May 282019
 
 May 28, 2019  Posted by at 9:36 am Finance Tagged with: , , , , , , , , , , , , , ,  


Photo: Steve Biro

 

 

Abuses Show Assange Case Was Never About Law (J. Cook)
Rumors of War (Kunstler)
In Honor Of Memorial Day, John Bolton Announces 7 New Wars (Babylon Bee)
A Million Americans Could Lose Their Pensions (HP)
Michael Avenatti To Face 2 Arraignments In One Day (Fox)
Canada’s Ontario Province Says Will Sue Opioid Makers (AFP)
Macron and Merkel At Odds Over EU Top Jobs After European Elections (G.)
Ireland Likely To Back Barnier As Head Of European Commission (IT)
Greek PM Comes Unstuck Over Macedonia, Austerity In European Vote (R.)
Icebreakers And The Arctic Power Play (SF)
German Woman With 1,800 Cows Allowed To Stay In India (AFP)
Where Are All The Insects Gone? My Unease Deepens Year By Year (Viney)

 

 

“From the start, Assange faced political persecution.”

Abuses Show Assange Case Was Never About Law (J. Cook)

What is so striking in the Assange coverage is the sheer number of legal anomalies in his case – and these have been accumulating relentlessly from the very start. Almost nothing in his case has gone according to the normal rules of legal procedure. And yet that very revealing fact is never noticed or commented on by the corporate media. You need to have a blind spot the size of Langley, Virginia, not to notice it. If Assange wasn’t the head of Wikileaks, if he hadn’t embarrassed the most important western states and their leaders by divulging their secrets and crimes, if he hadn’t created a platform that allows whistleblowers to reveal the outrages committed by the western power establishment, if he hadn’t undermined that establishment’s control over information dissemination, none of the last 10 years would have followed the course it did.

[..] Assange has been under some form of detention since 2010. Since then, his ability to perform his role as exposer of serial high-level state crimes has been ever more impeded – to the point now that he may never be able to oversee and direct Wikileaks ever again. His current situation – locked up in Belmarsh high-security prison, in solitary confinement and deprived of access to a computer and all meaningful contact with the outside world – is so far based solely on the fact that he committed a minor infraction, breaching his police bail. Such a violation, committed by anyone else, almost never incurs prosecution, let alone a lengthy jail sentence.

So here is a far from complete list – aided by the research of John Pilger, Craig Murray and Caitlin Johnstone – of some of the most glaring anomalies in Assange’s legal troubles. There are 17 of them below. Each might conceivably have been possible in isolation. But taken together they are overwhelming evidence that this was never about enforcing the law. From the start, Assange faced political persecution.

Read more …

Starting energy wars just as you run out of energy.

Rumors of War (Kunstler)

China compressed its version of the industrial revolution into a few decades, catching up to a weary, jaded West that took two hundred years achieving “modernity,” and now it is seeming to surpass us — which is the reason for so much tension and anxiety in our relations. The real news is: we’re all already in the climax of that movie. Nobody will surpass anyone. The reason is the decline of affordable energy to run the stupendously complex systems we have come to rely on. China never had very much petroleum. They import over 10 million barrels a day now, and most of that comes from far far away, having to pass through some very hazardous sea lanes like the Straits of Hormuz and Molucca.

They run things mostly on coal, and they’re well past peak — and let’s not get into the ecological ramifications of what they’re still burning. Even some intelligent observers in the West think that the Chinese have made gigantic strides in alt-energy, and will soon be free of old limits, but that’s a pipe dream. They have met the same disappointments over wind and solar as we have. Alt-energy just doesn’t pencil out money-wise or physics-wise. Plus, you absolutely need fossil fuels to make it happen, even as a science project. The US is smugly and stupidly under the impression that the “shale oil miracle” has put an end to our energy worries.

That comes from a foolish nexus of wishful thinking between a harried populace, a dishonest government, and the aforementioned brain-damaged news media. We want, with all our might, to believe we can keep running the interstate highways, WalMart, Agri-Business, DisneyWorld, the US Military, and suburbia just as they are, forever. So, we spin our reassuring fantasies about “energy independence” and “Saudi America.” Meanwhile, the shale oil companies can’t make a red cent pulling that stuff out of the ground. For the moment, ultra-low interest rate loans, riding on the back of all that wishful thinking, keep the racket going and sustain America’s illusions.

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Wish this was only funny.

In Honor Of Memorial Day, John Bolton Announces 7 New Wars (Babylon Bee)

In a moving speech to honor Memorial Day, National Security Advisor John Bolton announced seven new wars the U.S. will launch in the coming months. It’s customary for military leaders to say a few words on Memorial Day, sometimes thanking past soldiers for their sacrifice or reminding Americans of the price of freedom. This year, Bolton is going above and beyond, actually announcing new unnecessary wars as a special gift to the country on this solemn occasion. Bolton teased wars on Canada, Mexico, England, France, Russia, India, and California, all in honor of the memory of soldiers who have died in past American wars.


The national security advisor said that he selected these countries “kind of at random,” picking the names out of a MAGA hat. “The best way we can remember the fallen is to launch a bunch of new wars and make more fallen,” he said solemnly. “Remember the sacrifice of the soldiers who fought in foreign wars, so that we would have the freedom to launch more foreign wars. They died for your freedoms, they died for your sins. They died so we could attack Iran again.” “Amen.”

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Many millions.

A Million Americans Could Lose Their Pensions (HP)

The mining work also assured him security in old age through retiree health coverage and a defined-benefit pension – crucial perks that made the dangerous work and risk of black lung disease worth undertaking for Brown, who was one of just a few African Americans in his mine. When his injuries forced him into early retirement and onto disability in 2002, the benefits became even more vital. “It was in writing that the pension would be secure,” Brown, now 78, said on a recent afternoon, taking a break from remodeling his bathroom. “A pension ’til I pass away – that was the deal.”

But the pension plan through the United Mine Workers of America that Brown and 86,000 other retirees rely on is on track to be insolvent in about three years, which could result in deep cuts to once-guaranteed monthly payments. A growing number of plans are in similarly bad shape. If nothing is done, the coming rash of insolvencies could torpedo part of the Pension Benefit Guaranty Corporation, or PBGC, the government-run corporation that insures defined-benefit pensions. Brown’s is what’s known as a multiemployer pension plan. Anywhere from a handful to hundreds of companies contribute funds to these plans on behalf of their workers, with payments negotiated through union contracts.

The plans are common in the construction, transportation and service sectors, providing a portable benefit in cyclical industries where workers frequently change jobs. But many plans have run into trouble, losing their stream of income, as industries change and unionized employers go out of business. While most of the 1,400 multiemployer plans in the U.S. are not in any danger, some 130 plans are projected to be insolvent within 15 to 20 years. The PBGC’s multiemployer insurance program, which would need to step in to help cover pension payments for those plans, is expected to go under by 2025 if lawmakers don’t intervene with a plan to save it.

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Do the MSM have anything on their former princeling?

Michael Avenatti To Face 2 Arraignments In One Day (Fox)

Embattled attorney Michael Avenatti will have a busy day in Manhattan federal court Tuesday afternoon — but as a defendant, not as counsel. Avenatti, 49, is scheduled to be arraigned on charges that he stole nearly $300,000 from adult film actress Stormy Daniels, the client who rocketed him to national prominence. Approximately three-and-a-half hours later, Avenatti is scheduled to be arraigned on charges that he tried to extort up to $25 million from athletic apparel giant Nike by threatening to expose claims that the shoemaker paid off high school basketball players to steer them to Nike-sponsored colleges.

In the Nike case, Avenatti is charged with one count of extortion, one count of sending interstate communications with intent to extort and two counts of conspiracy. In the Stormy Daniels case, he is charged with one count of wire fraud and one count of aggravated identity theft. If convicted on all counts, Avenatti could face a total of 69 years in prison. Avenatti repeatedly has denied any wrongdoing and is expected to plead not guilty to all charges. [..] Avenatti was indicted formally in the Nike matter this past Wednesday. That same day, prosecutors indicted him in the Daniels case, in which they claimed Avenatti stole two payments totaling $297,500 from an advance Daniels was supposed to receive from a book deal in the summer of 2018.

Court documents said Avenatti gave Daniels’ literary agent a doctored letter with her signature directing the agent to divert the money to an account controlled by Avenatti. The lawyer then allegedly spent the money “on airfare, hotels, car services, restaurants and meal delivery, online retailers, payroll for his law firm and another business he owned, and insurance.”

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“More than 10,000 Canadians have died of opioid-related overdoses since 2016..”

Canada’s Ontario Province Says Will Sue Opioid Makers (AFP)

Canada’s most populous province of Ontario on Monday announced plans to sue opioid makers to recover health care costs related to the deadly addiction epidemic. Ontario’s attorney general, Caroline Mulroney, said the province will join a lawsuit launched last year by British Columbia against more than 40 opioid manufacturers and wholesalers. “The opioid crisis has cost the people of Ontario enormously, both in terms of lives lost and its impact on health care’s front lines,” Mulroney said. She unveiled legislation to set up the legal action “to battle the ongoing opioid crisis and hold manufacturers and wholesalers accountable for their roles in it.”


More than 10,000 Canadians have died of opioid-related overdoses since 2016, according to government figures. Combatting the crisis is estimated to have cost Ottawa nearly Can$400 million (US$300 million). Historically, opioid overdose deaths — mainly from the powerful painkiller fentanyl — were concentrated among drug addicts. But many victims became addicted to prescribed painkillers before turning to street drugs and others were experimenting with recreational drugs for the first time.

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Lobby. Trade. Compromise.

Macron and Merkel At Odds Over EU Top Jobs After European Elections (G.)

Paris and Berlin appear on a collision course over the replacement of Jean-Claude Juncker as president of the European commission after poor results for the centre-right in the European elections damaged Angela Merkel’s choice for the post. The German chancellor’s backing for the German MEP Manfred Weber, who leads the European People’s party of which her CDU party is a member, is facing tough resistance from the French president Emmanuel Macron in the post-election jockeying for top jobs. The EU heads of state and government, including Theresa May, are due to meet on Tuesday night to kickstart their discussions over the leadership of the bloc’s institutions after a set of election results that weakened the grip of the traditional centrist parties on the levers of power in Brussels.


The European People’s party (EPP) remains the largest in the parliament, but during a disappointing night its haul of seats plummeted from 221 in 2014 to 180, prompting Weber to concede that the “centre is shrinking”. The Socialists and Democrats group’s 191 seats five years ago fell to 145 despite surprisingly strong results in Spain and the Netherlands, where they topped the polls. It is the first time in 40 years that the two groups are not able to form a stable majority to allow them to carve up the top jobs and set the legislative agenda. The member states choice for commission president also requires endorsement by a majority in the parliament.

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Macron got rid of Weber. So why would they give him Barnier?

Ireland Likely To Back Barnier As Head Of European Commission (IT)

The [Irish] Government is likely to back Brexit chief negotiator Michel Barnier as the next head of the European Commission if, as expected, the bid of German Manfred Weber falters in the face of French opposition. EU leaders meet in Brussels on Tuesday to discuss who should lead the commission and also the Council of EU leaders for the next five years, while the next head of the European Central Bank will also be discussed. No decisions are expected that evening. Officially, the Government is backing Mr Weber “to the hilt”, says a spokesman, and the Taoiseach Leo Varadkar has repeatedly expressed his support. But privately senior officials acknowledge that his chances are falling away.

Mr Weber is the candidate of the European People’s Party, to which Fine Gael is attached, and under the system known as “spitzenkandidaten” the largest group in the European Parliament should nominate the incoming head of the European Commission. However, it is the Council of EU leaders which actually makes the appointment – to be confirmed by a vote of the parliament – and French president Emmanuel Macron has made his opposition to Mr Weber clear. Though the EPP remains the largest party in the new European Parliament, it suffered significant losses in the elections – a development which will damage Mr Weber, already considered a weak candidate to head the commission, when current president Jean Claude Juncker retires in the autumn.

The commission is the EU’s civil service and its policymaking engine. It is also charged with protecting the treaties. Mr Macron has been lobbying EU leaders on appointments to the EU’s top jobs and dined in Paris last night with the Spanish prime minister, Pedro Sánchez. Though other candidates, such as current competition commissioner Margrethe Vestager, the Dutch socialist Franz Timmermans or Belgian prime minister Charles Michel may be considered, Mr Macron is expected by many to back Mr Barnier, who is also French and a former EPP politician.

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The man who says Yes to everything. Once too often.

Greek PM Comes Unstuck Over Macedonia, Austerity In European Vote (R.)

His leftist Syriza, which stormed the Greek political stage in 2015 on the back of a popular backlash against painful economic reforms, suffered its first major defeat in years to the opposition conservative New Democracy party. Smarting from the fallout, Tsipras has called snap elections, speculated to take place by June 30 at the earliest. The full term of his administration ends in October. In his first appearance after calling the snap poll, a sombre-looking Tsipras told Syriza party faithful on Monday evening: “The crucial thing in life is not if you will fall, but if you will get up.” “I want to ask you all, today, to get up, and regroup, and fight. We very well know we can do it. Because our main strength is that we are defending what is just: our values, the values of the democratic faction and of the left.”

Tsipras is the longest-serving Greek prime minister since the country lurched from crisis to crisis from the onset of financial turmoil in 2010. Political analyst Theodore Couloumbis said that while Tsipras may be hurt, he is not a spent force. “(Syriza) will still remain at the forefront as the second-largest party,” he said. Another analyst, pollster Costas Panagopoulos from ALCO Research, said political parties that do well in European Parliament elections would do better in the national vote, meaning a projection of victory for New Democracy. Once a leftist firebrand, Tsipras, 44, built his career as the crowd-pleaser who stood up to creditors and their austerity demands. But he was forced into a painful new bailout in 2015 months after sweeping to power, when Greece was confronted with a choice of that or being turfed out of the euro zone.

His U-turn went down badly with many voters. A subsequent, deeply unpopular agreement that resolved a long-running country name dispute with North Macedonia also upset many Greek voters. Tsipras signed the so-called Prespes accord last year agreeing to a name change for its Balkan neighbor, resolving a decades-old wrangle which kept Macedonia out of the European Union and NATO. But for many Greeks, it was an unacceptable national defeat and an appropriation of Greek national heritage. A former associate said the Prespes accord was Tsipras’ nemesis. “It was probably one of the most important factors (in the European election outcome),” the former associate said on condition of anonymity.

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Lest we forget.

Icebreakers And The Arctic Power Play (SF)

The Arctic remains one of the few areas of the globe with relatively little human activity and therefore limited prospects for international conflict. Even during the Cold War the Arctic remained comparatively under-resourced by both adversarial blocs. The main theater was Europe, supporting theaters included the Mediterranean and the Middle East, but the Arctic was mainly visited by strategic nuclear platforms such as submarines and bombers which rehearsed their WW3 missions there. The end of the Cold War gradually raised the Arctic’s importance, and it did so for two reasons.

The current multipolar power distribution means the addition of two independent or largely independent political actors, namely the EU and China, and the shifting of the global economic “center of gravity” eastward. This development is increasing Russia’s importance as the economic and political link between the EU and China. However, while the European and Asian economic powerhouses are exploring various forms of economic linkages with Russia serving as a vital component of the relationship, United States is actively seeking to drive a wedge between them by isolating the EU from Russia and therefore also China, and fully subordinating Europe to its economic and political interests.

Whether the EU acquiesces to being merely a US protectorate or asserts its independence remains to be seen, however, in the meantime the Arctic is acquiring importance as a trade route linking Europe and Asia. The second reason for the Arctic’s importance is the presence of considerable reserves of energy resources in the region on which the global economy will depend. National control over these resources or lack thereof will in turn determine the power ranking of the country in question.

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From the same world that you live in.

German Woman With 1,800 Cows Allowed To Stay In India (AFP)

It’s a long way from Berlin to India, where Friederike Irina Bruening devotes her life to sick and abandoned cows. Now, after intervention from the Hindu nationalist government, she has been allowed to stay. “Currently we have around 1,800 cows,” Bruening told AFP from outside the holy city of Mathura in northern India where she keeps the animals. “Between five and 15 are brought in every day.” Bruening, 61, had threatened last week to return a top civilian award for cow protection that she won — the Padma Shri award — after her request for a visa extension was denied. This prompted Foreign Minister Sushma Swaraj to take to Twitter and announce she had “asked for a report”, and on Monday Bruening said she had been issued with a new visa allowing her to remain in India.

Bruening came to India around 25 years ago and says she has since spent around 200,000 euros ($225,000) of her own money over the years on her cow shelter, which costs around $45,000 per month to run. Many of the cows that arrive are blind or have been injured in road accidents, while others are sick from eating the vast amounts of plastic waste littering India. Around half of the new arrivals die. Since coming to power in 2014 one of the signature policies of Prime Minister Narendra Modi, newly re-elected, has been the protection of cows, which for many Hindus are sacred. Laws against the slaughter and consumption of beef have been strengthened, and lynchings of Muslims and low-caste Dalits — who have traditionally been involved in the sector — have risen.

This has prompted many people to abandon old and infirm cows instead of selling them for slaughter, resulting in more of the animals on the loose, including in cities like Delhi where they are a common sight. But Bruening, who has become a Hindu and is known as Sudevi Dasi, said that allowing the slaughter of old or sick cows is not the answer. “Killing a cow is the worse thing you can do,” she said.

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Agriculture had “the cumulative effect of forcing ancient foragers to spend their days carrying water buckets under a scorching sun”.

Where Are All The Insects Gone? My Unease Deepens Year By Year (Viney)

[..] the new and formidably sourced UN report on the destruction of nature seems to have left the human world largely dumbstruck or indifferent. After so many years of chronicling the trends in this column, species by species and habitat by habitat, I find the new figures properly appalling but their message no surprise. Allowed, in old age, to entertain grand if gloomy explanations, I find what is happening entirely consistent with the basic history of our species. This has been set out quite brilliantly by an Israeli academic, Dr Yuval Noah Harari, in his recent and best-selling book, Sapiens: A Brief History of Humankind. Bill Gates recommends it, if that counts.

