from Canada and Mexico that comply with the trade deal also won’t take effect until the US sets up a process to collect those levies. The US neighbors could use that window to try to stave off full implementation, even if it’s a long shot.

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There are whole lists of Goldberg’s anti-Trump articles.

Goldberg Accidentally Proved His ‘Signalgate’ Narrative Is a Hoax (Margolis)

The Democrats’ latest effort to manufacture a Trump administration scandal blew up in their faces this week after Jeffrey Goldberg, editor-in-chief of The Atlantic, reported that he was somehow included in an encrypted Signal chat group with top administration officials discussing a planned attack on Houthi rebels in Yemen. According to Goldberg, officials discussed classified and/or top-secret war plans. No one disputes that Goldberg was erroneously included in the chat, but the real issue is whether classified or top-secret war plans were actually discussed. CIA Director John Ratcliffe and DNI Director Tulsi Gabbard testified that nothing classified or top secret was discussed in the chat. Others in the administration have said the same thing. Goldberg had been given the opening to release the chats in their entirety to prove them wrong. But he insisted that he wouldn’t.

During an interview on The Bulwark Podcast with Tim Miller, Goldberg repeatedly evaded calls to produce evidence, raising serious questions about the credibility of his claims. Miller directly challenged Goldberg, pointing out that top Trump administration officials had accused him of lying. “Now, the Secretary of Defense and the White House Press Secretary have said you’re lying, have said there are no war plans there, have said there’s no classified information,” Miller stated. “So the obvious question is, shouldn’t you now demonstrate it? Shouldn’t you publish the text?” Goldberg flatly refused. “No, because they’re wrong. They’re wrong,” he insisted, offering no proof to back up his claims.

Here’s the problem with that claim: In the encrypted chat, National Security Advisor Michael Waltz explicitly mentioned the participants’ “high side” inboxes, a reference to the classified system. This made it clear they knew certain topics couldn’t be discussed on the Signal platform. Miller pressed Goldberg further in the interview, asking whether he would at least provide the alleged messages to congressional intelligence committees. Instead of responding substantively, Goldberg deflected with sarcasm. “Wow. What? You wanna become my lawyer?” he quipped with an annoyed tone. He clearly wasn’t comfortable with the line of questioning, and I got the sense he was hiding something.

As the conversation continued, Goldberg struggled to justify his refusal to produce evidence, resorting to vague justifications. “Just because they’re irresponsible with material doesn’t mean that I’m gonna be irresponsible with this material,” he said. He further attempted to cast doubt on the administration’s credibility, suggesting officials were merely trying to “get out of a jam.” In a final attempt to defend his decision, Goldberg framed it as a matter of principle. “I have a pretty clear standard in my own behavior of what I consider… information that I consider to be in the public interest, even if it’s technically classified or not,” he said, adding that he was “sticking to my principles.”

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“No names. No targets. No locations. No units. No routes. No sources. No methods. And no classified information.” ..”some really shitty war plans.”

“Those Are Some Really Sh*tty War Plans”: Hegseth Ridicules ‘Bombshell’ (ZH)

Update(1326ET): Defense Secretary Pete Hegseth has responded to the growing calls among Dems for him to step down. This is hours after The Atlantic published the fuller chat logs, alleging that he’s discussing ‘war plans’ in an unsecure and unclassified setting – also with a journalist inadvertently added to the group chat. Hegseth emphasized on X that there were No names. No targets. No locations. No units. No routes. No sources. No methods. And no classified information.” And he said sarcastically these these make for “some really shitty war plans.”

Still, this is unlikely to appease the Trump White House’s enemies, who are also now claiming that national security officials ‘lied’ before the Senate yesterday.

* * *
The Atlantic has published the fuller chat thread from the Signal group that journalist Jeffrey Goldberg was ‘inadvertently’ included in. This comes after the top Trump officials involved denied that they shared secret “attack plans” in an unsecure, unclassified setting. The President has downplayed it, defending both national security adviser Mike Walz and Defense Secretary Pete Hegseth. Senator Mark Warner of Virginia, the top Democrat on the Senate Intelligence Committee, has called for both Hegseth Waltz to either resign or be fired from their top national security posts. “When the stakes are this high, incompetence is not an option,” Warner wrote on social media Tuesday. “Pete Hegseth should resign. Mike Waltz should resign.”And in a a letter to President Trump, House minority leader Hakeem Jeffries has urged Hegseth’s termination, calling him “unqualified” and a national security risk.

“The so-called secretary of defense recklessly and casually disclosed highly sensitive war plans — including the timing of a pending attack, possible strike targets and the weapons to be used — during an unclassified national security group chat that inexplicably included a reporter,” Jeffries wrote. “His behavior shocks the conscience, risked American lives and likely violated the law.” The newly published messages were sent on March 15 and purport to be from an account identified as Secretary of Defense Pete Hegseth. Amid the ongoing controversy, Golberg and The Atlantic are seeking to present a ‘smoking gun’ of sorts. The messages include times of strikes and the types of aircraft being used in attacks on Yemen’s Houthis, who have for many months been sending drone and missiles against Red Sea shipping, including American warships and even at times a carrier.

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The “chat” group is invite only. It should be simple to see who invited, and then added, the journalist.

White House Selects Elon Musk To Investigate SignalGate Controversy (JTN)

The White House on Wednesday asked Tesla CEO Elon Musk to lead a probe into the so-called SignalGate scandal, which refers to the accidental addition of a journalist to a national security chat on the encrypted messaging app Signal. Jeffrey Goldberg, The Atlantic’s editor-in-chief, reported on Monday that he was added to a chain last week containing messages from Defense Secretary Pete Hegseth, National Security Adviser Michael Waltz, Vice President JD Vance, and 15 other senior national security officials. The discussion regarded the Defense Department’s strike plans on the Houthis. White House press secretary Karoline Leavitt confirmed to reporters that Musk had been asked to help lead the investigation, along with his team at the Department of Government Efficiency, per The Hill.

“Elon Musk has offered to put his technical experts on this to figure out how this number was inadvertently added to the chat, again to take responsibility and ensure this can never happen again,” she said. The White House Counsel’s office and the National Security Council are also helping with the investigation. President Donald Trump said a staffer on Waltz’s team was responsible for Goldberg’s inclusion, and Waltz has denied ever meeting or talking to Goldberg. The journalist’s invitation allegedly came from Waltz’s account. Waltz has accepted “full responsibility” for the scandal.

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“I won’t make excuses for the security breach, for that’s what you call it when Jeffrey Goldberg is on the text chain hiding under the name “Jeffrey Goldberg.”

Distinguishing the Signal From the Noise (Victoria Taft)

After the hypersonic quickness and near-flawlessness of the first few weeks of the Trump 47 presidency, the mediacrats have seized upon a Signal chat between 17 high-level administration officials and Atlantic editor Jeffrey Goldberg. They’ve attempted to turn a discussion about attacking Houthis into the theft of the Manhattan Project. It won’t work, but it doesn’t mean that between applauding the Tesla showroom fire bombings and threatening the drivers of those cars, the left won’t keep trying to make this fetch happen. The Morning Joe gadflies, endless CNN panels, even Hillary Clinton and everyone at the Trump White House agree on one thing: Jeffrey Goldberg shouldn’t have been on that Signal text chain because no one can trust him.

Financier, Shark Tank’s Kevin O’Leary, often says, “To be effective you must be able to distinguish the signal from the noise.” The way this issue has been discussed by mediacrats, it’s been all noise. Endless noise. First, Goldberg hates Trump. His wife works for Hillary Clinton, for goodness’ sake. Goldberg is “The Atlantic’s” Bob Woodward: the guy that comes up with all kinds of uncorroborated stories that no one has ever heard of, much less seen evidence for. If it’s true, why is it only stated in front of Bob or Jeffrey and never reported or even alluded to by anyone before or since? Even actor Bill Murray worked out that puzzle. Goldberg put the words “suckers and losers” into Donald Trump’s mouth at the same time he allegedly petulantly refused to go to a World War II cemetery in Normandy. Yeah, that’s totally on brand for Trump. Not.

Of course, it had nothing to do with the weather making it impossible to fly over the French countryside and near the cliffs of Pointe du Hoc to get to the cemetery. I mean, there are never weather problems there. Take the Normandy invasion as an example, the reason why Trump was there. That whole Normandy invasion thing wasn’t beset by weather problems. Dwight Eisenhower had no problems with the weather. He parked those Higgins Boats without an issue, and everyone got to Omaha without a scratch — in Jeffrey Goldberg’s imagination, anyway. Also, do you think a president, especially one who owned his own aircraft, might take the word of a helo pilot when things are too dangerous? Naw. Never happen. The whole thing’s absurd. Matt’s got a nice round-up of the rest of the boneheaded things Goldberg has said about Trump over here.

