Sep 262023
 
 September 26, 2023  Posted by at 8:10 am Finance Tagged with: , , , , , , , , ,  43 Responses »


SalvadorDali Girl At The Window 1925

 

Zelensky’s Failed Visit to US Shows ‘End is Coming’ for Ukraine (Sp.)
Zelensky’s Wife Unsure If He Will Seek Reelection (RT)
Ukraine To Surrender On Moscow’s Terms Or Cease To Exist – Duma Speaker (TASS)
How to Prevent a Third World War (Sp.)
Slouching Towards Beelzebub (Kunstler)
Canada Saluting A Ukrainian Nazi Was No Coincidence (Eva Bartlett)
How Canada Became a Safe Haven for Ukrainian WWII-era Nazis (Sp)
Hillary Clinton Claims Russia Seeks to Meddle in 2024 Election (Tweedie)
EU to Rely on US LNG ‘For Decades’ (Sp.)
Diamonds Aren’t Forever For The Belgians – War Against Russia Instead (Helmer)
War of Economic Corridors: the India-Mideast-Europe Ploy (Pepe Escobar)
The ‘Last Man’ Teleology and the Fall of the West (Alistair Crooke)
Senator Menendez Broke the ‘Goldilocks Rule’ of Corruption (Turley)
Scientists ‘Shocked’ And ‘Alarmed’ At What’s In The mRNA Shots (Barnett)

 

 

 

 

Tucker

 

 

 

 

GOPUkr

 

 

American troops in Ukraine?

 

 

Effective
https://twitter.com/i/status/1706178028018008199

 

 

 

 

CIA Covid

 

 

USGovLie

 

 

 

 

Hmmm. Let’s see it first.

Zelensky’s Failed Visit to US Shows ‘End is Coming’ for Ukraine (Sp.)

Ukrainian President Volodymyr Zelensky’s lackluster receptions in Washington and at the UN in his trip to the US last week, and inability to achieve major objectives, shows that his moment has passed and the end is near for Kiev, experts told Sputnik. Zelensky visited Washington on Thursday for the second time since Russia launched its special military operation. Unlike his Democratic predecessor Nancy Pelosi, House Speaker Kevin McCarthy declined Zelensky’s request to address a joint session of Congress. It also came as the lower congressional chamber is struggling to pass a short-term spending plan to avoid a government shutdown at the end of the month, with continued financial support for Kiev being one of the sticking points among Republicans.

Biden did announce a new security package for Kiev, although it did not include the ATACMS long-range missiles Zelensky sought. However, according to media reports, Biden during the visit informed Zelensky that the US will send a small number of ATACMS to Ukraine for the first time. A White House National Security Council spokesperson declined a Sputnik request to confirm and comment. Retired US Army Lt. Col. and international consultant Earl Rasmussen, former Vice President of the Eurasia Institute, said Ukraine’s leader failed to achieve many objectives during his trip to the US, including isolating Russia at the Security Council and securing greater international support. Nor did he receive a strong reception from US Congress, Rasmussen observed. One would assess the US adventure as one absent of excitement and a definite disappointment, Rasmussen continued.

“There were no mass pro-Ukrainian or anti-Russian demonstrations in New York or Washington. The UN Assembly Hall was at best half full for his presentation, which seemed more based on an alternative universe,” Rasmussen told Sputnik. “Essentially this visit was a non-event with even The New York Times publishing a critical article the day before his appearance in the UN. Coincidence? Likely not.” This all comes to mean one thing – a reality that Ukraine should grasp by now, Rasmussen said. “The end is rapidly coming both for Zelensky and Ukraine,” Rasmussen said. “A military defeat is near… The question is do we seek a settlement and end the killing, or do we escalate more to try to prolong the conflict and as a result see even more lives lost and an increased chance of direct conflict.”

Former Pentagon analyst Chuck Spinney speculated that Zelensky might even be realizing his chance to rally the West behind his cause once again has come and gone. “I think Zelensky’s phony ‘Churchillian Moment’ has passed,” Spinney told Sputnik. “His body language suggests that he knows he is losing touch with his audience.” Nicolai Petro, who serves as a professor of political studies at the University of Rhode Island, said Zelensky’s trip to the United States revived public interest in the issue of Ukraine, but that he had to endure complaints from some of his sponsors about Ukraine’s lack of military success and corruption. “Alas, there is little that can be done about either of these,” Petro said. “The fact that lax oversight controls over funding and military shipments to Ukraine predictably resulted in a significant percentage of it disappearing was not revealed yesterday – sources in the White House were aware of it in April 2022 and CBS News reported on it in August 2022.” The widespread corruption that guaranteed the waste and misuse of US and NATO-supplied weapons systems would likely continue unabated, Petro predicted.

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His safe way out?

Zelensky’s Wife Unsure If He Will Seek Reelection (RT)

Ukrainian President Vladimir Zelensky might not run for reelection next year, his wife, First Lady Elena Zelenskaya, told CBS’ Face the Nation on Sunday. The difficulties of organizing elections amid a military conflict, with millions of eligible voters scattered all over the surrounding continents, might influence her husband’s decision on whether to run again, Zelenskaya said. She added that she would nevertheless “support him whatever decision he takes.” “It will also depend whether our society would need him as a president, if he will feel that Ukrainian society would no longer wish him to be the president, he will probably not run,” she added, admitting that she was uncertain of her husband’s intent.

While Zelenskaya claimed she “didn’t fully endorse” his first attempt at the presidency, she acknowledged that a second try would be “not as scary” due to the couple’s experience. She called the moderator’s question – about how she would feel if Zelensky launched a reelection bid – a “difficult” one. The Ukrainian head of state visited the US last week to meet with President Joe Biden and other leaders, coming back with a pledge of “up to $325 million” for “critical security and defense needs” from the White House, after reportedly warning American lawmakers that Kiev may lose to Russia otherwise. Washington has reportedly handed over $75 billion to Kiev in the last two years, with most of that – $46.6 billion – being military aid.

A survey published earlier this month revealed nearly eight in 10 Ukrainians blame Zelensky for the rampant corruption that plagues their country – another reason the president might be apprehensive about running for reelection. He has also complained about weakening Western support as well, using an interview with the Economist to denounce his unfaithful erstwhile benefactors as closet Russia supporters and threaten them with losses in their own elections if Kiev succumbs militarily, and social problems, should the millions of Ukrainian refugees scattered throughout Europe get unruly.

Ukrainian martial law prohibits elections, and Ukrainian security officials recently acknowledged to the Washington Post that a vote would be essentially impossible with most of the population deployed on the front lines or living outside the country. However, Kiev is facing increasing pressure from the West to at least maintain the appearance of a functioning democracy, a demand the government cannot afford to dismiss outright given the degree to which it is financially dependent on American and European largesse. In June, Zelensky acknowledged a vote could only take place after the conflict was settled, only to reverse course in August and say it was possible – as long as he got an additional $135 million.

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“Ukraine has lost 53.7% of its population since 2014..”

Ukraine To Surrender On Moscow’s Terms Or Cease To Exist – Duma Speaker (TASS)

Ukraine is fated either to capitulate on Moscow’s terms or cease to exist as a state, Vyacheslav Volodin, speaker of the Russian State Duma (lower house of parliament), said. “When speaking about the conflict in Ukraine, [US President Joe] Biden, [NATO Secretary General Jens] Stoltenberg and other Western officials have started calling it ‘a war of attrition.’ They have put huge amounts of money into militarizing the Kiev regime. Where has it gotten them? The simple facts are these: the West is experiencing weapons and ammunition shortages, people in Europe and the US have lost trust in politicians, and the Kiev regime’s counteroffensive has failed,” Volodin stated.

According to him, the outcome of the “war of attrition” also includes economic problems in Europe and the US, a lack of manpower for the Ukrainian armed forces, and ultimately bankruptcy and demographic disaster for Ukraine. “These seven facts speak for themselves: Ukraine will cease to exist as a state unless the Kiev regime capitulates on Russia’s terms,” Volodin stressed. “More than 10.5 million people have fled Ukraine. Another 11.2 million residents of Crimea, Sevastopol, the Donetsk and Lugansk people’s republics and the Zaporozhye and Kherson regions decided to join Russia. Ukraine has lost 53.7% of its population since 2014,” the State Duma speaker highlighted.

Volodin noted that, in June, then-British Defense Minister Ben Wallace stated that Western countries had run out of stockpiles of those weapons that they could send to Kiev from their own national arsenals. Biden, in turn, admitted in July that the decision to provide Ukraine with cluster munitions had been driven by the fact that stocks of conventional ammunition were exhausted. “The approval ratings of EU and US leaders have hit historical lows. The share of people who disapprove of their leaders’ performance stands at 57% for Biden, at 69% for [French President Emmanuel] Macron, and at 72% for [German Chancellor Olaf] Scholz. The majority of people in the United States and European countries oppose weapons supplies to Ukraine,” the Duma speaker added.

In addition, the senior lawmaker emphasized that the NATO-backed Ukrainian military had suffered huge troop and equipment losses, while “the lack of achievements has disappointed [Kiev’s] Western sponsors.” “The economies of the Eurozone countries are going through a recession. The costs of Ukraine’s militarization have forced Germany to cut benefit payments to poor families. France has reduced the number of beneficiaries; people in need no longer receive food packages and reimbursements for drug costs. International agencies have downgraded the United States’ long-term investment rating as they expect the financial situation in the country to worsen in the next three years,” Volodin said.

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“..the moral, political, intellectual, social, and economic multi-level crisis plaguing the bulk of the collective West.”

How to Prevent a Third World War (Sp.)

The unfolding Ukraine crisis could be a prologue for a larger and more dangerous conflict, according to Russian political scientist Sergei Karaganov. “In Ukraine, we have finally stood up to the United States/West, but we have so far let them grab the initiative in matters of escalation,” Karaganov wrote in his new article. “They continuously expand and deepen their aggression by supplying increasingly deadly and dangerous weapons.” This situation is further aggravated by the evident degradation of Western elites, according to the political scientist. He particularly referred to “the moral, political, intellectual, social, and economic multi-level crisis plaguing the bulk of the collective West.” “It will only get worse in the foreseeable future,” warned Karaganov.

“Each new call from Western leaders is more foolish, reckless, and ideologically charged than the previous one, making it more dangerous for the world. They are consciously fuelling the disintegration of their societies by promoting anti-human values.” Meanwhile, modern information technology and the internet has become a convenient tool for demonization and manipulation of public perceptions. “Even now, to fight the hated Russians, hundreds of thousands of Ukrainians are being sent to their deaths,” wrote the scholar. “Clearly, many more are dying from the collapse of infrastructure and healthcare. These victims are either completely forgotten or deliberately downplayed. Clearly, there is an even worse attitude toward demonized Russians. Russophobia has reached almost unprecedented proportions, perhaps comparable to how the Nazis viewed Slavs and Jews.”

This is happening against the backdrop of a broken dialogue system and the collapse of the arms control system, which, while not always useful and sometimes even harmful in the past, at least provided channels of communication between leading military powers, according to Karaganov. Meanwhile, a global realignment is underway with the West waging a “desperate final battle to preserve its dominance,” as per the Russian scholar. “A seismic shift is taking place in global geopolitics, geostrategy, and geoeconomics, and it is gaining momentum. New continents are rising, and global problems are worsening. The emergence of new sources of friction and conflicts is inevitable,” he wrote. Amid this unprecedented rapid redistribution of global power from the West to the global majority, Russia has become historically designated as “its military and political core,” according to Karaganov.

[..] “Humanity is facing an existential challenge to prevent the inexorably approaching catastrophe of the Third World War within the next decade or so by forcing the West, primarily the United States, to step back and adapt to the new reality. To achieve this, we need to compel their ‘deep state’ to refresh, as much as possible, the ruling elites, whose low quality does not meet the challenges facing humanity today. The falling West may drag everyone along, including its deep state,” he highlighted. To that end, Western elites should once again realize that nuclear armageddon poses a real threat to the world, according to the scientist.

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“Never in history has such a move into tyranny been fronted by such an embarrassingly un-charismatic empty vessel..”

Slouching Towards Beelzebub (Kunstler)

From early on, our government lied about the safety of the vaccines, at the same time that they lied and confabulated about the origins of the Covid-19 virus. They continue lying about all of this to this day even as they appear to prepare for a replay of a pandemic. Now that the weekend is over, you will not read about any of this in The New York Times. Why is that? I will offer my theory: that newspaper’s business model, based on pages and pages of print advertising, is completely broken and it is on financial life-support from the CIA and / or DARPA, probably facilitated by private sector cut-outs laundering the money. That’s how dishonorable the flagship of the US news media is.

And, of course, there is the added layer of government-directed censorship, also through private sector cut-outs, that is aimed at suppressing the truth about Covid from every angle, especially the vaccines. Doesn’t all of this look rather sinister? Choose one of two possible explanations: 1) the Covid-19 episode from the beginning was a fantastic fiasco of blundering incompetence by hundreds of officials from many agencies plus elected leaders, and at every stage was made worse by additional incompetent actions aimed at concealing massive chains of prior misdeeds producing more misdeeds resulting in the wholesale collapse of authority in our country. In other words, an epic clusterfuck.

Or 2) The entire Covid episode is a chain of crimes committed deliberately with malicious intent to kill and injure large numbers of people while contriving to deprive the survivors of their basic liberties and their property. Because identical events are seen in all the other nations of Western Civ, it would be reasonable to infer some kind of coordination managed by a supervisory force or entity. What we see is a globalist coalition formed of the World Economic Forum (WEF), the World Health Organization (WHO), The European Union (EU), the United Nations (UN), the pharmaceutical industry, the “Five Eyes” intel alliance, the global banking establishment, The Democratic Party, and scores of well-endowed non-governmental agencies such as the George Soros constellation of councils and foundations. What else is unseen?

