Oct 072020
 
 October 7, 2020  Posted by at 9:14 am Finance Tagged with: , , , , , , , , , ,  22 Responses »


Leonardo da Vinci Head of a Woman 1475-80

 

President Trump Reauthorizes Declassification of all Documents (sundance)
There are Trillions at Stake (sundance)
Declassified CIA Docs Show Alleged Clinton Plan To Link Trump To Russia (DC)
Spy Chief Releases Docs On Claim Hillary Clinton Cooked Up Russia Scandal (NYP)
CIA Director Gina Haspel and the British Role in the Anti-Trump Plot (Farrell)
Grand Jury Indicts St. Louis Couple Who Defended Home Amid Demonstrations (JTN)
Jay Powell Wants More Help From Congress: Low Risk Of ‘Overdoing It’ (CNBC)
Unfavorable Views of China Reach Historic Highs in Many Countries (Pew)
Court To Rule On UK Freedom Of Information Bids From Overseas (G.)
The Unprecedented And Illegal Campaign To Eliminate Julian Assange (Glass)
Top US Food Bank Warns Of Nationwide “Meal Shortages” In Next 12 Months (ZH)
Media Criticizes Trump For Downplaying Virus Threat By Not Dying (BBee)

 

 

Trump disavows

 

 

Trump declassification

 

 

Lawyer “sundance” explains that we’ve been here before, and nothing happened. We’re still where we were in May 2019.

Interesting that he includes Julian Assange. I did say a few weeks ago that Assange may need the right-wing press. And they need him.

President Trump Reauthorizes Declassification of all Documents (sundance)

President Donald Trump has transmitted an epic tweet-storm seemingly targeted toward all officials within the executive branch; and the intelligence apparatus writ large:

One important note of caution: there is a big difference between “authorized” and “ordered”. On May 23rd, 2019, President Trump authorized AG Bill Barr to declassify all documents and despite much optimism nothing happened {Go DEEP}. However, President Trump references that lack of inaction in the next series of tweets:

Presumably “people” who “acted very slowly” would pertain to AG Bill Barr, FBI Director Chris Wray, CIA Director Gina Haspel, State Dept Secretary Mike Pompeo and former ODNI Dan Coats. President Trump asks those agencies now to “Act!!!” President Trump also expressed the same frustration many of us feel about how these agencies and institutions have operated only to protect their own interests. He even re-tweeted the meme of Bill Barr to drive home the point. [..] Whether anything comes of this latest, seemingly stronger, emphasis and request from President trump is an unknown. However, again, this is an authorization for release of documents and not a direct order.


There are likely legal reasons for this approach, and no doubt there are advisors around the office of the president who would want him to take a more cautious approach. Several people are pointing toward an announcement of a press conference by the DOJ tomorrow and attempting to connect the tweet-storm to the presser. However, my gut tells me they are two distinctly different topics; but we can keep our fingers crossed. We will know if the two events are connected less than 12 hours from now. Interestingly, albeit likely unrelated, the specific participants in the presser hold offices that are directly connected to the previous 2019 indictment of Julian Assange.

Read more …

Also “sundance”, with an excellent review of how Washington operates.

There are Trillions at Stake (sundance)

With 30-days left before the election perhaps it’s worthwhile remembering what all of this opposition is about… Something 99% of American voters do not quite understand. Congress doesn’t actually write legislation. The last item of legislation written by congress was sometime around the mid 1990’s. Modern legislation is sub-contracted to a segment of DC operations known as K-Street. That’s where the lobbyists reside. Lobbyists write the laws; congress sells the laws; lobbyists then pay congress lucrative commissions for passing their laws. That’s the modern legislative business in DC. When we talk about paying-off politicians in third-world countries we call it bribery. However, when we undertake the same process in the U.S. we call it “lobbying”.

CTH often describes the system with the phrase: “There are Trillions at Stake.” The process of creating legislation is behind that phrase. DC politics is not quite based on the ideas that frame most voter’s reference points. With people taking notice of DC politics for the first time; and with people not as familiar with the purpose of DC politics; perhaps it is valuable to provide clarity. Most people think when they vote for a federal politician -a House or Senate representative- they are voting for a person who will go to Washington DC and write or enact legislation. This is the old-fashioned “schoolhouse rock” perspective based on decades past. There is not a single person in congress writing legislation or laws.

In modern politics not a single member of the House of Representatives or Senator writes a law, or puts pen to paper to write out a legislative construct. This simply doesn’t happen. Over the past several decades a system of constructing legislation has taken over Washington DC that more resembles a business operation than a legislative body. Outside groups, often called “special interest groups”, are entities that represent their interests in legislative constructs. These groups are often representing foreign governments, Wall Street multinational corporations, banks, financial groups or businesses; or smaller groups of people with a similar connection who come together and form a larger group under an umbrella of interest specific to their affiliation.