For more than two million years, as Harari reminds us, various breeds of humans fed themselves by gathering plants and hunting animals, their numbers generally in balance with the rest of the natural world. About 10,000 years ago, Homo sapiens in many separate parts of the planet began to spend their time manipulating the lives of a few edible plants and biddable animals and finding the need to settle down. “Scholars once proclaimed,” writes Harari, “that the agricultural revolution was a great leap forward for humanity [in which] evolution gradually produced ever more intelligent people.” He finds no evidence for this. And the extra food “did not translate into a better diet or more leisure. Rather it translated into population explosions and pampered elites.” It had “the cumulative effect of forcing ancient foragers to spend their days carrying water buckets under a scorching sun”.

One chapter, History’s Biggest Fraud, chronicles the traps set by the long-term pursuit of an easier life. When luxuries become necessities, they spawn new and never-ending obligations. “Humanity’s search for an easier life,” he concludes, “released immense forces of change that transformed the world in ways nobody envisioned or wanted.” Among them, as I see it, is a mindset of expectation, entitlement and addiction to unremitting novelty, matched to the siren imperative of “growth”. With the world population nudging 10 billion by 2050, human usage spread across three-quarters of the planet’s land, and a million plants and animals at risk of extinction, the collapse of global ecosystems seems inevitable.

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May 272019
 
 May 27, 2019  Posted by at 9:19 am Finance Tagged with: , , , , , , , , , , ,  


Pablo Picasso Landscape 1928

 

Europe’s Biggest Blocs Lose Grip On Power (BBC)
Centrist Bloc Loses Majority In EU (CNBC)
UK Tories And Labour Savaged As Voters Take Brexit Revenge (G.)
Nigel Farage Demands A Seat At Brexit Talks (R.)
US Efforts To Jail Assange For Espionage Grave Threat To Media (Rusbridger)
S&P 500 Would Be 19% Lower Between 2011 And Q1 2019 Without Buybacks (CNBC)
Fiat Chrysler Puts Merger Offer To Renault Board (R.)
China’s Small Bank Bailouts Duck Bankruptcy Test (R.)
US Army Twitter Question Highlights Toll Of America’s Wars (AFP)
Peru, Colombia, Ecuador And Bolivia Denounce Decision On Amazon Domain (R.)
World’s Rivers ‘Awash With Dangerous Levels Of Antibiotics’ (G.)

 

 

They’ve managed to fool people into thinking this has relevance. Both big blocks lose bigly, but they will still deliver Juncker’s successor. And the Commission decides the big issues. Yawn.

Europe’s Biggest Blocs Lose Grip On Power (BBC)

The big centre-right and centre-left blocs in the European Parliament have lost their combined majority amid an increase in support for liberals, Greens and nationalists. The centre-right European People’s Party remains the largest bloc, and is expected to form a pro-EU coalition. The Liberals and Greens had a good night, while nationalists were set for victory in Italy and France. Turnout was the highest for 20 years, bucking decades of decline. Populists gained ground in some countries but fell short of the very significant gains some had predicted.


In the UK, the newly-formed Brexit Party claimed a big victory, and a strong performance by the Liberal Democrats came amid massive losses for the Conservatives and Labour. Analysts said the EPP was likely to form a “grand coalition” with the Socialists and Democrats bloc, with support from the Liberals and Greens. The turnout bucked a long trend of decline in voter numbers, rising to just under 51% of eligible voters across the 28 member states.

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751 overpaid lackeys.

Centrist Bloc Loses Majority In EU (CNBC)

The EU Parliament will be much more fragmented over the next five years with the established centrist bloc set to fall short of securing a majority at this week’s election, early results show. The current projection from the European parliament is that center-right and center-left blocks will end up with a total of 329 seats out of 751.The lack of a majority for the centrist bloc — the center-right European People’s Party (EPP) and the center-left Socialist and Democrats (S&D) which has held power in Brussels for several decades — could further complicate decision-making at the European Union.


Pro-EU parties will hold onto two-thirds of the seats at the EU Parliament, but their nationalist opponents have also produced solid results. Italy’s anti-immigration Lega party has reportedly secured 28 seats, essentially doubling its level of national support. Euroskeptic groups in France and the U.K. look to have held the gains they saw in 2014 but that said, the results on Monday morning suggested a strong showing for Liberal and Green parties.

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Time for Corbyn to leave.

Fun: both sides, remain and leave, claim that overall, they won.

UK Tories And Labour Savaged As Voters Take Brexit Revenge (G.)

An insurgent Brexit party and reinvigorated Liberal Democrats have delivered a harrowing night for the Conservatives and Labour at the European elections, prompting profound soul-searching at the top of both major parties. Nigel Farage’s Brexit party humiliated the Conservatives in their rural heartlands but also made sweeping gains in cities such as Cardiff, Leeds and Sheffield, as well as in Hillingdon, the home of Boris’ Johnson’s seat where the Tories were pushed into fourth. Farage’s success campaigning in favour of a no deal Brexit is likely to push the Conservative leadership candidates into hardline positions on leaving the EU.

Jeremy Hunt, the foreign secretary, warned the Conservative were facing an “existential threat”, while Johnson said it was a “crushing rebuke” to the government’s failure to take the UK out of the EU. The night also confirmed an extraordinary revival of the Lib Dems, who overtook the Tories in Theresa May’s Maidenhead seat and came first in Jeremy Corbyn’s north London home of Islington. Overnight, the Brexit party gained 28 seats, with the Lib Dems in second on 15 seats. Labour held 10, having lost seven so far, the Green party won seven, a gain of four, and the Tories were languishing in fifth place, with just three seats.


The results so far show that the hard Brexit vote totalled 34.9% – with the Brexit party on 31.6% and Ukip on 3.3%. The overall total for pro-leave parties was up at 44% including the Conservatives on a historically low 9.1%. The pro-remain vote added up to 40.3% – with the Lib Dems on 20.3%, the Greens on 12.1%, the SNP on 3.5%, Change UK on 3.4% and Plaid Cymru on 1%. Labour, which tried to appeal to both sides with a soft Brexit pitch or a possible confirmatory referendum, was on 14.1%.

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A Brexit now would lead to civil war. Don’t do it. Postpone.

Nigel Farage Demands A Seat At Brexit Talks (R.)

Nigel Farage demanded a seat at Brexit negotiations on Monday after his new party swept to victory in the United Kingdom’s European Parliament election, warning that he would turn British politics upside down if denied. Farage, a bombastic 55-year-old commodities broker-turned anti-establishment supremo, won by riding a wave of anger at the failure of Prime Minister Theresa May to take the United Kingdom out of the European Union. As May’s Conservative Party prepares to pick a new leader, Farage had a warning for the next prime minister: A say in the United Kingdom’s biggest decision since World War Two.


“We should be part of the team now, that’s pretty clear,” Brexit Party leader Farage told Reuters at an election count in the southern English city of Southampton. After repeated delays to Brexit, Farage said the United Kingdom had to leave the EU on Oct. 31, the current deadline for Britain’s parliament to agree an exit deal. Farage would prefer to leave without a deal. “If we don’t leave on that day, then you can expect the Brexit Party to repeat this kind of surprise in the next general election,” he said.

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Alan Rusbridger is the former editor of the Guardian that publishes Luke Harding’s smear pieces on Assange. But now it’s the very same Guardian that feels threatened.

US Efforts To Jail Assange For Espionage Grave Threat To Media (Rusbridger)

As editor of the Guardian, I worked with Assange when we jointly (along with newspapers in the US and Europe) published other material Manning had leaked. Vanity Fair called the resultant stories “one of the greatest journalistic scoops of the last 30 years… they have changed the way people think about how the world is run”. The stories were, indeed, significant – but the relationship with Assange was fraught. We fell out, as most people eventually do with Assange. I found him mercurial, untrustworthy and dislikable: he wasn’t keen on me, either. All the collaborating editors disapproved of him releasing unredacted material from the Manning trove in September 2011. Nevertheless, I find the Trump administration’s use of the Espionage Act against him profoundly disturbing.


The Espionage Act was a panic measure enacted by Congress to clamp down on dissent or “sedition” when the US entered the First World War in 1917. In the subsequent 102 years it has never been used to prosecute a media organisation for publishing or disseminating unlawfully disclosed classified information. Nobody prosecuted under the act is permitted to offer a public interest defence. Whatever Assange got up to in 2010-11, it was not espionage. Nor is he a US citizen. The criminal acts this Australian maverick allegedly committed all happened outside the US. As Joel Simon, director of the Committee to Protect Journalists, has observed: “Under this rubric, anyone anywhere in the world who publishes information that the US government deems to be classified could be prosecuted for espionage.”

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Lowballing.

S&P 500 Would Be 19% Lower Between 2011 And Q1 2019 Without Buybacks (CNBC)

Buybacks have gotten a bad rap from both Republican and Democratic lawmakers this year. But the stock market would be trading at a much lower level without them. Data compiled by Ned Davis Research shows the S&P 500 would be 19% lower without buybacks. The firm looked at the S&P 5002 s performance between the first quarter of 2011 and the first three months of 2019. Then they subtracted the amount of net monthly repurchases to arrive to that conclusion. The broad market is up more than 125% in that time while net buybacks have totaled about $3.5 trillion. “Without focusing too much on numbers, we can say that the S&P 500 index would probably be lower today if not for buybacks versus other uses of cash”, Ed Clissold, chief U.S. strategist at Ned Davis Research, wrote in a note last month.

Lawmakers on both sides are bashing buybacks and want to make it harder for companies to repurchase their own stock. They argue that buybacks inflate corporate executives’ pay and share price at the expense of a company’s workers. In a Feb. 20 Medium post, Sen. Charles Schumer, D-NY, said companies should reinvest their capital differently. Earlier in February, Schumer and Sen. Bernie Sanders, I-VT — a presidential hopeful — proposed in a New York Times op-ed that companies should provide living wages and health benefits to workers if a buyback program is launched. “At a time of huge income and wealth inequality, Americans should be outraged that these profitable corporations are laying off workers while spending billions of dollars to boost their stock’s value to further enrich the wealthy few, ” the senators wrote in the op-ed.

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Still owned by governments, for Pete’s sake. What year is this?

Fiat Chrysler Puts Merger Offer To Renault Board (R.)

Fiat Chrysler has made a “transformative” merger proposal to Renault, the Italian-American carmaker said, in a deal that would create a new third-ranked global manufacturer. The proposal, finalised in overnight talks with Renault, was being discussed at a meeting of the French group’s board early on Monday. The deal would create a carmaker selling 8.7 million vehicles annually with a strong presence across key regions, automotive markets and technologies, FCA said. It would generate 5 billion euros ($5.6 billion) in estimated annual savings. The “broad and complementary brand portfolio would provide full market coverage, from luxury to mainstream,” it added.

If successful, the FCA-Renault tie-up would alter the competitive landscape for rival carmakers from General Motors to Peugeot maker PSA Group, which recently held inconclusive talks with FCA. It could also have profound repercussions for Renault’s 20-year-old alliance with Nissan, already weakened by the crisis surrounding the arrest and ouster of former chairman Carlos Ghosn late last year. The FCA-Renault plan would see the two carmakers merged under a listed Dutch holding company. After payment of a 2.5 billion-euro dividend to current FCA shareholders, each investor group would receive 50 percent of stock in the new company.


[..] The French government, Renault’s biggest shareholder with a 15% stake, supports the merger in principle but will need to see more details, its main spokeswoman said on Monday. France will be “particularly vigilant regarding employment and industrial footprint,” another Paris official said – adding that any deal must safeguard Renault’s alliance with Nissan, which had recently rebuffed a merger proposal from the French carmaker. The Italian government may also seek a stake in the combined group to balance France’s holding, a lawmaker from the ruling League party said on Monday. [..] Nissan, which is 43.4%-owned by Renault, would be invited to nominate a director to the 11-member board of the new combined company, under the plan presented on Monday.

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“Shanghai’s Pudong Development Bank was fined for using 1,493 shell companies to hide non-performing loans.”

China’s Small Bank Bailouts Duck Bankruptcy Test (R.)

China is ducking a bankruptcy test. Baoshang Bank, linked to missing billionaire Xiao Jianhua, has been brought under state control. Despite threats, Beijing remains wary of allowing even disgraced local lenders to fail. Interest in Baoshang, based in Inner Mongolia, comes thanks to its colourful history. Its biggest stakeholder – and a major borrower – was Tomorrow Holdings, run by Xiao until he vanished in 2017 from a Hong Kong hotel. The insurance conglomerate’s assets are now being sold off piecemeal. Rickety municipal lenders are common in China, even if Baoshang is more precarious than most: a 2018 analysis by Jason Bedford of UBS named Baoshang as one of a trio of lenders with Tier 1 capital adequacy ratios below 8 percent, the lowest in his national survey.


City banks held just 13% of total assets in the first quarter of 2019, and rural lenders another 7%, but they represent an outsize share of the country’s financial risk. As the state giants attract the best, government-guaranteed clients, small fry make do with the rest, which means more duff debt. Ruses to cover up the damage are not uncommon: in 2018, Shanghai’s Pudong Development Bank was fined for using 1,493 shell companies to hide non-performing loans. Other lenders, like Bank of Dalian, have been bailed out repeatedly. The People’s Republic rolled out a deposit protection scheme in 2015. This theoretically allows poorly run banks to collapse without hurting ordinary depositors. But work is still in progress. The national insurance fund had only $12 billion at the end of September, and officials were still talking about creating an implementation agency in March.

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What did the army expect would happen?

US Army Twitter Question Highlights Toll Of America’s Wars (AFP)

Days ahead of an annual holiday when Americans remember those who died while serving in the armed forces, the US Army’s Twitter account asked people how their time in the military affected them and received an outpouring of grief. The question drew some 10,000 replies since it was posted late last week — many of which were anonymous or included details that could not be independently confirmed, but which paint a harrowing picture of the toll America’s wars have taken on those who fought them. “OEF, OIF ptsd with chronic pain,” one Twitter user wrote, using the US military’s acronyms for the wars in Afghanistan and Iraq, and the abbreviation for Post-Traumatic Stress Disorder. The US launched the war in Afghanistan in 2001 and the Iraq war in 2003.


The conflicts left thousands of American service members dead and many more wounded. US troops are still deployed in both countries to this day. “My dad came back from fighting in Iraq and was abusive, constantly angry, paranoid, and following that went through a lot of therapy but his mental and physical health are still off and he was definitely changed through all he had been through,” another user wrote. “My son served and did one tour of OEF, he made it back, re-enlisted, and shot himself in the head,” said another. “The ‘Combat Cocktail’: PTSD, severe depression, anxiety. Isolation. Suicide attempts. Never ending rage. It cost me my relationship with my eldest son and my grandson. It cost some of my men so much more,” another Twitter user wrote. “How did serving impact me? Ask my family.”

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Priorities. Question should be: which came first?

Peru, Colombia, Ecuador And Bolivia Denounce Decision On Amazon Domain (R.)

The presidents of Peru, Colombia, Ecuador and Bolivia criticized a recent decision by the organization that manages internet protocol to grant global retailer Amazon Inc the rights to the .amazon domain. Amazon Inc has been seeking the exclusive rights to the .amazon domain name since 2012. But Amazon basin countries – including Peru, Colombia, Ecuador and Bolivia – have argued it refers to their geographic region and should not be the monopoly of one company. The four leaders – Peru’s Martin Vizcarra, Colombia’s Ivan Duque, Ecuador’s Lenin Moreno and Bolivia’s Evo Morales – vowed to join forces to protect their countries from what they described as inadequate governance of the internet.


Last week, the global Internet Corporation for Assigned Names and Numbers (ICANN), which oversees internet addresses, said it decided to proceed with the designation requested by Amazon Inc pending a 30-day period of public comment. The decision sets “a grave precedent by prioritizing private commercial interests above the considerations of state public policies, the rights on indigenous people and the preservation of the Amazon,” Vizcarra, Duque, Moreno and Morales said in a joint statement on Sunday after a gathering in Lima of the Andean Community regional bloc. They added that Latin American and Caribbean countries agreed in 2013 to reject any attempt to appropriate the Amazon name or any other name that refers to geography, history, culture or nature without the consent of countries in the region.

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Intelligent species.

World’s Rivers ‘Awash With Dangerous Levels Of Antibiotics’ (G.)

Hundreds of rivers around the world from the Thames to the Tigris are awash with dangerously high levels of antibiotics, the largest global study on the subject has found. Antibiotic pollution is one of the key routes by which bacteria are able develop resistance to the life-saving medicines, rendering them ineffective for human use. “A lot of the resistance genes we see in human pathogens originated from environmental bacteria,” said Prof William Gaze, a microbial ecologist at the University of Exeter who studies antimicrobial resistance but was not involved in the study. The rise in antibiotic-resistant bacteria is a global health emergency that could kill 10 million people by 2050, the UN said last month.


The drugs find their way into rivers and soil via human and animal waste and leaks from wastewater treatment plants and drug manufacturing facilities. “It’s quite scary and depressing. We could have large parts of the environment that have got antibiotics at levels high enough to affect resistance,” said Alistair Boxall, an environmental scientist at the University of York, who co-led the study. The research, presented on Monday at a conference in Helsinki, shows that some of the world’s best-known rivers, including the Thames, are contaminated with antibiotics classified as critically important for the treatment of serious infections. In many cases they were detected at unsafe levels, meaning resistance is much more likely to develop and spread.

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Don’t think I ever heard of this girl until recently. She’s haunting.