This isn’t a bash Jeffrey Goldberg session; there are plenty of pieces around here doing that because he makes it so deliciously easy. I must mention, however, that “The Atlantic” editor reported that they discussed war plans on the Signal text chain. Or maybe that’s what he thought this discussion was. Let’s ask Jeffrey. Jeffrey, how did this compare to the last time you were privy to “military plans”? Did you get all the troop movements, LZs, and weapons packages the last time? Were you included in further communications when members of the national security team said on the Signal chat, “we need to move to the high side” to continue the discussion on a more secure apparatus? I won’t make excuses for the security breach, for that’s what you call it when Jeffrey Goldberg is on the text chain hiding under the name “Jeffrey Goldberg.” But who had Goldberg in their contacts, anyway? What the actual hell?

The noise continued with the hilarious and beside-the-point reactions by former Obama and Biden officials. They are pure irony. Honestly, who thought it was a good idea to get Hillary Clinton and Susan Rice’s reactions? That is comedy gold. What, no Tony Blinken to discuss his expertly executed Afghanistan pullout that included an agreement not to kill the terrorists killing innocents in front of American soldiers? Or was it the bug-out at Bagram, giving China a home base? The woman who destroyed documents, emails, phones under preservation orders, and also had her own server, which even Mike Morrell, one of the 51 spies who lied, said was certainly spied on by the ChiComs and Russians, and worse, weighed in. Goldberg’s wife’s boss, Hillary Clinton, said:

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1,500+ organizations that haven’t been (re-) authorized by Congress for 45 years, but should have been. And have kept functioning, and received funding, as if they have been.

Might of the Living Feds: 1,500+ Cash-Sucking ‘Zombies’ (RCW)

In 1974, Congress created the Legal Services Corporation to connect lower-income Americans involved in civil disputes with free legal help. The law that established the agency stipulated that authorization for its funding would expire in 1980, when lawmakers were required to vote on whether to keep it alive. They never did. Still, Congress has funded LSC every year since. In fiscal 2025, its 51st year, LSC’s 135 employees will spend 95% of its now $560 million annual budget paying legal groups to represent Americans in cases such as eviction, domestic violence, and disputes over government benefits, according to Ron Flagg, the agency’s president since 2020. “LSC would welcome reauthorization,” Flagg said. “We haven’t hidden from it. Every budget cycle, we go through an exhaustive process before Congress appropriates funds — dozens of meetings with leaders of both parties. We demonstrate our return on investment, how we help 2 million Americans get life-saving legal help.”

The Legal Services Corp. now stands as America’s oldest “Zombie” program, but it’s far from unique. At a time when the Trump administration is moving aggressively to scale back government, including eliminating the entire Education Department, it’s sobering to note that 1,503 agencies or programs live on despite expired authorizations, according to the Congressional Budget Office. Another 155 will expire on Sept. 30. The Zombies, nearly half of which have been officially dead for more than a decade, persist in a budgetary netherworld. In a deep dive last year, CBO analysts were able to find dollar amounts for 491 of the programs, with total expenditures of $516 billion. They don’t know how much funding the other programs received.

The total federal budget in 2024 was $6.8 trillion, meaning expired Zombie programs take up at least 8% of the budget, and likely much more. “A lot of programs don’t get reauthorized because Congress is okay with how they’re operating,” said Josh Huder, former congressional staffer now at the Georgetown University Government Affairs Institute. “They continue to get annual appropriations because most members think they’re worthwhile.” Many Zombie programs now soak up far more funding than lawmakers originally envisioned. The Federal Election Commission, for example, was expected to spend $9.4 million per year before its authorization expired in 1981. Yet the agency continued to receive funding and spent $95 million in 2024, auditors at government watchdog Open The Books found. The Federal Communications Commission was originally allocated $339.6 million per year. Its funding authorization expired in 2020, yet it spent $28.4 billion last year.

Elon Musk’s Department of Government Efficiency hasn’t addressed the Zombies that are prowling the federal spreadsheets. Given DOGE’s headlong push to first root out alleged waste, fraud, and abuse and ask questions later, experts say, Zombies may offer a ripe target. “One could imagine that if DOGE is clued into the notion of expired authorizations, they’ll think a program is defunct,” said Sarah Binder, senior fellow at Brookings and professor of political science at George Washington University. She said this would be a mistake. “If Congress is still appropriating money to the programs, they’re not Zombies. They’re living, breathing agencies.” Binder says the fault lies not with the agencies, some of which have become important enough to be household names, but Congress. Lawmakers have made it so difficult to accomplish their most fundamental tasks, such as funding the government for another year, that they hardly ever get around to doing other important things, such as reauthorizing existing programs.

The Foreign Relations Authorization Act, for example, expired in 2003. Yet in 2024, Congress spent $38.4 billion on 24 of the law’s programs, allowing legislators to influence the White House’s foreign policy and security assistance to other nations. The House Committee on Energy and Commerce, now led by Rep. Brett Guthrie (R-KY), supported the funding of 346 expired programs, more than any other committee, the CBO found. The Senate Committee on Health, Education, Labor and Pensions, now chaired by Sen. Bill Cassidy (R-LA), spent more identifiable money than any other group: $153.5 billion. “Congress’ job doesn’t stop when they allocate the money,” said Casey Burgat, professor at George Washington University’s Graduate School of Political Management.

“They have to oversee it. And when they fail to do that they open themselves up to somebody else doing that. In this case, an aggressive executive branch in the form of DOGE.” Of the 1,503 agencies or programs, 22 remain alive that required a reauthorization vote as long ago as the 1980s, according to the CBO. In addition to the Legal Services Corp., whose authorization expired in 1980, and the FEC (a 1981 reauthorization deadline), the Federal Energy Regulatory Commission, or FERC, which oversees the country’s power grids (1984) and the Energy Information Administration, or EIA, whose data informs U.S. policymaking (1984), are among the Zombies pushing middle age.

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Fetterman.

“Sometimes a Little Brain Damage Can Help.” (Pinsker)

He might be dead, but George Carlin is having a career year on social media. Seems the 20-something liberal crowd has discovered his standup material, and short clips of him lambasting the establishment are still going viral. Of course, Carlin was also waaaay to the left: In one of his books, he wrote, “Property is theft. Nobody ‘owns’ anything. When you die, it all stays here.” Liberals love that. (Interestingly, clips of his 1990 “Doin’ It Again” HBO concert, where he condemns euphemistic language, censorship, PC gibberish, and even defends the use of the N-word, are seldom shared online. Can’t imagine why.) Whenever Carlin’s clips are uploaded, the youngsters all seem to have the same reaction: “Wow, this guy was REALLY ahead of his time!” And in some ways, he absolutely was. But perhaps he was most notably ahead of his time with his 1984 book, “Sometimes a Little Brain Damage Can Help.”

Because, 40 years later — which sounds almost biblical, an irony Carlin would probably appreciate — an enormously large, brain-damaged Pennsylvania senator named John Fetterman is having a career year, too. I mentioned his size because it’s striking: At six foot eight, he’s the only man left in D.C. who can look Barron Trump in the eye. With his shaved head and “gym bro” sweats, he’s one of a handful of Democrats who wouldn’t be out of place on the set of the “Joe Rogan Experience.” In fact, he’s already recorded one episode with Rogan and will probably be taping more. (Over two million views on YouTube and Spotify.) Meanwhile, the Democratic Party is just beginning to realize that it’s lost an entire generation of young male voters. As we discussed two days ago, “75-year-old white men supported Kamala Harris at a significantly higher rate than 20-year-old white men.”

As Newsweek described it: “This is the thing I am the most shocked by in the last four years—that young people have gone from being the most progressive generation since the Baby Boomers… to becoming potentially the most conservative generation that we’ve experienced maybe in 50 to 60 years,” Shor [the head of data science at the pro-Democratic polling firm Blue Rose Research] stated. It’s quickly becoming an existential problem for the Democratic Party. This is still a closely divided country; neither party can afford to lose key members of their constituencies. It’s all hands on deck! As professor David B. Cohen told Newsweek: Young voters compose a crucial part of the Democratic base, and if that is eroding, where do they make up for that? Going forward, Democrats will have to figure out how to bring young voters back to the fold — particularly young men — if they want to be competitive nationally.