Sometimes the groups are social interest groups; activists, climate groups, environmental interests etc. The social interest groups are usually non-profit constructs who depend on the expenditures of government to sustain their cause or need. The for-profit groups (mostly business) have a purpose in Washington DC to shape policy, legislation and laws favorable to their interests. They have fully staffed offices just like any business would – only their ‘business‘ is getting legislation for their unique interests. These groups are filled with highly-paid lawyers who represent the interests of the entity and actually write laws and legislation briefs. In the modern era this is actually the origination of the laws that we eventually see passed by congress. Within the walls of these buildings within Washington DC is where the ‘sausage’ is actually made. Again, no elected official is usually part of this law origination process.

Read more …

I’ve read many comments on the declassification, and I find all the references to Russia disconcerting. Why not leave Russia out, and then look at what happened? Russia is not the story.

Declassified CIA Docs Show Alleged Clinton Plan To Link Trump To Russia (DC)

Director of National Intelligence John Ratcliffe on Tuesday declassified portions of two documents that show the CIA picked up intelligence regarding Hillary Clinton’s alleged approval of a campaign to link Donald Trump to Russia’s hacking efforts. Ratcliffe declassified notes taken in 2016 by then-CIA Director John Brennan during a meeting with President Obama and his national security advisers regarding Russia’s election meddling efforts. The intelligence chief also declassified sections of a Counterintelligence Operation Lead (CIOL) memo that the CIA sent on Sept. 7, 2016 to then-FBI Director James Comey and Peter Strzok, the top counterintelligence investigator on Crossfire Hurricane. “Per FBI verbal request, CIA provided the below examples of information the CROSSFIRE HURRICANE fusion cell has gleaned to date,” reads an unredacted portion of the CIOL.

The memo referred to information related to “US presidential candidate Hillary Clinton’s approval of a plan concerning US presidential candidate Donald Trump and Russian hackers hampering US elections as a means of distracting the public from her use of a private email server.” Brennan has testified that he created a so-called “fusion cell” in July 2016 that consisted of officials from the CIA, FBI and National Security Agency to investigate Russia’s election interference. The CIA documents, obtained by The Daily Caller News Foundation, were cited last week in a letter that Ratcliffe sent to Senate Judiciary Committee Chairman Lindsey Graham. That letter said that U.S. intelligence “gained insight” in late July 2016 into “Russian intelligence analysis” that asserted that Clinton had approved a plan to link Trump to Russia’s hacking efforts in order to distract from her use of a private email server.

The documents released Tuesday do not provide much clarification about the underlying CIA intelligence. They do confirm that the CIA obtained the intelligence Ratcliffe referred to in his letter. Republicans asserted that the documents raise questions about whether Clinton personally approved the dissemination of a false allegation linking Trump to Russia. Clinton campaign advisers publicly accused Donald Trump of aiding Russia’s hacking efforts following the July 22, 2016 release of DNC emails through WikiLeaks. A report from the special counsel’s office released last year said there was no evidence that Trump or members of his campaign conspired with Russia to hack and release Democrats’ emails. According to Brennan’s undated notes, he told President Obama that the intelligence community had picked up evidence that Russians had learned that Clinton personally approved a plan on July 28, 2016 to link Trump to Russia’s hacking of the Democrat National Committee.

Brennan’s notes refer to intelligence related to Clinton’s approval “of a proposal from one of her foreign policy advisors to vilify Donald Trump by stirring up a scandal claiming interference by Russian security services.” Brennan appeared on CNN shortly after Ratcliffe declassified the documents, but denied that they showed any wrongdoing on Clinton’s part. He said during the briefing for Obama, he provided examples of “the type of access that the U.S. intelligence community to Russian information and what the Russians were talking about and alleging.” “If in fact what the Russians were alleging, that Hillary was trying to highlight the reported connections between Trump and the Russians — and that’s a big ‘if’ — there is nothing at all illegal about that.”

Read more …

The docs do seem to move us forward at least a bit.

Spy Chief Releases Docs On Claim Hillary Clinton Cooked Up Russia Scandal (NYP)

National Intelligence Director John Ratcliffe on Tuesday declassified documents that claim Hillary Clinton ordered “a campaign plan to stir up a scandal” by linking President Trump to Russia in 2016 — and that then-President Barack Obama knew about her possible role. Ratcliffe provided to Fox News an undated set of notes from then-CIA director John Brennan about a briefing for Obama that touched on the allegation, and an investigative referral from the CIA to the FBI describing the claim. “Today, at the direction of President Trump, I declassified additional documents relevant to ongoing Congressional oversight and investigative activities,” Ratcliffe told Fox News Tuesday.

Most of the unredacted content in the documents was released by Ratcliffe last week, though minor new details cast doubt on former FBI Director James Comey’s declaration last week that he could not recall the claim, which Clinton allies deny as baseless potential Russian disinformation. The newly released notes from Brennan, who now is a fiery anti-Trump commentator, indicate that Brennan briefed Obama on “alleged approval by Hillary Clinton on July 28 of a proposal from one of her foreign policy advisors to vilify Donald Trump by stirring up a scandal claiming interference by Russian security services.” Ratcliffe’s initial disclosure said that, according to Brennan’s notes, Clinton allegedly approved the scheme on July 26.