 

 

 

 

May 162019
 
 May 16, 2019  Posted by at 9:56 am Finance Tagged with: , , , , , , , , , , , , ,  


AFP Photo/TIMOTHY A. CLARY Jeff Koons – Stainless steel casting of inflatable rabbit (41″) sold for $91.1 million

 

Tulsi Gabbard Would Drop Julian Assange Charges, Pardon Edward Snowden (NW)
2020 Democratic Presidential Candidates Can’t Win Against Trump – Cuban (SC)
Russiagate’s Monstrous Offspring (Lazare)
The REAL Story Behind The Russian Hoax (Graham Noble)
The Disinformationists (Hopkins)
No “Do-Over” On Russia Probe: White House Tells Nadler To Pound Sand (ZH)
Barr’s Investigator John Durham Once Probed Mueller in a Shocking Case (S. Noble)
Trump Declares National Emergency Over IT Threats (BBC)
US Blacklists Huawei (R.)
UK Labour To Renationalize Energy Network End Consumer ‘Rip-Off’ (G.)
Majority Of Europeans Expect End Of EU Within 20 Years (G.)
Pilots ‘Raised Boeing Safety Fears’ Months Before Ethiopia Crash (BBC)
Single-Use Plastics A Serious Climate Change Hazard (G.)
Zimbabwe Sells 100 Elephants To China, Dubai (AFP)

 

 

Her own party will make sure that never happens.

Tulsi Gabbard Would Drop Julian Assange Charges, Pardon Edward Snowden (NW)

(start video 1.40.00 in)

Representative Tulsi Gabbard, a Democratic presidential candidate, said the U.S. should drop criminal charges against Julian Assange and Edward Snowden. The military veteran said during a lengthy interview on the Joe Rogan Experience podcast this week that WikiLeaks founder Assange and national security whistleblower Snowden should not be prosecuted for disclosing information. “What would you do about Julian Assange, what would you do about Edward Snowden?” Rogan asked. Gabbard said, if elected, she would drop the Assange charges and pardon Snowden. “We have got to address why [Snowden] did things the way that he did them,” she said.

“You hear the same thing from Chelsea Manning, how there is not an actual channel for whistleblowers like them to bring forward information that exposes egregious abuses of our constitutional rights and liberties, period. There was not a channel for that to happen in a real way, and that’s why they ended up taking the path that they did, and suffering the consequences.” In June 2013, Snowden handed over to journalists a trove of National Security Agency documents detailing a sprawling surveillance apparatus used by global intelligence agencies. The leak showed how the systems could be used to spy on U.S. citizens through their phone calls, text messages and internet use.

After fleeing the country to Hong Kong, a warrant was issued for Snowden’s arrest. Snowden was left stranded in Russia, where he was provided asylum. Gabbard told the podcast host that she could still remember the day she first read the details about mass surveillance in the American press. “I was shocked,” she said. “That was something that Snowden uncovered and released, something that I don’t know that even as members of Congress we would have been aware of,” Gabbard continued. “So now that we are aware of it, we can take action to close those loopholes, to change those policies, to protect our civil liberties… Was the NSA going to disclose that information voluntarily? Absolutely not.”

Assange, whose organization helped facilitate Snowden’s escape, was dramatically arrested last month and has been charged with conspiracy to commit computer hacking for “agreeing to break a password to a classified U.S. government computer,” the Justice Department said. On Monday, Sweden reopened its investigation into a rape allegation against Assange, who is now serving 50 weeks in a high-security U.K. prison relating to a 2010 bail violation. As a result, the WikiLeaks founder, who denies the assault allegation, is now facing two extradition charges.

“What happened with his arrest and all this stuff that just went down I think poses a great threat to our freedom of the press and to our freedom of speech,” Gabbard said. “The fact that the Trump administration has chosen to ignore how important it is that we uphold our freedoms…and go after him, it has a very chilling effect on both journalists and publishers…and also on every one of us as Americans. It was a warning call…saying ‘look what happened to this guy.’ It could happen to you. It could happen to any one of us.”

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I think he’s right.

2020 Democratic Presidential Candidates Can’t Win Against Trump – Cuban (SC)

Mark Cuban was interviewed by Scott Wapner on CNBC on Tuesday. When asked about 2020 race and whether he’d consider running, he left open the possibility saying: “We’ll see.” “We’ll see what happens. It would take the perfect storm for me to do it,” the owner of Dallas Mavericks said. “There’s some things that could open the door, but I’m not projecting or predicting it right now.” “I still think there’s a real opportunity for somebody who is in the middle but has some charisma, has the ability to relate to both sides but is not a politician. The reality is people don’t trust politicians,” Cuban said. When asked who on the Democratic side has the best chance of winning, Cuban said “nobody right now.” “If you look at why people voted for Donald Trump, in my opinion, first and foremost it was because he wasn’t a politician…Politicians are the least trusted of every profession,” said Cuban.

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“The idea that America may in anyway be responsible for its own fate is of course unthinkable.”

Russiagate’s Monstrous Offspring (Lazare)

Assange is guiltier than ever. If Washington gets its hands on him, he’ll no doubt be hauled before some sort of Star Chamber and then clapped in a dungeon somewhere until he confesses that Russian intelligence made him do it, even though a careful reading of the Mueller report strongly suggests the opposite. Assange languishing behind bars, war breaking out in Latin America or the Persian Gulf, Trump in the Oval Office for four years more – it’s the worst of all possible worlds, and the Democratic Party’s bizarre fixation with Vladimir Putin is what’s pushing it.


Ultimately, Russia-gate is yet a variation on the tired old theme of American innocence. If something goes wrong, it can’t be the fault of decent Americans who, as we all know, are too good for our deeply flawed world. Rather, it must be the fault of dastardly foreigners trying to hack our democracy. It’s a deep-rooted form of xenophobia that has fueled everything from the criminalization of marijuana (smuggled in by evil Mexicans) to the 1950s Red Scare (a reaction to Communism smuggled in by evil Russians), and the war on terrorism (the work of evil Muslims). The idea that America may in anyway be responsible for its own fate is of course unthinkable.

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What will be the reactions when Brennan, Clapper, Comey are indicted?

The REAL Story Behind The Russian Hoax (Graham Noble)

If there is any issue that cries out for a special counsel investigation, it is the evolution of the Trump-Russia collusion theory. Attorney General William Barr may well have decided that the nation does not need to go through such an ordeal again, but he did the next best thing by tapping John H. Durham to investigate what could well be the most nefarious political conspiracy in American history. Durham is Connecticut’s top federal prosecutor, an attorney with a reputation for toughness and a resume that includes investigations into high-level government corruption cases. Reports suggest that he has been on the job for some weeks already, and that is an indication of how seriously the matter is being taken by the attorney general.


[..] If Barr did not anticipate the possibility of criminal indictments or the need to subpoena former government officials – people like former FBI Director James Comey – he could have handed off the probe to Michael Horowitz, the DOJ’s inspector general. Horowitz, who is currently looking into the FBI’s application for a FISA warrant in 2016 and three subsequent extensions of that warrant, does not have the scope of authority to investigate the affair conclusively. Essentially, inspectors general could be described more as auditors than investigators. The Justice Department’s IG is expected to deliver his report sometime in June, and Durham may well use Horowitz’s findings in his own investigation. Unlike Horowitz, Durham can subpoena private citizens – including former government officials – as well as utilize the full range of prosecutorial tools.

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2 years wasted on fiction. And still not over.

The Disinformationists (Hopkins)

So, the election-meddling Putin-Nazi disinformationists are at it again! Oh yes, while Americans have been distracted by Russiagate, Obstructiongate, Redactiongate, or whatever it’s being called at this point, here in Europe, we are purportedly being bombarded with Russian “disinformation” aimed at fomenting confusion and chaos in advance of the upcoming EU elections, which are due to take place in less than two weeks. The New York Times reports that an entire “constellation” of social media accounts “linked to Russia and far-right groups” is disseminating extremist “disinformation,” “encouraging discord,” and “amplifying distrust in the centrist parties that have governed for decades.”

These accounts share some of the same “digital fingerprints,” and are engaging in “tactics” similar to the “tactics used in previous Russian attacks,” notably the Kremlin’s notorious mass-brainwashing of millions of defenseless African Americans with those deceptive anti-masturbation memes during the 2016 elections. Now, this is not just a bunch of nonsense dressed up with authoritative-sounding lingo. No, The Times spoke to “analysts” and “advocacy groups,” which informed them that certain websites in Italy “share the same signatures” as certain other websites sharing certain “pro-Kremlin views.” Moreover, two “political groups” in Germany used the same Internet service providers as those “Russian hackers” who attacked our democracy by stealing those Democratic Party emails that transformed Americans overnight into a nation of Trump-loving white supremacists!


That hasn’t happened here in Europe yet, but I’m not sure how much longer we can hold out against this relentless onslaught. According to an “analysis” concocted by some cloud-based cybersecurity firm and authoritatively cited by Politico, at this point, “more than half of Europeans might have seen some form of disinformation” spread by “Russians” on social media. They might have been exposed to “extremist views” and “amplified content” possibly produced by the far-right Alternative for Germany party, and even (God help them!) supporters of Brexit.

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Step by step we’re finding out just how enormously the Democrats have failed.

No “Do-Over” On Russia Probe: White House Tells Nadler To Pound Sand (ZH)

White House counsel Pat Cipollone wrote in a Wednesday letter to House Judiciary Chairman Jerrold Nadler (D-NY) that Congress doesn’t get a “do over” of special counsel Robert Mueller’s Russia investigation and others conducted by the Justice Department. Nadler has led recent efforts in the Democratic-controlled House to continue, which are set to include hearings with Mueller himself, along with key witnesses in his investigation. “Congressional investigations are intended to obtain information to aid in evaluating potential legislation, not to harass political opponents or to pursue an unauthorized ‘do-over’ of exhaustive law enforcement investigations conducted by the Department of Justice,” reads the 12-page letter laying out a legal argument for why Nadler is overstepping his bounds.


The letter goes on to say “As presently framed, the Committee’s inquiries transparently amount to little more than an attempt to duplicate – and supplant – law enforcement inquiries, and apparently to do so simply because the actual law enforcement investigations conducted by the Department of Justice did not reach a conclusion favored by some members of the Committee.” “This is not a proper legislative purpose,” writes Cipollone. “While the letter does not invoke executive privilege over any of the documents requested — and leaves the door open to a more narrow request from House Democrats — White House Press Secretary Sarah Sanders said last week that President Trump “has no other option than to make a protective assertion of executive privilege” over the full, unredacted Mueller report itself.”-Axios

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Oh, we’re going to find out who Robert Swan Mueller III is. I got a lot of flack for calling him a coward and a liar, but in reality he’s much worse than that. “Mueller kept four innocent people in jail for years to protect the informant status of Whitey Bulger..”

Barr’s Investigator John Durham Once Probed Mueller in a Shocking Case (S. Noble)

Connecticut U.S. Attorney John Durham was appointed to investigate the origins of the Russia-Trump probe. Apparently, he has been on the job for weeks. Durham is the perfect investigator for the job by all accounts and he had experience with Robert Mueller in the Whitey Bulger case. He did not side with Mueller and Mueller’s agents suffered the consequences of Mueller’s, some would say, corrupt leadership. Back in the late 1990s, there were “allegations that FBI informants James ‘Whitey’ Bulger and Stephen ‘The Rifleman’ Flemmi had corrupted their handlers. So, in 1999, Janet Reno appointed John Durham as Special Prosecutor and charged him with investigating FBI corruption in Boston.

As it turned out, FBI agents aided mass murderer, Whitey Bulger and hid his crimes. Bulger was a protected informant. Durham sent one agent involved to prison for 10 years. Then-US Attorney, Robert Mueller is probably the one who should have landed in the pen. He allowed four innocent men to be sent to prison for a murder he knew they didn’t commit. He did it to protect Bulger. One of the four men was in Florida at the time of the murder and could not have committed the murder. When Durham went through the documents. He found that the four men had actually been framed. Four people who were innocent were kept in jail for years in order to protect the status of Whitey Bulger as an FBI informant.

The Boston Globe wrote: “[Mike] Albano [former Parole Board Member who was threatened by two F.B.I. agents for considering parole for the men imprisoned for a crime they did not commit] was appalled that, later that same year, Mueller was appointed FBI director, because it was Mueller, first as an assistant US attorney then as the acting U.S. attorney in Boston, who wrote letters to the parole and pardons board throughout the 1980s opposing clemency for the four men framed by FBI lies. Of course, Mueller was also in that position while Whitey Bulger was helping the FBI cart off his criminal competitors even as he buried bodies in shallow graves along the Neponset…”

[..] Robert Mueller was knee-deep in this scandal, along with Andrew Weissman and the agent sent to prison, but because Reno gave him very limited authority, Durham was not able to prosecute Mueller, who was not in the FBI at the time. Mueller kept four innocent people in jail for years to protect the informant status of Whitey Bulger, a mass-murdering Boston mobster who ended up dying in California, and it ended up costing the government $100 million plus in civil judgments.

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Two separate issues: the emergency, and naming Huawei an “entity”, meaning it can’t buy US tech without government approval.

Trump Declares National Emergency Over IT Threats (BBC)

President Donald Trump has declared a national emergency to protect US computer networks from “foreign adversaries”. He signed an executive order which effectively bars US companies from using foreign telecoms believed to pose national security risks. The order does not name any company, but is believed to target Huawei. The Chinese tech giant said restricting its business in the US would only hurt American consumers and companies. Several countries, led by the US, have raised concerns in recent months that Huawei products could be used by China for surveillance, allegations the company has vehemently denied.

The US has been pressuring allies to shun Huawei in their next generation 5G mobile networks. In a separate development, the US commerce department added Huawei to its “entity list”, a move that bans the company from acquiring technology from US firms without government approval. The moves are likely to worsen tensions between the US and China, which had already escalated this week with tariff hikes in a trade war. Huawei has been at the epicentre of the US-China power struggle that has dominated global politics over the past year.


[..] Huawei consistently says that if the US bans Huawei from its networks, they are the ones to lose out, not Huawei. That is true. Even without the US market, Huawei is likely to control 40-60% of the networks around the world, industry analysts say. But what may hurt Huawei more is the US decision to put them on the “entity list” – effectively banning American suppliers from selling to the firm. Huawei may not need the US market, but it certainly needs the key components that it gets from the US.

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But Europe doesn’t.

US Blacklists Huawei (R.)

The Trump administration hit Chinese telecoms giant Huawei with severe sanctions on Wednesday, adding another incendiary element to the U.S.-China trade dispute just as Treasury Secretary Steven Mnuchin said he would visit China soon for more talks. The Commerce Department said it was adding Huawei Technologies Co Ltd and 70 affiliates to its “Entity List” – a move that bans the company from acquiring components and technology from U.S. firms without government approval.


Commerce Secretary Wilbur Ross said in a statement that President Donald Trump backed the decision to “prevent American technology from being used by foreign owned entities in ways that potentially undermine U.S. national security or foreign policy interests.” Trump earlier in the day signed an executive order barring U.S. companies from using telecommunications equipment made by firms deemed to pose a national security risk. While the order did not specifically name any country or company, U.S. officials have previously labeled Huawei a “threat” and lobbied allies not to use Huawei network equipment in next-generation 5G networks.

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Privatization gone wild.

UK Labour To Renationalize Energy Network End Consumer ‘Rip-Off’ (G.)

Labour will announce plans on Thursday to seize back control of Britain’s energy network from private shareholders in an effort to fight climate change and end fuel poverty. Jeremy Corbyn and the shadow business secretary, Rebecca Long-Bailey, are expected to say that heat and electricity should be a human right for all and nationalisation of the network is key to decarbonising the economy. Under Labour’s plan, companies that control the UK’s £62bn energy infrastructure – the pipes and cables that supply homes and businesses with gas and electricity – would be taken back into state control soon after a Labour election win. This would include National Grid, and the network arms of Scottish Power and SSE, with the existing investors in those companies to be reimbursed with government bonds at a price determined by parliament.


Nationalisation of the energy networks forms a central part of Labour’s plans to address climate change, with the party arguing that the profits generated from the infrastructure should be invested in the green economy rather than given to shareholders in the form of dividends. Long-Bailey will say energy customers have been “ripped off” by the privatisation of the UK’s energy grid, with shareholders paid £13bn in dividends over the past five years. “It’s an insult and an injustice to our people and our planet for companies operating the grid to rip customers off, line the pockets of the rich and not invest properly in renewable energy,” she will say.

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Well well.

Majority Of Europeans Expect End Of EU Within 20 Years (G.)

More than half of Europeans believe the EU is likely to collapse within a generation, despite support for the bloc hitting heights not recorded in more than a quarter of a century. In France, Germany, Belgium, Italy, the Netherlands, Austria, Slovakia, Romania, Greece, the Czech Republic and Poland, a majority of people surveyed thought EU disintegration was a “realistic possibility” in the next 10 to 20 years. The figures are particularly stark in France, where President Emmanuel Macron’s La République En Marche party is trailing behind Marine Le Pen’s Brussels-bashing Rassemblement National (RN) in the polls for next week’s European elections.


According to the survey, commissioned by the European Council on Foreign Relations (ECFR) thinktank, 58% of people in France believe the EU is very likely or fairly likely to fall apart within 20 years, second only to Slovakia (66%). Of the 14 countries polled by YouGov – constituting 80% of the seats of the European parliament – it was only in Sweden (44%), Denmark (41%) and Spain (40%) that the proportion predicting implosion dipped below a majority. Nearly seven decades after the creation of the European Coal and Steel Community, bringing together France, Germany, Italy, Belgium, the Netherlands and Luxembourg in a pact designed to stave off further war, three in 10 people polled said conflict among countries within the EU was a realistic possibility. As many as a third of voters in France and Poland said they believed a war could be possible.

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Probably the worst thing I’ve read on the 727 MAX disasters.

If no Boeing executive goes to jail for this, you know something’s terribly wrong. And the media, in this case the BBC, helps them, but how do you “inadvertently” make an alarm feature “optional”?

Pilots ‘Raised Boeing Safety Fears’ Months Before Ethiopia Crash (BBC)

American Airlines pilots confronted Boeing about potential safety issues in its 737 Max planes in a meeting last November, US media are reporting. They urged swift action after the first deadly 737 Max crash off Indonesia in October, according to audio obtained by CBS and the New York Times. Boeing reportedly resisted their calls but promised a software fix. But this had not been rolled out when an Ethiopian Airlines’ 737 Max crashed four months later, killing 157 people. Currently 737 Max planes are grounded worldwide amid concerns that an anti-stall system may have contributed to both crashes. Boeing is in the process of updating the system, known as MCAS, but denies it was solely to blame for the disasters.