One conspicuously strange element of the whole picture is the phantom leadership of the supposed world hegemon USA in the figurehead, “Joe Biden.” Never in history has such a move into tyranny been fronted by such an embarrassingly un-charismatic empty vessel. Never in our country’s history have our affairs whirled in such a mystifying flux of bewildering forces. Even our Civil War was a more straightforward clash of interests. Events are moving quickly now. They’re setting up the steam-table for that banquet of consequences.

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“There are even monuments honoring Nazi collaborators and Ukrainian Insurgent Army criminals still standing in Canadian cities..”

NOTE: Trudy saying he didn’t know who the guy was is nonsense. He met him the day before.

Canada Saluting A Ukrainian Nazi Was No Coincidence (Eva Bartlett)

The stomach-churning scene of the Canadian parliament giving a standing ovation three days ago to a former Waffen SS Nazi has by now made the rounds on the internet. During Ukrainian President Vladimir Zelensky’s visit to Canada, and following his predictably bombastic pan-handling speech, House Speaker Anthony Rota went on to gush praise over a Ukrainian-Canadian in parliament that day: Yaroslav Hunka, a World War II-era Nazi, calling him “a Ukrainian hero, a Canadian hero” and thanking him for his service. Two days later, Rota issued an apology for lauding the man, saying he had “recognized an individual in the gallery” and had subsequently become aware of “more information which causes me to regret my decision to do so.”

Just to be clear – since Rota was not – the individual he meekly referred to was Yaroslav Hunka, and the information which made Rota remorseful was that Hunka had been a voluntary member of 1st Galician Division of the Waffen SS – you know, the one accused of mass murdering Poles, Jews and Ukrainians in Ukraine and Poland, as well as committing other atrocities. Whereas Rota claims he was unaware of Hunka’s service as a Nazi, given that he had also praised Hunk for fighting “for Ukrainian independence against the Russians,” one can assume this is the service he referred to. In his apology, Rota stated, “no one, including fellow parliamentarians and the Ukraine delegation, was aware of my intention or of my remarks before I delivered them.”

Canadian Prime Minister Justin Trudeau’s office denied any knowledge of Hunka and his Nazi service, stating, “The Speaker had his own allotment of guest seating at Friday’s address, which were determined by the Speaker and his office alone.” Whether Trudeau (and his Stepan Bandera-sympathizing deputy PM Chrystia Freeland) knew about Yaroslav Hunka or not, the question remains: why was he never brought to justice? He, or any of the other 2,000 SS Nazis Canada reportedly took in in the years following WW2. Having been accepted as anti-communist refugees with little to no scrutiny, these suspected war criminals and collaborators have been allowed to live out the rest of their days in peace, and most of them have done so openly under their own names, as the Simon Wiesenthal Center has repeatedly reported.

There is much to be said about Canada’s history with Ukrainian Nazis. Not only did it take them in after WW2, but the government-backed Ukrainian Canadian Congress, which, until recently, listed Nazi-collaborator veterans organizations as members, as well as government-funded Ukrainian ‘youth centers’ that celebrate Nazi collaborators like Stepan Bandera and Roman Shukhevich. There are even monuments honoring Nazi collaborators and Ukrainian Insurgent Army criminals still standing in Canadian cities. Canada has also supported modern-day Nazis in Ukraine itself, by training members of the neo-Nazi Azov Battalion on Canadian soil, although Canadian corporate media has in recent years attempted to downplay this.

Radio Canada reported in April 2022 that the Canadian Armed Forces, “did contribute to the training of soldiers of the Azov regiment in 2020, to the point where this unit is now boasting of being able to train its own soldiers according to Western standards.” The Ottawa Citizen, writing about this report, cited a 2017 briefing by Canada’s Joint Task Force Ukraine as saying, “Multiple members of Azov have described themselves as Nazis.” In November 2021, the same Ottawa Citizen journalist wrote about Canadian officials meeting with leaders from the Azov Battalion in June 2018. Canadian officers and diplomats, “did not object to the meeting and instead allowed themselves to be photographed with battalion officials despite previous warnings that the unit saw itself as pro-Nazi.”

Hunka
https://twitter.com/DD_Geopolitics/status/1706215091878744123

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“When the news of her relative’s true past leaked out, Ottawa immediately characterized it as a “Russian disinformation” campaign aimed at “destabiliz[ing] Western democracies..”

How Canada Became a Safe Haven for Ukrainian WWII-era Nazis (Sp.)

Before World War II, Ukrainian Canadians were among the most tightly knit, pro-labor, pro-Moscow, and anti-fascist migrant communities living in the True North Strong and Free. That began to change after the war and the arrival of thousands of Ukrainian Nazi collaborators wanted for war crimes across Eastern Europe. This is their story. The scandal over the Canadian parliament’s move to honor Ukrainian Waffen SS veteran Yaroslav Hunka continues to swirl, with Canada’s opposition leader, Poland, Jewish groups, Russia and the United Nations demanding accountability. Hunka, 98, was in attendance during Ukrainian President Volodymyr Zelensky’s address to the House of Commons last Friday, and was introduced to lawmakers as a veteran of the “struggle for Ukrainian independence against the Russians during the Second World War.” He received a standing ovation from the legislature.

It soon emerged that the former soldier carried out his “struggle for Ukrainian independence” as a member of the infamous 14th Waffen Grenadier Division of the Nazi SS, also known as 14th SS-Volunteer Division Galicia. Formed in 1943 and made up mostly of ethnic Ukrainians, the Wehrmacht-subordinated fighting formation was recruited from among fascist radicals, and was responsible for the mass murder of anti-fascist and communist Ukrainians, Red Army troops, anti-fascist partisans, and Polish, Jewish, Russian and Slovak civilians. Between 1943 and its surrender to the Western allies in May 1945, 14th SS-Volunteer Division Galicia rampaged through Eastern Europe. It was used for “police actions” against Polish and Soviet partisans in western Ukraine and eastern Poland, deployed to wipe out up to hundreds of civilians at a time in the Polish settlements like Huta Pieniacka, Podkamien, Chodaczkowo Wielkie, Prehoryle, Smogligow, and Borow, and thrown into meat grinders against the Red Army (where it took heavy losses approaching 75 percent during brutal fighting at Brody, Lvov region in July 1944).

The remnants of the division were evacuated and deployed in Slovakia in the late summer of 1944 to put down the Slovak National Uprising, and then sent to suppress partisan operations in Yugoslavia in January 1945. In March 1945, the formation retreated to Austria, taking heavy losses while trying to hold back Soviet forces in and around Graz during the desperate closing months of the war. Ukrainian fascist forces later incorporated into the division also took part in the suppression of the Warsaw Uprising between August and September of 1944, although the division itself did not take part. [..] The scandal surrounding Hunka is not the first of its kind. In 2017, independent media outlet Consortium News was attacked by Canadian authorities after revealing that Chrystia Freeland, the senior Trudeau cabinet member then serving as Canada’s Minister of Foreign Affairs, had attempted to cover up her grandfather Mykhailo Khomiak’s past as an editor of a Nazi newspaper in occupied Poland during WWII.

Canadian media later followed up on the allegations, confirming the information, and revealing that Freeland not only knew of her grandfather’s dark past, but helped edit an academic article in the Journal of Ukrainian Studies by her uncle, John-Paul Kimka, professor emeritus at the University of Alberta, in the 1990s a bid to whitewash the Nazi propagandist’s activities. When the news of her relative’s true past leaked out, Ottawa immediately characterized it as a “Russian disinformation” campaign aimed at “destabiliz[ing] Western democracies,” with Freeland claiming her grandparents fled the war in 1939 as “political exiles with a responsibility to keep alive the idea of an independent Ukraine.” After the escalation of the Ukrainian crisis in early 2022, Freeland, now deputy prime minister, got into more trouble after tweeting (and after public outrage deleting) a photo of herself holding a banner sporting the colors of the notorious fascist militant formation known as the Ukrainian Insurgent Army (Ukrainian acronym UPA), along with the UPA’s slogan “Slava Ukraini” (lit. “Glory to Ukraine”).

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I’m not terribly unpopular. That can’t be it. People love me.

Hillary Clinton Claims Russia Seeks to Meddle in 2024 Election (Tweedie)

Failed presidential runner Hillary Clinton has repeated her discredited claims of Russian interference in US elections. Clinton dusted off the 2016 ‘Russiagate’ conspiracy theory she used to explain her defeat by Donald Trump in an interview with MSNBC’s Jen Psaki — the former White House press secretary renowned for her inability to answer journalist’s questions. Psaki claimed that Russian President Vladimir Putin had “interfered in our elections in the past” — directly contradicting the findings of special counsel John Durham’s inquiry that the claim was “uncorroborated” — and asked Clinton if she feared it would happen in 2024. “I don’t think, despite all of the deniers, there is any doubt that he interfered in our election, or that he has interfered in many ways in the internal affairs of other countries, funding political parties, funding political candidates, buying off government officials in different places,” Clinton claimed.

Her tone became increasingly paranoid as she went on. “He hates democracy. He particularly hates the West and he especially hates us,” Clinton ranted. “And he has determined that he can do two things simultaneously. He can try to continue to damage and divide us internally, and he’s quite good at it.” The former secretary of state and senator, the wife of disgraced ex-president Bill Clinton, even believed that Putin had a personal grudge against her. “Part of the reason he worked so hard against me is because he didn’t think that he wanted me in the White House,” Clinton complained. “Part of the challenge is to continue to explain to the American public that the kind of leader Putin is.” She then reeled off a series of unproven allegations against the Russian president, including that he was responsible for the deaths of opposition figures and journalists — and interfered in the 2016 US elections to ensure she lost to Trump.

“I fear that the Russians will prove themselves to be quite adept at interfering, and if he has a chance, he’ll do it again,” Clinton concluded. Durham’s report, finally released in June 2023, found that former Federal Bureau of Investigations (FBI) Director James Comey’s operation Crossfire Hurricane probe — oddly named after a Rolling Stones lyric — was founded on “raw, un-analyzed and uncorroborated” intelligence and should never have been launched. It said the FBI was guilty of misconduct and was in need of reform, but did not lay individual blame on any of the numerous officials involved — from Comey to Peter Strzok and Lisa Page, two agents entwined in an extra-marital affair at the federal agency.

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Brussels sold out the EU.

EU to Rely on US LNG ‘For Decades’ (Sp.)

The European Union’s much-touted self-harming intention to diversify from Russian natural gas means it will be forced to rely on America’s liquefied natural gas (LNG) for decades to come, the bloc’s top energy official has admitted. The EU’s ambitious climate goals and pledge to phase out fossil fuels are also likely to be shoved on the back burner, as Ditte Juul Jorgensen, director general for energy at the European Commission, told a media report that the bloc’s reliance on exports of US LNG was not going away any time soon. While the official touted “conservation” and more renewable energy, such as wind and solar, as the “instruments” at the disposal of the EU that would allow it to survive another energy crisis in the coming winter, she added: “We will need some fossil molecules in the system over the coming couple of decades. And in that context, there will be a need for American energy,” said Jorgensen in an interview in New York.

Last year, when Brussels cobbled together package after package of sanctions targeting Russia over Ukraine, anyone with a clear understanding of the energy needs of the 27-member bloc could have foreseen that it was backing itself into a corner. The EU’s proclaimed decision to wean itself off Russian gas, along with “net zero carbon emissions by 2050” goals were a tough act to follow through on. Sure enough, now, for all intents and purposes, Brussels will continue to consume expensive US LNG beyond the end of the decade, to the frustration of politicians and environmental campaigners. Brussels waded into an agreement with the administration of US President Joe Biden in March 2022 to “work toward the goal of ensuring, until at least 2030, demand for approximately 50 billion cubic metres (bcm) of additional US LNG.” At the time, the pact was struck on the basis that it was consistent with EU and US shared climate goals.

“We aim to reduce this dependency on Russian fossil fuels and get rid of it. This can only be achieved through… additional gas supplies, including LNG deliveries,” EU Commission head Ursula von der Leyen said at a joint news conference with Joe Biden at the time. Jorgensen’s new statements will help European buyers “clear the path forward” now, the report added, citing initial evidence of reluctance to sign deals with US suppliers past the 2030 deadline. America’s LNG exports to EU member states surged more than twofold last year, reaching 56 bcm in 2022. Just a year before that, the shipped amount had been 22 bcm annually. There has been an echo of frustrated voices from some European politicians complaining that US LNG contracts are fraught with risks to the EU’s climate goals. But the reality is that US LNG companies are signing increasingly more long-term supply deals with Europe. Thus, America’s largest LNG exporter – Cheniere Energy – has struck a deal for two contracts with Europe-based Equinor and BASF to ship 2.55mn tons annually far into the 2040s.

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“Russian production is less than demand in developing countries.”

Diamonds Aren’t Forever For The Belgians – War Against Russia Instead (Helmer)

[..] the US-NATO blockade of the Russian tanker trade is Napoleonic in the obviousness of the miscalculation; it is also Napoleonic in the magnitude of losses on the NATO side — and the acceleration of profits on the Russian side. In today’s new episode, the battleground is the diamond trade based in Antwerp, Belgium. Almost $14 billion worth of diamonds are imported annually for cutting, polishing, and trading there, and about the same value is exported. In their rough form, most of the diamonds in the Belgian market have been mined in Russia, and either sent direct to the Antwerp diamond market, or indirectly through India. Most of the diamonds exported from Antwerp have been going to India, United Arab Emirates (UAE), and Israel. The Israeli diamond processing business exports mostly to the US jewellery market.