The minor inaccuracy shortens the window of time between Clinton’s alleged approval of the plot and the FBI opening its investigation of possible Trump-Russia collusion on July 31, 2016. A previously undisclosed annotation in Brennan’s notes appears to attribute to Obama an interest in “any evidence of collaboration between Trump campaign + Russia.” The initials “JC” also are on the briefing notes, implying that that then-FBI Director James Comey attended the meeting where Brennan discussed the theory with Obama.

[..] The investigative referral from the CIA to the FBI, meanwhile, contains the previously disclosed passage noting an allegation about “Clinton’s approval of a plan concerning US Presidential candidate Donald Trump and Russian hackers hampering US elections as a means of distracting the public from her use of a private mail server.” The actual referral is mostly redacted, but additionally states that the document was sent “per FBI verbal request.” It was addressed to Comey, but to the attention of then-FBI Deputy Assistant Director of Counterintelligence Peter Strzok, who notoriously traded anti-Trump text message on work phones with his mistress FBI lawyer Lisa Page. In his initial disclosure last week, Ratcliffe said the claim against Clinton was unproven and could be an “exaggeration or fabrication.”

Read more …

The same Gina Haspel is now apparently hampering efforts to declassify documents. Who foisted her on Trump? And what role did she play in the Assange case while she ran the CIA in London?

CIA Director Gina Haspel and the British Role in the Anti-Trump Plot (Farrell)

We have raised and discussed serious matters of fact and questions about the role of CIA Director Gina Haspel in the Anti-Trump conspiracy. It appears Haspel (while serving as London Chief of Station from 2014 to early 2017) was an active, knowledgeable party to the efforts to target candidate Trump with an FBI-instigated foreign counterintelligence operation. That seditious conspiracy carried forward to a more sophisticated and aggressive plan to carry out a soft coup against President Donald J. Trump. Looking back on news reporting concerning Haspel, we turn (with caution) to a Washington Post article from July 2019 by Shane Harris, titled: “The quiet director: How Gina Haspel manages the CIA’s volatile relationship with Trump”.

We are supposed to believe that Haspel and her office did not cooperate with the reporter for the article. Harris disclaims Haspel involvement by writing: “This report is based on interviews with 26 current and former officials who have worked with Haspel in the United States, particularly when she served in senior management roles at headquarters, and in London, where Haspel served two tours as the CIA’s top representative — chief of station — a plum post that is usually the steppingstone to the agency’s highest ranks.” No Washington Post article in the last decade has contained such a scrupulous sourcing statement. Of course, Haspel had nothing to do with the article. Remember that, won’t you?

Haspel, twice-over Chief of Station in London, had close connections with the British intelligence and security services. Given the nature of the “special relationship” between the two countries, that is hardly surprising. Harris’s interviews of British intelligence officers take things a step further, however: “… what she lacked in after-hours sociability she made up for with deep professional ties to the upper echelon of the British security establishment. ‘She had access to anyone in our service,’ the former British intelligence official said.” Harris goes on to explain: “Haspel has become the CIA’s linchpin to the Secret Intelligence Service, or MI6, its most important foreign partner. Her British colleagues say that she knows them so well — warts and all — that they call her the ‘honorary U.K. desk officer.'”

In the next paragraph, Harris notes breathlessly: “… Trump has accused the United Kingdom of conspiring with American intelligence to spy on his presidential campaign.” President Trump certainly has made that claim, and one believes for very good reasons that seem to compound weekly. Reasons that make the “intelligence community” and 95% of “official Washington” extremely nervous. It is the sort of statement that presidential aides and counsels look nervous about, wring their hands and respectfully, earnestly plead: “But Mr. President, you just can’t say that sort of thing!” Truth be damned.

Read more …

Hard to see how this is not political.

Grand Jury Indicts St. Louis Couple Who Defended Home Amid Demonstrations (JTN)

St. Louis couple Mark and Patricia McCloskey, have been indicted by a Grand Jury seated by St. Louis Circuit Prosecutor Kim Gardner’s office, in connection with them defending their home this summer amid Black Lives Matter protests. Al Watkins, an attorney for the couple, confirmed to the Associated Press the indictments against Mark McCloskey, 63, and Patricia McCloskey, 61. Joel Schwartz, a McCloskey attorney, told Just the News on Tuesday night that the indictment is called a “suppressed” indictment and that he’s unaware of what it states. “I am told by sources that this is a suppressed indictment, which makes no sense to me. We had a hearing this morning in court. The hearing was cancelled. Then I was contacted by sources, who learned my clients were indicted. I reached out to the Circuit Attorney’s office. I have yet to received a response,” said Joel Schwartz to Just the News.


Schwartz represents the couple in the criminal case, and Watkins represents the couple in a related civil case. Gardner, a Democrat, charged the McCloskeys with “flourishing” a weapon in connection with the June 28 incident in which social justice protesters entered the couple’s private, gated community during a demonstration and marched past their home. The McCloskeys have said they each went outside with a gun because they feared for the safety of themselves and their home. Missouri GOP Gov. Mike Parson said in July that he was prepared to exercise his pardon powers if prosecutors bring criminal charges in the case. As previously reported by Just the News, Gardner’s campaigns have received tens of thousands of dollars from a political action committee financed by billionaire political philanthropist George Soros.

Read more …

He’s going to bankrupt untold numbers of Americans.