In a closed door meeting with Boeing executives last November, which was secretly recorded, American Airlines’ pilots can be heard expressing concerns about the safety of MCAS. Boeing vice-president Mike Sinnett told the pilots: “No one has yet to conclude that the sole cause of this was this function on the airplane.” Later in the meeting, he added: “The worst thing that can ever happen is a tragedy like this, and the even worse thing would be another one.” The pilots also complained they had not been told about MCAS, which was new to the 737 Max, until after the Lion Air crash off Indonesia, which killed 189. “These guys didn’t even know the damn system was on the airplane, nor did anybody else,” said Mike Michaelis, head of safety for the pilots’ union.


Earlier this month Boeing admitted that it knew about another problem with its 737 Max jets a year before the fatal accidents, but took no action. The firm said it had inadvertently made an alarm feature optional instead of standard, but insisted that this did not jeopardise flight safety. The feature – an Angle of Attack (AOA) Disagree alert – was designed to let pilots know when two different sensors were reporting conflicting data. The US Federal Aviation Administration said the issue was “low risk”, but said Boeing could have helped to “eliminate possible confusion” by letting it know earlier.

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I don’t think we’re going to help anyone by trying to turn everything into a climate change issue. Plastics are bad, period. Ban them in all but absolutely necessary cases. The carbon footprint of plastic is 0.5 Gt-CO2 per year, or about 1/80th (1.25%) of total emissions. Electricity is 25%, food is 24%.

I do like the link to US shale boosting plastics production, though, that helps people understand.

Single-Use Plastics A Serious Climate Change Hazard (G.)

The proliferation of single-use plastic around the world is accelerating climate change and should be urgently halted, a report warns. Plastic production is expanding worldwide, fuelled in part by the fracking boom in the US. The report says plastic contributes to greenhouse gas emissions at every stage of its lifecycle, from its production to its refining and the way it is managed as a waste product. This plastic binge threatens attempts to meet the Paris climate agreement. It means that by 2050 plastic will be responsible for up to 13% of the total “carbon budget” – equivalent to 615 coal-fired power plants – says the research published on Thursday.

The contribution of plastic production and disposal to climate change has been largely hidden, say the authors of the report by the Center for International Environmental Law, which estimates the greenhouse gas footprint of plastic from the cradle to the grave for the first time. While plastic pollution in the oceans has become a high-profile concern, the effect on climate change of the ubiquitous use of plastic has not been a focus. “After the extraction of fossil fuels to produce plastic, the carbon footprint of a material which has become ubiquitous across the globe continues through the refining process, and on well past its useful life as a drinks bottle or plastic bag, through the way it is disposed of and the plastic afterlife,” the report says. The authors say disposable plastic found in packaging and fast-moving consumer goods forms the largest and fastest-growing segment of the plastic economy.


Forty per cent of plastic packaging waste is disposed of at sanitary landfills, 14% goes to incineration facilities and 14% is collected for recycling. Incineration creates the most CO2 emissions among the plastic waste management methods. Nearly all plastic – 99% – is made from fossil fuels. Refining the material is the most greenhouse gas intensive part of the plastic lifecycle, and major expansions in the US and elsewhere will accelerate climate change, the report says. A Shell ethane cracker being constructed in Pennsylvania could emit up to 2.25m tonnes of CO2 each year and a new ethylene plant at ExxonMobil’s refinery in Baytown, Texas, could release up to 1.4m tonnes. The annual emissions from just these two new facilities would be equal to adding almost 800,000 cars to the road, the report says.

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Too many elephants, or too much land taken away from them? We should be paying Africans (not their governments) to take care of the wildlife. Stop dragging them around the world. This is not the 19th century.

Zimbabwe Sells 100 Elephants To China, Dubai (AFP)

Zimbabwe has sold nearly 100 elephants to China and Dubai for a total price of $2.7 million over six years, the country’s wildlife agency said Wednesday, citing overpopulation. Parks and Wildlife Management Authority spokesman Tinashe Farawo told AFP Zimbabwe’s elephants were overcrowding national parks, encroaching into human settlements, destroying crops and posing a risk to human life. “We have 84,000 elephants against a carrying capacity of 50,000,” he said, justifying the sales. “We believe in sustainable use of resources, so we sell a few elephants to take care of the rest. Farawo said 200 people have died in “human-and-animal conflict” in the past five years, “and at least 7,000 hectares of crop have been destroyed by elephants”.


The animals’ natural habitat has been depleted by climate change, he added, while recurrent droughts have added to strain on the overburdened national parks, forcing the pachyderms to seek food and water further afield. Farawo said money from the legal sales was allocated to anti-poaching projects, conservation work, research and welfare. According to the Zimbabwe Chronicle newspaper, 93 elephants were safely airlifted to parks in China and four to Dubai between 2012 and 2018, They were sold in a price range of between $13,500 and $41,500 each. Botswana, Namibia, Zambia and Zimbabwe have called for a global ban on elephant ivory trade to be relaxed due to the growing number of elephants in some regions. But over the past decade, the population of elephants across Africa has fallen by about 111,000 to 415,000, largely due to poaching for ivory, according to the International Union for Conservation of Nature (IUCN).

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May 032019
 
 May 3, 2019  Posted by at 1:49 pm Primers Tagged with: , , , , , , , ,  


Founding father of the EU, French economist and financier, Jean Monnet

 

 

Though I was doing other stuff and wanted to leave the whole Brexit issue alone for a while anyway (boring!), the outcome of yesterday’s local elections, which saw both the Tories and Labor lose bigly while the only real anti-Brexit party, the LibDems, gained a lot, made Theresa May declare that “the British people made clear they want Brexit delivered”. And peace is war too.

So I thought I’d re-run this piece which I wrote the day before the Brexit vote, June 22 2016, as “The European Union: Government by Deception”. I still think Brexit could be a feasible and even good thing, but not the way it’s been executed this time. I would be very careful with the next steps, whichever they are. What an incredible mess. They couldn’t have done worse if they tried.

 

 

I stumbled upon an article by Day of the Jackal author Frederick Forsyth, published last week in the Daily Express, that I think every Briton and European and everyone else should read. Forsyth doesn’t delve into the American pressure to form a European Union as a counterweight to the Soviet Union, he sticks with ‘founding father’ Jean Monnet and his reasoning behind the particular shape the Union took. And that is bad enough.

All Forsyth has to do is to quote from Monnet’s work, and I have to admit that while reading it I increasingly got the feeling that it’s quite remarkable that no-one, especially no journalist, does this. It’s there for everyone to see, but that means little if and when no-one actually sees it.

I have repeatedly talked about how the very structure of the EU self-selects for sociopaths and/or worse, but perhaps not enough about how that was deliberately built into the design. A feature not a flaw.

And I don’t think Monnet ever thought about how structures like that develop over time, in which the flaws in that design become ever more pronounced and the more severe cases of sociopathy increasingly take over the more powerful positions. A development that is well visible in present day Brussels.

For me, as I’ve written before, being here in Athens these days is plenty testimony to what the EU truly represents. Not only do we need to help feed many tens of thousands on a daily basis, depression levels are up 80% or so and life expectancy is plunging because proper health care is ever further away for ever more people in a country that not long ago had a health care system anyone would have been proud of.

That is the EU. And, yeah, Britons, do reflect on the NHS. Sure, you can argue it’s not the EU but Cameron and his people that are breaking it down, but it’s also Cameron who is pleading with you to vote to stay in the union.

If it can do this today to one of its member states, it will do it tomorrow to others, and more, if it sees fit. The benefits of the union flow to a select few countries, and to a select few within those countries. And ever fewer are selected as economic policies continue to fail.

It is frankly beyond me to see why anyone would want to be part of that. It’s not about Boris Johnson or Nigel Farage or George Osborne, that is just more deception. It’s about being ruled by midgets, as Forsyth puts it.

Here are some snippets from Frederick Forsyth’s article:

Birth of superstate: Frederick Forsyth on how UNELECTED Brussels bureaucrats SEIZED power

There was nothing base or inhumane about Jean Monnet, the French intellectual now seen as the founding father of the dream, nor those who joined him: De Gasperi the Italian, Hallstein the German, Spaak the Belgian and Schumann the Frenchman. In 1945 they were all traumatised men. Each had seen the utter devastation of their native continent by war and after the second they swore to try for the rest of their lives to ensure nothing like it ever happened again. No one can fault that ambition.

First Monnet analysed what had gone wrong and became obsessed by one single fact. The German people had actually voted the Austrian demagogue into the office of chancellor. What could he, Monnet, learn from this? What he learned stayed with him for the rest of his life and stays with us today in the EU.

The continent of Europe, from western Ireland to the Russian border, from Norway’s North Cape to Malta’s Valletta harbour, must be unified into one huge superstate. Politically, socially, economically, militarily and constitutionally.

There could be no war between provinces so war would be banished. (For a man who had witnessed the Spanish Civil War that was an odd conclusion but he came to it. And there was more).

As coal, iron and steel were the indispensable sinews of war machinery, these industries should be unified under central control. Thus would also be prevented any single state secretly rearming. That at least had the benefit of logic and the Coal and Steel Community was his first success.

But the big question remained: how should this Europe-wide single state be governed? Then he came to the conclusion that still prevails today. In the 1930s democracy had failed. In Germany, Italy and elsewhere desperate people had flocked to the demagogues who promised full bellies and a job in exchange for marching, chanting columns.

So democracy must go. It could not be the governmental system of the new Utopia. It was not fit to be. (He was already president of the Action Committee for the Superstate, his official title. There is nothing new about the word superstate).

Instead there would be a new system: government by an enlightened elite of bureaucrats . The hoi polloi (you and me) were simply too dim, too emotional, too uneducated to be safely allowed to choose their governments.

It never occurred to him to devise a way to strengthen and fortify democracy to ensure that what happened in Italy and Germany in the 1920s and 1930s could not happen again. No, democracy was unsafe and had to be replaced. (This is not propaganda, he wrote it all down).

He faced one last stigma as he sought the support of the six who would become the kernel of his dream: Germany (still ruined by war), France (fighting dismal colonial wars in Indochina and Algeria), Italy in her usual chaos, Holland, Belgium and tiny Luxembourg. How could the various peoples ever be persuaded to hand over their countries from democracy to oligarchy, the government of the elite? Let me quote from what he wrote:

“Europe’s nations should be guided towards the Super-state without their people understanding what is happening. This can be accomplished by successive steps, each disguised as having an economic purpose, but which will eventually and irreversibly lead to federation.”

In other words he could not force them (he had no tanks). He could not bribe them (he had no money). He could not persuade them (his arguments were offensive). Hence the deliberate recourse to government by deception. Both nostrums continue to this day. Study the Remain campaign and the people behind it.

Almost without exception they are pillars of the establishment, London-based, accustomed to lavish salaries, administrative power and enormous privilege. None of this applies to 95% of the population. Hence the need for deception.

At every stage the Remain campaign has stressed the issue is about economics: trade, profits, mortgages, share prices, house values – anything to scare John Citizen into frightened submission. The gravy train of the few must not be derailed. Some of them are already sticking pins into a wax figurine of David Cameron for being soft enough to offer the proles a chance to recover their parliamentary democracy and thus their sovereignty.

Forsyth then continues with a bunch of typically British issues, and ends with:

[..] You have repeatedly been told this issue is all about economics. That is the conman’s traditional distraction. This issue is about our governmental system, parliamentary. Democracy versus non-elective bureaucracy utterly dedicated to the eventual Superstate.

Our democracy was not presented last week on a plate. It took centuries of struggle to create and from 1940 to 1945 terrible sacrifices to defend and preserve.


It was bequeathed to us by giants, it has been signed away by midgets.

Now we have a chance, one last, foolishly offered chance to tell those fat cats who so look down upon the rest of us: yes, there will be some costs – but we want it back.

Apr 182019
 


Pablo Picasso Maison 1931

 

Mueller Report Out Today, Much Could Be Redacted (AFP)
New York Times Accidentally Unravels UK’s Official Skripal Narrative (Sp.)
Assange UK Legal Battle To Take 2 Years, Chances of Winning Are Good (Helmer)
Reasons To Question China’s Blockbuster Economic Data (ZH)
Half of England Is Owned By Less Than 1% Of The Population (G.)
Greece To Send Note Verbale To Germany Over War Reparations (K.)
EU Threatens $12 Billion In Tariffs Over US Boeing Subsidies (AFP)
More Airlines Collapse: Jet Airways India, Alitalia, WOW Air (WS)
The Public Banking Revolution Is Upon Us (Ellen Brown)
EU Threatens to Legalize Human Harm From Pesticides (CP)
New Zealand’s Environment Is In Serious Trouble (G.)

 

 

It’ll be so much fun to see America divide further.

Mueller Report Out Today, Much Could Be Redacted (AFP)

The final report from Special Counsel Robert Mueller’s Russia investigation on Thursday could leave much of the public unsatisfied because it could be heavily redacted, stripped of significant evidence and testimony that the investigators gathered. Attorney General Bill Barr made clear he will edit out large parts of Mueller’s 400-page final report on his investigation of President Donald Trump and Russian election meddling. Removed elements will include information from US intelligence used in the probe, information on ongoing investigations, and information on targets of Mueller’s team that never gelled and, if made public, could unfairly hurt them.


Crucially, Barr says the law prevents him from revealing materials from the two grand juries that the special counsel convened for his investigation. Redaction – blacking out words and blocks of text with real or digital ink, or leaving pages completely blank – is the way bureaucrats and courts prevent the public from learning about classified information and secret testimony or evidence, or just embarrassing information. Many court filings in the Mueller probe came with pages heavily blacked out, with prosecutors not wanting to tip their hands on ongoing parts of the sprawling Russia probe or expose sources. But some worry Barr’s redactions could have political aims.

Read more …

Haspel showed Trump pics of sick kids and dead ducks. But neither existed.

New York Times Accidentally Unravels UK’s Official Skripal Narrative (Sp.)

Elements of the official narrative also bizarrely and frequently vanish without warning or explanation — a key example being the Skripals giving bread to three local boys to feed to ducks in Salisbury’s Avon Playground at approximately 1:45pm on 4th March. The incident was initially widely reported in the media, with The Daily Mail claiming the children — one of whom apparently ate some of the bread given to them by the Skripals — had been “rushed to hospital for blood tests amid fears they’d been poisoned”, although the children were entirely unharmed, and discharged from hospital having been given “the all-clear”. “To try to kill Skripal is one thing, but now it seems children may have been caught up in it. It shows whoever did this didn’t care who they killed or maimed,” a spokesperson for Public Health England told the Sunday Mirror.

Strikingly, this episode would soon completely disappear from media coverage of the Salisbury incident, while never appearing in any officially sanctioned narrative — although it’s easy to understand why. According to the Metropolitan Police’s timeline, after leaving the Avon Playground the Skripals went on to the Bishops Mill Pub in Salisbury town centre, before arriving at Zizzi restaurant at around 14:20pm. They left at around 15:35pm, and emergency services received the first report they’d been found unconscious at around 16:15pm. British authorities determine Sergei and Yulia were poisoned by Novichok spread around their home — in particular the front door handle — at some point before 13:30pm, when Sergei’s car was seen on Devizes Road heading towards the town centre.

The pair were apparently so infected by the nerve agent, and the substance so dangerous, Zizzi was forced to close for eight months due to high levels of contamination, and the table the pair dined at had to be destroyed. The Mill pub, which they headed to immediately after their exploits in Avon Playground was likewise subject to extensive decontamination and only declared safe for reopening in August, although it remains shut even today. The bench the Skripals were found lying on was also destroyed. In spite of this, the children given bread by the Skripals and the ducks they fed were completely unharmed by novichok.

Read more …

John Helmer is the longest serving foreign correspondent covering Russia. His analysis is detailed. There are more voices who sound cautiously optimistic. But looking at the Skripal story, don’t let’s forget how the UK operates. We’re going to find out if there still is a functioning justice system.

Assange UK Legal Battle To Take 2 Years, Chances of Winning Are Good (Helmer)

The case for and against Julian Assange will keep him in the UK for at least eighteen months, probably two years, possibly three, according to leading London lawyers. The UK will have a new government by then; the US too. In the interval, Assange’s lawyers are preparing to prove the US indictment for conspiracy to commit computer hacking will be superseded by espionage charges. That, they will argue, requires the Westminster Magistrates’ Court to throw the US extradition application out. In addition, their evidence for American political motivation in the prosecution of Assange, and of US violations of the UK and European standards for a fair trial in an independent and impartial court, will be presented. The Chief Magistrate, Emma Arbuthnot, is likely to preside. The hearing is unlikely to start before December of this year.

The more UK and US Government officials take sides in public against Assange and support the allegations in the indictment, the stronger his case will be in court. The announcement by public letter to the Home Secretary last week that seventy-one members of the British parliament oppose Assange’s extradition to the US cuts even more of the ground from under UK prosecutors and the lawyers who will appear in court for the US. Reversing their campaign to block the Swedish extradition warrant between 2010 and 2012, Assange’s lawyers are also mobilizing to have the Swedish prosecutors return to London with a new warrant, so that this can stretch out the legal wrangling in London for long enough to reach a new British election. If won by Jeremy Corbyn and the Labour Party forms a new government, Assange may benefit from a decision to move Assange’s prosecution to the UK courts, and then to release him.

“The anger for and against this man is extraordinary”, explains a leading London lawyer on extradition cases. “You need very technical lawyering now, and Assange will have to pay for it. But in parallel there will be the PR campaign amplifying the political issue, principally for the Labour Party. The Assange case will stand for every British voter’s idea of what [President Donald] Trump and the Americans are doing to the world. [Chief Magistrate Emma] Arbuthnot is not afraid to make decisions that would be unpopular. But as independent as she is, the pressure on her will be huge not to rule against the US.”