The diamond trade in Europe has traditionally been a Jewish operation; until the Germans arrived in 1940 that was based in Amsterdam, Netherlands, for four hundred years. German race hatred wiped out the Jews of Amsterdam; Belgian race hatred for Russians is about to wipe out the Antwerp diamond market. The Jewish business is about to become an Arab one. As one Antwerp diamantaire described the situation, “if the Belgian government thinks it’s giving the finger to the Russians, all that will happen is that the diamond on that finger will move, and the finger will be what Dubai will be pointing.” Martin Rapaport’s price sheet for the trade in Tel Aviv and New York reports that in Belgium “sentiment [is] very low. Serious concerns for coming months.

0.50 and 1 ct. [carat] diamonds especially weak due to sluggish US orders. Many hope holiday activity will kickstart trading. Uncertainty surrounds Russian diamonds as fresh sanctions loom.” Rapaport, a dual Israeli-American citizen and self-reported “world’s largest and most trusted marketplace for diamonds & jewelry”, has been promoting fresh sanctions against Russian diamonds to cut the volume of Russian rough in the global market; these have been causing diamond inventories to overflow, diamond prices to fall, and Israeli margins to shrink. “Russia was the wild card in 2022. Whereas it was assumed the sanctions imposed in February by the US on Russian-sourced diamonds would lead to shortages, the goods continued to enter the market — propping up polished inventories.”

[..] “The G7 countries account for about 80-90 million carats of diamond consumption per year. As for India and China, this figure is at the level of 60 million carats. That is, the Group of Seven is ahead in this area, but taking into account the fact that Russia produces about 40 million carats annually, India and China can take all this volume. As for the possible restrictions in this industry, I think the situation will be similar to similar sanctions against oil, which is now being quietly sold to India and China, albeit at a certain discount to the world price. As far as I understand, after cutting, it is quite difficult to separate diamonds of Russian origin from other stones. But if, after all, technology will somehow control the process of selling diamonds, then the Russian Federation, taking into account the capacity of the markets, can really send supplies to developing countries. Russian production is less than demand in developing countries.”

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“..dangling an enticing Divide and Rule carrot that promises Things That Cannot Be Delivered..”

War of Economic Corridors: the India-Mideast-Europe Ploy (Pepe Escobar)

The India-Middle East-Europe Economic Corridor (IMEC) is a massive public diplomacy op launched at the recent G20 summit in New Delhi, complete with a memorandum of understanding signed on 9 September. Players include the US, India, UAE, Saudi Arabia, and the EU, with a special role for the latter’s top three powers Germany, France, and Italy. It’s a multimodal railway project, coupled with trans-shipments and with ancillary digital and electricity roads extending to Jordan and Israel. If this walks and talks like the collective west’s very late response to China’s Belt and Road Initiative (BRI), launched 10 years ago and celebrating a Belt and Road Forum in Beijing next month, that’s because it is. And yes, it is, above all, yet another American project to bypass China, to be claimed for crude electoral purposes as a meager foreign policy “success.”

No one among the Global Majority remembers that the Americans came up with their own Silk Road plan way back in 2010. The concept came from the State Department’s Kurt Campbell and was sold by then-Secretary Hillary Clinton as her idea. History is implacable, it came down to nought. And no one among the Global Majority remembers the New Silk Road plan peddled by Poland, Ukraine, Azerbaijan, and Georgia in the early 2010s, complete with four troublesome trans-shipments in the Black Sea and the Caspian. History is implacable, this too came down to nought. In fact, very few among the Global Majority remember the $40 trillion US-sponsored Build Back Better World (BBBW, or B3W) global plan rolled out with great fanfare just two summers ago, focusing on “climate, health and health security, digital technology, and gender equity and equality.”

A year later, at a G7 meeting, B3W had already shrunk to a $600 billion infrastructure-and-investment project. Of course, nothing was built. History really is implacable, it came down to nought. The same fate awaits IMEC, for a number of very specific reasons. The whole IMEC rationale rests on what writer and former Ambassador M.K. Bhadrakumar deliciously described as “conjuring up the Abraham Accords by the incantation of a Saudi-Israeli tango.” This tango is Dead On Arrival; even the ghost of Piazzolla can’t revive it. For starters, one of the principals – Saudi Crown Prince Mohammad bin Salman – has made it clear that Riyadh’s priorities are a new, energized Chinese-brokered relationship with Iran), with Turkey, and with Syria after its return to the Arab League.

Moreover, both Riyadh and its Emirati IMEC partner share immense trade, commerce, and energy interests with China, so they’re not going to do anything to upset Beijing. At face value, IMEC proposes a joint drive by G7 and BRICS 11 nations. That’s the western method of seducing eternally-hedging India under Modi and US-allied Saudi Arabia and the UAE to its agenda. Its real intention, however, is not only to undermine BRI, but also the International North-South Transportation Corridor (INTSC), in which India is a major player alongside Russia and Iran. The game is quite crude and really quite obvious: a transportation corridor conceived to bypass the top three vectors of real Eurasia integration – and BRICS members China, Russia, and Iran – by dangling an enticing Divide and Rule carrot that promises Things That Cannot Be Delivered.

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How did Brzezinski and Fukuyama ever become so influential?

The ‘Last Man’ Teleology and the Fall of the West (Alistair Crooke)

As is well known, the Mackinder ‘Pivot of History’ doctrine (1904) of ‘he who controls the Asian heartland controls the world’ was cemented into the U.S. zeitgeist as the unassailable doctrine that a united Heartland – which might challenge the U.S. – must never be allowed. To which Brzezinski, President Carter’s National Security Adviser, added that the Ukraine, by virtue of its divided national identities, entwined in old complexities, should be seen as the hinge around which heartland power revolved: ‘Absent Ukraine, Russia would never become the heartland power; but with Ukraine, Russia can and would’, Brzezinski averred. Well, that was the idea – to mobilise fierce Ukrainian ultranationalism versus a weak Russia, and put them to fight each other.

But the evolution of the ‘Brzezinski doctrine’ – quite surprisingly – segued into a series of western mythological errors: First, that Russia was easily defeated in Afghanistan, by a few lightly armed jihadists (not true). Secondly, that the Soviet Union and its satellites were overthrown by ‘Revolutions from Below’ (also not true). And thirdly, that a powerful U.S. Security-State ‘Leviathan’ could ensure U.S. hegemony (through mounting ‘Revolutions from Below’). Brzezinski’s prime intent may originally have been to keep Russia and China divided from each other. But the Soviet Union’s sudden implosion (unrelated to Afghanistan) was crafted narratively to lend credence to Francis Fukuyama’s End of History and the Last Man meme. After the Cold War and the Soviet communist empire’s collapse, the American political, cultural and economic model was widely held to be the ‘Last Man Standing’.

‘Afghanistan’ also fostered the myth of Islamic insurgents as the ideal solvents for ‘backward’ states needing new western, forward-thinking leaders. (It was Brzezinski who persuaded Carter to insert Islamic radicalism into Afghanistan to undermine the Russian-supported, socialist Najibullah). ‘Afghanistan’ effectively was the pilot for the ‘Arab Spring’ – a global ‘house-cleaning’ that, it was claimed, would end vestiges of earlier Soviet influence, and create new stability. The excitement in neo-con circles was palpable. And America’s Cold War success was attributed (apart from western culture’s ‘genetic’ advantages) to the empowerment of the military-security apparati. In theory, the end to the Cold War might have been an opportunity to return to the U.S. Founders’ original principles of distance from European conflicts and of caution toward military and security Leviathans.

The Soviet implosion seemed a harbinger of global tensions vented; pressures released. But then, ‘something’ extraneous, out-of-the-blue, happened; something that in a stroke, reversed the logic of the Cold War expected ‘peace dividend’ by “invigorating the military-security state to new heights”, Gordon Hahn notes. The power of the military-security state began, from this point onward, to be deployed abroad – in the service of the globalising cultural war. What had happened was ‘9/11’. But then a new ‘twist’ took America away, on an entirely different path. Barack Obama infused new energy into the military-security state. The Obama administration however, was not so much motivated by overseas hegemony (though not opposed to it). The focus though was on bringing forward the cultural revolution underway in the U.S. What had happened? And how is Ukraine connected to this?

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“..Menendez pursued gifts with a reckless abandon, endangering others whose corruption was more circumspect..”

Senator Menendez Broke the ‘Goldilocks Rule’ of Corruption (Turley)

In 2010, I defended a federal judge, Thomas Porteous, in his impeachment trial, against charges that he had taken gifts and misused his office for personal gain. The curious thing about Senate trials is that you have a jury composed of people you could strike for cause in a real court. Menendez was among those sitting in judgment of Porteous, but he wasn’t just another face in the Senate crowd — he stood out. It was like arguing a piracy case with Captain Jack Sparrow sitting on the jury. Menendez himself would later go on trial in 2017 in a major bribery and fraud case involving luxury gifts allegedly exchanged for official favors. Most of us expected the worst when, during jury deliberations, one juror asked the court, “What is a senator?” Menendez dodged the bullet. The jury hung and the Justice Department dropped all charges.

Now Menendez has been slapped with a massive new bribery indictment. The facts are all too familiar, with a long list of lavish gifts allegedly made in exchange for favors. The indictment details gold bars, hundreds of thousands of dollars, furnishings and other gifts. His wife was allegedly actively involved in this corruption conspiracy and is also facing criminal charges. During the Porteous trial, I noted that, at the time of the underlying acts, the senators themselves were accepting free lunches. It was not until later that the rules changed on such gifts. Menendez now stands accused of accepting a host of gifts at that time, including an $8,000 free flight in October 2010, in addition to luxury trips to Paris and a Caribbean villa.

Yet Menendez still demanded the conviction of Porteous, even though the judge was never charged with bribery, and free lunches and the other gifts would not be enough to even register with Menendez. The question is whether this level of corruption is now enough for Democrats. California Gov. Gavin Newsom (D) recently suggested a type of Goldilocks rule for corruption. He warned that people in Washington had better be careful if they want to crack down on the Biden family’s influence-peddling. “If that’s the new criteria, there are a lot of folks in a lot of industries — not just in politics — where people have family members and relationships and they’re trying to parlay and get a little influence and benefit in that respect. That’s hardly unique.” It would appear that the question is not corruption, but when a little corruption is “just right.”

If these allegations against Menendez are proven, then he violated Washington’s Goldilocks rule. It would mean that Menendez pursued gifts with a reckless abandon, endangering others whose corruption was more circumspect. Consider the timeline: It would mean that during the Porteous trial, Menendez was allegedly accepting gifts while condemning and removing from office a judge accused of receiving gifts. Later, after the jury hung in his first corruption trial, Menendez (according to the Justice Department) almost immediately started taking gifts from new sources. In a town known for a certain finesse in influence peddling, Menendez broke with industry custom by allegedly accepting direct items like gold and a car. This is classic bribery stuff. There was no labyrinth of shell companies and accounts — just crude old-school corruption, with cash stuffed in clothing and gold bars squirreled away for a rainy day.

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“..under the Gene Technology Act (2000) definition, the DNA contamination is a genetically modified organism (GMO)..”

Scientists ‘Shocked’ And ‘Alarmed’ At What’s In The mRNA Shots (Barnett)

Early in 2023, genomics scientist Kevin McKernan made an accidental discovery. While running an experiment in his Boston lab, McKernan used some vials of mRNA Pfizer and Moderna Covid vaccines as controls. He was ‘shocked’ to find that they were allegedly contaminated with tiny fragments of plasmid DNA.McKernan, who has 25 years’ experience in his field, ran the experiment again, confirming that the vials contained up to, in his opinion, 18-70 times more DNA contamination than the legal limits allowed by the European Medicines Agency (EMA) and the Food and Drug Administration (FDA). In particular, McKernan was alarmed to find the presence of an SV40 promoter in the Pfizer vaccine vials. This is a sequence that is, ‘…used to drive DNA into the nucleus, especially in gene therapies,’ McKernan explains.

This is something that regulatory agencies around the world have specifically said is not possible with the mRNA vaccines. Knowing that the contamination had not been disclosed by the manufacturers during the regulatory process, McKernan raised the alarm, posting his findings to Twitter (now X) and Substack with a call-out to other scientists to see if they could replicate his findings. Other scientists soon confirmed McKernan’s findings, though the amount of DNA contamination was variable, suggesting inconsistency of vial contents depending on batch lots. One of these scientists was cancer genomics expert Dr Phillip Buckhaults, who is a proponent of the mRNA platform and has received the Pfizer Covid vaccine himself. In September of this year, Dr Buckhaults shared his findings in South Carolina Senate hearing.

‘I’m kind of alarmed about this DNA being in the vaccine – it’s different from RNA, because it can be permanent,’ he told those present. ‘There is a very real hazard,’ he said, that the contaminant DNA fragments will integrate with a person’s genome and become a ‘permanent fixture of the cell’ leading to autoimmune problems and cancers in some people who have had the vaccinations. He also noted that these genome changes can ‘last for generations’. Dr Buckhaults alleges that the presence of high levels of contaminant DNA in the mRNA vaccines ‘may be causing some of the rare but serious side effects, like death from cardiac arrest’. He added, ‘I think this is a real serious regulatory oversight that happened at the federal level.’ Dr Buckhaults’ concerns are shared by McKernan, who presented his findings to the FDA in June.

At the time of writing, McKernan had not received any response from the FDA on the matter. Dr Buckhaults said in the Senate hearing that he had emailed his findings to the FDA, but he had not received a response either. In Australia, the Therapeutic Goods Administration (TGA) maintains that Covid vaccines cannot alter a person’s DNA. A spokesperson for the TGA stated, ‘The mRNA in the vaccines does not enter the nucleus of cells and is not integrated into the human genome. Thus, the mRNA does not cause genetic damage or affect the offspring of vaccinated individuals.’ They also said, ‘All batches of Covid vaccines distributed to Australians have been tested for the presence of contaminants including residual DNA template levels.’