Jay Powell Wants More Help From Congress: Low Risk Of ‘Overdoing It’ (CNBC)

Federal Reserve Chairman Jerome Powell called Tuesday for continued aggressive fiscal and monetary stimulus for an economic recovery that he said still has “a long way to go.” Noting progress made in job creation, goods consumption and business formation, among other areas, Powell said that now would be the wrong time for policymakers to take their foot off the gas. Doing so, he said, could “lead to a weak recovery, creating unnecessary hardship for households and businesses” and thwart a rebound that thus far has progressed more quickly than expected. “By contrast, the risks of overdoing it seem, for now, to be smaller,” Powell added in remarks to the National Association for Business Economics.

“Even if policy actions ultimately prove to be greater than needed, they will not go to waste. The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods.” The remarks come amid conflicting signs for an economy trying to shake off the unprecedented impacts of the Covid-19 pandemic. While 11.4 million jobs lost during the associated economic shutdown have been recovered, nearly half of displaced workers remain sidelined. GDP is expected to show a sharp rebound from the 31% second-quarter plunge and housing has been a strong point as well.

However, Powell cautioned that backing off now with fiscal and monetary help runs the risk of losing momentum and bringing about an added downturn that would look not like the government-induced one that began in February, but rather a more traditional downturn that would be harder to recover from and worsen the U.S. wealth gap. That would be one where “weakness feeds on weakness,” he said. “The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods,” Powell added.

Read more …

Don’t worry, they hate Trump more.

Unfavorable Views of China Reach Historic Highs in Many Countries (Pew)

Views of China have grown more negative in recent years across many advanced economies, and unfavorable opinion has soared over the past year, a new 14-country Pew Research Center survey shows. Today, a majority in each of the surveyed countries has an unfavorable opinion of China. And in Australia, the United Kingdom, Germany, the Netherlands, Sweden, the United States, South Korea, Spain and Canada, negative views have reached their highest points since the Center began polling on this topic more than a decade ago. Negative views of China increased most in Australia, where 81% now say see the country unfavorably, up 24 percentage points since last year. In the UK, around three-quarters now see the country in a negative light – up 19 points.

And, in the U.S., negative views of China have increased nearly 20 percentage points since President Donald Trump took office, rising 13 points since just last year. The rise in unfavorable views comes amid widespread criticism over how China has handled the coronavirus pandemic. Across the 14 nations surveyed, a median of 61% say China has done a bad job dealing with the outbreak. This is many more than say the same of the way the COVID-19 pandemic was handled by their own country or by international organizations like the World Health Organization or the European Union. Only the U.S. receives more negative evaluations from the surveyed publics, with a median of 84% saying the U.S. has handled the coronavirus outbreak poorly.

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“5 year search for the truth by @SMaurizi continually blocked by UK/US govt.”

Hard to swallow the irony of the Guardian printing this.

Court To Rule On UK Freedom Of Information Bids From Overseas (G.)

The rights of those living abroad to submit freedom of information requests are to be tested in court after more than a dozen cases – including one relating to Julian Assange’s extradition – were blocked. A combined hearing involving the Home Office, Metropolitan police, the Information Commissioner’s Office (ICO) and 13 separate cases is to be held at an information tribunal in London. At issue is whether applicants overseas are entitled to a response when submitting freedom of information requests to UK government departments and agencies. It is not clear who triggered the “stay” imposed on the 13 requests. The ICO has declined to comment. No date has been set for the case.

The Cabinet Office, which has responsibility for FOI policy, says it complies with ICO guidance, which states: “Anyone can make a freedom of information request – they do not have to be UK citizens, or resident in the UK.” The tribunal, however, has told parties in the suspended cases that it has “decided to deal with the territorial scope” of the Freedom of Information Act 2000. All of the stayed FOI requests are from applicants not resident in Britain. The hearing will also examine whether there is a requirement that those who make FOI requests have a connection to the UK. “The main principle behind freedom of information legislation,” the ICO has said, “is that people have a right to know about the activities of public authorities, unless there is a good reason for them not to.”

One of the blocked cases is an appeal by the Italian journalist Stefania Maurizi, who works for daily newspaper Il Fatto Quotidiano and writes about WikiLeaks. She has been pursuing information about how the Crown Prosecution Service dealt with its Swedish counterpart during initial attempts to extradite Assange to Sweden. Her work has been covered by the Guardian. Maurizi has also studied at Imperial College in London. Barristers Jennifer Robinson, who represents Assange, and Estelle Dehon, who specialises in freedom of information, are representing Maurizi. They have asked the tribunal to lift the stay and allow their appeals for the release of further information to proceed. They argue that Maurizi has worked on UK publications and has carried out investigations relating to the UK and UK citizens. She has also taken several other cases to information tribunal hearings.

Read more …

Let’s declassify the docs behind this.