Read more …

That is one ominous graph. 6.4% growth, with electricity use down by 1%.

Reasons To Question China’s Blockbuster Economic Data (ZH)

Last, but not least, was the latest energy consumption data, which while not highlighted in yesterday’s report, was certainly a concern because in a quarter in which industrial production reportedly soared higher, we also saw the first contraction in total energy consumption, which shrank by 1%. That this took place when China’s economy allegedly grew by 6.4% certainly puts the veracity of China’s data under the microscope yet again. So whether China’s data was real or not, and there is enough historical precedent to lean toward the latter, the question is what this means for Beijing’s future policy. Here, as SocGen notes, “together with a stronger fiscal impulse and more positive economic data – whether they last or not, it is only logical for the PBoC to pause headline easing for now.”


Additionally, the sharp upward trend in credit growth also does suggests that the economy may not need as much liquidity easing in the future, which in turn will likely cause the rebound in China’s credit impulse to fizzle in the coming months. Echoing this take, Deutsche Bank’s Jim Reid wrote that “the downside to the numbers will be a more hawkish PBOC” and indeed, on Wednsday the PBOC injected much less liquidity into the market than was expected. In short: while China has clearly benefited from the trillions in new credit injected into the system, the question is how long will this impulse last, how sustainable is the resultant reflationary ripple, and what happens when the “sugar high” from China’s stimulus once again fizzles, especially if a US-China trade deal is still to be finalized.

Read more …

Medieval.

Half of England Is Owned By Less Than 1% Of The Population (G.)

Half of England is owned by less than 1% of its population, according to new data shared with the Guardian that seeks to penetrate the secrecy that has traditionally surrounded land ownership. The findings, described as “astonishingly unequal”, suggest that about 25,000 landowners – typically members of the aristocracy and corporations – have control of half of the country. The figures show that if the land were distributed evenly across the entire population, each person would have almost an acre – an area roughly the size of Parliament Square in central London. Major owners include the Duke of Buccleuch, the Queen, several large grouse moor estates, and the entrepreneur James Dyson.


While land has long been concentrated in the hands of a small number of owners, precise information about property ownership has been notoriously hard to access. But a combination of the development of digital maps and data as well as pressure from campaigners has made it possible to assemble the shocking statistics. Jon Trickett, Labour MP and shadow minister for the Cabinet Office, hailed the significance of the findings and called for a full debate on the issue, adding: “The dramatic concentration of land ownership is an inescapable reminder that ours is a country for the few and not the many. “It’s simply not right that aristocrats, whose families have owned the same areas of land for centuries, and large corporations exercise more influence over local neighbourhoods – in both urban and rural areas – than the people who live there.

Read more …

Definition of note verbale : a diplomatic note that is more formal than an aide-mémoire and less formal than a note, is drafted in the third person, and is never signed.

Greece To Send Note Verbale To Germany Over War Reparations (K.)

Greece will soon send a so-called note verbale to Germany, repeating a long-held demand for war reparations for the crimes committed by Nazi Germany in World War II, Prime Minister Alexis Tsipras told parliament on Wednesday, during a debate on a relevant report presented by a House committee. “The Greek government intends to address a note verbale to the Federal Republic of Germany, in which it will repeat its inalienable claims arising from the Nazi invasion and occupation, as well as the war crimes of Nazi Germany,” he told lawmakers and asked them to back the move.


According to the committee report, which has estimated the cost of occupation at up to 300 billion euros, the claims will include: war reparations for the material destruction and the dismantling of the country’s productive capabilities, compensation for victims and the relatives of the victims of war crimes, the repayment of the occupation loan and the return of stolen archaeological treasures. “The demand for German war reparations is a historical and moral debt for us. It will help us build a better future in our relations with Germany. Today, therefore, we have a duty to give our two peoples the opportunity to close this chapter,” Tsipras said.

Read more …

“..on the trail of a similar demand by the US for $11 billion in compensation for EU subsidies towards Airbus..”

EU Threatens $12 Billion In Tariffs Over US Boeing Subsidies (AFP)

The EU on Wednesday unveiled a wide-ranging list of US-made goods, from beeswax to car parts, subject to tariffs in retaliation for subsidies to Boeing as a transatlantic trade war risked re-erupting. “European companies must be able to compete on fair and equal terms… We must continue to defend a level-playing field for our industry,” said EU Trade Commissioner Cecilia Malmstrom in a statement. Europe’s $12 billion claim against Boeing comes on the trail of a similar demand by the US for $11 billion in compensation for EU subsidies towards Airbus. The ultimate amount to be won by both sides will be determined by the World Trade Organization, with the finals sums likely to be far below the tit-for-tat demands by the EU and US.


The Boeing-Airbus trade row has rumbled on for 14 years with the EU and US mutually accusing each other at the WTO of doling out illegal state aid since the 1990s to their respective aeronautical champions. Malmstrom insisted that the EU wanted to close the tit-for-tat battle amicably. “While we need to be ready with countermeasures in case there is no other way out, I still believe that dialogue is what should prevail between important partners such as the EU and the US,” she said.

Read more …

“Jet Airways presently has 217 aircraft of various models on order from Boeing..”

More Airlines Collapse: Jet Airways India, Alitalia, WOW Air (WS)

Today, another major airline collapsed. Jet Airways, India’s largest private airline, announced “with immediate effect” that it was “compelled to cancel all its international and domestic flights.” It suspended operations on a “temporary” basis. It said: “Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going.” Last year, Jet Airways “suddenly” discovered serious financial issues, which led to a highly dramatic rescue effort by the main creditors (chiefly state-owned State Bank of India and private-sector ICICI Bank) and minority shareholder Etihad under the new Sashakt legislation introduced by the Indian government to deal with the chronic “sudden liquidity problems” of the giant Indian economy.

Etihad injected $35 million into the ailing Indian airline, and the State Bank of India and ICICI Bank provided $218 million emergency line of credit to meet immediate liquidity needs, such as paying salaries and keep alarmed lessors from immediately repossessing aircraft. Apparently Jet Airways burned these fresh funds in no time, as the company’s financial situation was spinning out of control. Cabin crews, pilots and office staff went on strike over unpaid salaries. Suppliers of goods and services started cutting off deliveries “until debts are repaid at least in part.” Dutch authorities seized a Jet Airways Boeing 777-300ER at Schiphol Airport on April 12 following a court ruling over unpaid handling fees.

Unpaid lessors scrambled to get their aircraft back: According to India’s Directorate General of Civil Aviation (DGCA) in the April 8-14 week alone, 22 of the company’s leased 737-800’s were deregistered and handed back to lessors. Between leased aircraft being repossessed and others being grounded for financial issues, Jet Airways’ operational fleet has gone from 124 planes in February to just 14. This presented a major problem, as the DGCA requires a bare minimum of 20 aircraft for an airline to operate internationally. This led to a wave of flight cancellations while Jet Airways tried to work out a “temporary” agreement with the DGCA over international licensing. In short, the company was falling apart.

Jet Airways presently has 217 aircraft of various models on order from Boeing. How many are going to be paid for and will be delivered remains an interesting question and raises even more questions about the feasibility of the maxi-orders placed by many other Asian airlines with vulnerable financials.

Read more …

A state bank may be a nice idea, but as long as you need the Fed’s permission, what are the odds?

The Public Banking Revolution Is Upon Us (Ellen Brown)

[..] when now-Sen. Hueso filed SB 528 earlier this year, he went straight for setting up a state bank. The details could be worked out during the two to three years it would take to get a master account from the Federal Reserve, by a commission drawn from in-house staff that had access to the data and understood the issues. [..] Banks now create most of our money supply and need to be made public utilities, following the stellar precedent of the Bank of North Dakota, which makes below-market loans for local communities and businesses while turning a profit for the state. The Bank of North Dakota was founded in 1919 in response to a farmers’ revolt against out-of-state banks that were foreclosing unfairly on their farms.


Since then it has evolved into a $7.4 billion bank that is reported to be even more profitable than JPMorgan Chase and Goldman Sachs, although its mandate is not actually to make a profit but simply to serve the interests of local North Dakota communities. Along with hundreds of public banks worldwide, it has demonstrated what can be done by cutting out private shareholders and middlemen and mobilizing public revenues to serve the public interest. The time is right politically to adopt that model. The newly elected California governor, Gavin Newsom, has expressed strong interest both in a state-owned bank and in the IBank approach. In Los Angeles, the City Council brought a measure for a city-owned bank that won 44% of the vote in November, and City Council President Herb Wesson has stated that the measure will be brought again. Where there is the political will, policymakers generally find a way.

Read more …

Monsanto fighting back. The EU needs to listen to its people.

EU Threatens to Legalize Human Harm From Pesticides (CP)

Current EU regulations forbid human exposure to pesticides that are classified as mutagenic, carcinogenic, reprotoxic (toxic for reproduction), persistent or capable of disrupting endocrine systems. By virtue of these and other protective measures EU regulations are considered the gold standard in public protection. However, experts who are closely linked to industry (or are part of anti-regulation pressure groups) have taken control of the EU’s new Science Advice Mechanism (SAM). These experts have contributed to a report commissioned to reevaluate the EU’s authorisation of pesticides. The report, called “EU authorisation processes of Plant Protection Products”, and published in late 2018, recommends dramatically weakening the EU regulatory system.

Especially notable is the adoption of many ideas previously proposed by the chemical industry. For example, the EU currently deems the acceptable level of public exposure to mutagenic pesticides (those that damage DNA) to be zero. The new report recommends scrapping this standard of protection. The history of the new SAM report is that it was requested by EU Health Commissioner Vytenis Andriukaitis. Its purpose was to determine how to act in cases of so-called ‘diverging views’; that is, when media and public interest groups get involved. The request follows a series of major controversies over EU regulatory decision-making. One such controversy was over the herbicide Glyphosate.

A “European Citizens Initiative” delivered more than a million signatures to the EU Commission asking for a ban on Glyphosate. Several cities banned Glyphosate. Even a dairy company banned the use of Glyphosate by their farmers. With this pressure from all over Europe, the EU Commission had difficulty reaching a decision since many EU member states (Bulgaria, Denmark, Czech Republic, Estonia, Ireland, Spain, Cyprus, Latvia, Lithuania, Hungary, the Netherlands, Poland, Romania, Slovakia, Finland and the U.K) opposed a ban. Ultimately, a very unusual 5-years extension for glyphosate was agreed but soon the discussion will start again.

Read more …

“New Zealand is now considered one of the most invaded countries in the world..” , “New Zealand is losing species and ecosystems faster than nearly any other country..”

New Zealand’s Environment Is In Serious Trouble (G.)

A report on the state of New Zealand’s environment has painted a bleak picture of catastrophic biodiversity loss, polluted waterways and the destructive rise of the dairy industry and urban sprawl. Environment Aotearoa is the first major environmental report in four years, and was compiled using data from Statistics New Zealand and the environment ministry. It presents a sobering summary of a country that is starkly different from the pristine landscape promoted in the “Pure New Zealand” marketing campaign that lures millions of tourists every year. It found New Zealand is now considered one of the most invaded countries in the world, with 75 animal and plant species having gone extinct since human settlement.

The once-vibrant bird life has fared particularly badly, with 90% of seabirds and 80% of shorebirds threatened with or at risk of extinction. Almost two-thirds of New Zealand’s rare ecosystems are under threat of collapse, and over the last 15 years the extinction risk worsened for 86 species, compared with the conservation status of just 26 species improving in the past 10 years. The scale of what is being lost is impossible to accurately gauge, as only about 20% of New Zealand’s species have been identified and recorded. Kevin Hague from the conservation group Forest and Bird said the report was chilling reading and captured the devastating affects of “decades of procrastination and denial”.

“New Zealand is losing species and ecosystems faster than nearly any other country,” he said. “Four thousand of our native species are in trouble … from rampant dairy conversions to destructive seabed trawling – [we] are irreversibly harming our natural world.”

Read more …

Mar 272019
 
 March 27, 2019  Posted by at 10:31 am Finance Tagged with: , , , , , , , , , , , ,  


Pablo Picasso Mandolin and guitar 1924

 

The EU’s Censorious Copyright Directive Will Create Two Internets (CapX)
All New UK Cars To Have Speed Limiters By 2022 Under EU Plans (G.)
Brexit Extension Could Be Until 31 March 2020 (G.)
Brexiters Demand May Exit Date To Back Deal (G.)
EU Cannot Betray ‘Increasing Majority’ Who Want To Cancel Brexit – Tusk (G.)
McConnell Backs Push For Investigation Of Russia Probe Missteps (R.)
Mueller Report Details To Be Issued In ‘Weeks, Not Months’ (R.)
Ecuador Ambassador Tells Assange to ‘Shut up’ and Accept Spying (GP)
Boeing 737 MAX Software Fix: Easy To Upload, Harder To Approve (R.)
US Jury To Determine Liability, Damages In Roundup Cancer Trial (R.)
Widespread Losses Of Pollinating Insects Revealed Across Britain (G.)

 

 

Behemoth overreach. It’s like they’re trying to tell the British that leaving is a really good idea.

Sure, there are things that can be improved, but Brussels wants to do BIG.

The EU’s Censorious Copyright Directive Will Create Two Internets (CapX)

The European Parliament’s approval of the Copyright Directive today is the end of the internet as we know it. This new regulation creates substantial new controls on what we can share online which threaten freedom of expression, undermine creativity, and cement the dominance of technology giants. The Copyright Directive will create two internets. The first, a heavily censored version for European users, including filters to prevent you from uploading content. The second, a free internet where creativity is encouraged, for everyone else. The directive represents everything that’s wrong with the EU’s policymaking process. It was written at a substantial distance from Europeans, heavily influenced by lobbyists and national compromises.


There is a serious lack of accountability. The opposition to the directive was substantial, but it didn’t seem to matter. Over 200 intellectual property academics have warned that the directive serves “narrow sectional interests”. Even substantial parts of the European music industry have raised concerns about the scheme. The Change.org petition opposing the directive has reached over 5.1 million signatories, the most in the website’s history. Last weekend – while some Brits were marching to stay in the EU – thousands of Europeans took to the street in Save the Internet marches.

Read more …

More overreach.

“Safety campaigners described the move as one of the biggest leaps forward in 50 years and said it could save 25,000 lives by 2037..”

Oh yeah? How many lives could be saved by designing your infrastructure to make cars unnecessary?

All New UK Cars To Have Speed Limiters By 2022 Under EU Plans (G.)

All new cars sold in the UK and Europe are to be fitted with devices to automatically stop drivers from exceeding the speed limit under sweeping changes to vehicle safety rules provisionally agreed by the EU. Although Britain may no longer be part of the EU when the rules come into effect, the UK regulator, the Vehicle Certification Agency, has said it will mirror safety standards for vehicles in the UK. The speed limiter is one of a range of safety features to be made mandatory from 2022, along with automated emergency braking, electronic data recorders and improved visibility built into lorries for drivers to see vulnerable cyclists and pedestrians around the vehicle.


Safety campaigners described the move as one of the biggest leaps forward in 50 years and said it could save 25,000 lives by 2037. The package of measures needs to be ratified by the European parliament, which is likely by September. The speed limiter device, called intelligent speed assistance, or ISA, uses GPS data and sign recognition cameras to detect speed limits where the car is travelling, and then will sound a warning and automatically slow down the vehicle if it is exceeding the limit. However, drivers will be able to override the device simply by pushing hard on the accelerator, reassuring some motoring groups that have argued that in certain situations – such as when trying to swiftly overtake a vehicle in front – speeding up could be safer.

Read more …

A long extension appears to be the only way forward.

Brexit Extension Could Be Until 31 March 2020 (G.)

The EU has pencilled in April Fools’ Day 2020 as a leading option for Britain’s first day outside the bloc, should the UK government ask Brussels for a lengthy extension of article 50 in three weeks’ time, it can be revealed. The date was to be offered at the leaders’ summit last week if Theresa May had followed through on her promise to request a short extension in the event of passing her Brexit deal, and a longer one should it be rejected again by the House of Commons. Such was the disapproval of her cabinet, the prime minister only sought a short delay until 30 June in her formal letter. She was subsequently given an unconditional extension until 12 April, or a longer one to 22 May in the unlikely event of the withdrawal agreement being ratified this week.


Without having received a request from Downing Street for a prolonged extension, the EU’s leaders instead left open the offer of a lengthy delay should there be a new political process or event before 12 April, such as a general election or second referendum, but they did not stipulate its potential length. A one-year extension, ending on 31 March 2020, was, however, written into internal EU papers before the summit as an offer that could be made to May should she formally seek a longer extension, sources said. It will likely remain an option if May comes back to Brussels having failed to ratify her deal. Such a UK departure date would ensure the British government would not have any opportunity to meddle in the EU’s long-term plans, including its budget, sources suggested.

Read more …

The same deal they fought so hard against.

Brexiters Demand May Exit Date To Back Deal (G.)

Theresa May is under intense pressure to set out a timetable for her departure from Downing Street to seal the support of Brexit hardliners for her twice-rejected deal. The prime minister will address Conservative MPs at a meeting of the 1922 Committee of backbenchers on Wednesday as the House of Commons prepares to vote on alternatives to her Brexit deal. There are renewed signs that leavers are reluctantly preparing to back her in a third meaningful vote rather than risk seeing Brexit slip away altogether. MPs will hold a series of “indicative votes” on alternative Brexit options on Wednesday after three ministers resigned to back a motion to seize control of the parliamentary timetable from the government.


Leavers fear this could lead to what May has a called a “slow Brexit” – a lengthy delay to the article 50 process, leading to a closer future relationship with the EU. Options for MPs to consider may include revocation of article 50, a second referendum, leaving with no deal and backing a Norway-style deal that would include single market membership and a customs arrangement. Boris Johnson appeared to pave the way for a climbdown over May’s deal on Tuesday night. Asked at a Telegraph event whether he would vote for it, the leading Brexiter said: “I am not there yet.” He described it as a “terrible deal, something which I bitterly opposed for a long time”. However, he said he needed “to see that the second phase of the negotiations will be different from the first” and highlighted the “appreciable risk” that not voting for the deal could lead to no Brexit.