Enter John Fetterman. He’s been candid about his mental health struggles — something which disproportionately afflicts young men, by the way. When pro-Hamas hoodlums protested outside of his home, he took to the roof and waved the Israeli flag. And he’s had it with the wackjobs in his own party: “I was really the first Democrat to refuse to shut our government down, and my party was so desperate to pander to shut the government down,” Fetterman said. “Absurd, absolutely absurd. Six months ago, we were lecturing the Republicans, ‘You can’t shut the government down.’ Now it’s, ‘Well, yeah, let’s do these things.’” He added, “It’s like that’s part of the problem, to pander, and they want to pander to the extreme parts of our party, to shut the government down. I said I will never burn the village down and claim that I’m saving it.”

Fetterman also pointed to Michigan as an example of political “pandering” that failed, claiming the Democratic Party tried to appeal to the left-wing Arab-American population only to lose the state to President Donald Trump anyway. He specifically called out Rep. Rashida Tlaib, D-Mich., for refusing to support President Joe Biden and later Vice President Kamala Harris during the 2024 election because of their support for Israel. Fetterman claimed that she and other far-left Democrats ultimately helped to elect Trump. [Emphasis added] But his stance came at a cost: It put him in the crosshairs of the Alexandra Ocasio-Cortez/Bernie Sanders wing of the party. They hate him! But Big John isn’t backing down:

It’s a power struggle. And it’s one that Fetterman won’t win: He might be big, but his “wing” of the party is puny. The Democratic Party is essentially a coalition party, where the common denominator is that everyone agrees that they’ll work together. For most of the last 50 years, the coalition has been comprised of women, minorities, liberals, young voters, and “left-leaning libertarians” — folks like Bill Maher, who generally lean to the left but mostly want to be left alone. And you could probably include John Fetterman in that group, too.

Read more …

After JFK and MLK, people will be sleptical.

Trump Declassifies FBI Crossfire Hurricane Files (RT)

US President Donald Trump has ordered the declassification of all FBI files related to the agency’s investigation into his first election campaign’s alleged contacts with Russia. The FBI launched the ‘Crossfire Hurricane’ investigation in July 2016 to examine whether Trump – then a presidential candidate – or members of his campaign were colluding or coordinating with Moscow to influence the election. In a memorandum released on Tuesday by the White House, Trump directed the Attorney General to make the materials available to the public “immediately.” Crossfire Hurricane was prompted by the ‘Steele Dossier’ – a compilation of unverified rumors about Trump and his alleged links to Russia. The dossier was compiled by former British intelligence officer Christopher Steele, and reportedly funded by the Hillary Clinton campaign.

Crossfire Hurricane preceded the appointment of Special Counsel Robert Mueller, whose subsequent ‘Russiagate’ investigation found no evidence of collusion between the Trump campaign and the Russian government. In 2023, the US Justice Department’s (DOJ) special counsel John Durham – appointed to review the origins of the Crossfire Hurricane probe – concluded that the FBI and DOJ had “failed to uphold their mission” by relying on biased information to surveil Trump. Durham criticized the FBI for showing a “serious lack of analytical rigor,” particularly when handling information from politically-affiliated sources. It was also revealed that the Steele Dossier had been used by the FBI to obtain court permission to spy on Trump’s campaign. In 2019, Justice Department Inspector General Michael Horowitz reported that the FBI had made “basic, fundamental, and serious errors” in its warrant application.

Mike Davis
https://twitter.com/liz_churchill10/status/1904725820863578255

‘Crossfire Hurricane’ and Mueller’s Russiagate investigation cast a long shadow over Trump’s presidency, with allegations of “Russian collusion” persisting in the media even after Mueller’s report found no evidence to back them up. In a video posted on Tuesday on Truth Social, Trump said after signing the order: “This was total weaponization. It’s a disgrace…but now you’ll be able to see for yourselves.” Addressing journalists, he added: “You probably won’t bother because you’re not going to like what you see.” Trump had previously ordered a full declassification of Crossfire Hurricane during the final days of his first term, but the documents were never released. According to a 2023 CNN report, a binder containing highly classified information later went missing.

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“There is a decent chance of instead of having this gigantic collapse because the dollar is basically evaporating, that this government will be smart enough to do the monetary reset. Go back to a gold standard . . . go back to some sort of commodity base standard..”

US Government is a Big Money Laundering Operation – John Rubino (USAW)

Analyst and financial writer John Rubino warned last October that “Chaos is Coming.” With exploding Tesla dealerships, mass deportations of violent gangs, DOGE uncovering massive fraud and waste, and an out-of-control Leftist judiciary trying to stop President Trump at every turn, you could say chaos is here. Rubino contends it’s not going away anytime soon as government grifters are going to try to keep the cash flowing. Now, AG Pam Bondi says her office is going after the fraudsters ripping off America. Rubino explains, “We are finding out that the federal government is a big money laundering operation. There are so many different ways and so many different avenues that take cash from taxpayers or newly created cash . . . and it basically funnels it to political operatives, political class and the ‘expert’ class all around the world. . . . We have created this class of people who are effectively grifters . . . because they don’t do anything worthwhile at all. Do you think that think-tanks produce anything of value, or lobbyists or Washington law firms or regulators? The regulator is basically on a long job interview for the company you are regulating. You prove you are a team player and then Pfizer hires you for 10 times your FDA salary. So, everywhere you look it’s a form of money laundering.”

So, now interest payments are spiraling to infinity with massive amounts of debt and currency creation. Rubino says, “We have hit the death spiral point for the dollar and the other big fiat currencies, which means the cost to maintain this debt starts to spiral out of control and people lose faith in the currency or the currency collapses or you have a currency reset. What is really interesting about the Trump Administration is it contains a lot of gold bugs. . . . There is a decent chance of instead of having this gigantic collapse because the dollar is basically evaporating, that this government will be smart enough to do the monetary reset. Go back to a gold standard . . . go back to some sort of commodity base standard where we peg the dollar to something that is real and cannot be created in infinite quantities on a printing press. It could be we do that without insane amounts of pain and stress, but it would still be painful. Anybody who has dollars will watch those dollars be devalued dramatically.”

In this scenario, the dollar sinks in value. What happens to gold? Rubino says, “Everybody who runs the numbers says gold has to be $10,000 per ounce at a minimum and maybe much higher. Gold has to go way up in price in a currency reset. . . . So, your gold becomes much more valuable, and your silver gets pulled along by gold and goes up by some multiple of gold’s percentage gains. If gold goes up three times, silver will go up five to ten times.” Rubino thinks Europe is headed for war with Russia or civil war. Either way, the Euro will not survive. Rubino says the domestic violence will continue here in America but thinks the Deep State won’t stop President Trump’s agenda. Rubino also says everybody should concentrate on owning real things such as farm land, gold, silver and a good vehicle. Rubino also says some emergency food and a garden are good ideas too.

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“Nearly 31% of ad minutes on major nightly news broadcasts in 2024 came from pharmaceutical brands.”

RFK Jr. is Pushing Big Pharma Ad Ban – And Corporate Media is Panicking (Becker)

Robert F. Kennedy Jr., Donald Trump’s Health and Human Services Secretary, is pushing a plan to ban pharmaceutical ads from television. He’s right to push for it—and not just because the U.S. is one of only two countries on earth that allows such advertising (the other being New Zealand). America’s health system isn’t just flawed; it’s harming public health, distorting journalism, and fueling Big Pharma’s malignant influence over our daily lives. Let’s start with the obvious: TV drug ads aren’t designed to inform—they’re designed to manipulate. The formula is always the same. Cue soft lighting and sappy piano music. A sad, listless person pops a pill and suddenly life is vibrant again. They’re running through fields, laughing with family, walking dogs across idyllic bridges. Then, in a breathless voiceover, the side effects come tumbling out like a legal disclaimer roulette wheel—stroke, heart failure, suicidal thoughts. The goal? Make viewers want a drug before they even talk to their doctor. It’s emotional coercion dressed up as health education.

This completely inverts how medicine is supposed to work. Health care decisions should be made inside the exam room, not in a 60-second marketing spot. Patients should go to their doctors with symptoms, and those doctors—armed with clinical training and knowledge of the patient’s full health profile—should decide whether a drug is even necessary. Many issues could be better addressed through lifestyle changes, diet, supplements, or preventative care. But instead, America has normalized a pill-for-everything culture, supercharged by the fact that doctors are often nudged by patients demanding whatever drug they saw advertised last night during a commercial break. This isn’t just bad medicine—it’s dangerous. And it’s no accident.

Big Pharma isn’t spending billions on advertising because it cares about your health. It’s doing it because the return on investment is enormous. Studies estimate the ROI on direct-to-consumer (DTC) drug ads ranges from 100% to 500%, depending on the drug. In 2025 alone, pharmaceutical companies are projected to spend over $5 billion on national linear TV ads, according to iSpot.tv. That number balloons even higher when you include digital and streaming. Just a handful of blockbuster drugs—like Skyrizi, Jardiance, and Ozempic—are burning through tens of millions in TV ads every month. This revenue isn’t just padding Big Pharma’s pockets—it’s quietly buying influence in the media. Nearly 31% of ad minutes on major nightly news broadcasts in 2024 came from pharmaceutical brands.