The Unprecedented And Illegal Campaign To Eliminate Julian Assange (Glass)

Over the 17 days of Julian Assange’s extradition hearing in London, prosecutors succeeded in proving both crimes and conspiracy. The culprit, however, was not Assange. Instead, the lawbreakers and conspirators turned out to be the British and American governments. Witness after witness detailed illegal measures to violate Assange’s right to a fair trial, destroy his health, assassinate his character, and imprison him in solitary confinement for the rest of his life. Courtroom evidence exposed illegality on an unprecedented scale by America’s and Britain’s intelligence, military, police, and judicial agencies to eliminate Assange. The governments had the edge, like the white man of whom Malcolm X wrote, “He’s a professional gambler; he has all the cards and the odds stacked on his side, and he has always dealt to our people from the bottom of the deck.”

The deck was clearly stacked. Assange’s antagonists were marking the cards as early as February 2008, when the U.S. Army Counterintelligence Center set out, in its words, to “damage or destroy this center of gravity” that was WikiLeaks. WikiLeaks, from the time Assange and his friends created it in 2006, was attracting sources around the world to entrust them, securely and anonymously, with documents exposing state crimes. The audience for the documents was not a foreign intelligence service, but the public. In the governments’ view, the public needed protection from knowledge of what they were doing behind closed doors and in the skies of Afghanistan and Iraq. To plug the leaks, the governments had to stop Assange. The Pentagon, the CIA, the National Security Agency, and the State Department soon followed the Counterintelligence Center’s lead by establishing their own anti-Assange task forces and enlisting the aid of Britain, Sweden, and Ecuador.

What a ride it’s been. The first recorded “black op” against Assange occurred on September 27, 2010, when a suitcase containing three laptops, hard drives, and clothing vanished from the aircraft carrying him from Sweden to Germany. Efforts to retrieve his belongings, which included privileged communications with his legal counsel, elicited vague excuses from the airline that it knew nothing. The fate of the purloined items became public knowledge in 2013 when information from his laptops appeared in prosecution briefs against U.S. Army whistleblower Chelsea Manning. In 2011, FBI agents went to Iceland to employ an 18-year-old informant, Sigurdur “Siggi” Thordarson, to spy on WikiLeaks. When Iceland’s authorities discovered the FBI’s illegal activities, it deported the FBI agents. Thodarson, whom the FBI had paid $5,000 and flown around the world, later confessed to stealing money from WikiLeaks and was convicted for sexually abusing underage boys.

Tulsi for Julian

Read more …

And not just in the US.

Top US Food Bank Warns Of Nationwide “Meal Shortages” In Next 12 Months (ZH)

The virus pandemic and resulting recession, crushing millions of households, has produced a new era of hunger nationwide. After seven months of the coronavirus chaos, triggering widespread unemployment and the collapse of small businesses, millions of Americans are going hungry for the first time in their lives ahead of the holiday season. Tens of millions of Americans have turned to their local food banks as food insecurity spirals out of control. According to the U.S. Census Bureau’s Household Pulse Survey from late August, about 10% of adults, 22.3 million, reported they didn’t have enough to eat or lacked food. This figure is up from 18 million in early March.

Now, Feeding America, a nationwide network of more than 200 food banks, serving more than 46 million people, is warning it may experience a massive food shortage within the next twelve months, reported WaPo. Feeding America said it could face a deficit of “10 billion pound shortfall between now and June of 2021 – the equivalent of 8 billion meals.” In July, the nonprofit organization “estimated the total need for charitable food over the next year would be an unprecedented 17 billion pounds, more than three times the food bank network’s last annual distribution of 5 billion pounds.”

Rising food insecurity comes as the economy faces a tidal wave of long-term unemployment as millions of people who lost jobs early in the pandemic and remain out of work, unable to find a job, as job losses increasingly become permanent. At the moment, nearly 4 million jobs have vanished forever. Two problems are developed: rising long-term unemployment and permanent job losses, the combination of the two create deep economic scarring and immense financial pain for households. The Salvation Army recently launched its annual holiday fundraising campaign early this year, for the first time in 130 years, in a bid to “rescue Christmas” to support those households financially ruined by the economic downturn.

Read more …

Brilliant Babylon Bee.

Media Criticizes Trump For Downplaying Virus Threat By Not Dying (BBee)

President Donald Trump is once again under fire from the media for recklessly downplaying the danger of COVID by refusing to die. As the president begins to show signs of recovery, many worry that this sends the wrong message about the seriousness of the global pandemic. “Every hour that he lives is another hour that the severity of this virus is undermined!” said reporter Sara Grace Major for CNN. “Why won’t he just DIE and show the American people how deadly this virus truly is?” “Mr. President, are you sure you don’t need to lie down indefinitely or go on a ventilator?” asked another distraught journalist. “Maybe even say goodbye to your loved ones?!”


“Honestly, I feel terrific. Tremendous, really. I was never afraid of this virus before, but now I am even more not afraid. It’s sad, really. I was told this virus would be one tough cookie,“ Trump said to the press. “In fact, I’ve never felt better.” “His defiance is going to get people killed. Dying like he’s supposed to would be the most patriotic thing he could do,” complained CNN correspondent Adam Pelot. “If he lives, how will the people be able to trust science?” At publishing time, members of the press had begun pulling their own hair out as they watched the “incredibly strong and healthy” president go for a jog around the White House grounds.