However, a legal case filed in the Australian Federal Court in July of this year alleges that the TGA is not the appropriate regulator of Covid mRNA vaccines because, under the Gene Technology Act (2000) definition, the DNA contamination is a genetically modified organism (GMO). The plaintiff, Victorian doctor and pharmacist Dr Julian Fidge, is seeking an injunction to stop Pfizer and Moderna from distributing their mRNA Covid vaccines because they never obtained a license from the Office of the Gene Technology Regulator (OGTR), which is the agency that oversees all GMO related products. The TGA did not require tests for genotoxicity or carcinogenicity before providing provisional approval and, eventually, full registration of both the Moderna and Pfizer Covid vaccines.

OGTR guidance strongly suggests such tests should be undertaken where there exists a risk of harm to human health. McKernan, who provided expert advice on the case, agrees that the DNA contamination in the mRNA vaccines fits the Australian legal definition of a GMO. But there is also a second component of the mRNA vaccines that fits the definition. That’s the mRNA itself, which is actually modified RNA wrapped in lipid nanoparticles (LNPs). The case argues that this ‘LNP-mod-RNA complex’ falls under the legal definition of a GMO and that, like the DNA contamination, it has the capacity to enter the cell nucleus and integrate into the human genome.

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Hoof

 

 

 

 

Drink my house
https://twitter.com/i/status/1706211277100536040

 

 

PianoElephant

 

 

 

 

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May 302023
 


Vincent van Gogh A Lane near Arles (Side of a Country Lane) 1888

 

Russia Hasn’t Started To ‘Act Seriously’ In Ukraine – Envoy (RT)
Moscow Attacked By Drones – Mayor (RT)
Russia Will Not Negotiate Until It Wins In Ukraine Conflict – Borrell (TASS)
Memorial Service (Jim Kunstler)
Russian Arrest Warrant For Lindsey Graham Over ‘Killing Russians’ Remarks (ZH)
Clumsy Excuses: Russian FM On Claim Graham’s Words Taken Out Of Context (TASS)
Ukraine Posts Longer Video Of Lindsay Graham’s Visit (R.)
Biden, McCarthy Agree on $886 Billion Military Budget (Antiwar)
Believing Impossible Things (Alastair Crooke)
US Obsession With Crushing Russia Has Dismantled Middle East Agenda (Inlakesh)
EU Threatens To Ban Twitter (RT)
Sanctions On Russian Diamonds Put A Million Jobs At Risk (RT)
50 Injured As NATO Troops Clash With Serb Demonstrators (RT)
Trump Campaign Fundraises For Ballot Harvesting Operations (PM)
Zero Young Healthy Individuals Died of COVID-19, Israeli Data Show
John Cleese Holds Line Against Calls to Cancel Scene in Life of Brian (Turley)

 

 

 

 

Bosi

 

 

 

 

Graham/McCain

 

 

 

 

 

 

 

 

“..sooner or later, of course, this escalation may get a new dimension which we do not need and we do not want..”

Russia Hasn’t Started To ‘Act Seriously’ In Ukraine – Envoy (RT)

The outcome of the Ukraine conflict hinges on whether NATO continues to prop up Kiev with arms shipments, Andrey Kelin, Russia’s ambassador to the UK, said in an interview released on Saturday. Speaking to the BBC, when asked how long he thought it would take for the fighting to cease, Kelin replied that it “depends on the efforts in escalation of war that [are] being undertaken by NATO countries, especially by the UK.” The envoy went on to say that “it is a big idealistic mistake to think that Ukraine may prevail,” adding that Russia is 16 times bigger than Ukraine and possesses enormous resources. He stated further that Moscow “hasn’t… started yet to act very seriously.”

At the same time, Kelin warned that “sooner or later, of course, this escalation may get a new dimension which we do not need and we do not want,” pointing to the UK’s recent decision to send Ukraine long-range missiles and tanks, as well as ongoing deliberations about potential shipments of modern aircraft. However, he did not rule out that the conflict could be settled diplomatically, saying that the two sides “can make peace tomorrow.” On Saturday, Russian Deputy Foreign Minister Mikhail Galuzin said that the Ukraine conflict could be resolved if Kiev were to ditch its ambitions to join NATO and the EU, recognize “new territorial realities” and designate Russian as a state language. However, Mikhail Podoliak, an aide to Ukrainian President Vladimir Zelensky, dismissed the demands, insisting instead that to make peace, Russia must withdraw all its troops from the territory Kiev claims as its own, pay reparations and extradite “war criminals.”

Since the start of the Ukraine conflict in February 2022, Western countries have provided Kiev with billions of dollars in security assistance, a policy which Moscow claims makes the military bloc a direct participant in the hostilities. The UK has emerged as one of Ukraine’s most active supporters, having committed £4.6 billion ($5.7 billion) in military aid. Earlier this month, London provided Kiev with long-range Storm Shadow missiles, which were subsequently used by Ukrainian troops to target the civilian population in the Russian city of Lugansk, according to Moscow. In March, the UK announced that it would send Ukraine armor-piercing tank rounds containing depleted uranium, with the Russian Defense Ministry warning that the munitions would cause “irreparable harm” to soldiers and civilians alike.

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Someone wants Kiev flattened.

Moscow Attacked By Drones – Mayor (RT)

Drones attacked the Russian capital on Tuesday morning, damaging several buildings, Moscow Mayor Sergey Sobyanin has said. Sobyanin ordered the evacuation of residents from the two apartment blocks that were targeted, according to several messages posted on Telegram. Emergency officials told RIA Novosti that two drones struck residential buildings. No information regarding casualties has been provided yet. Sobyanin, citing data from the city medical services, said that no residents of the buildings hit by the aircraft were seriously hurt. He added that two people requested medical assistance at the scene, but no one had to be taken to the hospital.


Moscow Region Governor Andrey Vorobyov wrote on Telegram that “several drones” were shot down by air defenses as they were flying towards the city. Telegram channel SHOT posted an unverified video of what it said was the destruction of a drone mid-air. The attack comes after two Ukrainian drones unsuccessfully attempted to strike the Kremlin earlier this month. Moscow accused Kiev of attempting to assassinate Putin and vowed retaliation. Kiev denied responsibility, with Ukrainian President Vladimir Zelensky saying “we don’t attack Putin or Moscow.”

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Borrell handed himself a new job: “the defense minister of the European Union.” Did anyone ask for that?

Russia Will Not Negotiate Until It Wins In Ukraine Conflict – Borrell (TASS)

EU High Representative for Foreign Affairs and Security Policy Josep Borrel said he is “not optimistic” about the situation in Ukraine and believes that Russia will not negotiate until it wins in the Ukraine conflict. “I see the clear will of Russia to win in the war,” the European Union foreign policy chief said speaking at an expert forum in Spain’s Barcelona. “Russia will not negotiate until it wins.” “I am not optimistic in my expectations about how this conflict may develop in the summer,” he stated adding that the European Union should “continue building up its military assistance for Ukraine.” Borrell stated earlier in Brussels that while he kept coordinating military assistance to Ukraine from the European Union, he did not feel himself as the EU’s top diplomat, but “the defense minister of the European Union.”.

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“..as our leadership turned more pathological and pathocratic, so did our military endeavors..”

Memorial Service (Jim Kunstler)

An anxious silence falls over the land this Memorial Day as we discern increasingly that those we put in charge of this shape-shifting thing called the public interest are running out of trips to lay on the people. Something grotesque is revealing itself: a bankruptcy not just of money but of national purpose, meaning, and legitimacy. You realize this day, with a breaking heart, that your country has been stolen by psychopaths.Brace for impact. We’re already off the road and now it’s only a matter of how this vehicle comes to a stop in the ditch. Then, it’s a question of how each of us emerges from the smoldering wreckage. The main thing, though, is clear to everyone: What we were riding in is no more. We’re out there stumbling around in the dark, in shock, trying desperately to assess our whereabouts and what has happened to us.

Now, the trouble with being ruled by psychopaths is that they don’t care about other people. They are actually incapable of imagining the lives of others, especially the fact that these others care about each other, and what happens to them. You may have noticed, for instance, that the psychopath Senator Lindsay Graham (R-SC) went to Ukraine last week and declared, “Russians are dying. We have never spent money so well.” Only a couple of months ago, he called for the assassination of Vladimir Putin. He stopped short of dissing Mr. Putin’s mother. Ukraine, of course, is a lost cause, and it was never a good cause in the first place. Contrary to Lindsay Graham’s untoward utterance, American money has killed far more Ukrainians than Russians. He overlooked [this] unappetizing tidbit because he doesn’t care about the Ukrainians, for whose sake our “folks” in charge supposedly undertook this clusterfuck.

Lindsay Graham also may not have noticed that our country is collapsing and Russia is not. That must be because Lindsay Graham does not care about Americans, either. As for our money, it looks like most of the rest of the world – the nations that still produce things of value – are so turned-off by American pathocracy that they are seeking every way possible to stop using our money in international trade settlements. That money, our dollar, became the world’s reserve currency because our country ended up on top in the previous world war and for the better part of a century afterward dominated the planet militarily. Naturally, as our leadership turned more pathological and pathocratic, so did our military endeavors – until lately they amount to little more than just smashing up other countries to show we can do it.

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“..it was the Ukrainian presidency’s office itself that was responsible for the editing and circulating of the remarks in the first place.”

Russian Arrest Warrant For Lindsey Graham Over ‘Killing Russians’ Remarks (ZH)

Russia’s Interior Ministry has issued an arrest warrant for South Carolina Senator Lindsey Graham after video surfaced of the Republican hawk telling Ukrainian officials that “Russians are dying” due to US military aid and that “it’s the best money we ever spent.” There are claims that the video released of the Friday meeting in Kiev wherein Graham spoke the words to Ukraine’s President Zelensky were edited, however. And yet, it was Zelensky himself that posted the edited clip to his official social media channels. Russia’s Investigative Committee announced the criminal case against Graham as he “declared the financial involvement of the United States is causing the death of Russian citizens.”

Putin spokesman Dmitry Peskov reacted to Graham’s provocative statements by saying, “It’s difficult to imagine a greater shame for a country than having such senators” while Security Council Deputy Chairman Dmitry Medvedev said the Republican Senator is an “old fool. “The arrest warrant and him being placed on a ‘wanted list’ will of course remain largely symbolic, given Graham certainly won’t be traveling to Russian territory or through its airspace anytime in the foreseeable future. On Monday, the Russian Foreign Ministry responded to reporting from Reuters which said Graham’s remarks were taken out of context: “Reports by Reuters that remarks by US Senator Lindsey Graham (Republican, South Carolina) made during a meeting with Ukrainian President Vladimir Zelensky may have been taken out of context represent clumsy, shameless excuses, a statement by the Russian Foreign Ministry made public on Monday said.

“‘It turns out,’ that’s not what Senator Graham said or how he said it. Just like with similar cannibalistic musings by former US President George W. Bush, clumsy, shameful excuses are being bandied about: so, allegedly, the senator’s words were taken out of context, there was some ‘editing’ and so on. Who would have doubted that the politician himself and his spin doctors, such as the top Anglo-Saxon media outlets and news agencies, would, as they say, ‘play dumb.’ What’s next? They will tell us that Lindsey Graham is a product of [artificial intelligence] and doesn’t actually exist?” the Foreign Ministry asked rhetorically. It stressed that this “attempt is doomed to fail.” “It is already impossible to clean oneself [and one’s reputation] from the stain of such remarks, even if they were uttered separately,” the ministry added.” But again, it was the Ukrainian presidency’s office itself that was responsible for the editing and circulating of the remarks in the first place.

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“This entire story with cowardly excuses and ludicrous attempts to absolve Lindsey Graham is yet another blow to the already faded reputation of Reuters and the BBC..”

Clumsy Excuses: Russian FM On Claim Graham’s Words Taken Out Of Context (TASS)

Reports by Reuters that remarks by US Senator Lindsey Graham (Republican, South Carolina) made during a meeting with Ukrainian President Vladimir Zelensky may have been taken out of context represent clumsy, shameless excuses, a statement by the Russian Foreign Ministry made public on Monday said. “‘It turns out,’ that’s not what Senator Graham said or how he said it. Just like with similar cannibalistic musings by former US President George W. Bush, clumsy, shameful excuses are being bandied about: so, allegedly, the senator’s words were taken out of context, there was some ‘editing’ and so on. Who would have doubted that the politician himself and his spin doctors, such as the top Anglo-Saxon media outlets and news agencies, would, as they say, ‘play dumb.’

What’s next? They will tell us that Lindsey Graham is a product of [artificial intelligence] and doesn’t actually exist?” the Foreign Ministry asked rhetorically. It stressed that this “attempt is doomed to fail.” “It is already impossible to clean oneself [and one’s reputation] from the stain of such remarks, even if they were uttered separately,” the ministry added. Earlier, at a meeting in Kiev with Zelensky, Graham seemingly linked the fact that “Russians are dying” in the Ukrainian conflict with US aid for Ukraine, saying it is “the best money we’ve ever spent.” The Russian Foreign Ministry pointed out that this was hardly the first instance of such hateful remarks and that “the senator is not alone.” “The Nazi philosophy of hatred toward Russians is actually what unites the Kiev regime and its American handlers,” the ministry emphasized.