That means a huge portion of media budgets depend on the very companies they should be holding accountable. And surprise, surprise: when Big Pharma misleads the public, many news outlets are either silent or hesitant to report critically. The financial conflict of interest is baked in. We saw the worst-case version of this during the COVID-19 pandemic. The novel mRNA shots—rushed to market under emergency use—were sold to the public as miracle solutions. Government officials and media outlets claimed these vaccines would “stop infection,” “prevent death entirely,” and “end the pandemic.” Younger, healthy individuals were told they needed them for everyone’s safety, despite already low statistical risk. None of these claims held up. As the data evolved, we learned the vaccines offered some reduction in severe disease, but not sterilizing immunity. Yet the media rarely corrected course.

Why would they? Pharma ads were paying the bills. Meanwhile, federal workers were mandated—and many private sector employees coerced—into getting injections under false pretenses. Billions of dollars flowed to Big Pharma. The American public was misled. This pattern of deception is not new. Pfizer alone has paid billions in legal penalties over the years for unethical marketing, off-label promotion, and other violations. The most infamous: a $2.3 billion settlement in 2009—the largest health care fraud settlement in U.S. history at the time. Yet companies like Pfizer, AbbVie, and Johnson & Johnson still enjoy a polished image on TV, thanks in part to relentless ad spending and regulatory leniency.

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They hired her for her Russophobia. What did they think they would get?

EU Officials Unhappy With Kallas – Politico (RT)

EU foreign policy chief Kaja Kallas has been criticized by nearly a dozen EU officials over her hawkish stance on Russia and leadership style, Politico has reported, citing unnamed sources. According to the outlet, Kallas’ challenges began on her first day in office in December, following her tweet stating, “The European Union wants Ukraine to win this war” against Russia. Several EU officials reportedly felt uneasy that the former Estonian prime minister, within a day of assuming her new role, “felt at liberty to go beyond” established language norms. ”If you listen to her, it seems we are at war with Russia, which is not the EU line,” Politico cited one EU official as complaining on Wednesday.

Kallas has been a vocal critic of Russia and an advocate for increased military support to Ukraine. Her initiative to increase EU military aid to Kiev to up to €40 billion ($43.1 million) this year faced opposition from member states like Italy and Spain, who do not perceive Moscow as an immediate threat to the EU. Kallas, however, still has her defenders among the EU’s northern and eastern states, noted Politico. Russia has openly criticized the top diplomat, labeling her statements “rabidly Russophobic,” and “undiplomatic,” and accusing her of pushing for militarization amid ongoing US-brokered peace talks on Ukraine. She’s also reportedly been criticized for continuing to act like a prime minister by failing to consult diplomats from member countries before making sensitive proposals.

Kallas’ relationship with the United States has been questioned by some officials. After the sudden cancellation of her February meeting in Washington with US Secretary of State Marco Rubio, attributed to “scheduling issues,” Politico sources suggested that Kallas had not adequately prepared by providing a clear agenda to US counterparts. After a contentious February Oval Office exchange involving US President Donald Trump, Vice President J.D. Vance, and Ukraine’s Vladimir Zelensky, Kallas tweeted, “The free world needs a new leader.” The apparent jab at Trump reportedly unsettled nations eager to maintain strong ties with the US administration.

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” Moscow suspects that Kiev is attempting to derail Washington’s efforts to mediate a comprehensive truce by continuing its attacks on energy infrastructure.”

Moscow Backs Ceasefire Despite Kiev’s Breaches – Kremlin (RT)

Ukraine’s ongoing attacks on energy infrastructure are in breach of a US-mediated ceasefire but will not dissuade Russia from maintaining its commitment to the pause, Dmitry Peskov stated on Wednesday. The agreement to refrain from attacking such sites was brokered by US President Donald Trump and his Russian counterpart Vladimir Putin during a phone conversation last week. Ukraine launched three separate assaults over two days, aimed at a natural gas reservoir and two segments of the national power grid, the Russian military reported on Wednesday; the latter two resulted in supply disruptions. At a press briefing, Peskov acknowledged Kiev’s “inability to adhere to agreements,” citing the incidents as evidence. Nevertheless, the Russian military is adhering to the suspension of strikes.

Peskov expressed the Kremlin’s commitment to the moratorium, saying it signifies progress in the improvement of US-Russia bilateral relations. He reminded journalists that Moscow has specified the types of targets protected under the partial ceasefire, which were discussed during consultations in Saudi Arabia earlier this week. Moscow suspects that Kiev is attempting to derail Washington’s efforts to mediate a comprehensive truce by continuing its attacks on energy infrastructure. The Foreign Ministry had previously warned that Russia could withdraw from the agreement in response to Ukrainian “provocations.”

Discussions in Riyadh reportedly focused on reviving the Black Sea Grain Initiative, a defunct security framework under which Moscow guaranteed the safety of civilian transportation to and from Ukrainian ports. Russia turned down the renewal of the agreement in 2023, citing Kiev’s misuse of the arrangement for military goals and the West’s failure to ease sanctions in order to facilitate food and fertilizer exports. Peskov assured that if past commitments made to Russia are finally honored, the initiative would be “reactivated.”

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“..a gradual but steady erosion of Kyiv’s position on the battlefield, regardless of any U.S. or allied attempts to impose new and greater costs on Moscow..”

Russia Winning In Ukraine, Continually Gaining Leverage: US Intel (ZH)

The US government in its 2025 Annual Threat Assessment of the U.S. Intelligence Community – which was just released by the Office of the Director of National Intelligence in conjunction with top officials’ testimony at a Senate Intelligence Committee hearing Tuesday – has admitted that Ukraine’s battlefield prospects are fading amid the onslaught of superior Russian forces. Currently, Moscow has “seized the upper hand” in the war over the past year, the fresh assessment warns, and “is on a path to accrue greater leverage” as peace talks with Washington are underway. “Even though Russian President [Vladimir] Putin will be unable to achieve the total victory he envisioned when initiating the large-scale invasion in February 2022, Russia retains momentum as a grinding war of attrition plays to Russia’s military advantages,” the report states.

“This grinding war of attrition will lead to a gradual but steady erosion of Kyiv’s position on the battlefield, regardless of any U.S. or allied attempts to impose new and greater costs on Moscow,” it continues. This should come as no surprise to any objective observer; however, what is surprising is the huge amount of Russian losses estimated by US intelligence. While there’s no way of verifying such information, the report claims that there are over 750,000 dead and wounded on the Russian side. Still, the intel community emphasizes the Russian military machine’s ability to quickly replenish personnel while growing its industrial capacity to continually support the war.

On the prospect for achieving a quick peace settlement, the report notes that both Russian and Ukrainian leadership “probably still see the risks of a longer war as less than those of an unsatisfying settlement.” “For Russia, positive battlefield trends allow for some strategic patience, and for Ukraine, conceding territory or neutrality to Russia without substantial security guarantees from the West could prompt domestic backlash and future insecurity.” “Regardless of how and when the war in Ukraine ends, Russia’s current geopolitical, economic, military, and domestic political trends underscore its resilience and enduring potential threat to U.S. power, presence, and global interests,” it adds.

https://twiter.com/yarotrof/status/1904857430925648010?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1904857430925648010%7Ctwgr%5E23ccd6fdd0351c2bcd235f92faf7645aa404b476%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Frussia-winning-ukraine-continually-gaining-leverage-us-intel-community

* * *
A note from UBS … US Intelligence On Russia Nuclear Capacity, China And Taiwan . The US annual threat assessment from the Director of National Intelligence carries warnings about Russia and China. The 2025 edition warned that Russia is developing a satellite capable of carrying a nuclear weapon. It said that China was making aggressive efforts to assert its sovereignty in the south and east China seas, and seems likely to increase its economic pressure on Taiwan. Indeed the report warned that China represented the most comprehensive and robust military threat to US security. The report claimed that both Russia and China are eyeing up Greenland for natural resources.

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“..the weapons remained under Russian operational control and Kiev lacked the technical capability to launch them..”

Ukraine Never Had Nuclear Weapons – Grenell (RT)

The nuclear weapons that Ukraine transferred to Russia under the terms of the Budapest Memorandum in the 1990s were never under Kiev’s control, US Presidential Envoy for Special Assignments Richard Grenell has said. Following the collapse of the Soviet Union in 1991, Ukraine inherited a significant portion of the USSR’s nuclear arsenal, temporarily making it the third-largest nuclear power at the time. However, the weapons remained under Russian operational control and Kiev lacked the technical capability to launch them. In 1994, Ukraine signed the Budapest Memorandum along with the US, Russia and the UK, under which Kiev agreed to transfer all of its nuclear weapons to Russia in exchange for security assurances.