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“In a pantomime moment, Farage turned to those sat behind him to ask whether they really wanted him to return as an MEP.”

EU Cannot Betray ‘Increasing Majority’ Who Want To Cancel Brexit – Tusk (G.)

Donald Tusk has issued a rallying call to the “increasing majority” of British people who want to cancel Brexit and stay in the European Union. In a stirring intervention, the European council president hailed those who marched on the streets of London and the millions who are petitioning the government to revoke article 50. Speaking to the European parliament, Tusk reprimanded those who voiced concerns about a potential lengthy extension to article 50 in the event of the Commons rejecting the withdrawal agreement again this week.

Tusk said: “Let me make one personal remark to the members of this parliament. Before the European council, I said that we should be open to a long extension if the UK wishes to rethink its Brexit strategy, which would of course mean the UK’s participation in the European parliament elections. And then there were voices saying that this would be harmful or inconvenient to some of you. “Let me be clear: such thinking is unacceptable. You cannot betray the 6 million people who signed the petition to revoke article 50, the 1 million people who marched for a people’s vote, or the increasing majority of people who want to remain in the European Union”

To heckling from Ukip MEPs, Tusk went on: “They may feel that they are not sufficiently represented by the UK Parliament, but they must feel that they are represented by you in this chamber. Because they are Europeans.” The former Ukip leader, Nigel Farage, responded to Tusk by describing him as “deluded” and claiming that a second referendum would deliver a larger majority for leave. Initial suggestions that 1 million people marched last weekend in favour of remaining in the EU have been questioned in recent days. In a pantomime moment, Farage turned to those sat behind him to ask whether they really wanted him to return as an MEP. He ended his speech to the parliament by appealing to the EU’s leaders to “get the British out”.

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2nd Special Counsel.

McConnell Backs Push For Investigation Of Russia Probe Missteps (R.)

The top Republican in the U.S. Senate said on Tuesday he supported a push by a Republican colleague for an inquiry into potential law enforcement missteps in a probe of possible collusion between President Donald Trump’s campaign and Russia. “I think Senator (Lindsey) Graham has raised a legitimate question,” Senate Majority Leader Mitch McConnell told reporters. “I think it’s not inappropriate for the chairman of the Judiciary Committee, with jurisdiction over the Justice Department, to investigate possible misbehaviors.”


Graham, who heads the panel, said on Monday he wanted to see a special counsel appointed to look into the origins of a Foreign Intelligence Surveillance Act warrant for former Trump adviser Carter Page. The warrant was based in part on information in a dossier on Trump compiled by Christopher Steele, a former British intelligence officer who co-founded a private intelligence firm. Graham said he would use the panel’s subpoena power if necessary, whether or not a special counsel is appointed, to look into the matter.

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Barr’s on his way to becoming America’s new punchbag.

Mueller Report Details To Be Issued In ‘Weeks, Not Months’ (R.)

U.S. Attorney General William Barr plans to issue a public version of Special Counsel Robert Mueller’s report on the investigation into Russian interference in the 2016 presidential election within “weeks, not months,” a Justice Department official said on Tuesday. Barr released his own summary of the report’s central findings on Sunday, but said he needed more time to review the report to determine how much of it could be made public. He relayed his plans to release a public version of the report in the coming weeks to Senate Judiciary Committee Chairman Lindsey Graham during a phone call this week, the official said.


The official said there is no plan to share an advanced copy of the report with the White House. Some portions of Mueller’s confidential report contain materials that arose during secret grand jury proceedings. Federal rules generally prohibit the government from releasing that information to the public. The report also contains information about ongoing criminal investigations that Mueller referred to other U.S. attorneys offices. Barr has not yet revealed a precise date for when the final public version might be ready.

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Cassandra Fairbanks’s intensely sad story.

Ecuador Ambassador Tells Assange to ‘Shut up’ and Accept Spying (GP)

It was meant to be a routine visit by a journalist to another journalist. Instead, I found myself locked in a cold, surveilled room for over an hour by Ecuadorian officials, as a furious argument raged between the country’s ambassador and Julian Assange on Monday. The room was inside the Ecuadorian Embassy in London, where 2019 Nobel Peace Prize nominee Julian Assange currently lives under the ostensible protection of political asylum. Yet the WikiLeaks publisher was barred from entering the room, where he was supposed to join me for a pre-approved meeting, because he refused to submit to a full-body search and continuous surveillance. In the fireworks that followed, Assange accused the ambassador of being an agent of the United States government.


The crackdown on visitors was felt before I even entered the embassy. It’s the third time I’ve visited in the past year, and each time the atmosphere seems progressively worse. Just like my previous visit, since new rules for visitors were enacted, I couldn’t take my phone into the meeting without giving the Ecuadorian officials a swathe of data. If you want to take it in with you, they request its brand, model, serial number, IMEI number, and telephone number. I was also advised that Ecuador could not be trusted to hold my phone while I met with Assange, so I left it behind and walked to the embassy phoneless, several minutes early to make sure I was on time.

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This is not going to be easy.

Boeing 737 MAX Software Fix: Easy To Upload, Harder To Approve (R.)

Boeing engineers armed with laptops and thumb drives will be able to upload a crucial software fix for the 737 MAX anti-stall system in about an hour. That’s the easy part. Before Boeing’s workhorse of the future can resume flying, the upgrade must first be approved by the U.S. Federal Aviation Administration (FAA) and then by wary regulators around the globe who have grounded it in the wake of two deadly crashes.R egulators in China, Europe and Canada have signaled they will not rubber stamp an FAA decision to allow the planes back into the air but conduct their own reviews. With the FAA under pressure for its role in certifying the newest 737, and other regulators challenging its leadership of the airline safety system, Boeing’s money-spinning jet could remain parked for months.


“We are guessing this thing’s not going to be put to bed until the July or August time frame,” said Charlie Smith, chief investment officer at Fort Smith Capital Group, which holds shares in Boeing. The world’s largest planemaker has been working on the upgrade for its MCAS stall-prevention system since October’s Lion Air crash, when pilots are believed to have lost a tug of war with software that repeatedly pushed the nose down. Acting FAA Administrator Dan Elwell told the U.S. Senate Tuesday in written testimony that the agency will agree to allow the 737 MAX to return to service “only when the FAA’s analysis of the facts and technical data indicate that it is appropriate.”

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“The case is only the second of more than 11,200 Roundup lawsuits to go to trial in the United States..”

US Jury To Determine Liability, Damages In Roundup Cancer Trial (R.)

A lawyer for a man who said his cancer was caused by Bayer AG’s glyphosate-based weed killer Roundup on Tuesday urged U.S. jurors to “send a message” to the company by holding it liable and awarding millions in damages. The case is only the second of more than 11,200 Roundup lawsuits to go to trial in the United States as litigation setbacks and a prior jury verdict against the company have sent Bayer shares plunging. “A responsible company would test its product. A responsible company would tell their customers if they knew it causes cancer,” Aimee Wagstaff, a lawyer for plaintiff Edwin Hardeman, said during closing arguments on Tuesday. She called conduct by Bayer’s Monsanto unit reckless and offensive.


Bayer, which bought Roundup maker Monsanto in a $63 billion deal last year, denies the allegations, saying decades of studies by independent scientists have shown glyphosate and Roundup to be safe for human use. In Hardeman’s case, the jury on March 19 found Roundup to have been a “substantial factor” in causing his non-Hodgkin’s lymphoma. That verdict followed a first phase of the trial that focused exclusively on science. The decision allowed the trial to proceed to a second phase in which the same jury will decide if Bayer is liable. In the second phase lawyers for Hardeman were able to present previously excluded internal documents allegedly showing the company’s efforts to influence scientists and regulators about the popular product’s safety.

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These findings have become our new normal: “the insects have been lost from a quarter of the places they were found in 1980.”

Widespread Losses Of Pollinating Insects Revealed Across Britain (G.)

A widespread loss of pollinating insects in recent decades has been revealed by the first national survey in Britain, which scientists say “highlights a fundamental deterioration” in nature. The analysis of 353 wild bee and hoverfly species found the insects have been lost from a quarter of the places they were found in 1980. A third of the species now occupy smaller ranges, with just one in 10 expanding their extent, and the average number of species found in a square kilometre fell by 11. A small group of 22 bee species known to be important in pollinating crops such as oilseed rape saw a rise in range, potentially due to farmers increasingly planting wild flowers around fields. However, the scientists found “severe” declines in other bee species from 2007, coinciding with the introduction of a widely used neonicotinoid insecticide, which has since been banned.


Researchers have become increasingly concerned about dramatic drops in populations of insects, which underpin much of nature. Some warned in February that these falls threaten a “catastrophic collapse of nature’s ecosystems”, while studies from Germany and Puerto Rico have shown plunging numbers in the last 25 to 35 years. The study, published in the journal Nature Communications, is based on more than 700,000 sightings made by volunteers across Britain from 1980 to 2013. These are used to map the range of each species of bee and hoverfly over time. The data did not allow the assessment of numbers of insects, but some researchers think populations have fallen faster than range.

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Mar 222019
 


Margaret Bourke-White Coney Island 1952

 

EU Leaders Decide UK’s Fate Behind Closed Doors, Leave May Waiting (Ind.)
May’s Appeal Falls Flat As EU Seizes Control Of Brexit Date (G.)
Five Percent? EU Leaders Doubt May’s Brexit Vote Chances (R.)
Cabinet Ministers Believe Risk Of No-Deal Brexit Now ‘Very Real’ (G.)
Brexit: Hundreds Of Gagging Orders Taken Out By UK Government (Sky)
‘Survivability’ Of The EU Is A Serious Question: Stephen Roach (CNBC)
Indonesian Airline Garuda Cancels Order For 49 Boeing 737 Max 8 Jets (G.)
Australia Home Builders Start Laying Off Workers (ABC.au)
Top Oil Firms Spend Millions Lobbying To Block Climate Change Policies (G.)
How The Car Industry Hid The Truth About Diesel Emissions (G.)
US Cold Warriors Escalate Toward Actual War With Russia (Stephen Cohen)
Los Angeles Bans Monsanto’s Roundup (RT)

 

 

April 12 is the new March 29..

“I hope we can all agree that we are at the moment of decision,” Theresa May said at a press conference in the early hours of the morning.”

Meanwhile, there’s talk about April snap elections. More likely than a 2nd referendum.

EU Leaders Decide UK’s Fate Behind Closed Doors, Leave May Waiting (Ind.)

Theresa May was left waiting while European leaders decided the future of Brexit behind closed doors. The prime minister had hoped to be handed an extension of the Article 50 period until 30 June before making a statement from Brussels in the early evening. Instead, the 27 presidents and prime ministers were locked in talks long into the night after they tore up draft proposals and produced a complicated conditional plan. Diplomats in the room painted a disorientating picture of discussions, with proposals for shorter and longer deadlines made by different countries. EU leaders ultimately agreed that the UK could have an unconditional extension until 12 April, and a further extension until 22 May if MPs approved the withdrawal agreement next week.

The so-called “flextension” would also give the UK the option of a longer delay if needed, but only on the condition of deciding to join in European Parliament elections before April 12. One EU official said: “March 29th is over. As of tonight, April 12th is the new March 29th.” Speaking after the agreement was struck, European Council president Donald Tusk said Ms May “accepts the extension scenarios”. He added: “Frankly speaking I was really sad before our meeting – now I am much more optimistic.” European Commission president Jean-Claude Juncker added: “This closes and completes the full package. There’s no more we can give. We’re hopeful that the agreement will be adopted by the House of Commons.” “I hope we can all agree that we are at the moment of decision,” Theresa May said at a press conference in the early hours of the morning.

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The rope to hang herself with.

May’s Appeal Falls Flat As EU Seizes Control Of Brexit Date (G.)

The EU has handed Theresa May two weeks’ grace to devise an alternative Brexit plan if her deal falls next week after the prime minister failed to convince the bloc that she was capable of avoiding a no-deal Brexit. After a marathon late-night session of talks, the EU’s leaders ripped up May’s proposals and a new Brexit timeline was pushed on the prime minister to avoid the cliff-edge deadline of 29 March – next Friday. Under the deal agreed by May, Britain will now stay a member state until 12 April if the withdrawal agreement is rejected by MPs at the third time of asking. The government will be able to seek a longer extension during that period if it can both “indicate a way forward” and agree to hold European elections.

In the unlikely event that May does win the support of the Commons when the Brexit deal goes to MPs again on Tuesday, the UK will stay a member state until 22 May to allow necessary withdrawal legislation to be passed. “The 12 April is the new 29 March,” an EU official said. Donald Tusk, the European council president, told reporters in a late-night press conference that he had several meetings through the evening to secure May’s agreement. He said: “What this means in practice is that, until that date, all options will remain open, and the cliff-edge date will be delayed. The UK government will still have a choice of a deal, no-deal, a long extension or revoking article 50.” Asked how long an extension could be on offer, the European commission president, Jean-Claude Juncker, said: “Until the very end.”

[..] As their talks wound on, the EU moved towards the “flextension” delay. It was then put to May by Tusk shortly after 11pm Brussels time after eight hours of talks, with and without the prime minister. “What this model is designed for is to make it clear that no deal is not the EU’s choice, it is the UK’s choice,” a diplomatic source said. “The prime minister is braced for a long extension, but doesn’t want to take responsibility for it,” the source said. The EU had initially looked at solely offering an extension up until 22 May, the day before European elections would be held, on the condition May’s deal passed next week. But it was a lack of confidence in the prime minister following her latest performance in front of the leaders that forced the EU’s member states to act to shore up against a no-deal Brexit and allow the British parliament time to take control.

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May spoke for quite a long time, and had nothing new to say. She actually thinks she can win just because everyone’s too scared of a no-deal Brexit.

Five Percent? EU Leaders Doubt May’s Brexit Vote Chances (R.)

After British Prime Minister Theresa May reassured them she could win a crunch vote in parliament next week to ensure an orderly Brexit, EU leaders were left even more doubtful of her chances. Following more than an hour of explanations that with days left until Britain might crash out she could win over lawmakers who have twice rejected her EU withdrawal deal, May left the summit room on Thursday and the other 27 leaders conferred — finding a consensus that they were even less convinced than before, officials familiar with their discussions told Reuters.

French President Emmanuel Macron told the room that before coming to Brussels he had thought May had only a 10 percent chance of winning the vote. After listening to the prime minister, he said, he had cut his estimate — to five percent. To general assent, one person present said, summit chair Donald Tusk shot back that Macron was being “very optimistic”. After hours of discussion, the leaders agreed to delay Brexit beyond the deadline of next Friday — but possibly only to April 12 or into May, trying to shift responsibility for any chaotic no-deal outcome back to London from Brussels.

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They should simply all resign.

Cabinet Ministers Believe Risk Of No-Deal Brexit Now ‘Very Real’ (G.)

Cabinet ministers believe there is now a real risk of a no-deal Brexit, with sources close to them describing the mood in government as depressing and No 10 as “run by lunatics”. Senior members of the cabinet from both sides of the Brexit argument are understood to think the chances of the UK leaving without a deal have substantially increased after the prime minister set herself against a longer extension to article 50. One aide to a cabinet minister said No 10 was in “full-on bunker mode” and the prime minister’s speech from Downing Street showed “they have all taken leave of their senses”. Another soft Brexit cabinet source described the mood as “depressing” and said of no deal: “The risk is now very real.”

On the other side, one leave-supporting cabinet minister believes May has no intention of resigning if her deal fails to pass next Tuesday and that she would prefer to switch to a position of supporting no deal rather than allow a longer extension to article 50. They point to the fact that 63% of Conservative MPs opposed a delay to Brexit and opinion polls suggesting a shift in public opinion towards no deal. In this scenario, the prime minister could attempt another meaningful vote next Thursday in a high-stakes gamble that would challenge MPs to back her deal or face no deal at the last minute. On Thursday, Liz Truss, a Treasury minister who sits in cabinet, told the Sun that she did not believe the “plague of locusts stuff” around leaving without a deal, adding: “I believe No Deal is better than a long extension.”

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What secret activities are taking place? What role does the secret service play in them?

Brexit: Hundreds Of Gagging Orders Taken Out By UK Government (Sky)

Sky News can reveal that the government has taken out hundreds of gagging orders as part of its preparations for a no-deal Brexit. The orders, formerly known as non-disclosure agreements (NDAs), are legally binding contracts to stop confidential conversations being talked about in public. They are typically used to maintain secrecy around corporate deals or to protect intellectual property. However, we have discovered that the use of these NDAs has become prevalent across great swathes of the UK government. Using freedom of information requests, Sky News asked departments to reveal how many NDAs each had taken out as part of their preparations for Brexit. All responded, although not all of them actually answered the question.

The Department for Transport (DfT) told us it had 79 separate NDAs by the end of February. Of these, we understand that around 50 had been signed in the preceding three months, at an average of around four per week. Although the names of those involved have obviously not been made public, we understand that the DfT’s gagging orders involve hauliers, public transport companies, infrastructure operators and petrol retailers. Some told us they felt frustrated that a government “obsession with secrecy” had hindered constructive debate and exchange of information. [..] The Home Office refused to answer the question, saying that it would be too burdensome to research the answer. However, Sky News has since confirmed that the Home Office has taken out at least 100 gagging orders, simply in relation to ports. It is unclear how many gagging orders it has in relation to the rest of its work.

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Toxic cocktail.

‘Survivability’ Of The EU Is A Serious Question: Stephen Roach (CNBC)

As U.K. Prime Minister Theresa May presses on to take Britain out of the European Union, one leading economist raised questions about the viability of the single political and economic bloc. “You have to wonder about the future of the European Union itself … this is an imperfect union and the survivability of it is, I think, a serious question,” Stephen Roach, a senior fellow at Yale University, told CNBC’s Sri Jegarajah on Friday. Even before Brexit came about, the EU faced multiple challenges over the last decade, said Roach, who’s a former chairman of Morgan Stanley Asia. Those challenges include a sovereign debt crisis in Greece and a standoff with Italian leaders over the country’s spending plans.