Read more …

 

 

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“I hated school because I liked to daydream and the system tried to stop me from that.”
– Nassim Nicholas Taleb

 

 

 

 

Marshall McLuhan

 

 

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Sep 202018
 
 September 20, 2018  Posted by at 9:02 am Finance Tagged with: , , , , , , , , , , ,  1 Response »


M. C. Escher Still life and street 1937

 

FBI, DOJ To Defy Trump Declassification Order (ZH)
Louisiana AG Jeff Landry Wants To Break Up Social Media Giants (Advocate)
Amazon Hit By EU Antitrust Probe (CNBC)
Facebook Building A ‘War Room’ To Battle Election Meddling (AFP)
Leave No Dark Corner: China Is Building A Digital Dictatorship (ABC.au)
Steve Keen Says U.S. Heading for 2020 Recession (BBG)
Digging into Wealth and Income Inequality (CHS)
Theresa May Tells EU27 She Won’t Delay Brexit Despite Lack Of A Deal (G.)
‘Seven In 10’ EU Workers In UK Would Be Barred Under Brexit Proposals (G.)
The Forgotten History of the Financial Crisis (Tooze)
Turkish Treasury Borrows $347 Million At 25% Interest Rate (Hu.)
US Officials Face Growing Pressure Over Dicamba Herbicide Use (AFP)

 

 

We’re getting real close to core constitutional issues now.

FBI, DOJ To Defy Trump Declassification Order (ZH)

Despite President Trump’s Monday order for the “immediate declassification” of sensitive materials related to the Russia investigation, “without redaction,” the agencies involved are planning to do so anyway, according to Bloomberg, citing three people familiar with the matter. “The Justice Department, FBI and Office of the Director of National Intelligence are going through a methodical review and can’t offer a timeline for finishing, said the people, who weren’t authorized to speak publicly about the sensitive matter.” -Bloomberg. Trump ordered the DOJ to release the text messages of former FBI Director James Comey, his deputy Andrew McCabe, now-fired special agent Peter Strzok, former FBI attorney Lisa Page and twice-demoted DOJ official Bruce Ohr.

Also ordered released are specific pages from the FBI’s FISA surveillance warrant application on former Trump campaign aide Carter Page, as well as interviews with Ohr. The DOJ and the FBI are expected to submit proposed redactions to the Office of the Director of National Intelligence – which will prepare a package for Trump to sign off on. “When the president issues such an order, it triggers a declassification review process that is conducted by various agencies within the intelligence community, in conjunction with the White House counsel, to seek to ensure the safety of America’s national security interests,” a Justice Department spokesman said in a statement. “The department and the Federal Bureau of Investigation are already working with the Director of National Intelligence to comply with the president’s order.”

Read more …

Ahead of a meeting with Jeff Sessions.

Louisiana AG Jeff Landry Wants To Break Up Social Media Giants (Advocate)

Louisiana Attorney General Jeff Landry would like to see Google, Facebook and other major social media behemoths broken up like the federal government did to Standard Oil more than a century ago. Landry says the internet giants are suppressing conservative agendas, stifling competition, and infringing on antitrust laws. “This can’t be fixed legislatively,” Landry told The Advocate Tuesday. “We need to go to court with an antitrust suit.” Landry – or Chief Deputy Attorney General Bill Stiles – will go to Washington, D.C. next week to push that solution to U.S. Attorney General Jeff Sessions. Sessions, who is considering an investigation against the social media companies, set a Sept. 25 meeting with about a half dozen Republican state attorney generals.

[..] “The U.S. Department of Justice weighing in absolutely gives us an edge … their participation accelerates the timeline,” Landry said. The federal lawyers have the funding, experience and expertise that states can’t match when handling such complex litigation. “I thought it would be years to get this going,” Landry said. “This moves up the timeline.” He is against the idea, at first blush, of letting the companies settle for some huge sum and promises to behave better in the future – a frequent outcome of anti-trust lawsuits, Landry said. “I’m not prepared to say what the exact remedy would look like,” Landry said. But his gut feel is “that breaking up the monopoly is a good idea.”

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“Vestager has the power to fine companies up to 10 percent of their global turnover..”

Amazon Hit By EU Antitrust Probe (CNBC)

The EU regulators behind a $5 billion fine against Google are turning their attentions to Amazon. European Competition Commissioner Margrethe Vestager has begun questioning merchants on Amazon’s use of their data, Vestager said Wednesday. The issue, she said, is whether Amazon is using data from the merchants it hosts on its site to secure an advantage in selling products against those same retailers. “These are very early days and we haven’t formally opened a case. We are trying to make sure that we get the full picture,” Vestager said during a news conference Wednesday.

The probe comes as the world’s largest online retailer faces growing calls for regulation. Investors and insiders have long cited Amazon’s size and reach as reason to break the company up. President Donald Trump has hinted at antitrust action against Amazon as part of continued attacks against CEO Jeff Bezos, who also owns The Washington Post. U.S. Attorney General Jeff Sessions was set to meet this month with state officials to discuss antitrust concerns in Silicon Valley, though much of the regulation on Big Tech thus far has come out of Brussels. Vestager has the power to fine companies up to 10 percent of their global turnover for breaching EU antitrust rules. Earlier this year, she levied a record $5 billion fine against Google related to its Android business.