In a post on X on Tuesday, Grenell wrote: “Let’s clarify the Budapest Memorandum situation: the nuclear weapons belonged to Russia and were leftovers. Ukraine returned the nuclear weapons back to Russia. They did not belong to Ukraine. That’s an inconvenient fact.” Grenell’s comments come amid renewed statements by Ukrainian officials criticizing the country’s disarmament in the 1990s. Ukraine’s Vladimir Zelensky recently told British journalist Piers Morgan that Ukraine was “forced” to give up its nuclear weapons and described the Budapest Memorandum as “stupid, illogical, and very irresponsible.” He argued that Kiev should now either be fast-tracked into NATO or given nuclear weapons and missile systems to counter Russia.

Retired US General Keith Kellogg, who serves as Trump’s envoy to Ukraine and Russia, dismissed the proposal. Speaking to Fox News Digital last month, Kellogg said, “The chance of them getting their nuclear weapons back is somewhere between slim and none. Let’s be honest about it, we both know that’s not going to happen.”

Russia has repeatedly stated that Ukraine never possessed any nuclear weapons of its own, as the assets belonged to Moscow as the sole legal successor of the Soviet Union. Russian officials also maintain that the Budapest Memorandum envisioned Ukraine’s neutral status, which has since been undermined by NATO’s eastward expansion and Kiev’s aspirations to join the bloc. Moscow has cited Ukraine’s ambition to join NATO and its threat to obtain nuclear weapons as root causes for the Ukraine conflict. In November, Russian President Vladimir Putin warned that if Ukraine were to obtain nuclear weapons, Moscow would use “all the means of destruction at Russia’s disposal.”

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Major step.

US Looking For ‘Proper Way’ To Reconnect Russia to SWIFT – Bessent (RT)

US Treasury Secretary Scott Bessent has confirmed that all options remain on the table as Washington considers lifting certain sanctions against Moscow, including the possible reconnection of Russian banks to the Belgium-based SWIFT network. The US and EU cut off major Russian banks from the SWIFT messaging system as part of a decade-long sanctions campaign, which was significantly expanded following the escalation of the Ukraine conflict in 2022. As part of the Black Sea ceasefire initiative discussed in Saudi Arabia earlier this week, Moscow requested that its Agricultural Bank (Rosselkhozbank) and other institutions involved in food and fertilizer sales be reconnected to the international payment system. “There would be a long discussion about many things in terms of the proper way to bring Russia back into the international system,” Bessent told Fox News on Wednesday, emphasizing that it was “premature to discuss the terms of a deal before we have a deal.”

“I think everything is on the table,” he added, noting that “it will be determined by the Russian leadership’s next moves whether the sanctions go up or down, and President Trump, I think, would not hesitate to raise the sanctions if it gives him a negotiating advantage.” Reconnecting Rosselkhozbank to SWIFT was part of the original Black Sea Grain Initiative, brokered in July 2022 by the UN and Türkiye. A Western failure to deliver on that commitment, along with Kiev’s alleged misuse of the arrangement for military purposes, prompted Moscow to reject the renewal of the agreement in 2023. The US and Russia agreed to revive the defunct Black Sea deal following 12 hours of talks in Saudi Arabia on Monday. President Donald Trump confirmed on Tuesday that his administration is considering lifting some sanctions on Moscow. “There are about five or six conditions. We’re looking at all of them,” he said.

The Brussels-based SWIFT system is incorporated under Belgian law and must comply with EU regulations and restrictions. European Commission spokeswoman Anitta Hipper stated on Wednesday that the bloc will not amend or lift its sanctions until Russia “unconditionally” withdraws all forces from the “entire territory of Ukraine.” Russian President Vladimir Putin said last week that Western sanctions are not a temporary measure but a long-term tool used to apply strategic pressure on Moscow, and that Russia’s rivals will always seek out ways to weaken the country. According to Putin, a total of 28,595 sanctions have been imposed on Russian individuals and entities in recent years – more than the total number imposed on all other countries combined – which have only strengthened the national economy by encouraging self-reliance.

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“..without effective policy interventions, America’s debt-to-GDP ratio could rise from the current 124% to approximately 130% by 2035, with interest payments consuming about 30% of federal revenue.”

Moody’s Issues Warning On US Finances (RT)

Ratings agency Moody’s has sounded the alarm on the United States fiscal health, warning of a continued decline due to widening budget deficits and increasing concerns over debt affordability. The warning comes as the national debt surpasses $36 trillion and annual deficits exceed $1.7 trillion, raising concerns about the government’s ability to manage its financial obligations. ”[US] fiscal strength is on course for a continued multiyear decline”, having already “deteriorated further” since Moody’s assigned a negative outlook to America’s top-notch AAA credit rating in November 2023, the agency said in a report on Tuesday, as cited by Financial Times.

US President Donald Trump has advocated measures aimed at stabilizing the nation’s finances, including implementing significant tariffs and proposing tax cuts intended to stimulate economic growth. However, Moody’s has cautioned that extending substantial tax cuts without implementing significant spending reductions could exacerbate the country’s fiscal challenges. ”We see diminished prospects that these strengths will continue to offset widening fiscal deficits and declining debt affordability,” it said, according to Reuters.

Republicans are pushing for a $4.5 trillion extension of tax cuts, which would in turn require significant spending reductions, something that may conflict with Trump’s commitment to protect social programs, the agency noted. The Department of Government Efficiency (DOGE), led by Elon Musk, tasked with reducing wasteful spending, claims to have achieved $115 billion in savings nationwide. However, according to Moody’s, such cuts are relatively minor compared to mandatory spending obligations. The agency projects that, without effective policy interventions, America’s debt-to-GDP ratio could rise from the current 124% to approximately 130% by 2035, with interest payments consuming about 30% of federal revenue.

Read more …

 

 

 

 

Tucker cancer

 

 

Change

 

 

IVM

 

 

Water

 

 

Bike
https://twitter.com/buitengebieden/status/1904655016427741277

 

 

Best friend
https://twitter.com/Yoda4ever/status/1904589189267808471

 

 

PB

 

 

Family
https://twitter.com/buitengebieden/status/1904965543695663410

 

 

Herds

 

 

Support the Automatic Earth in wartime with Paypal, Bitcoin and Patreon.

 

 

 

 

 

Dec 042020
 


Stanley Kubrick Walking the streets of New York 1946

 

Pfizer Not Sure If Someone Can Transmit Virus After Vaccination (Hill)
NHS Staff No Longer Top Priority For Covid Vaccine (G.)
Half The World Could Get Russian Sputnik V COVID19 Vaccine (RT)
Facebook Bans Anti-Vaccine “Conspiracy Theories” As US Rollout Begins (ZH)
GOP Senators Release 400 Pages Of New Docs On Crossfire Hurricane (SAC)
DNI Ratcliffe Says He Has Given ‘1000s Of Documents To John Durham’ (JTN)
The Georgia Runoffs and Our Embattled Constitution (RCP)
Confessions of a Clintonworld Exile (VF)
Bill Clinton ‘Couldn’t Stay Away’ From Jeffrey Epstein (ZH)
Will The Empire Sacrifice the Dollar? (CHS)
Banks To Chairman Powell On Libor: Foxtrot Oscar (Whalen)
Bank of England Criticised For Losing Track Of £50bn Of Banknotes (G.)
China Stakes Its Claim to Quantum Supremacy (Wired)
Dispossession and Imperialism Repackaged as “Feeding the World” (CP)

 

 

 

 

 

 

It’s starting to feel like we’re going to need new definitions for “vaccine” as well as for “immunization”.

Pfizer Not Sure If Someone Can Transmit Virus After Vaccination (Hill)

Pfizer chairman Albert Bourla told Dateline host Lester Holt that the pharmaceutical company was “not certain” if the vaccine prevented the coronavirus from being transmitted, saying, “This is something that needs to be examined.” In a prime-time special titled “Race for a Vaccine” set to air Thursday, Holt questioned Bourla and other individuals involved in the development and distribution of the medicine. In November, Pfizer announced that its vaccine candidate had been shown to be more than 90 percent effective at preventing COVID-19 and has applied for emergency use authorization from the Food and Drug Administration (FDA). The U.K. became the first country to approve Pfizer’s vaccine this week with the first round of immunizations expected to roll out next week.