The ministry also stated that widespread popular outrage has forced the Western propaganda machine “with its cogs, such as Reuters and the BBC, who led the campaign to whitewash the [words of the] lawmaker, to initiate a crisis management approach and attempt to reverse the situation.” “This entire story with cowardly excuses and ludicrous attempts to absolve Lindsey Graham is yet another blow to the already faded reputation of Reuters and the BBC, which were left to worm their way of out the mess on behalf of both Washington and Kiev. This is not journalism, but PR agencies carrying out an assignment for the ‘collective West,’” the Russian Foreign Ministry concluded. Earlier, Reuters, having examined a complete recording of Graham’s meeting with the Ukrainian leader, said that the remarks by the US senator may have been taken out of context.

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“There was a time in America that we were this way: fighting to the last person, we were going to be free or die.” WE, Lindsey?

Ukraine Posts Longer Video Of Lindsay Graham’s Visit (R.)

Russia’s interior ministry has put U.S. Senator Lindsey Graham on a wanted list, Russian news agency TASS said on Monday (May 29).In an edited video released by the Ukrainian president’s office of Graham’s meeting with Ukrainian President Volodymyr Zelenskiy on Friday (May 26), Graham was shown saying “the Russians are dying” and then saying U.S. support was the “best money we’ve ever spent”.After Russia criticised the remarks, Ukraine released a full video of the meeting which showed the two remarks were not linked. The longer video clip showed the Ukrainian President praises the United States for military assistance valued at $38 billion, thanking Graham for bipartisan support. Graham responds with: “the best money we’ve ever spent.”


Kremlin spokesman Dmitry Peskov denounced Graham, suggesting his comment on U.S. financial assistance was linked to a later remark that Russians “are dying” in the conflict. But the release by the Ukrainian president’s office of Graham’s complete remarks showed there was no such link.Graham said he was visiting on the 457th day of a war that Russia had assumed would be completed within three days and Graham said Ukrainians resisting the invasion reminded him of “our better selves in America. “There was a time in America that we were this way: fighting to the last person, we were going to be free or die.” “Now you are free,” Zelenskiy responded in the encounter. “And we will be.” Graham replied: “And the Russians are dying.”

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And there’s Graham again..

Biden, McCarthy Agree on $886 Billion Military Budget (Antiwar)

The debt ceiling agreement reached between the White House and House Republicans that was announced Sunday caps military spending at $886 billion for 2024, matching President Biden’s requested budget. Republicans negotiating the debt ceiling deal only sought non-military spending cuts. The $886 billion cap for military spending represents about a 3.3% increase from 2023. The White House and House Speaker Kevin McCarthy (R-CA) still need to get the debt ceiling agreement passed through Congress. Many hawkish Republicans will likely oppose the deal as they previously blasted Biden’s massive $886 billion request as “inadequate.” Sen. Lindsey Graham (R-SC) slammed the debt limit deal in an appearance on Fox News on Sunday. “The Biden defense budget was a joke before, and if we adopt it as Republicans, we will be doing a big disservice to the party of Ronald Reagan,” Graham said.


“The biggest winner of the Biden defense budget is China because they’ll have a bigger navy,” Graham added. Hawks in Congress have gotten their way over the past two years as they approved significantly more military spending than what President Biden requested for 2022 and 2023. For 2023, President Biden asked for $813 billion in military spending, but Congress added $45 billion, bringing the finalized National Defense Authorization Act to $858 billion. A similar increase for 2024 could bring the NDAA close to $1 trillion. The US also authorizes other national security spending that is not included in the NDAA. According to analyst Winslow Wheeler, factoring in other types of expenditures on the national security state, including interest on debt and the Veteran Affairs budget, would bring the total defense budget for 2024 to around $1.5 trillion.

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“.. they understand that the true ‘threats’ to the US derive from its internal divisions, and not from external sources.”

Believing Impossible Things (Alastair Crooke)

The recent G7 summit should be understood as firstly, the shaping of a battlespace in the ‘War of Narratives’ whose principal ‘front’ today is the Team Biden insistence that only one ‘reality’ — the US-led ‘Rules’ ideology (and it alone) – can predominate. And, secondly to underline pointedly that the West is ‘not losing’ in this war against the other ‘reality’. This other reality is the multivalent ‘otherness’ that self-evidently is attracting more and more support around the world. Many in the West are simply unaware of how fast the geopolitical tectonic plates are shifting: The original plate bifurcation (the failed financial war declared on Russia), already has led to a building wave. Anger is growing. People now no longer feel alone in rejecting western hegemony – they “no longer care”.

In just the week that preceded the G7 summit, the Arab League literally ‘went multi-polar’; It quit its former pro-US automaticity. The embrace of President Assad and the Syrian government was both the logical consequence to the secondary tectonic-plate shift set in motion by China with its Saudi-Iranian diplomacy — a revolution which Mohammad bin Salman (MbS) then logically extended to the entire Arab sphere. MbS sealed this ‘break-free’ of US control through having President al-Assad invited to the Summit to symbolise the League’s act of generalised iconoclasm. For the West, it is ontologically impossible to tolerate their reality being disassembled: to see their society and the world split in two. The narrative reality is so embedded via the well-honed effectiveness of MSM messaging however, that politicians have become lazy. They do not have to argue their case, and have no incentive to hold back on untruths either.

The dynamics are exorable: an over-hyped ‘monolithic reality’ evolves into a Manichaean fight to the death. Any backsliding by ‘principals’ could result in the collapse of the Media narrative ‘house of cards’. (This notion of a monolithic reality is not one shared by most other societies who see reality as multi-faceted). Denial becomes endemic. So, we witness a hawkish G7, diverting from the narrative setback (of Bakhmut falling) by the casual embrace of a ploy to supply F-16s to Ukraine; chastising China for not making President Putin ‘back off’ in Ukraine; and using the meeting to set a narrative framework for the coming confrontation with China on trade issues and Taiwan.

One commentator (at the summit) wondered “Am I still in Europe, or in Japan?”, as she listened to rhetoric as though lifted from Von Der Leyen’s earlier speech to the EU. Von de Leyen had crafted the formulation of ‘de-risking’ with China to disguise the creeping EU-China bifurcation in production on the EU Commission factory floor. This remark does however serve to underline how Von der Leyen has become a de facto member of the Biden Team. China angrily responded to the G7 summit allegation that it had become a workshop for “smearing” and slandering China. This extensive narrative-shaping for China confrontation is seen to be necessary by the G7 as the rest of the world does not view China as a genuine ‘threat’ to the US: Rather, they understand that the true ‘threats’ to the US derive from its internal divisions, and not from external sources.

The G7 salience lies not so much with the anti-China narratives launched, but, plainly said, because the entire episode expresses a western hubristic denial, which portends extreme danger in respect to Ukraine. It speaks to the reality that the West — in it’s present mental mode — will be unable to put forward any credible political initiative to end the Ukraine conflict.(Recall that Moscow was badly mauled by the earlier Minsk episode). The G7 language abjures all serious diplomacy, and signals that the imperative remains to stick with the ‘not losing’ mantra:The fall of Bakhmut is no defeat for Kiev, but a Pyrrhic loss for Putin; Ukraine is winning, Putin is losing, was the G7 messaging.

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“After having illegally invaded Iraq [..] it comes off as laughable that the US is now claiming to oppose illegal invasions.”

US Obsession With Crushing Russia Has Dismantled Middle East Agenda (Inlakesh)

As the months pass, blow after blow has been inflicted on US power in the Middle East. In direct opposition to Washington’s agenda, the Syrian Arab Republic was readmitted to the Arab League following a 12-year hiatus, paving the way to end the crisis in Syria, which the US seeks to prolong. China has also entered Middle East politics in a dramatic way, brokering an Iranian-Saudi rapprochement back in March, and this then spurred a wider normalization wave. Although the US attempted to play off the Saudi Arabia-Iran agreement as an acceptable and welcomed move, this has now clearly worked to collapse Washington’s long-term effort towards regional supremacy, which was based on feeding a proxy conflict between the two powers.

Western leaders publicly predicted that Russia’s economy would collapse under sanctions, a result which clearly has not materialized, with the IMF predicting the Russian economy will grow. Similarly, the US “maximum pressure” sanctions that were first introduced against Iran under the Trump administration, were expected to severely hinder the Islamic Republic’s ability to continue its developments in the defense field, but have failed to achieve those goals. Russia is now exporting more oil than it did in 2021, as its relations with China, the primary global competitor to the US, have advanced. Gulf States have also repeatedly let the US down and refrained from yielding to pressure to cut oil production. There is also the example of Algeria, which has become Italy’s largest gas supplier and raked in over $50 billion dollars in oil and gas revenues during 2022 alone, even as it retains close relations with Moscow.

And when it comes to the West’s ban on Russian gold bullion, the UAE, Türkiye and China have reportedly stepped in to fill the gap. However, perhaps the worst blowback against Russia sanctions has been the nullification of previous limits to Moscow-Tehran economic relations. The two nations are already the most sanctioned on earth, so they need not worry about the potential consequences from their trade, which has encouraged further cooperation between them. Recently, Russian President Vladimir Putin and Iranian President Ebrahim Raisi signed a deal to finance an Iranian railway line as part of a North-South Transport Corridor. The Biden administration has employed hardline propaganda tactics in order to demonize Russia and lionize Ukraine. Although for some Western audiences the arguments set forth may have proven effective, in the global community and especially the Middle East, such rhetoric is tiresome and clearly hypocritical.

After having illegally invaded Iraq, inflicting around a million deaths, over a concoction of factually-challenged conspiracy theories about weapons of mass destruction, it comes off as laughable that the US is now claiming to oppose illegal invasions.

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Musk may accept the challenge: ““This platform is hell bent on being the least untrue source of information..”

EU Threatens To Ban Twitter (RT)

Twitter will be banned across the EU if it fails to abide by the new regulations on fighting disinformation, French Digital Transition and Telecommunications Minister Jean-Noel Barrot said on Monday. The warning comes as the European bloc’s Digital Services Act (DSA) is due to fully take effect on August 25. “Disinformation is one of the gravest threats weighing on our democracies,” Barrot told France Info radio. “I hope that Twitter complies with the European rules by August 25. Otherwise, it will no longer be welcome in Europe. Twitter, if it repeatedly doesn’t follow our rules, will be banned from the EU.” The DSA mandates that search engines and large platforms, such as Twitter, YouTube, and TikTok, enact measures to mitigate “disinformation or election manipulation, cyber violence against women, or harms to minors online.”

The European Commission can fine offenders up to 6% of annual worldwide turnover. EU Internal Markets Commissioner Thierry Breton announced last week that Twitter had pulled out of the bloc’s voluntary Code of Practice on Disinformation. “But obligations remain. You can run but you can’t hide,” Breton said, adding that DSA’s terms will be “ready for enforcement” when the compliance deadline expires in August. Billionaire Elon Musk, who acquired Twitter last year, promised to rid the platform of disinformation and hateful content, but also uphold the freedom of speech and offer more transparency. “This platform is hell bent on being the least untrue source of information,” Musk wrote on Twitter in early May.

At the same time, earlier this month Twitter fulfilled the Turkish government’s request to restrict access to some accounts in the weeks leading up to the presidential and general election in the country. Musk defended this decision by saying that he wanted to avoid Twitter getting shut down entirely in Türkiye. “We can’t go beyond the laws of a country … If we have a choice of either our people [going] to prison or we comply with the laws, we will comply with the laws,” Musk told the BBC last month.

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“The Indian diamond industry cuts and polishes nine out of ten diamonds in the world at a processing hub in Surat..”

Sanctions On Russian Diamonds Put A Million Jobs At Risk (RT)

Restrictions on exports of Russian diamonds that the G7 countries have been considering for over a year pose a threat to India’s polishing industry, the Economic Times reports. The Indian diamond industry cuts and polishes nine out of ten diamonds in the world at a processing hub in Surat, the outlet said. A potential embargo is weighing heavily on Surat’s more than 4,000 diamond processing companies, which employ at least a million craftsmen, polishers, and traders, according to industry experts. The town of Surat imports at least 35% of its gems from Russia’s mining giant Alrosa, which accounts for 30% of global rough diamond output.

“If the sanctions continue, then there will be a lot of uncertainty in the employment of one million workers,” said the chairman of the Gem & Jewellery Export Promotion Council, Vipul Shah. Russia’s diamond trade has so far avoided sanctions due to resistance from major importers such as Belgium, which is home to the world’s biggest diamond trading hub in Antwerp. The Belgian government has repeatedly blocked the EU’s embargo plans, warning that the move could cost thousands of jobs. At the recent G7 summit in Japan, leaders pledged to restrict trade in “diamonds mined, processed or produced in Russia” in an effort to further cut Moscow’s revenues.

In a joint statement, the group of wealthy nations said it would curb the $4.5 billion Russian diamond trade, including by using high-tech methods of tracing. “We are awaiting a proper understanding of how the sanctions will be executed, since there is no way to trace the origin of rough gems right now,” Shah said. Meanwhile, supplies of rough diamonds have been shrinking since Western sanctions disconnected Russia from the SWIFT international financial processing network last year. Indian exports of cut and polished diamonds have also slumped as US and EU firms shunned buying diamonds sourced from Russia.

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“The Serb population of these four towns boycotted elections in April in which four ethnic Albanian mayors won with a turnout of less than 4%..”

50 Injured As NATO Troops Clash With Serb Demonstrators (RT)

NATO forces attacked a group of demonstrators in the majority-Serb town of Zvecan in Kosovo, RT Balkan reported on Monday. Stun grenades and tear gas were deployed, and around 50 people were injured. Serb demonstrators staged a sit-down protest outside municipal buildings in Zvecan, Zubin Potok and Leposavic on Monday morning, preventing ethnic Albanian officials from taking office after elections boycotted by the Serb population as illegitimate. Kosovo police officers arrived on the scene in Zvecan, backed up by members of NATO’s Kosovo Force (KFOR). The heavily-armored NATO troops surrounded the demonstrators, who refused to disperse, RT Balkan’s journalist on the scene reported. KFOR then threw stun grenades and tear gas into the crowd, provoking a riot.