Read more …

You mean, by the FBI and CIA?

Facebook Building A ‘War Room’ To Battle Election Meddling (AFP)

Facebook on Wednesday said it will have a “war room” up and running on its Silicon Valley campus to quickly repel efforts to use the social network to meddle in upcoming elections. “We are setting up a war room in Menlo Park for the Brazil and US elections,” Facebook elections and civic engagement director Samidh Chakrabarti said during a conference call. “It is going to serve as a command center so we can make real-time decisions as needed.” He declined to say when the “war room” — currently a conference room with a paper sign taped to the door — would be in operation.

Teams at Facebook have been honing responses to potential scenarios such as floods of bogus news or campaigns to trick people into falsely thinking they can cast ballots by text message, according to executives. “Preventing election interference on Facebook has been one of the biggest cross-team efforts the company has seen,” Chakrabarti said. The conference call was the latest briefing by Facebook regarding efforts to prevent the kinds of voter manipulation or outright deception that took place ahead of the 2016 election the brought US President Donald Trump to office.

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What social media tech can lead to. If they do it in China, what would keep them from doing it here?

Leave No Dark Corner: China Is Building A Digital Dictatorship (ABC.au)

What may sound like a dystopian vision of the future is already happening in China. And it’s making and breaking lives. The Communist Party calls it “social credit” and says it will be fully operational by 2020. Within years, an official Party outline claims, it will “allow the trustworthy to roam freely under heaven while making it hard for the discredited to take a single step”. Social credit is like a personal scorecard for each of China’s 1.4 billion citizens. In one pilot program already in place, each citizen has been assigned a score out of 800. In other programs it’s 900. Those, like Dandan, with top “citizen scores” get VIP treatment at hotels and airports, cheap loans and a fast track to the best universities and jobs.

Those at the bottom can be locked out of society and banned from travel, or barred from getting credit or government jobs. The system will be enforced by the latest in high-tech surveillance systems as China pushes to become the world leader in artificial intelligence. Surveillance cameras will be equipped with facial recognition, body scanning and geo-tracking to cast a constant gaze over every citizen. Smartphone apps will also be used to collect data and monitor online behaviour on a day-to-day basis. Then, big data from more traditional sources like government records, including educational and medical, state security assessments and financial records, will be fed into individual scores.

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The link doesn’t go to an article about the interview, but it’s what Bloomberg provided on Twitter.

Steve Keen Says U.S. Heading for 2020 Recession (BBG)

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Inequality CAN bring down societies.

Digging into Wealth and Income Inequality (CHS)

The assets of U.S. households recently topped $100 trillion, yet another sign that everything is going swimmingly in the U.S. economy. Let’s take a look at the Federal Reserve’s Household Balance Sheet, which lists the assets and liabilities of all U.S. households in very big buckets (real estate: $25 trillion). (For reasons unknown, the Fed lumps non-profit assets and liabilities with households, but these modest sums are easily subtracted.) If we look at the numbers with a reasonably skeptical view, we start wondering about aspects that might have previously been taken as “facts” that were above questioning. For example, households hold $11.6 trillion in cash (deposits). That’s unambiguous.

So is the $29.3 trillion in stocks (owned directly and indirectly, i.e. retirement funds, etc.). But what about the $16 trillion in “other financial assets”? This isn’t cash, stocks, bonds, retirement funds or noncorporate businesses–then what is it? Offshore banking? That $16 trillion is equal to all homeowners’ equity (real estate minus mortgages). It’s a non-trivial chunk of the $100 trillion in net assets everyone is crowing about. I also wonder about the valuation of noncorporate businesses–small family businesses, LLCs, sole proprietorships, etc.– $11.9 trillion. How do you value a business that’s hanging on by a thread? Or one that’s a tax shelter?

We know from other sources that roughly 85% of all this wealth is held by the top 10% of households. This isn’t included in this balance sheet, but without those statistics, these numbers lack critical context: if household wealth is soaring, that sounds wonderful. But what if 95% the gains are flowing to the top 5%, and within the top 5%, mostly to the top .1%?

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Like she’s in a position to issue ultimatums.

Theresa May Tells EU27 She Won’t Delay Brexit Despite Lack Of A Deal (G.)

Theresa May has tried to threaten EU leaders over dinner at a special summit in Salzburg by telling them the UK would not seek to delay Brexit, prompting European leaders to warn that the two sides remained far apart on trade and the Irish border despite months of negotiations. The prime minister told her counterparts “that the UK will leave on 29 March next year” and as a result “the onus is now on all of us to get this deal done” by the end of an emergency summit that the EU confirmed would happen in mid-November. It was the first time since Chequers that May has had a chance to address the EU’s other 27 heads of government instead of going through their chief negotiator, Michel Barnier, with No 10 hoping that it would inject some urgency into the divorce talks.