In a list of interview highlights released before the special, Holt asked Bourla, “Even though I’ve had the protection, am I still able to transmit it to other people?” “I think this is something that needs to be examined. We are not certain about that right now with what we know,” Bourla responded. Though Pfizer’s vaccine has shown promising results, challenges have surfaced when it comes to distributing and administering it. The vaccine must be delivered and stored in extreme sub-zero temperatures, which has heightened the demand for dry ice. Once the vaccine is kept at normal refrigeration temperatures, it must be used within four or five days or be discarded. The vaccine is administered in two doses spaced a few weeks apart.

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“NHS personnel will be able to take the vaccine into care homes to immunise residents later this month..”

NHS Staff No Longer Top Priority For Covid Vaccine (G.)

NHS staff will no longer get the coronavirus vaccine first after a drastic rethink about who should be given priority, it emerged last night. The new immunisation strategy is likely to disappoint and worry thousands of frontline staff – and comes amid urgent warnings from NHS chiefs that hospitals could be “overwhelmed” in January by a third wave of Covid-19 caused by mingling over Christmas. Chris Hopson, the chief executive of NHS Providers, said: “If we get a prolonged cold snap in January the NHS risks being overwhelmed. The Covid-19 restrictions should remain appropriately tough. “Trust leaders are worried about the impact of looser regulations over Christmas.”

Frontline personnel were due to have the Pfizer/BioNTech vaccine when the NHS starts its rollout, which is expected to be next Tuesday after the Medicines and Healthcare products Regulatory Agency (MHRA) approved it on Wednesday. However, hospitals will instead begin by immunising care home staff, and hospital inpatients and outpatients aged over 80. The new UK-wide guidance on priority groups was issued by the joint committee on vaccination and immunisation (JCVI) amid uncertainty over when the rest of the 5m-strong initial batch of doses that ministers ordered will reach the UK.

NHS personnel will be able to take the vaccine into care homes to immunise residents later this month if, as expected, the MHRA agrees that the batches of 975 doses it comes in can be subdivided and the stability and safety of the drug be maintained. Dr Chaand Nagpaul, the leader of the British Medical Association, said it backed care home residents getting the jab first. However, that means NHS staff will be left at higher risk of getting infected and potentially dying, he added.

Read more …

How does Sputnik V differ from the Pfizer “vaccine”?

Half The World Could Get Russian Sputnik V COVID19 Vaccine (RT)

At least 40 countries, representing more than half of the world’s population, have expressed interest in Russia’s coronavirus vaccine, the team behind it have said as mass vaccination begins in Moscow. At a presentation to the United Nations on Thursday, scientists from the Gamaleya Institute, which developed the formula, said that preliminary orders have been placed for more than 1.2 billion doses. Trials involving 45,000 people across the globe have concluded that 95 percent of those given both doses of Sputnik V develop immunity to the virus. On Wednesday, the vaccine’s creators released footage of vials touching down in India ahead of the start of studies into its efficacy there.


A number of countries, including Hungary, Venezuela and the UAE, have already imported sufficient quantities to conduct their own tests. At the same time, the Philippines announced that it would work with Russia to secure access to supplies in order to begin mass immunizations early next year. On Thursday, Mayor of Moscow Sergey Sobyanin announced that residents of the capital would be able to access the vaccine from Saturday. Doctors, teachers and social workers will be first in line for appointments, and an “electronic immunization record” will be set up. According to Sobyanin, Muscovites will be able to get the jab at ‘vaccine points’ set up around the city. President Vladimir Putin ordered the start of the program on Wednesday, adding that “the production of Sputnik V, the world’s first registered vaccine against the coronavirus infection, is what allows us to begin the vaccination.”

Read more …

Our new Supreme Court.

Facebook Bans Anti-Vaccine “Conspiracy Theories” As US Rollout Begins (ZH)

It was probably inevitable. Just in time for the vaccine rollout in the US this coming week (as Moderna CEO Stephane Bancel said, inventory has already been loaded on to trucks, and will be en route to destinations across the country as soon as the FDA gives the green light) Facebook said Thursday that it’s “updating its policies around the coronavirus by removing false claims about upcoming vaccines”. The social media giant said it will be monitoring for misinformation that has been debunked by public health experts on both Facebook and Instagram. “This could include false claims about the safety, efficacy, ingredients or side effects of the vaccines. For example, we will remove false claims that COVID-19 vaccines contain microchips, or anything else that isn’t on the official vaccine ingredient list,” Facebook said in its announcement.

The company added that it will also remove conspiracy theories about Covid-19 vaccines that we know today are false, such as that specific populations are being forced to test the vaccine against their will. “Since it’s early and facts about COVID-19 vaccines will continue to evolve, we will regularly update the claims we remove based on guidance from public health authorities as they learn more,” Facebook added, but also said that it would “not be able to start enforcing these policies overnight.” Previously, Facebook removed Covid-19 misinformation that could contribute to “imminent physical harm.” That included false claims or cures about the disease, that the coronavirus is caused by 5G, or that it does not exist.

According to the Independent, PA News Agency editor Tom Phillips said social media companies should do more to combat misinformation, but they also must be extremely careful not to go too far and quash public debate. “We have seen a lot of the internet platforms take stricter measures against vaccine misinformation and I think that is the correct approach. Could some of them go further? Yes, possibly.” “But at the same time, it is important to remember the importance of free speech. It’s not illegitimate to have questions or worries about the vaccine and it’s important that we don’t just react by trying to suppress those questions. We allow people to ask the questions, get good quality answers and make up their minds based on good quality information.”

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How crazy would it be if Crossfire Hurricane never gets thoroughly investigated?

GOP Senators Release 400 Pages Of New Docs On Crossfire Hurricane (SAC)

Two top GOP Senators released more than 400 pages of documents related to the FBI’s investigation of the now-debunked probe into President Donald Trump and his alleged ties with Russia, known as the ‘Crossfire Hurricane’ probe. The Senators also stated in their letter Thursday that the documents they received are still far less than what they had originally requested in their official letters sent in May to the FBI and State Department. U.S. Senator Ron Johnson, R- Wisconsin, and chairman of the Senate Homeland Security and Governmental Affairs Committee, and Sen. Chuck Grassley, R -Iowa, chairman of the Senate Finance Committee, released the documents as part of their ongoing probe into the FBI’s malfeasance during the Obama administration’s probe into Trump.

Some of the documents, which SaraACarter.com is still reviewing, are now declassified Department of Justice (DOJ), and the Department of State documents. “The Committees obtained these records through joint requests, as well as Chairman Johnson’s August 6, 2020, subpoena to the FBI,” stated a press release. “The Chairmen also released a comprehensive timeline of key events related to the Crossfire Hurricane investigation.” In a joint statement from Grassley and Johnson they said “for years, the American people have demanded answers to questions regarding the FBI’s Crossfire Hurricane investigation and its targeting of the Trump campaign, the presidential transition, and the Trump administration.”

“Our committees have sought to uncover and expose misconduct by calling on agencies to declassify and produce text messages, internal emails, and other investigative material, which in turn we have made public,” they noted. “Although agency bureaucrats have fought tooth and nail to keep records hidden, our commitment to transparency has never wavered.” The chairmen added that “the documents we are releasing today are the product of our continued fight for transparency. These documents are far less than what we have requested, but we are making them public so the American people can decide for themselves what wrongdoing did and did not occur.”

In May, the Senators asked FBI Director Christopher Wray to turn over all material regarding former British Spy Christopher Steele’s communications and documents related to the now debunked dossier used to investigate Trump. Wray has been uncooperative with the Senate requests and has been slow to produce the documents since he was appointed by Trump to the position, said numerous Congressional staff familiar with the requests. In the letter to Wray, Johnson and Grassley requested that they were “seeking information about Christopher Steele’s interactions with State Department employees before the 2016 presidential election.”

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Durham is starting to look like a black hole.

DNI Ratcliffe Says He Has Given ‘1000s Of Documents To John Durham’ (JTN)

Director of National Intelligence John Ratcliffe during an interview with the Washington Examiner on Thursday said that he has given thousands of documents to U.S. Attorney John Durham, but Ratcliffe noted that much of the material includes information that cannot be publicly released. “Between my predecessor Richard Grenell in an acting capacity and myself, we have declassified most of the intelligence community documents that would be suitable for the public to see, that wouldn’t jeopardize sources and methods,” Ratcliffe told the Washington Examiner. “There are others, many many documents — I think it’s been out there that I’ve provided literally thousands of documents to John Durham, but many of those do contain sources and methods that we can’t make public for a number of reasons, including to jeopardize any investigation that’s going there. So I think the level of cooperation — I’ve given them everything that they’ve asked for.”