The Serb demonstrators pelted rocks at the NATO troops, and received baton strikes and rubber bullets in return. Fifty people went to a hospital in nearby Mitrovica, and two were admitted to the emergency room. 25 KFOR soldiers were injured in the melee, Italy’s ANSA news agency said. 11 of those reportedly hurt were Italians. The protesters broke up shortly after the clashes, vowing to return and continue their demonstration on Tuesday. The latest flareup in tensions began when local mayors in four majority Serb towns in northern Kosovo resigned last year after authorities in Pristina announced plans to force residents to switch their Serbian identity documents for Kosovo-issued ones. The Serb population of these four towns boycotted elections in April in which four ethnic Albanian mayors won with a turnout of less than 4%. Nevertheless, the government in Pristina treated the votes as legitimate and the mayors were installed on Friday amid fierce opposition from the Serbs, who view the debacle as a naked power grab aimed at driving them from the breakaway province.

Kosovo unilaterally declared independence in 2008 with the support of the US and many of its NATO allies. Kosovo was historically a province of Serbia, and Belgrade – along with many world governments – does not recognize Kosovo as an independent state. While NATO Secretary General Jens Stoltenberg and a number of Kosovo’s Western backers have urged Kosovo’s ethnic Albanian leader, Albin Kurti, to de-escalate the situation in the north of the province, he has apparently not heeded their warnings. Serbian President Aleksandar Vucic said on Sunday that Kurti “longs and dreams of being a [Ukrainian President Vladimir] Zelensky.” Due to the clashes, Serbia placed its army on high alert, moving some units closer to the region’s border. Defense Minister Milos Vucevic said that “it is clear that terror against the Serb community in Kosovo is happening.”

https://twitter.com/i/status/1663290819564953604

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“..where it’s legal..”

Trump Campaign Fundraises For Ballot Harvesting Operations (PM)

The Trump campaign has announced that it is looking to beat Democrat ballot harvesting in states across the country, specifically taking aim at operations funded by billionaire George Soros. “We recently alerted you that a Soros-linked Super PAC has begun targeting 6 battleground states with a $75 MILLION spending blitz to buy Crooked Joe the White House,” a Thursday campaign fundraising email read, according to the Washington Times. “But there’s something important we want to add…some of those states have legalized BALLOT HARVESTING,” the email added, highlighting Soros-linked efforts in the battleground of Arizona, Georgia, Michigan, Nevada, Pennsylvania, and Wisconsin.

“At the beginning of the year, President Trump made a major announcement that our campaign would ballot harvest in the states where it’s legal to counter the Left’s schemes,” the email added, asking for financial contributions to the Trump campaign’s Ballot Harvesting Fund. Ballot harvesting refers to the act of a person other than the voter turning in a ballot, usually a mail-in ballot. While Republicans have previously disavowed the practice and pushed for it to be eliminated, Trump earlier this year stated that he would embrace it in states where it’s legal in order to fight back against the Democrats. Many pundits have also called for the GOP to get on board and fight fire with fire, instead of letting the Democrats undertake the practice with no pushback.

In February, a fundraising email stated, “The radical Democrats have used ballot harvesting to cancel out YOUR vote and walk away with elections that they NEVER should have won. But I’m doing something HUGE to fight back.” He continued: “Our path forward is to MASTER the Democrats’ own game of harvesting ballots in every state we can. But that also means we need to start laying the foundation for victory RIGHT NOW.” Trump echoed the sentiment in March, telling the crowd at CPAC, “We will become masters at ballot harvesting.” “We have to beat the Democrats at their own game, and we’ll do it legally. The agenda I’ve laid out today will end America’s destruction.”

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Now let’s see the excess deaths stats.

Zero Young Healthy Individuals Died of COVID-19, Israeli Data Show (ET)

Zero healthy individuals under the age of 50 have died of COVID-19 in Israel, according to newly released data. “Zero deceased of 18–49 years of age with no underlying morbidities,” the Israel Ministry of Health (MOH) said in response to a formal request from an attorney. Officials noted that the statement only applies to COVID-19 deaths where the MOH conducted an epidemiological investigation and had received information about the underlying diseases. “Zero is a very, very clear number, and cannot be subject to interpretation,” Yoav Yehezkelli, a specialist in internal medicine and medical management, and former lecturer in the Department of Emergency and Disaster Management at Tel Aviv University in Israel, told The Epoch Times.

“Why were all the extreme measures of school closures, vaccination of children, and lockdowns needed?” he added. The information was sparked by a freedom of information request filed by attorney Ori Xabi, who has been filing several such requests as he seeks to obtain information from the MOH regarding the COVID-19 pandemic and COVID-19 policies. Xabi asked to know the average age of people who died of COVID-19, segmented by vaccination status at the time of death; how many COVID-19 patients with no underlying morbidities under the age of 50 died; and the annual number of cardiac arrest cases between 2018 to 2022. According to the MOH response, the average age of vaccinated COVID-19 patients who died was 80.2 years. The average for the unvaccinated was 77.4 years.

The MOH emphasized that the data they have about the underlying diseases of patients is partial since it relies on information provided by the patients or their relatives, if they chose to do so. And then, only in cases in which the MOH conducted an epidemiological investigation. Therefore “the available information does not necessarily reflect the health status of the patient” the MOH wrote adding that they do not have access to the patients’ medical records. It is not clear why the MOH responded to Xabi’s request using only cases where the MOH had conducted an epidemiological investigation, and which was limited to deceased patients where the families had cooperated, since in 2020 the MOH told the Israeli Knesset—the Israeli parliament—that they use an intelligence system that provides the MOH with extensive information about deceased patients that included “underlying diseases.”

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“..These comedy giants are set upon by an Army of Lilliputians who have contributed little to culture beyond chilling artists and writers into obedient silence..”

John Cleese Holds Line Against Calls to Cancel Scene in Life of Brian (Turley)

We have previously discussed how comedians have been objecting that woke activists are killing comedy. The complaint is that a group of perpetually pissed off, humorless people are remaking the world in their own image. It began with college campuses where comedians are now saying are dead as venues since you cannot safely make any joke that insults any group other than white straight males or Christians or conservatives. Others have objected to hate speech laws limiting comedians, particularly after some comedians have been prosecuted for “malicious communications” or insulting groups or religious figures. Six out of ten students view offensive jokes as hate speech. This week, however, activists appear to have met their match in a legend of comedy who has opposed the cutting of a scene from the movie The Life of Brian. No, activists are not upset with the endless jokes about Italians, Christians, and Jews. It is the scene involving a man who wants to become a women and have a child. John Cleese is refusing to yield.

In The Life of Brian, the scene involves “Stan” who announces that he wants to be a woman named Loretta and have babies. Activists objected that it made fun of transgender people and demanded that it be cut from the film. The scene shows Stan declaring “I want to be a woman… It’s my right as a man. I want to have babies… It’s every man’s right to have babies if he wants them.” After Cleese’s protest, the character snaps, “Don’t you oppress me!” Some reported that Cleese had agreed to cut the scene. However, Cleese tweeted out a correction of the “misreporting.” What is interesting is that Rob Reiner is reportedly working on the reboot. Reiner is known as someone who is a champion of the left in Hollywood. This may be an inauspicious start for the reboot effort. Cleese is not alone in raising this alarm. Comedians including Chris Rock blamed the range of “unfunny TV shows” on the fact that “everybody’s scared to make a move”. Ricky Gervais objected that the BBC is now paralyzed in fear of offending anyone. Jennifer Saunders that people now “talk themselves out of stuff now because everything is sensitive.”

The same complaint has been made in the age of woke advertising that funny commercials seem increasingly rare as opposed to corporate virtue signaling. The director of the classic comedy Airplane! observed that humor is being squeezed out of Hollywood and the movie today would have virtually every joke removed. David Zucker called it the “death of creativity.” They are now set upon by a legion of humorless people who seek to reduce the world to their own narrow range of acceptable levity or irony. These comedy giants are set upon by an Army of Lilliputians who have contributed little to culture beyond chilling artists and writers into obedient silence or compulsive comedy criteria. Of course, Cleese could always use the line from Bryan’s mother: “He’s a very naughty boy! Now, piss off!”

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Wynnum
https://twitter.com/i/status/1662997866917564417

 

 

CO2

 

 

Turtle
https://twitter.com/i/status/1663220517732597766

 

 

Pheasant

 

 

 

 

Woow

 

 

 

 

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Jan 022016
 
 January 2, 2016  Posted by at 10:09 am Finance Tagged with: , , , , , , , , ,  6 Responses »


Earl Theisen Walt Disney oiling scale model locomotive at home in LA 1951

After a Tumultuous 2015, Investors Have Low Expectations for Markets (WSJ)
Will Corporate Investment and Profits Rebound This Year? (WSJ)
A Year of Sovereign Defaults? (Carmen Reinhart)
The Next Big Short: Amazon (Stockman)
The Real Financial Risks of 2016 (Taleb)
High-Yield Bonds: Worthy of the Name Again (WSJ)
Slowdown In Chinese Manufacturing Deepens Fears For Economy (Guardian)
Opinion Divided On State Of Chinese Economy, But Not Its Importance (Guardian)
‘Indigestion’ Hits Diamond Companies: Too Much Supply, Too Little Demand (FT)
Iraq Says It Exported More Than 1 Billion Barrels of Oil in 2015 (BBG)
The Federal Reserve’s Brave New Interest Rate World (Coppola)
Economic Sweet Spot Of 2016 Before The Reflation Storm (AEP)
New Year Brings Minimum Wage Hikes For Americans In 14 States (Reuters)
Swiss Bank Admits Cash and Gold Withdrawals Cheated IRS (BBG)
Edward Hugh, Economist Who Foresaw Eurozone’s Struggles, Dies At 67 (NY Times)
As 2016 Dawns, Europe Braces For More Waves Of Refugees (AP)

Watch out below.

After a Tumultuous 2015, Investors Have Low Expectations for Markets (WSJ)

After a year of disappointment in everything from U.S. stocks to emerging markets and junk bonds, investors are approaching 2016 with low expectations. Some see the past year as a bad omen. Two major stock indexes posted their first annual decline since the financial crisis, while energy prices fell even further. Emerging markets and junk bonds also struggled. Others view the pullback as a sensible breather for some markets after years of strong gains. While large gains were common as markets recovered in the years after the 2008 financial crisis, many investors say such returns are growing harder to come by, and expect slim gains at best this year.

“You have to be very muted in your expectations,” said Margie Patel, senior portfolio manager at Wells Fargo Funds who said she expects mid-single percentage-point gains in major U.S. stock indexes this year. “It’s pretty hard to point to a sector or an industry where you could say, well, that’s going to grow very, very rapidly,” she said, adding that there are “not a lot of things to get enthusiastic about, and a long list of things to be worried about.” As the year neared an end, a fierce selloff hit junk bonds in December, while U.S. government bond yields rose only modestly despite the Federal Reserve’s decision to raise its benchmark interest rate in December, showing investors weren’t ready to retreat from relatively safe government bonds.

For the U.S., 2015’s rough results stood in contrast to three stellar years. After rising 46% from 2012 through 2014, the Dow Jones Industrial Average fell 2.2% last year. The S&P 500 fell 0.7%. While most Wall Street equity strategists still expect gains for U.S. stocks this year, they also once again expect higher levels of volatility than in years past. Of 16 investment banks that issued forecasts for this year, two-thirds expect the S&P 500 to finish 2016 at a level less than 10% above last year’s close, according to stock-market research firm Birinyi Associates. Some investors say a pause for stocks is normal for a bull market of this length, which has been the longest since the 1990s. Including dividends, the S&P 500 has returned 249% since its crisis-era low of 2009.

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How could they? On what? “This recovery still stinks.”

Will Corporate Investment and Profits Rebound This Year? (WSJ)

In 2015, the American corporate landscape was dominated by activist investors, buybacks, currencies and deals. This year, the question is whether U.S. businesses will shake off the weight of a strong dollar and lower commodity prices to expand profit growth, end their dependence on boosting returns with buybacks, and turn to investing in their operations. The Federal Reserve had enough confidence in the economic recovery to raise interest rates in December, but it remains unclear whether global growth will be buoyant enough reverse weak business investment. Many big companies are reining in spending. 3M, with thousands of products from Scotch tape to smartphone materials, forecasts capital spending roughly unchanged from 2015.

Telecom companies AT&T and Verizon both plan to hold capital spending generally level in the coming year. Meanwhile, industrial giants like General Electric and United Technologies are aggressively cutting costs and seeking to squeeze more savings from suppliers. Capital expenditures by members of the S&P 500 index fell in the second and third quarters of 2015 from a year earlier, the first time since 2010 that the measure has fallen for two consecutive quarters, according to data from S&P Dow Jones Indices. Another measure of business spending on new equipment—orders for nondefense capital goods, excluding aircraft—was down 3.6% from a year earlier in the first 11 months of 2015, according to data from the U.S. Department of Commerce.

More broadly, only 25% of small companies plan capital outlays in the next three to six months, according to a November survey of about 600 firms by the National Federation of Independent Business. That compares with an average of 29% and a high of 41% since the surveys began in 1974. “Our guys are in maintenance mode,” said William Dunkelberg, chief economist for the trade group. “This recovery still stinks.” Profit growth for the constituents of the S&P 500 index stalled in 2015 thanks to a combination of a strong dollar and falling prices for steel, crude oil and other commodities. Deutsche Bank estimates total net income for companies in the index fell 3% in 2015, while sales declined 4%. For 2016, Deutsche Bank forecasts net income growth of 4.3% and a 4% increase in revenue.