“We all recognise that time is short but extending or delaying these negotiations is not an option,” she said. But as the summit started Jean-Claude Juncker, the president of the European commission, said that a deal remained “far away” while Donald Tusk, the president of the European council, warned that the UK’s proposals for the Irish border and future trade relations with the EU needed to be “reworked and further negotiated”. Tusk added that “various scenarios are still possible” – a clear hint that no deal was still a possibility. Despite the EU leaders’ statements, No 10 is hoping that May’s pitch to EU leaders will eventually prompt some greater flexibility on the part of Brussels in the critical period for the Brexit negotiations between a scheduled European council meeting in October and the decisive summit in November.

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No berries for you next summer.

‘Seven In 10’ EU Workers In UK Would Be Barred Under Brexit Proposals (G.)

The majority of EU workers in the UK would not be eligible to work in the country following Brexit if they were subject to proposals put forward by the government’s chief migration advisers, analysis by a leading leftwing thinktank shows. EU citizens currently in the UK are expected to be protected under the terms of the UK-EU withdrawal agreement but findings by the Institute for Public Policy Research (IPPR) illustrate how proposals by the Migration Advisory Committee (MAC) will potentially restrict businesses recruiting migrants from the EU in future.

In its report on EU migration after Brexit, published on Tuesday, the committee recommended lifting the cap on highly skilled workers applying to take up jobs in the UK but also backed maintaining the salary threshold of £30,000. The committee also recommended only allowing in individuals at level three or above on the nine-level regulated qualifications framework (RQF). Comparing this criteria to data from the labour force survey, the IPPR estimates that around 75% of the UK’s current EU workforce would not be eligible were they subject to the proposals. The findings will likely enflame concerns from business leaders over proposals they have already branded “ignorant and elitist”.

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Long overview by Adam Tooze.

The Forgotten History of the Financial Crisis (Tooze)

Although more banks failed during the Depression, these failures were scattered between 1929 and 1933 and involved far smaller balance sheets. In 2008, both the scale and the speed of the implosion were breathtaking. According to data from the Bank for International Settlements, gross capital flows around the world plunged by 90 percent between 2007 and 2008. As capital flows dried up, the crisis soon morphed into a crushing recession in the real economy. The “great trade collapse” of 2008 was the most severe synchronized contraction in international trade ever recorded.

Within nine months of their pre-crisis peak, in April 2008, global exports were down by 22 percent. (During the Great Depression, it took nearly two years for trade to slump by a similar amount.) In the United States between late 2008 and early 2009, 800,000 people were losing their jobs every month. By 2015, over nine million American families would lose their homes to foreclosure—the largest forced population movement in the United States since the Dust Bowl. In Europe, meanwhile, failing banks and fragile public finances created a crisis that nearly split the eurozone.

[..] bankers on both sides of the Atlantic created the system that imploded in 2008. The collapse could easily have devastated both the U.S. and the European economies had it not been for improvisation on the part of U.S. officials at the Federal Reserve, who leveraged trans-atlantic connections they had inherited from the twentieth century to stop the global bank run. That this reality has been obscured speaks both to the contentious politics of managing global finances and to the growing distance between the United States and Europe. More important, it forces a question about the future of financial globalization: How will a multipolar world that has moved beyond the transatlantic structures of the last century cope with the next crisis?

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Wow.

Turkish Treasury Borrows $347 Million At 25% Interest Rate (Hu.)

The Turkish Treasury borrowed some 2.2 billion Turkish liras (around $347 million) from domestic markets, the Treasury and Finance Ministry announced on Sept. 18. The auction was held for 12-month zero coupon bonds – new issuance – to be settled on Sept. 19 and mature on Sept. 18, 2019, according to an official statement. The average annual simple and compound interest rates of the 364-day bonds were 25.05 percent, the ministry added. According to the domestic borrowing strategy, the ministry has projected 21.9 billion liras (around $3.4 billion) of borrowing from the market through auctions in the September-November period. Sept. 18’s auction was second out of a total 11 planned auctions on the ministry’s issuance calendar for the three-month period.

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“Controversial pesticide pits farmer vs farmer in US.” Can we perhaps just stop using poison to produce food?

US Officials Face Growing Pressure Over Dicamba Herbicide Use (AFP)

US environmental regulators are under increasing pressure over a controversial pesticide known for laying waste to nearby crops as well as the harmful weeds it is meant to control. Critics worried about the harm are calling for increased restrictions, following the example of many states, while producers and some farmers want fewer obstacles to use of a chemical they view as one of their last options. Much like Roundup, another much-criticized herbicide marketed by Monsanto, dicamba has been on the market a long time. But use of the chemical has jumped since Monsanto – which was bought by Germany’s Bayer in June – introduced seeds that can resist the weed-killer.

Dicamba has been a boon for farmers at a time when they have seen other leading herbicides lose their effectiveness and the battle against damaging weeds. Use of seeds resistant to dicamba doubled over the last year, reaching 20 million hectares (50 million acres) this summer. But the product has been blamed for polluting around four percent of US soybean fields in 2017. A common complaint is that the herbicide is volatile, meaning it spreads to nearby areas. It is only meant for use during the growing season for plants resistant to the chemical, and the US Environmental Protection Agency last year received reports of “significant crop damage from off-field movement of dicamba.” The EPA authorized use of the weed-killer for two years, through November, so it will soon need to announce any changes to the rules on when and how it can be used.

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