Ratcliffe said that wrongdoing definitely occurred and Americans are entitled to “an accounting.” “There was an abuse of power and of legal authorities, and it’s not a question about whether those things took place — they did. I mean, there’s an FBI lawyer who is going to jail for counterfeiting evidence before the FISA court. And that after all of the Obama-Biden senior national security officials said the idea of illegal spying and abuse at the FISA court is a bunch of nonsense, and now, they’re sprinting the opposite direction,” Ratcliffe stated. “I mean, literally, every one of them — Comey, McCabe, Yates — they’ve all said, ‘Oh my gosh, we’re shocked and had we only known.’ And so, again, the American people deserve an accounting, and I’ve certainly provided a lot of information to the now-special counsel to provide that accounting, and I’m counting, like all Americans, on him to talk about a lot of the things that I know that I can’t talk about.”

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“..the rise of political parties undermines the separation of powers and, with it, one of the Founders’ barriers against consolidated, oppressive power..”

The Georgia Runoffs and Our Embattled Constitution (RCP)

If Raphael Warnock and Jon Ossoff win Georgia’s Jan. 5 Senate runoffs, Democrats will control both houses of Congress as well as the presidency. The Republican Party, which won nearly half the national vote, will have no check on the Democrats, aside from the Senate’s filibuster rule. Although that rule requires a supermajority to pass some legislation and appointments, it can be abolished by a simple majority when the new Senate convenes. Preventing one-party rule is one of the strongest arguments advanced by Republican incumbent Sens. Kelly Loeffler and David Perdue. They are reminding voters of the threat posed by Senate Democratic leader Chuck Schumer, who proudly announced: “Now we take Georgia, then we change the world.”

That might be a winning line for national fundraising, but it’s more problematic for the Georgia electorate. Not many voters there want to “change the world,” so Warnock and Ossoff are downplaying it. Don’t expect to seek to see Schumer on the stump in Atlanta, Augusta, or Macon. It’s understandable that the national debate should focus on which party will control the Senate and just how radical the Democrats’ program will be if they do. But just beneath the surface lurk potential constitutional issues, which have received almost no attention. The basic problem is this: although America’s Founders were deeply concerned about tyranny, centralized power, and the suppression of individual rights and constructed institutional barriers to prevent those abuses, they never envisioned the mechanisms that pose serious threats today.

One of those threats is one-party rule. It’s understandable the Founders missed that since they worked before the age of entrenched and nationalized political parties. The closest analogues were England’s Whigs and Tories, but they were a far cry from modern parties. The political world envisioned by America’s Founders was populated not by parties but by cross-cutting “factions,” much like today’s interest groups. The Federalist Papers (especially the famous No. 10, written by James Madison as “Publius”) argued that, in a large republic like America, multiple factions would emerge, push against each other, and usually block any one from dominating.To prevent government authority from becoming too centralized and oppressive, the Constitutional Convention divided that authority among the three branches.

Each one, they figured, would have strong institutional interests in preventing the others from encroaching. It was a profound insight, and a remarkably successful one. But with the rise of modern political parties, it faced a challenge that no 18th century politician could imagine. Strong political parties unify their members across the legislative and executive branches. The stronger their common interests as Democrats or Republicans, the weaker their institutional interests as members of House or Senate, if those interests diverge from fellow partisans in the other house or branch. Put differently, the rise of political parties undermines the separation of powers and, with it, one of the Founders’ barriers against consolidated, oppressive power.

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is Doug Band fully turning on the Clintons?

Confessions of a Clintonworld Exile (VF)

Doug Band’s office at Teneo, the corporate advisory firm he cofounded, is decorated like a wing of the Bill Clinton presidential library. Framed photographs of the 42nd president adorn virtually every surface except for windows overlooking the rush hour traffic crawling down Park Avenue. “A lot of these pictures are just about moments,” Band said one morning last winter as he showed me his collection. Band, a broad-shouldered man with dark eyes and prematurely graying hair, appeared in many of the pictures. There were photos of Band and Clinton playing golf with Barack Obama, posing backstage with Michael Jackson, and meeting North Korean dictator Kim Jong-Il. “Bill Clinton was my life for almost 20 years,” Band said.

Band was 22 when he landed an unpaid internship in the White House counsel’s office midway through Clinton’s first term. He served as Clinton’s “body man” during the second while earning a Georgetown law degree at night. On paper, the job is a glorified gofer, but Band leveraged the position to build a filial bond with the leader of the free world. When Clinton left office in January 2001, Band was one of the aides Clinton invited to go with him. Band took on a role that was equal parts fixer, gatekeeper, wingman, consigliere, and adopted son. (Officially, his title was counselor.) “They were with each other all the time,” said former Clinton chief of staff John Podesta, who first got to know Band in the Clinton White House.

Band virtually invented Clinton’s postpresidential life. He set up Clinton’s Harlem office, helped launch the Clinton Foundation, and created the Clinton Global Initiative (CGI), the annual Davos-style conference that Clinton hosted in New York. Band and Clinton circled the globe in a private jet with a Rat Pack of billionaires that included supermarket magnate Ron Burkle, movie producer Steve Bing, and, infamously, Jeffrey Epstein. Before Clinton had quadruple-bypass surgery in 2004, he dialed Band at the first sign of chest pains. There were years that Clinton spent more time with Band than with any other person—including Hillary and Chelsea. But when I met Band last February, he hadn’t been in a room with Bill Clinton in nearly five years. He couldn’t remember the last time they had spoken. “I don’t want anything to do with that whole world,” Band said after we’d been talking for nearly an hour.

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More Doug Band.

Bill Clinton ‘Couldn’t Stay Away’ From Jeffrey Epstein (ZH)

Bill Clinton’s former top aide and Chelsea Clinton nemesis Doug Band has told Vanity Fair that former President Bill Clinton did visit Jeffrey Epstein’s infamous “pedo island” in January 2003, and that he was unable to push Epstein out of Clinton’s orbit since they flew to Africa together in 2002 aboard the the pedophile’s (Epstein’s) private 727, dubbed the “Lolita Express.” “Band said he had no idea about Epstein’s sex crimes back then but got enough bad vibes that he advised Clinton to end the relationship. But Clinton continued to socialize with Epstein and take his money. In 2006 Epstein donated $25,000 to the Clinton Foundation. Clinton made more than two dozen trips on Epstein’s jet around this time, Epstein’s flight logs show. In January 2003, according to Band, Clinton visited Epstein’s private Caribbean island, Little St. James. Band said it was one of the few trips he declined to go on in his time with Clinton.” -Vanity Fair

Band – who revealed the Clinton Foundation’s ‘for-profit’ activity and accused Chelsea Clinton of tapping Foundation funds to pay for her wedding (known only because of WikiLeaks) – also says Chelsea Clinton had a relationship with Epstein and his alleged co-conspirator in an underage sex trafficking ring, Ghislaine Maxwell. “Chelsea had ties to Epstein and Maxwell, Band said; he showed me a photo of Bill and Chelsea posing with Epstein and Maxwell at the King of Morocco’s wedding. Chelsea remained friends with Maxwell for years after the press revealed Maxwell was a close associate of Epstein’s. For instance, Chelsea invited Maxwell to her 2010 wedding at the Brooke Astor estate in Rhinebeck, New York, after Epstein had pleaded guilty in Florida to procuring sex from a minor.” -Vanity Fair

“Ghislaine had access to yachts and nice homes. Chelsea needed that,” said Band. Band notably created the now-defunct Clinton Global Initiative, which has helped to raise $74 billion for Clinton global charities, according to Newsmax. Thanks again to WikiLeaks, we also know that Band was soliciting donations for Clinton through his PR and investment firm, Teneo in an sordid example of “pay for play” which most of the mainstream media refused to cover – which he worried about in an email to John Podesta, saying: “If this story gets out, we are screwed.”

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As rumors swirl about the Euro’s steep rise due to the ECB running out of powertools.

Will The Empire Sacrifice the Dollar? (CHS)

Let’s keep it simple: US dollar up, stocks down. US dollar down, stocks up. Stocks up, billionaires get richer. Since that spot of bother in March 2020 when the US dollar (USD) soared and stocks cratered, the USD has been in a free-fall, boosting the wealth of America’s Robber Barons and various other skimmers, scammers and other undeserving scoundrels. Chief among the undeserving scoundrels feasting on the decline of the USD are global stock markets which have soared not because revenues and profits are soaring but because the USD has plummeted. The Federal Reserve is widely worshiped as the Ultimate Power in the Universe, a kind of financial Death Star. The Fed has seen fit to crush the USD to further boost the wealth of billionaires and save global stock markets from their well-deserved ruin.