And with the U.K. — one of the largest European economies — planning to leave the bloc, it remains to be seen whether the EU has the ability to withstand more pressure coming from member states while still reeling from the shocks of the global financial crisis, said Roach. [..] “The idea that one-size-fits-all has been rejected repeatedly over the last 10 years,” he said. “In the early days there was some convergence of economic cycles, but then the asymmetric shocks in (2008 and 2009) have continued to ripple through the landscape and really challenge the idea that this is a cohesive economic zone that can be guided by one central bank,” he added.

[..] Even though the circumstances surrounding Brexit are still uncertain and pose a major risk within Europe, Roach said the event itself wouldn’t be enough to derail the global economy. What Brexit does accomplish, however, is to add to the “toxic cocktail” that threatens to hit growth, the economist said. “The downward growth pressure is in China, the weakness in Japan, the deceleration in the United States. In conjunction with uncertainties and potential shock coming out of Brexit, it’s certainly a potentially toxic cocktail for the global economy,” Roach said.

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More will follow. And we’ll see airlines and Boeing being sued for gross negligence and other crimes.

Indonesian Airline Garuda Cancels Order For 49 Boeing 737 Max 8 Jets (G.)

Indonesia’s national carrier Garuda has cancelled a multibillion-dollar order for 49 Boeing 737 Max 8 jets after two fatal crashes involving the plane, the company said, blaming passengers’ loss of trust in the aircraft. In what is thought to be the first formal cancellation for the model, Garuda spokesman Ikhsan Rosan said: “We have sent a letter to Boeing requesting that the order be cancelled. “The reason is that Garuda passengers in Indonesia have lost trust and no longer have the confidence” in the plane, he said, adding that the airline was awaiting a response from Boeing. As Boeing continued to work on a fix for the planes grounded by airlines across the world, reports on Friday suggested that the manufacturer would make it compulsory for airlines buying the aircraft to have one of two optional safety features installed.

The equipment alerts pilots of faulty information from key sensors. It will now be included on every 737 Max as part of changes that Boeing is rushing to complete on the jets by early next week, according to two people familiar with the changes. Airlines can decide whether to pay for upgrades to a standard plane, a common practice in the industry which enables manufacturers to charge extra. Garuda had already received one of the 737 MAX 8 planes, part of a 50-plane order worth $4.9bn at list prices when it was announced in 2014. Garuda is also talking to Boeing about whether or not to return the plane it has received, the spokesman told AFP.

[..] This month, Indonesia’s Lion Air said was postponing taking delivery of four new Boeing 737 Max 8 jets after an Ethiopian Airlines plane of the same model crashed minutes into a flight to Nairobi, killing all 157 people on board. That came after a Lion Air jet of the same model crashed in Indonesia in October, killing all 189 people on board.

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When recessions slowly creep up on you. They still can’t believe it: “the highest low point on record”.

Australia Home Builders Start Laying Off Workers (ABC.au)

Since building its first house in 1957, Zuccala Homes has seen its fair share of highs and lows in Melbourne’s residential construction market. With housing well and truly in a downturn, director Greg Zuccala said this was one of the worst he had seen. “Builders are just battening down the hatches and looking after their costs,” Mr Zuccala told ABC’s The Business. Melbourne house prices have fallen 9.6 per cent since their 2017 peak, and that is having big implications for home builders. “We do a bit of business with some investors, but mostly our bread and butter is owner occupiers.” That huge fall in demand for new home builds meant Mr Zuccala had to find savings.

To do that, he was forced to lay off four workers. “We’ve had to adjust things there to meet the market,” he said. “I think a lot of building companies at the moment find themselves in the same situation.” Residential construction is a $105 billion business in Australia and, as Australia’s fourth biggest sector, it accounts for 8 per cent of GDP. [..] But it is not all doom and gloom. While there is no denying Australia is in the midst of a downturn, and that is hurting the construction sector, the numbers are still good in a historical context. Nationally, new home building peaked in 2016 with about 230,000 new dwellings. “We see it bottoming out to about 175,000 over the next few years,” Mr Garrett forecast. “It’s worth emphasising, that 175,000 as a low point would still be the highest ever low point for new home building on record.”

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Best part of it is they receive that money in subsidies. Put at $5 trillion a year by one report.

Top Oil Firms Spend Millions Lobbying To Block Climate Change Policies (G.)

The largest five stock market listed oil and gas companies spend nearly $200m (£153m) a year lobbying to delay, control or block policies to tackle climate change, according to a new report. Chevron, BP and ExxonMobil were the main companies leading the field in direct lobbying to push against a climate policy to tackle global warming, the report said. Increasingly they are using social media to successfully push their agenda to weaken and oppose any meaningful legislation to tackle global warming. In the run-up to the US midterm elections last year $2m was spent on targeted Facebook and Instagram ads by global oil giants and their industry bodies, promoting the benefits of increased fossil fuel production, according to the report published on Friday by InfluenceMap.

Separately, BP donated $13m to a campaign, also supported by Chevron, that successfully stopped a carbon tax in Washington state – $1m of which was spent on social media ads, the research shows. Edward Collins, the report’s author, analysed corporate spending on lobbying, briefing and advertising, and assessed what proportion was dedicated to climate issues. He said: “Oil majors’ climate branding sounds increasingly hollow and their credibility is on the line. They publicly support climate action while lobbying against binding policy. They advocate low-carbon solutions but such investments are dwarfed by spending on expanding their fossil fuel business.”

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The ‘Dieselgate’ scandal was suppressed for years – while we should have been driving electric cars.

For Christ sake, ‘we’ shouldn’t have been driving any cars.

How The Car Industry Hid The Truth About Diesel Emissions (G.)

John German had not been looking to make a splash when he commissioned an examination of pollution from diesel cars back in 2013. The exam compared what came out of their exhausts, during the lab tests that were required by law, with emissions on the road under real driving conditions. German and his colleagues at the International Council on Clean Transportation (ICCT) in the US just wanted to tie up the last loose ends in a big report, and thought the research would give them something positive to say about diesel. They might even be able to offer tips to Europe from the US’s experience in getting the dirty fuel to run a little cleaner.

But that was not how it turned out. They chose a Volkswagen Jetta as their first test subject, and a VW Passat next. Regulators in California agreed to do the routine certification test for them, and the council hired researchers from West Virginia University to then drive the same cars through cities, along highways and into the mountains, using equipment that tests emissions straight from the cars’ exhausts.

It was clear right away that something was off. At first, German wondered if the cars might be malfunctioning, and he asked if a dashboard light had come on. That didn’t really make sense, though – the cars had just passed the California regulators’ test. His partners thought there might be a problem with their equipment, and they recalibrated it again and again. But the results didn’t change. Nitrogen oxide (NOx) pollution from the Jetta’s tailpipe was 15 times the allowed limit, shooting up to 35 times under some conditions; the Passat varied between five and 20 times the limit. German had been around the auto industry all his life, so he had a pretty good idea what was going on. This had to be a “defeat device” – a deliberate effort to evade the rules.

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“Words, as Russians say, are also deeds.”

US Cold Warriors Escalate Toward Actual War With Russia (Stephen Cohen)

[..] the preceding Cold War was driven by an intense ideological conflict between Soviet Communism and Western capitalism. Where is the ideological threat today, considering that post–Soviet Russia is also a capitalist country? In a perhaps unprecedented nearly 10,000-word manifesto from March 14 in the front news pages of (again) the Post, Robert Kagan provided the answer: “Today, authoritarianism has emerged as the greatest challenge facing the liberal democratic world—a profound ideological, as well as strategic, challenge.” That is, “authoritarianism” has replaced Soviet Communism in our times, with Russia again in the forefront.

The substance of Kagan’s “authoritarianism” as “an ideological force” is thin, barely enough for a short opinion article, often inconsistent and rarely empirical. It amounts to a batch of “strongman” leaders (prominently Putin, of course), despite their very different kinds of societies, political cultures, states, and histories, and despite their different nationalisms and ruling styles. Still, credit Kagan’s ambition to be the undisputed ideologist of the new American Cold War, though less the Post for taking the voluminous result so seriously. The forty-year Cold War often flirted with hot war, and that, too, seems to be on the agenda. Words, as Russians say, are also deeds. They have consequences, especially when uttered by people of standing in influential outlets.

[..] Histories of the forty-year US-Soviet Cold War tell us that both sides came to understand their mutual responsibility for the conflict, a recognition that created political space for the constant peace-keeping negotiations, including nuclear arms control agreements, often known as détente. But as I also chronicle in the book, today’s American Cold Warriors blame only Russia, specifically “Putin’s Russia,” leaving no room or incentive for rethinking any US policy toward post–Soviet Russia since 1991.

Still more, as I have also long pointed out, Moscow closely follows what is said and written in the United States about US-Russian relations. Here too words have consequences. On March 14, Russia’s National Security Council, headed by President Putin, officially raised its perception of American intentions toward Russia from “military dangers” (opasnosti) to direct “military threats” (ugrozy). In short, the Kremlin is preparing for war, however defensive its intention.

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Miami and LA. Who’s next?!

Los Angeles Bans Monsanto’s Roundup (RT)

Los Angeles county authorities have banned all use of notorious weed killer glyphosate – the herbicide better known by its Monsanto/Bayer trade name, Roundup – after a second court ruling linking it to a man’s cancer. “I am asking county departments to stop the use of this herbicide until public health and environmental professionals can determine if it’s safe for further use in L.A. County and explore alternative methods for vegetation management,” Kathryn Barger of the Los Angeles County Board of Supervisors said. The motion follows of a San Francisco court’s ruling that Roundup was a “substantial factor” in 70-year-old Edwin Hardeman’s non-Hodgkin’s lymphoma, which he developed after using the herbicide on his Sonoma property for decades.

The verdict was the second such unfavorable ruling for Germany’s Bayer, which was fortunate enough to acquire Monsanto just last year. With legal responsibility no longer falling on Americans’ shoulders, a California court awarded plaintiff Dewayne Johnson $289 million last August, ruling the popular herbicide also caused his non-Hodgkins lymphoma. The payout was later reduced to $78 million, but it opened the floodgates for upwards of 9,300 similar lawsuits against Bayer. While the supervisory board motion doesn’t mention the recent court verdicts, it does cite “a growing body of scientific study” suggesting glyphosate’s carcinogenicity and asks the Department of Public Works to look into possible alternatives and deliver a report with recommendations within 30 days.

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Mar 202019
 
 March 20, 2019  Posted by at 9:27 am Finance Tagged with: , , , , , , , , , , , , , ,  


Salvador Dali Birth of liquid desires 1932

 

Monsanto’s Roundup Substantial Factor In Man’s Cancer, Jury Finds (G.)
Miami Bans The Use Of Glyphosate In A Step To Improve Water Quality (NoC)
Off-Duty Pilot Saved Doomed 737 From Nosedive Day Before Deadly Crash (ZH)
Most People Want Higher Taxes On Rich To Support Poor – OECD (G.)
Shifting Hopes As Republicans, Democrats Wait For Mueller (AP)
Schiff: Real Question Is If Trump Is Under Influence Of A Foreign Power (NBC)
Mueller Suspected Cohen May Have Been Acting As Foreign Agent In 2017 (G.)
EU’s Barnier: UK Can’t Delay Brexit Without Clear Plan Of Action (Ind.)
Theresa May Asks Eu For Brexit Delay With Cabinet In Deadlock (G.)
Theresa May Will Not Ask EU For Long Brexit Extension (BBC)
Tory MPs Vow To Quit Party If Boris Johnson Becomes Leader (G.)
Chinese Companies Default On Their Debts At An ‘Unprecedented’ Level (CNBC)
Foreigners Buy Up Athens Real Estate For Short-Term Rentals (K.)

 

 

Underlying lesson: stop poisoning your food and the soil it grows in.

But don’t count out Monsanto’s legal department.

Monsanto’s Roundup Substantial Factor In Man’s Cancer, Jury Finds (G.)

A federal jury in San Francisco found Monsanto’s Roundup herbicide was a substantial factor in causing the cancer of a California man, in a landmark verdict that could affect hundreds of other cases. Edwin Hardeman of Santa Rosa was the first person to challenge Monsanto’s Roundup in a federal trial and alleged that his exposure to Roundup caused him to develop non-Hodgkin’s lymphoma (NHL), a cancer that affects the immune system. In the next phase of the case, the jury will weigh liability and damages, and Hardeman’s lawyers will present arguments about Monsanto’s influence on government regulators and cancer research.

During the trial, the 70-year-old Santa Rosa man testified that he had sprayed the herbicide for nearly three decades and at one time got it on his skin before he was diagnosed with cancer. He used the chemical to control weeds and poison oak on his properties, starting in 1986. Hardeman’s case is considered a “bellwether” trial for hundreds of other plaintiffs in the US with similar claims, which means the verdict could affect future litigation and other cancer patients and families. Monsanto, now owned by the German pharmaceutical company Bayer, is facing more than 9,000 similar lawsuits across the US.

The unanimous ruling on Tuesday follows a historic verdict last August in which a California jury in state court ruled that Roundup caused the terminal cancer of Dewayne Johnson, a former school groundskeeper. That jury said Monsanto failed to warn Johnson of Roundup’s health hazards and “acted with malice or oppression”, awarding Johnson $289m in damages. Hardeman’s trial has been more limited in scope. While Johnson’s attorneys argued that Monsanto had “bullied” scientists and fought to suppress negative studies about its product, the federal judge barred Hardeman’s lawyers from discussing Monsanto’s alleged influence on research and regulations during the hearings.

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2 weeks old, but highly relevant.

Miami Bans The Use Of Glyphosate In A Step To Improve Water Quality (NoC)

Miami, Florida voted unanimously to ban the use of glyphosate by city departments and contractors. The controversial herbicide is the active ingredient in Monsanto’s – now Bayer after an acquisition took place over a year ago – popular weed-killer, Roundup. But concerns surrounding the safety and proliferation of glyphosate continue to grow and the city of Miami took it upon themselves to effectively enact the resolution right after passage, The Miami Times reported. Miami Commissioner Ken Russell started the investigation into the city’s use of glyphosate after officials believed the runoff from the herbicide “might have contributed to the recent blue-green algae bloom and red tide that impacted the state last year,” EcoWatch reported.

“Water quality issues are so important to the city of Miami, and we can be one of the worst polluters as a municipality,” Russell told The Miami New Times. “We ask for residents to make a change in their habits and that they be conscious of what they put in their gardens, but when I realized the totality of what the city uses at any given time, we had to change our habits.” Miami Director of Resiliency and Public Works Alan Dodd determined that Miami was responsible for using 4,800 gallons of glyphosate a year on the streets and sidewalks to kill weeds. While Dodd stopped the use of the herbicide, Russell took it a step further and sponsored a city-wide ban on glyphosate to make sure it was no longer used by any departments.

According to Waterkeeper: “herbicides and fertilizers are often applied in excess to lawns and landscapes and can be lost to the environment in stormwater runoff and can degrade the water quality of streams, rivers, canals, lakes, and coastal waters. They can also contribute to the creation of harmful algal blooms and the destruction of critically important habitats like sea grass beds and coral reefs.”

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One of the big selling points for the 737MAX was that airlines didn’t have to spend a fortune to re-train their pilots. Even though the MCAS system that caused the crashes was brand new.

Off-Duty Pilot Saved Doomed 737 From Nosedive Day Before Deadly Crash (ZH)

An off-duty pilot hitching a ride in the cockpit jumpseat of a doomed 737 Max 8 last October reportedly saved the plane just one day before it crashed off the coast of Indonesia while being operated by a different crew, killing 189 onboard. According to Bloomberg, the ‘dead-head’ pilot on the earlier flight from Bali to Jakarta was able to explain to the crew how to disable a malfunctioning flight-control system by cutting power to a motor driving the nose of the plane down. The previously undisclosed detail supports the suggestion that a lack of training is may be at least partially to blame in the March 10 crash of another 727 Max 8.

“The previously undisclosed detail on the earlier Lion Air flight represents a new clue in the mystery of how some 737 Max pilots faced with the malfunction have been able to avert disaster while the others lost control of their planes and crashed. The presence of a third pilot in the cockpit wasn’t contained in Indonesia’s National Transportation Safety Committee’s Nov. 28 report on the crash and hasn’t previously been reported.” -Bloomberg As we noted last week, several pilots had repeatedly warned federal authorities of the Max 8’s shortcomings, with one pilot describing the plane’s flight manual as “inadequate and almost criminally insufficient.”

“The fact that this airplane requires such jury-rigging to fly is a red flag. Now we know the systems employed are error-prone — even if the pilots aren’t sure what those systems are, what redundancies are in place and failure modes. I am left to wonder: what else don’t I know?” wrote the captain. “After the Lion Air crash, two U.S. pilots’ unions said the potential risks of the system, known as the Maneuvering Characteristics Augmentation System, or MCAS, hadn’t been sufficiently spelled out in their manuals or training. None of the documentation for the Max aircraft included an explanation, the union leaders said.” -Bloomberg

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Curious coming from the OECD.

Most People Want Higher Taxes On Rich To Support Poor – OECD (G.)

A majority of people living in developed countries want their government to increase taxes on the rich in order to help the poorest in society, according to a major global study. In all 21 countries included in the OECD study, more than half of those polled said they were in favour when asked: “Should the government tax the rich more than they currently do in order to support the poor?” The OECD said the survey of 22,000 people was “deeply troubling” and revealed that nearly 60% of respondents do not think they are getting their “fair share” back for the taxes they pay.