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Given the reliance on dollar-denominated low interest loans, it seems all but certain.

A Year of Sovereign Defaults? (Carmen Reinhart)

When it comes to sovereign debt, the term “default” is often misunderstood. It almost never entails the complete and permanent repudiation of the entire stock of debt; indeed, even some Czarist-era Russian bonds were eventually (if only partly) repaid after the 1917 revolution. Rather, non-payment – a “default,” according to credit-rating agencies, when it involves private creditors – typically spurs a conversation about debt restructuring, which can involve maturity extensions, coupon-payment cuts, grace periods, or face-value reductions (so-called “haircuts”). If history is a guide, such conversations may be happening a lot in 2016. Like so many other features of the global economy, debt accumulation and default tends to occur in cycles.

Since 1800, the global economy has endured several such cycles, with the share of independent countries undergoing restructuring during any given year oscillating between zero and 50% (see figure). Whereas one- and two-decade lulls in defaults are not uncommon, each quiet spell has invariably been followed by a new wave of defaults. The most recent default cycle includes the emerging-market debt crises of the 1980s and 1990s. Most countries resolved their external-debt problems by the mid-1990s, but a substantial share of countries in the lowest-income group remain in chronic arrears with their official creditors. Like outright default or the restructuring of debts to official creditors, such arrears are often swept under the rug, possibly because they tend to involve low-income debtors and relatively small dollar amounts.

But that does not negate their eventual capacity to help spur a new round of crises, when sovereigns who never quite got a handle on their debts are, say, met with unfavorable global conditions. And, indeed, global economic conditions – such as commodity-price fluctuations and changes in interest rates by major economic powers such as the United States or China – play a major role in precipitating sovereign-debt crises. As my recent work with Vincent Reinhart and Christoph Trebesch reveals, peaks and troughs in the international capital-flow cycle are especially dangerous, with defaults proliferating at the end of a capital-inflow bonanza.

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Big call from Dave.

The Next Big Short: Amazon (Stockman)

If you have forgotten your Gulliver’s Travels, recall that Jonathan Swift described the people of Brobdingnag as being as tall as church steeples and having a ten foot stride. Everything else was in proportion – with rats the size of mastiffs and the latter the size of four elephants, while flies were “as big as a Dunstable lark” and wasps were the size of partridges. Hence the word for this fictional land has come to mean colossal, enormous, gigantic, huge, immense or, as the urban dictionary puts it, “really f*cking big”. That would also describe the $325 billion bubble which comprises Amazon’s market cap. It is at once brobdangnagian and preposterous – a trick on the casino signifying that the crowd has once again gone stark raving mad.

When you have arrived at a condition of extreme “irrational exuberance” there is probably no insult to ordinary valuation metrics that can shock. But for want of doubt consider that AMZN earned the grand sum of $79 million last quarter and $328 million for the LTM period ending in September. That’s right. Its conventional PE multiple is 985X! And, no, its not a biotech start-up in phase 3 FDA trials with a sure fire cancer cure set to be approved any day; its actually been around more than a quarter century, putting it in the oldest quartile of businesses in the US. But according to the loony posse of sell-side apologists who cover the company – there are 15 buy recommendations – Amazon is still furiously investing in “growth” after all of these years.

So never mind the PE multiple; earnings are being temporarily sacrificed for growth. Well, yes. On its approximate $100 billion in LTM sales Amazon did generate $32.6 billion of gross profit. But the great builder behind the curtain in Seattle choose to “reinvest” $5 billion in sales and marketing, $14 billion in general and administrative expense and $11.6 billion in R&D. So there wasn’t much left for the bottom line, and not surprisingly. Amazon’s huge R&D expense alone was actually nearly three times higher than that of pharmaceutical giant Bristol-Myers Squibb. But apparently that’s why Bezos boldly bags the big valuation multiples.

Not so fast, we think. Is there any evidence that all this madcap “investment” in the upper lines of the P&L for all these years is showing signs of momentum in cash generation? After all, sooner or later valuation has to be about free cash flow, even if you set aside GAAP accounting income. In fact, AMZN generated $9.8 billion in operating cash flow during its most recent LTM period and spent $7.0 billion on CapEx and other investments. So its modest $2.8 billion of free cash flow implies a multiple of 117X.

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“Zero interest rates turn monetary policy into a massive weapon that has no ammunition.”

The Real Financial Risks of 2016 (Taleb)

How should we think about financial risks in 2016? First, worry less about the banking system. Financial institutions today are less fragile than they were a few years ago. This isn’t because they got better at understanding risk (they didn’t) but because, since 2009, banks have been shedding their exposures to extreme events. Hedge funds, which are much more adept at risk-taking, now function as reinsurers of sorts. Because hedge-fund owners have skin in the game, they are less prone to hiding risks than are bankers. This isn’t to say that the financial system has healed: Monetary policy made itself ineffective with low interest rates, which were seen as a cure rather than a transitory painkiller. Zero interest rates turn monetary policy into a massive weapon that has no ammunition.

There’s no evidence that “zero” interest rates are better than, say, 2% or 3%, as the Federal Reserve may be realizing. I worry about asset values that have swelled in response to easy money. Low interest rates invite speculation in assets such as junk bonds, real estate and emerging market securities. The effect of tightening in 1994 was disproportionately felt with Italian, Mexican and Thai securities. The rule is: Investments with micro-Ponzi attributes (i.e., a need to borrow to repay) will be hit. Though “another Lehman Brothers” isn’t likely to happen with banks, it is very likely to happen with commodity firms and countries that depend directly or indirectly on commodity prices.

Dubai is more threatened by oil prices than Islamic State. Commodity people have been shouting, “We’ve hit bottom,” which leads me to believe that they still have inventory to liquidate. Long-term agricultural commodity prices might be threatened by improvement in the storage of solar energy, which could prompt some governments to cancel ethanol programs as a mandatory use of land for “clean” energy.

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Yield rises with risk. Risk leads to losses.

High-Yield Bonds: Worthy of the Name Again (WSJ)

By mid-2014, some were starting to wonder whether the high-yield bond market needed to find a new name for itself. U.S. yields fell below 5%, while European yields dipped beneath 4%, according to Barclays indexes. But at the end of 2015, the market once again has an appropriate moniker. U.S. yields are ending the year at 8.8%, the Barclays index shows, returning to levels last seen in 2011. They have risen by about 2.3 percentage points this year. European yields stand at 5% — not huge in absolute terms, but high relative to ultralow European government bond yields. Of course, for existing investors that has been bad news. The ride—including the high-profile meltdown of Third Avenue Management’s Focused Credit Fund, which shook the market in December—has been rough.

It has taken its toll on borrowers too. The U.S. high-yield bond market has recorded the slowest pace of fourth-quarter issuance since 2008, when the collapse of Lehman Brothers essentially shut the market down, according to data firm Dealogic. Global issuance has fallen 23% this year to $366.5 billion, the lowest level since 2011. The market is likely to face further tests in 2016. Defaults are set to rise, and companies may find it tougher to get financing. But at least investors will now get chunkier rewards for taking risk. Arguably, high-yield investors should always be focused on absolute rather than relative yields, given the need to compensate for defaults. From that point of view, 2015 was the year high-yield bonds got their mojo back.

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China will find it much harder to keep up appearances in 2016.

Slowdown In Chinese Manufacturing Deepens Fears For Economy (Guardian)

A further slowdown in China’s vast manufacturing sector has intensified worries about the year ahead for the world’s second largest economy. The latest in a string of downbeat reports from showed that activity at China’s factories cooled in December for the fifth month running, as overseas demand for Chinese goods continued to fall. Against the backdrop of a faltering global economy, turmoil in the country’s stock markets and overcapacity in factories, Chinese economic growth has slowed markedly. The country’s central bank expects growth in 2015 to be the slowest for a quarter of a century. After growing 7.3% in 2014, the economy is thought to have expanded by 6.9% in 2015 and the central bank has forecast that it may slow further in 2016 to 6.8%.

A series of interventions by policymakers, including interest rate cuts, have done little to revive growth and in some cases served only to heighten concern about China’s challenges. Friday’s figures showed that the manufacturing sector limped to the end of 2015. The official purchasing managers’ index (PMI) of manufacturing activity edged up to 49.7 in December from 49.6 in November. The December reading matched the forecast in a Reuters poll of economists and marked the fifth consecutive month that the index was below 50, the point that separates expansion from contraction. “Although the PMI slightly rebounded this month, it still lies below the critical point and is lower than historic levels over the same period,” Zhao Qinghe, a senior statistician at the national bureau of statistics, said.

Analysts said the latest manufacturing PMI pointed to falling activity, but that some hope could be taken from the improvement on November’s three-year low. The small rise “suggests that growth momentum is stabilising somewhat … however, the sector is still facing strong headwinds,” said Zhou Hao at Commerzbank. “In order to facilitate the destocking and deleveraging process, monetary policy will remain accommodative and the fiscal policy will be more proactive.”

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Can China let go of the peg and let the yaun plunge, while it’s in the IMF basket?

Opinion Divided On State Of Chinese Economy, But Not Its Importance (Guardian)

It was perhaps fitting that China’s latest lacklustre industrial survey was the first fragment of financial data to greet the new year. Economists are divided about the risks facing the vast Chinese economy, but agree that how they play out will have profound consequences for the rest of the world in 2016. The optimists point to China’s large and growing middle class, the vast foreign currency reserves that give Beijing ample ammunition to respond to any crisis that emerges, and the authoritarian regime that allows its policymakers to force through economic change. And official figures do suggest that economic growth may have stabilised at about 6.5% – considerably weaker than the double-digit pace that was the norm before the financial crisis, but not the feared “hard landing”.

Yet pessimists argue that the official figures radically overestimate the true pace of growth: using alternative indicators such as freight volumes and electricity usage, City analysts Fathom calculate that growth could be below 3%. And last summer’s share price crash, and the chaos that surrounded Beijing’s decision to devalue the yuan, suggested there is no reason to think Chinese policymakers are any more in control of the forces of capitalism than their western counterparts were in the run-up to the financial crisis. China’s latest five-year plan involves a conscious attempt to switch growth away from the export-led model that has driven its rise to the economic premier league, and towards more sustainable, domestic consumption-led growth.

But with many of the country’s powerful state-owned enterprises loaded up with debt, property bubbles deflating and the knock-on effects of the share price crash still being felt, domestic demand has so far failed to pick up the slack. The challenge of maintaining politically acceptable rates of economic growth may become tougher in 2016, particularly if the US Federal Reserve presses ahead with its bid to return interest rates to somewhere near normal. The value of the Chinese yuan is not allowed to move too far out of line with the dollar, under a “crawling peg” – effectively a semi-fixed exchange rate.

But as the greenback moves upwards to reflect the strengthening US economy and rising rates, it is taking the yuan with it, and making it harder for Chinese exporters to compete. As the dollar continues to appreciate, it may become increasingly tempting for policymakers to abandon the peg and let the currency plunge, returning to the familiar export-led pattern of growth. And if Beijing does devalue sharply, it would damage China’s exporting rivals, and send deflation rippling out through the global economy, increasing the risk of a lengthy period of economic weakness. China’s true fragility is impossible to gauge; but it matters.

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Not a good sign for gold.

‘Indigestion’ Hits Diamond Companies: Too Much Supply, Too Little Demand (FT)

De Beers was hoping its “Live your love today” campaign would entice Chinese consumers to buy diamond jewellery this holiday season. It is unlikely to be enough to turn round the miner’s fortunes. While auction prices set records for some big gems in 2015 — Lucara Diamond found one of the largest stones to date — the sector has had its toughest year since the global financial crisis as it struggles with too much supply and too little demand. Miners including De Beers, which is owned by Anglo American, and Canada’s Dominion Diamond have acknowledged falling revenues and lower prices for rough diamonds. In China, the big jewellers are suffering. Chow Tai Fook, the largest by market value, reported a 42% fall in net profits in interim results.

But the pain has been most acute for the trade’s “midstream”, the hundreds of cutters and polishers, mostly in India, which buy rough stones from miners and supply retailers. “The raw [rough] diamond price is still high but the polishers [like us] have to sell cheaper because of the drop in demand,” said Chirag Kakadia of Sheetal, an Indian diamond polisher, speaking at a Hong Kong trade show. “We are forced to purchase higher but sell lower. Our production has dropped 40% from 2014 but our sales are 50% less.” Companies such as Sheetal have been hit by a bout of what Johan Dippenaar, chief executive of Petra Diamonds, has described as industry “indigestion”, stemming from an over-optimistic assessment of demand from China.

Retailers that had geared up for years of growth were caught out by a slowing economy and an anti-corruption drive, with officials banned from receiving gifts. A person in the industry who asked not to be named said demand in Hong Kong and Macau had been “absolutely mullered” by the corruption crackdown. The lack of interest from consumers has left cutters and polishers holding too much stock. In turn, their need to buy from miners has declined, forcing down rough prices. Analysts said that, even if midstream groups wanted to restock, many would find it hard to do so. Much of the credit in the sector has been withdrawn as banks have grown wary of lending to businesses that are family-owned and tend to be opaque. The question is whether the market will bounce back or be altered for good.

De Beers, which has lost much of its power as a supplier but remains a dominant participant, says the industry does not face a long-term bust and once the temporary oversupply is dealt with equilibrium will be restored. Philippe Mellier, chief executive, told industry analysts in December: “This is a stock crisis, not a demand crisis.” De Beers has allowed midstream companies to put regular purchases on hold. “We just want our customers to buy what they need and not increase the stock problem,” said Mr Mellier. The miner has also cut production and closed two diamond mines. Consultants at Bain say the diamond pipeline should return to normal functioning once midmarket businesses and retailers clear excess inventories, provided that miners and polishers manage supplies adroitly.