[..] The Fed is not the Empire, it is the handmaiden of the Empire. The Fed’s dual mandate– for PR purposes, stable employment and prices–is actually balancing the conflicting demands of a global and domestic currency–Triffin’s Paradox writ large. The inherent problem with a reserve currency is that it must meet global economic needs and domestic needs, and these are intrinsically in conflict. America’s billionaires and pension funds want the US stock market to loft higher on the back of a declining USD, but that diminishes the global purchasing power of the USD–a trend heading for economic ruin.

The Fed has had numerous reasons to weaken the dollar since March: a desperate need to “save” global stock markets from well-deserved collapse, and an equally desperate need to keep the dollar weak so global debtors with loans denominated in dollars can manage to service their trillions in USD-denominated debts. But drawing a line extending this short-term necessity all the way to hyper-inflationary oblivion is a grave misreading of the Empire’s need for the exorbitant privilege of a strong dollar. The Fed is about done with its “rescue” of billionaires and global markets and debtors. Against virtually all expectations of seers, pundits, gurus, etc. the USD is about to start serving the Empire in its foundational role. As for stock markets–the devil take the hindmost.

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“The 2017 decision by the Fed to do away with LIBOR is one of the most ill-considered and thoughtless actions taken by the US central bank in many years..”

Banks To Chairman Powell On Libor: Foxtrot Oscar (Whalen)

Earlier this week, the Federal Reserve Board and other agencies blinked on the ill-advised transition from LIBOR as a pricing mechanism for financing various types of assets and secured money market transactions. “The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency today issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly—and safe and sound— LIBOR transition.” Unfortunately, as we wrote back in September in National Mortgage News (“Housing market needs SOFR alternative — now”), the proposed “replacement” for LIBOR — the secured overnight funding rate or SOFR — is not really a market price at all.

“According to the Fed, SOFR is a broad measure of the cost of borrowing cash overnight, collateralized by Treasury securities,” we wrote in NMN. “In fact, SOFR is an imaginary, backward-looking benchmark dreamed up by the economists at the Fed with no discernable market.” The 2017 decision by the Fed to do away with LIBOR is one of the most ill-considered and thoughtless actions taken by the US central bank in many years. Not only did the Fed displayed its ignorance of the workings of the US capital markets, but it also revealed its arrogance and stupidly. Simply stated, LIBOR is a price for conducting financing in dollars. SOFR is an economists’ wet dream, a backward-looking measure that may seem interesting from a research perspective, but one that lacks actual liquidity.

As we noted in NMN, the solution for the “problem” with LIBOR is to fix the existing benchmark, not to dream up some farcical concept and then try to bully insured depository institutions to use SOFR for actual risk taking. We understand that many banks have told regulators privately the same thing we hear from clients in the too-be-announced (TBA) market for mortgage backed securities (MBS): SOFR is a non-starter and must be discarded. As late as last week, the Fed and other regulators were trying to bully the large dealer banks to stop using LIBOR by December 31st. The resounding answer: “Foxtrot Oscar.” Indeed, a growing number of analysts seem to have reached the same conclusion that we made months ago, namely that asking banks to take tens of billions of dollars in risk every day using SOFR as the pricing mechanism would be unsafe and unsound.

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Go to the mattresses.

Bank of England Criticised For Losing Track Of £50bn Of Banknotes (G.)

It is known throughout the world as a byword for security. But the Bank of England is evidently a tad unclear on the whereabouts of £50bn of banknotes, and it doesn’t seem to be overly concerned about it, a powerful group of MPs has said. In a stiff rebuke for Threadneedle Street, the Commons public accounts committee said the money – equivalent to a stack of £5 notes more than 800 miles high – had essentially gone “missing” because the Bank did not keep close enough tabs on cash usage in modern Britain. Despite walls 8ft thick and an imposing reputation for guarding billions of pounds of gold bars in its vaults, the PAC said the Bank had nonetheless displayed a “lax attitude to whereabouts of bulk of sterling cash supply”.

However, banknotes by their very design are not traceable, making it hard for the Bank to follow the money and know exactly where its notes end up. According to a report from the National Audit Office, there are about £50bn worth of issued banknotes that may be being used overseas or in the UK, a tiny fraction of the trillions of pounds in money circulating in the UK economy in physical notes and by digital transfers. The PAC speculated that this money could be stashed away under mattresses as unreported household savings, may have been taken abroad, or used in the shadow economy. “The Bank of England doesn’t know,” it said.

The value of banknotes in circulation has shot up this year, which the Bank has said is probably because more people started hoarding cash during the Covid-19 pandemic in case they needed it. Coin use has declined over recent years, with the production of new pennies and pounds by the Royal Mint falling by about 65% in the last decade, a trend which could be accelerated by the pandemic as more people move to using contactless debit card payments. Meg Hillier, chair of the PAC, said: “£50bn of sterling notes – or about three-quarters of this precious and dwindling supply – is stashed somewhere but the Bank of England doesn’t know where, who by, or what for, and doesn’t seem very curious.

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“..produced results in minutes calculated to take more than 2 billion years of effort by the world’s third-most-powerful supercomputer..”

China Stakes Its Claim to Quantum Supremacy (Wired)

Last Year GOOGLE won international acclaim when its prototype quantum computer completed a calculation in minutes that its researchers estimated would have taken a supercomputer 10,000 years. That met the definition for quantum supremacy—the moment a quantum machine does something impractical for a conventional computer. Thursday, China’s leading quantum research group made its own declaration of quantum supremacy, in the journal Science. A system called Jiuzhang produced results in minutes calculated to take more than 2 billion years of effort by the world’s third-most-powerful supercomputer. The two systems work differently. Google builds quantum circuits using supercold, superconducting metal, while the team at University of Science and Technology of China, in Hefei, recorded its result by manipulating photons, particles of light.

No quantum computer is yet ready to do useful work. But the indications that two fundamentally different forms of the technology can outperform supercomputers will buoy the hopes—and investments—of the embryonic industry. Google and rivals including IBM, Microsoft, Amazon, Intel, and several large startups have all spent heavily on developing quantum computing hardware in recent years. Google and IBM offer access to their latest prototypes over the internet, while Microsoft’s and Amazon’s cloud platforms each host a smorgasboard of quantum hardware from others, including Honeywell.

The potential power of quantum computers springs from their basic building blocks, dubbed qubits. Like the bits of conventional computers, they can represent 0s and 1s of data; but qubits can also exploit quantum mechanics to attain an unusual state called a superposition that encapsulates the possibilities of both. With enough qubits it’s possible to take computational shortcuts conventional computers can’t—an advantage that grows as more qubits work together. Quantum computers don’t yet rule the world, because engineers haven’t been able to get enough qubits working together reliably enough. The quantum mechanical effects they depend on are very delicate. Google and the Chinese group were able to stage their supremacy experiments because they managed to corral qubits in relatively large numbers.

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Ukraine once fed half of Europe. Seems worth a Maidan revolution.

Dispossession and Imperialism Repackaged as “Feeding the World” (CP)

The world is fast losing farms and farmers through the concentration of land into the hands of rich and powerful land speculators and agribusiness corporations. Smallholder farmers are being criminalised and even made to disappear when it comes to the struggle for land. They are constantly exposed to systematic expulsion. In 2014, the Oakland Institute found that institutional investors, including hedge funds, private equity and pension funds, are eager to capitalise on global farmland as a new and highly desirable asset class. Financial returns are what matter to these entities, not food security.

Consider Ukraine. The organisation Grain found that in 2014 small farmers operated 16% of agricultural land in that country, but provided 55% of agricultural output, including: 97% of potatoes, 97% of honey, 88% of vegetables, 83% of fruits and berries and 80% of milk. It is clear that Ukraine’s small farms were delivering impressive outputs. Following the toppling of Ukraine’s government in early 2014, the way was paved for foreign investors and Western agribusiness to take a firm hold over the agri-food sector. Reforms mandated by the EU-backed loan to Ukraine in 2014 included agricultural deregulation intended to benefit foreign agribusiness. Natural resource and land policy shifts were being designed to facilitate the foreign corporate takeover of enormous tracts of land.

Frederic Mousseau, policy director at the Oakland Institute, stated at the time that the World Bank and IMF were intent on opening up foreign markets to Western corporations and that the high stakes around the control of Ukraine’s vast agricultural sector, the world’s third largest exporter of corn and fifth largest exporter of wheat, constitute an overlooked critical factor. He added that in recent years, foreign corporations had acquired more than 1.6 million hectares of Ukrainian land. Western agribusiness has been coveting Ukraine’s agriculture sector for quite some time, long before the coup. That country contains one third of all arable land in Europe. An article by Oriental Review in 2015 noted that since the mid-90s the Ukrainian-Americans at the helm of the US-Ukraine Business Council had been instrumental in encouraging the foreign control of Ukrainian agriculture.

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