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And now Iran will follow.

Iraq Says It Exported More Than 1 Billion Barrels of Oil in 2015 (BBG)

Iraq said it exported 1.097 billion barrels of oil in 2015, generating $49.079 billion from sales, according to the oil ministry. It sold 99.7 million barrels of oil in December, generating $2.973 billion, after selling a record 100.9 million barrels in November, said oil ministry spokesman Asim Jihad. The country sold at an average price of $44.74 a barrel in 2015, Jihad said. Iraq, with the world’s fifth-biggest oil reserves, needs to keep increasing crude output because lower oil prices have curbed government revenue. Oil prices have slumped in the past year as OPEC defended market share against production in the U.S. OPEC’s second-largest crude producer is facing a slowdown in investment due to lower oil prices while fighting a costly war on Islamist militants who seized a swath of the country’s northwest. The nation’s output will start to decline in 2018, Morgan Stanley said in a Sept. 2 report, reversing its forecast for higher production every year to 2020.

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The real rate rise is still substantially lower than 0.25%, though.

The Federal Reserve’s Brave New Interest Rate World (Coppola)

On December 17th, 2015, the FOMC raised interest rates for the first time since the 2008 financial crisis. To be sure, it had little choice. The Fed had been signalling an interest rate rise persistently for months, and had already disappointed markets twice by delaying rate rises in September and October. It had painted itself into the same corner as the ECB did over QE earlier in the year. The ECB signalled for months that it was going to start QE, and backed off several times, to the disappointment of market participants. Eventually, ECB was forced to start QE for the simple reason that NOT doing so threatened financial stability, because markets had already priced it in. So with the FOMC. Encouraged by broadly good economic data, and by the Fed’s approving noises, markets priced in a 25bps interest rate rise.

The FOMC was all but obliged to act, simply to avoid sparking a market rout. It was yet another fine example of markets being willing to let the Fed guide them along the road that they were already travelling. Since that small but oh-so-significant rate rise, the Fed Funds rate has obediently remained firmly within its new 25 to 50 bps corridor. Indeed, it has hovered persistently around the midpoint of the range. Given that the system is still awash with excess reserves and the Fed Funds rate therefore has little effect on bank lending, it is remarkable that the rate has stayed both elevated and stable. How has this been achieved? Yesterday, the FT reported that the Fed absorbed $475bn of excess reserves through overnight reverse repo operations in its last monetary operation of 2015, a record amount.

Overnight reverse repos allow certain non-bank financial institutions to place funds at the Fed overnight in return for USTs (yes, the ones bought in the Fed’s QE programs) and 25bps interest. The interest rate is no accident: it is the floor of the target Fed Funds rate range. These reverse repos provide competition for banks in the funding markets, forcing banks to offer higher interest rates on funds they lend to non-banks. The Fed said in December that it would make $2tn worth of USTs available as collateral for reverse repo transactions: it is actually needing to use considerably less to maintain the Fed Funds rate well above its floor. But reverse repos are only half the story. The Fed also set the interest rate it pays on excess reserves (IOER) to the top of the Fed Funds target range. This pulls the funding rate upwards, since banks will not lend reserves to each other at less than the IOER rate.

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Ambroze has been smoking. A lot. The sudden surge in China M1 in the graph looks like panic to me, and moreover, it hasn’t done any good either.

Economic Sweet Spot Of 2016 Before The Reflation Storm (AEP)

Sunlit uplands beckon. Almost $2 trillion of annual stimulus from cheap oil has been accumulating for months, pent up and waiting to be spent. It will soon come flooding through in a burst, catching the world by surprise. But beware: the more beguiling it is over coming months, the more traumatic it will be later as the reflation scare comes alive. Since the rite of New Year predictions is to stick one’s neck out, let me hazard hopefully that this treacherous moment can be deferred until 2017. The positive oil shock will hit just as austerity ends in the US, and big-spending states and cities ice the cake with a fiscal boost worth 0.5pc of GDP. Americans broke records with the purchase 1.7m new cars and trucks in December, a foretaste of blistering sales to come. There is a ‘deficit’ of 20m cars left from the Long Slump yet to be plugged.

The eurozone is nearing the sweet spot, a fleeting nirvana of 2pc growth, conjured by the trifecta of a cheap euro, budgetary break-out, and the end of bank deleveraging. Mario Draghi’s printing presses are firing on all cylinders. The ‘broad’ M3 money supply is growing at turbo-charged rates of 5pc in real terms. This is a 12-month leading indicator for the economy, so enjoy the ride, at least until the demonic Fiscal Compact returns at the dead of night to smother Europe once again. In China, the dogs bark, the caravan moves on. There will be no devaluation of the yuan this year, because there is no urgent need for it. Premier Li Keqiang has vowed to keep the new exchange basket stable. Armed with a current account surplus of $600bn, $3.5 trillion of reserves, and capitol controls, that is exactly what he will do.

The lingering hangover from the Great Chinese Recession of early 2015 has faded. The PMI services gauge has just jumped to a 15-month high of 54.4, and this is now the relevant index since the Communist Party is systematically winding down chunks of the steel, shipbuilding, and chemical industries. China’s money supply is also catching fire. Growth of ‘real true M1’ has spiked to 10pc, a giddy shot of caffeine not seen since the post-Lehman spree. Combined credit and local government bond issuance is surging at a rate of 14pc. The Communist Party cranked up fiscal spending by 18.9pc in November. Whether or not you think this recidivist stimulus is wise – given that the law of diminishing returns set in long ago for debt-driven growth – it will paper over a lot of cracks for the time being.

One thing that will not happen is a housing revival in the mid-sized T3 and T4 cities of the hinterland. It will be a long time before the latest reform of the medieval Hukou system unleashes enough rural migrants to fill the ghost towns. The stock of 4.5m unsold homes on the books of developers is frightening to behold. The epic dollar rally has come and gone. The world’s currency will drift down over coming months, and that will be a reprieve for the likes of Brazil, Turkey, South Africa, Indonesia, and Colombia. Those at the wrong end of $9 trillion of off-shore debt in US dollars may breath easier: they will not escape. The MSCI index of emerging market stocks will return from the dead, clawing back most of the 28pc in losses since last April, but only to lurch into a greater storm.

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Barely a start. But a strong sign of how much less ‘new’ jobs pay.

New Year Brings Minimum Wage Hikes For Americans In 14 States (Reuters)

As the United States marks more than six years without an increase in the federal minimum wage of $7.25 an hour, 14 states and several cities are moving forward with their own increases, with most set to start taking effect on Friday. California and Massachusetts are highest among the states, both increasing from $9 to $10 an hour, according to an analysis by the National Conference of State Legislatures. At the low end is Arkansas, where the minimum wage is increasing from $7.50 to $8. The smallest increase, a nickel, comes in South Dakota, where the hourly minimum is now $8.55.

The increases come in the wake of a series of “living wage” protests across the country, including a November campaign in which thousands of protesters in 270 cities marched in support of a $15-an-hour minimum wage and union rights for fast food workers. Food service workers make up the largest group of minimum-wage earners, according to the Bureau of Labor Statistics. With Friday’s increases, the new average minimum wage across the 14 affected states rises from $8.50 an hour to just over $9. Several cities are going even higher. Seattle is setting a sliding hourly minimum between $10.50 and $13 on Jan. 1, and Los Angeles and San Francisco are enacting similar increases in July, en route to $15 an hour phased in over six years.

Backers say a higher minimum wage helps combat poverty, but opponents worry about the potential impact on employment and company profits. In 2014, a Democratic-backed congressional proposal to increase the federal minimum wage for the first time since 2009 to $10.10 stalled, as have subsequent efforts by President Barack Obama. More recent proposals by some lawmakers call for a federal minimum wage of up to $15 an hour. Alan Krueger, an economics professor at Princeton University and former chairman of Obama’s Council of Economic Advisers, said a federal minimum wage of up to $12 an hour, phased in over five years or so, “would not have a noticeable effect on employment.”

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Many such banks did the same.

Swiss Bank Admits Cash and Gold Withdrawals Cheated IRS (BBG)

Large cash and gold withdrawals were one way Bank Lombard Odier & Co allowed U.S. clients to sever a paper trail on their assets and cheat the Internal Revenue Service, the Swiss lender admitted, agreeing to pay $99.8 million to avoid prosecution. That penalty is the second-largest paid under a program to help the U.S. clamp down on tax evasion through Swiss banks. Total penalties have reached more than $1.1 billion as banks have revealed how they helped clients hide money and where the assets went. DZ Privatbank (Schweiz) AG will also pay almost $7.5 million under accords released Thursday. The U.S. has struck 75 such non-prosecution agreements this year, with the tempo and dollar amount increasing in recent weeks as it rushes to finish. Geneva-based Lombard Odier, founded in 1796, had 1,121 U.S. accounts with $4.45 billion in assets from 2008 through 2014, according to the agreement, announced Thursday.

The bank adopted a policy in 2008 to force U.S. clients to disclose undeclared assets to the IRS or face account closures. However, the policy authorized large cash or gold withdrawals, donations to U.S. relatives or charitable institutions, resulting in further wrongdoing, according to the statement. In 2009 alone, the bank processed 14 cash withdrawals of more than $1 million each for clients closing 11 accounts, according to the non-prosecution agreement. One client closed an account by withdrawing more than $3 million in gold, the bank admitted. “These withdrawals of cash and precious metals enabled U.S. persons to sever the paper trail for their assets and further conceal their income and assets from U.S. authorities,” according to the agreement. The bank also closed at least 12 U.S. accounts worth $15.7 million with “fictitious donations” to other accounts at the bank, Lombard Odier admitted.

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“..Mr. Hugh insisted time and again that economists and policy makers were glossing over the extent to which swift austerity measures in countries like Greece, Ireland, Spain and Portugal would result in devastating recessions..”

Edward Hugh, Economist Who Foresaw Eurozone’s Struggles, Dies At 67 (NY Times)

Edward Hugh, a freethinking and wide-ranging British economist who gave early warnings about the European debt crisis from his adopted home in Barcelona, died on Tuesday, his birthday, in Girona, Spain. He was 67. The cause was cancer of the gallbladder and liver, his son, Morgan Jones, said. Mr. Hugh drew attention in 2009 and 2010 for his blog posts pointing out flaws at the root of Europe’s ambition to bind together disparate cultures and economies with a single currency, the euro. In clear, concise essays, adorned with philosophical musings and colorful graphics, Mr. Hugh insisted time and again that economists and policy makers were glossing over the extent to which swift austerity measures in countries like Greece, Ireland, Spain and Portugal would result in devastating recessions.

Mr. Hugh’s insights soon attracted a wide and influential following, including hedge funds, economists, finance ministers and analysts at the IMF. “For those of us pessimists who believed that the eurozone structure was leading to an unsustainable bubble in the periphery countries, Edward Hugh was a must-read,” said Albert Edwards, a strategist based in London for the French bank Société Générale. “His prescience in explaining the mechanics of the crisis went almost unnoticed until it actually hit.” As the eurozone’s economic problems grew, so did Mr. Hugh’s popularity, and by 2011 he had moved the base of his operations to Facebook. There he attracted many thousands of additional followers from all over the world.

If Santa Claus and John Maynard Keynes could combine as one, he might well be Edward Hugh. He was roly-poly and merry, and he always had a twinkle in his eye, not least when he came across a data point or the hint of an economic or social trend that would support one of his many theories. His intellect was too restless to be pigeonholed, but when pressed he would say that he saw himself as a Keynesian in spirit, but not letter. And in tune with his view that economists in general had become too wedded to static economic models and failed their obligation to predict and explain, he frequently cited this quotation from Keynes: “Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past, the ocean is flat again.”

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3 million forecast for 2016.

As 2016 Dawns, Europe Braces For More Waves Of Refugees (AP)

Bitter cold, biting winds and rough winter seas have done little to stem the seemingly endless flow of desperate people fleeing war or poverty for what they hope will be a brighter, safer future in Europe. As 2016 dawns, boatloads continue to reach Greek shores and thousands trudge across Balkan fields and country roads heading north. More than a million people reached Europe in 2015 in the continent’s largest refugee influx since the end of World War II – a crisis that has tested European unity and threatened the vision of a borderless continent. Nearly 3,800 people are estimated to have drowned in the Mediterranean last year, making the journey to Greece or Italy in unseaworthy vessels packed far beyond capacity.

The EU has pledged to bolster patrols on its external borders and quickly deport economic migrants, while Turkey has agreed to crack down on smugglers operating from its coastline. But those on the front lines of the crisis say the coming year promises to be difficult unless there is a dramatic change. Greece has borne the brunt of the exodus, with more than 850,000 people reaching the country’s shores, nearly all arriving on Greek islands from the nearby Turkish coast. “The (migrant) flows continue unabated. And on good days, on days when the weather isn’t bad, they are increased,” Ioannis Mouzalas, Greeces minister responsible for migration issues, told AP. “This is a problem and shows that Turkey wasn’t able – I’m not saying that they didn’t want – to respond to the duty and obligation it had undertaken to control the flows and the smugglers from its shores.”

Europe’s response to the crisis has been fractured, with individual countries, concerned about the sheer scale of the influx, introducing new border controls aimed at limiting the flow. The problem is compounded by the reluctance of many migrants’ countries of origin, such as Pakistan, to accept forcible returns. “If measures are not taken to stop the flows from Turkey and if Europe doesn’t solve the problems of the returns as a whole, it will be a very difficult year,” Mouzalas warned. “It’s a bad sign, this unabated flow that continues,” Mouzalas said. “It creates difficulties for us, as the borders have closed for particular categories of people and there is a danger they will be trapped here.”

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