Only one in five people thought that they would easily be able to access state benefits in the event of a crisis, with many raising concerns about healthcare. Almost six in 10 said their government ignored their views and concerns. “This is a wake-up call for policy makers,” Ángel Gurría, the Organisation for Economic Co-operation and Development secretary-general, said. “Too many people feel they cannot count fully on their government when they need help. “A better understanding of the factors driving this perception and why people feel they are struggling is essential to making social protection more effective and efficient. We must restore trust and confidence in government and promote equality of opportunity.”

The survey comes as politicians and campaigners across the world call for higher taxes on the super-rich to fund essential services for the poor. Several of the Democratic candidates for US president in the 2020 election, including Elizabeth Warren, Bernie Sanders and Alexandria Ocasio-Cortez, have proposed new taxes on the super-rich to address inequality. The gilets jaunes (yellow vests) protesters in France have also demanded the wealthy shoulder a larger share of the tax burden. Almost 80% of people in Portugal and Greece said they wanted their governments to impose higher taxes on the wealthy. In the US more than half of those surveyed supported extra taxes on the wealthy. The OECD did not set an income level for what constituents wealthy.

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The end of one probe will give birth to many others.

Shifting Hopes As Republicans, Democrats Wait For Mueller (AP)

It’s a witch hunt, a vendetta, the worst presidential harassment in history. That’s what President Donald Trump has shouted for two years about the special counsel’s Russia probe. Now, barring an eleventh-hour surprise, Trump and his allies are starting to see it as something potentially very different: a political opportunity. With Robert Mueller’s findings expected any day, the president has grown increasingly confident the report will produce what he insisted all along — no clear evidence of a conspiracy between Russia and his 2016 campaign. And Trump and his advisers are considering how to weaponize those possible findings for the 2020 race, according to current and former White House officials and presidential confidants who spoke on condition of anonymity to discuss private conversations.

A change is underway as well among congressional Democrats, who have long believed the report would offer damning evidence against the president. The Democrats are busy building new avenues for evidence to come out, opening a broad array of investigations of Trump’s White House and businesses that go far beyond Mueller’s focus on Russian interference to help Trump beat Democrat Hillary Clinton. It’s a striking role reversal. No one knows exactly what Mueller will say, but Trump, his allies and members of Congress are trying to map out the post-probe political dynamics.

[..] If the report proves anticlimactic, says former House Speaker Newt Gingrich, a strong Trump ally, “there would no longer be any justification for what the House Dems want to do. They have their report, they had the guy they wanted writing it, and he had the full power of the federal government behind him and they still didn’t get the president. “Trump can say: Here is the report. I didn’t fire Mueller, I didn’t interfere with him. If you want to keep investigating me, it just shows that it is purely partisan.”

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What then is the real question about Adam Schiff?

Schiff: Real Question Is If Trump Is Under Influence Of A Foreign Power (NBC)

Nearly two years into his investigation, special counsel Robert Mueller has not accused any member of the Trump campaign of conspiring with the 2016 election interference effort — and it’s not clear whether he will. But legal experts, along with the congressman leading the House Russia investigation, tell NBC News that the most important question investigators must answer is one that may never have been suitable for the criminal courts: Whether President Trump or anyone around him is under the influence of a foreign government. “It’s more important to know what Trump is NOW than to know what he did in 2016,” said Martin Lederman, professor at the Georgetown University Law Center and former deputy assistant attorney general in the Department of Justice’s Office of Legal Counsel during the Obama administration.

“It’s more important to know whether he has been compromised as president than whether his conduct during the campaign constituted a crime.” Whether Mueller will answer that question in the absence of criminal charges is unclear. But in an interview with NBC News, House Intelligence Committee Chairman Adam Schiff said he is steering his investigation in a new direction to focus on it — and he will demand any relevant evidence compiled by the FBI or Mueller’s team. The California Democrat also expressed concern that Mueller hasn’t fully investigated Trump’s possible financial history with Russia. “From what we can see either publicly or otherwise, it’s very much an open question whether this is something the special counsel has looked at,” Schiff told NBC News.

Schiff said the public testimony from former Trump lawyer Michael Cohen that in 2016 Trump stood to earn hundreds of millions of dollars from a secret Moscow real estate project is a staggering conflict of interest that must be fully explored. “I certainly agree that the counterintelligence investigation may be more important than the criminal investigation because it goes to a present threat to our national security — whether the president and anybody around him are compromised by a foreign power,” Schiff said. “That’s not necessarily an issue that can be covered in indictments.”

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Sore losers all around.

Mueller Suspected Cohen May Have Been Acting As Foreign Agent In 2017 (G.)

Robert Mueller persuaded a judge within weeks of being made special counsel in 2017 that Michael Cohen, Donald Trump’s legal fixer, may have been secretly working for a foreign government. Legal filings unsealed on Tuesday said investigators working for Mueller were granted access to Cohen’s personal email account on 18 July 2017 on the basis that he may have broken several laws, including those on unregistered foreign agents. Cohen’s suspected efforts were not detailed in the documents. Cohen, one of Trump’s closest advisers for a decade, was known to have been paid in 2017 for consulting work by a state-controlled South Korean aviation company and a bank in Kazakhstan.

The filings said Mueller’s investigators were looking in Cohen’s Gmail account for records on any “funds or benefits” he received from foreign governments or companies, as well as any files revealing efforts by Cohen to work on their behalf. The court documents were released by a federal judge in New York, where Cohen pleaded guilty last year to campaign finance and personal financial crimes. They were originally filed by investigators in April last year to obtain additional search warrants. It was not previously known that Cohen was suspected of crimes relating to representing foreigners without registering with US authorities, and no such charges were brought against him. Cohen was sentenced to three years in prison and is due to be jailed in May.

The filings released on Tuesday ran to hundreds of pages. More than 19 pages, apparently relating to the campaign finance scheme, were entirely blacked out, indicating that it remains under investigation. Cohen directly implicated Trump in the scheme, which involved hush-money payments to women who alleged during the 2016 campaign that they had affairs with Trump. Some legal analysts have said Trump could be vulnerable to prosecution for the scheme once he leaves office. He denies breaking any laws.

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9 days and it gets serious.

EU’s Barnier: UK Can’t Delay Brexit Without Clear Plan Of Action (Ind.)

The EU has said Britain cannot delay Brexit without a clear plan for what happens next, indicating only an election, a new referendum or major compromise on Theresa May’s red lines will suffice. In an ultimatum, Michel Barnier said there would need to be a “new event or new political process” to secure an extension to the Article 50 negotiating period. Brussels’ intervention represents yet another blow for the prime minister, who planned to ask for a delay at this week’s European Council meeting as part of a drive to finally push through her twice-defeated Brexit deal. She is already having to grapple with the new obstacle thrown in front of her by Commons speaker John Bercow who has tried to block her from putting the deal in front of MPs for a third time.

Any move to secure a long delay to Brexit is likely to infuriate Leave-backing Tory MPs and could even lead to cabinet resignations. A meeting of her top ministers on Tuesday ended with Brexiteer ministers making grave warnings about the collapse of their party if it fails to deliver Britain’s departure. Theresa May is set to write to European Council president Donald Tusk, laying out her proposal to delay Brexit beyond March 29 – something that requires the approval of all 27 remaining member states at the summit on Thursday. The Independent understands that one approach being considered is to ask for a lengthy extension to the Article 50 period, with the option of an early break if Ms May can get her deal through parliament.

But Mr Barnier poured cold water on the idea, telling a reporter who asked him about it: “You said both short and long – well, it’s either one or the other, isn’t it?” He added: “My feeling is … a longer extension needs to be linked to something new. There needs to be a new event or a new political process.” Mr Barnier told a news conference in Brussels: “It is our duty to ask whether this extension would be useful because an extension will be something which would extend uncertainty, and uncertainty costs.” He again warned that the UK would need to propose “something new” to justify a lengthy extension. A “new event” can only really mean giving the British public a Final Say referendum or an election, while a new process is likely to refer to a push to rewrite Ms May’s strategy to include a closer relationship with the EU, possibly a permanent customs union.

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What I liked about this when I read it yesterday was May refusing to say how long an extension she was asking for.

Theresa May Asks Eu For Brexit Delay With Cabinet In Deadlock (G.)

Theresa May will be forced to write to EU leaders on Wednesday and beg them to delay Brexit, with her cabinet deadlocked over the best way out of what Downing Street now concedes is a “crisis”. The government had maintained until the last possible moment that Brexit could go ahead as planned on 29 March or after a brief “technical extension”. But after the Speaker, John Bercow, ruled the prime minister could not put her deal to parliament unchanged for a third “meaningful vote,” her spokesman conceded it was now too late to leave with a deal.

He said May would write to the European council president, Donald Tusk, to ask for an extension to article 50, before EU leaders meet in Brussels on Thursday. He declined to say how long a delay she would request, or for what purpose, simply insisting: “You’re going to have to wait for that letter to be published.” Asked whether May agreed with the solicitor general, Robert Buckland, who described the situation after Bercow’s ruling on Monday as a “constitutional crisis”, her spokesman said: “If you were to look back at the speech the prime minister gave, just before meaningful vote two, she said that if MPs did not support meaningful vote two we would be in a crisis. Events yesterday tell you that that situation has come to pass.”

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It doesn’t matter what she asks for, but what they are willing to give.

Theresa May Will Not Ask EU For Long Brexit Extension (BBC)

Theresa May will not be asking the EU for a long delay when she formally requests that Brexit is postponed. Number 10 said the PM shared the public’s “frustration” at Parliament’s “failure to take a decision”. EU Brexit negotiator Michel Barnier has said the EU will not grant a delay without a “concrete plan” from the UK about what they would do with it. Under current law, the UK will leave the EU – with or without a deal – in nine days. BBC assistant political editor Norman Smith said the delay would not be beyond the end of June. Any delay will have to be agreed by all 27 EU member states and Mrs May is heading to Brussels on Thursday to discuss the matter with fellow leaders.

Explaining that Mrs May “won’t be asking for a long extension” when she writes to the EU, Number 10 said: “There is a case for giving Parliament a bit more time to agree a way forward, but the people of this country have been waiting nearly three years now. “They are fed up with Parliament’s failure to take a decision and the PM shares their frustration.” It comes after MPs rejected the withdrawal deal Mrs May has negotiated with the EU for a second time last week by 149 votes. They also voted in favour of ruling out leaving the EU without a deal, and in favour of extending the Brexit process.

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All these people love the sound of their own voices.

Tory MPs Vow To Quit Party If Boris Johnson Becomes Leader (G.)

Conservative MPs are orchestrating against a potential leadership campaign by Boris Johnson, with several talking of resigning the whip if he were to become party leader. With Tories convinced that Theresa May’s days in No 10 are numbered, MPs are feverishly discussing who will seek to replace her, how organised the teams are and whether a general election would be necessary. Johnson is the current favourite of Brexit-backing Tory activists, who will pick the leader out of a final two candidates. However, the former London mayor would first have to clear the hurdle of convincing Conservative MPs to put him on the final list of two.

One minister said she would leave the party if Johnson and his supporters, such as Jacob Rees-Mogg, took over the Conservatives. Another minister said he knew of five or six Conservatives who were openly saying they were so opposed to a Johnson premiership that they could not stay in the party run by him and a group of “Brexit ultras”. Anna Soubry, the former Tory minister who quit to join the new Independent Group, said she believed “people will leave” if Johnson were to become prime minister. [..] Backers of Johnson believe MPs could swing behind him if they believe an election is not far away, because he is already a household name to put up against Labour’s Jeremy Corbyn.

“Who outside Westminster has heard of Dominic Raab?” asked one Brexit supporting MP who wants Johnson to deliver May a message that she must stand down soon regardless of whether her Brexit deal passes. “Boris still has the star quality that we would need with the electorate to beat Corbyn if there is going to be an election soon. And there is going to be an election in 2019 if you look at parliament.”

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Something’s brewing.

Chinese Companies Default On Their Debts At An ‘Unprecedented’ Level (CNBC)

An economic slowdown and extremely tight credit conditions pushed corporate debt to a record high in China last year, according to experts. Defaults for Chinese corporate bonds — issued in both U.S. dollars and the Chinese yuan — soared last year, according to numbers from two banks. Japanese bank Nomura’s estimates, provided to CNBC, were even higher, putting the size of defaults in onshore bonds — or yuan-denominated bonds — at 159.6 billion yuan ($23.8 billion) last year. That number is roughly four times more than its 2017 estimate. Offshore corporate dollar bonds, or U.S. dollar-denominated debt issued by Chinese companies, followed the same trend.

Nomura said the amount of such debt rose to $7 billion in 2018, from none the year before. “China witnessed an unprecedented wave of corporate bond defaults last year, in a fresh sign of wobbles hitting financial markets as slowdown deepens,” said DBS analysts in the report. According to DBS, the energy sector bailed on 46.4 billion yuan of payments in 2018 — making up almost 40 percent of all defaults in yuan-denominated debt. Consumer companies were the next worst hit, according to the bank’s report. “The default wave is extending into 2019 … Given the reduced risk appetite and huge maturing volume, the outlook is poor,” DBS said, adding that there are 3.5 trillion yuan in corporate bonds due this year.

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I got back to Athens a few days ago, and this is the talk of the town. Greeks being evicted from their apartments because some Chinese ‘investor’ is Airbnb-ing entire buildings. Soon there’ll be hardly any Greeks left in the city core, and it’ll turn into Disneyland.

Foreigners Buy Up Athens Real Estate For Short-Term Rentals (K.)

The Greek property market appears to have emerged from its decade-long hibernation: Bank of Greece figures showed that 1.35 billion euros flowed into the country last year for property purchases (mainly houses) by foreign investors. That figure constitutes a 172 percent annual increase, after an 86.5 percent rise in 2017, when inflows had amounted to 500 million euros. House prices increased 1.5 percent in 2018 compared to 2017, when there had been a 1 percent yearly decline. Realty professionals say that investments by foreign individuals and medium-sized investors in the local housing market peaked in 2018, with a focus on flats in the center of Athens, apartments in the southern suburbs of Attica and luxury holiday homes.

This huge rise was fed by the prospects for the utilization of apartments through short-term leasing platforms such as Airbnb, Booking and HomeAway, by the appeal of the Golden Visa program, which grants five-year residence permits to foreign nationals who invest at least 250,000 euros in Greek realty, and by the continued increase in tourism, which has raised demand for holiday homes. Data from the land registry of Athens concerning the first eight months of 2018 showed a 60 percent annual increase in transactions.

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Mar 122019
 
 March 12, 2019  Posted by at 10:35 am Finance Tagged with: , , , , , , , , , , , , , ,  


Robert Rauschenberg Buffalo II 1964

 

Theresa May Claims ‘Legally Binding’ Changes To Brexit Deal (Ind.)
Legal Uncertainty Hangs Over Brexit Vote (EUO)
May Tries To Claim Victory – But The EU Has Conceded Next To Nothing (G.)
Britain Must Leave EU By May 23 Or Hold Own EU Vote (R.)
Former Australian PM Calls Brexit Trade Plan ‘Utter Bollocks’ (G.)
Mueller Probe Already Financed Through September: Officials (R.)
Marco Rubio Accuses CNN Of ‘Russian Collusion’ (RT)
Manafort To Jail – Not About Justice; Not About Russia (Ron Paul)
News Corp’s Australian Arm Calls For Google Breakup (R.)
Facebook Removes Warren Ads Calling For Facebook Breakup (Pol.)
Facebook Bans Zero Hedge (ZH)
Biden on the Relaunch Pad: He’s Worse Than You Thought (CP)
Ides and Tides (Jim Kunstler)
Synthetic Chemicals Use Doubled In 20 Years, Will Double Again In Next 10 (G.)

 

 

Trying to patch together an idea of what was decided. It all appears vacuous. May assures Britain that the EU can’t make the backstop permanent, but 1) it can, and 2) it never wanted to, provided Ireland is taken care of properly. I can’t get rid of the notion that the UK can’t get rid of the notion that Ireland is a second-class country.

Biggest ‘gain’ for May: the UK can unilaterally declare that it believes it can unilaterally halt the backstop.

Today will be all lawyers trying to translate the hollow terms into legalese, but I haven’t found anything that could convince anyone anything has changed since two days ago. Maybe she’ll swing a handful votes, but she lost by 203 last time around.

 

WSJ: “The EU offered a new legal instrument that would allow the U.K. to seek independent arbitration if it believed the EU was not negotiating a new trade agreement in good faith. If the U.K. claim were upheld and the EU continued to drag its feet, the U.K. could be freed from the customs arrangement. The EU also offered a legally binding pledge to work quickly on a future trade agreement to ensure that the backstop is temporary. The two sides also agreed that the U.K. would set out its own interpretation of the deal, which would state that the U.K. believes it has the option to bring the customs union arrangement to an end.”

Jeremy Corbyn on Twitter: “The Prime Minister’s negotiations have failed. Last night’s agreement with the European Commission does not contain anything approaching the changes Theresa May promised Parliament, and whipped her MPs to vote for.”

Green Party’s Molly Scott Cato on Twitter: “I’ve never before seen a prime minister deliberately try to mislead her own Parliament. There have been no legally binding changes to the withdrawal agreement. This is action worthy of an autocratic leader from a banana republic not the leader of a democratic country.”

Theresa May Claims ‘Legally Binding’ Changes To Brexit Deal (Ind.)

Theresa May claims to have secured significant changes to her Brexit deal in a last-minute dash to Europe just hours before she must put her plan to a critical vote in parliament. In a late night statement on Monday in Strasbourg she argued the new-look deal meant Britain could not be trapped in the “Irish backstop” so hated by Eurosceptic Tories and her DUP allies, but major doubts remain over whether it is enough to win their backing on Tuesday. The prime minister’s deputy David Lidington warned that if her deal is rejected for a second time by MPs it will “plunge the country into a political crisis”. European leaders warned there would be no “third chance”, but Conservative Brexiteers insisted there are still “very worrying features” to the agreement, while Labour leader Jeremy Corbyn said “MPs must reject this deal tomorrow”.

The announcement came after another dramatic day in Westminster on Monday, which began with talk of Ms May potentially delaying Tuesday’s vote on her deal after a seemingly fruitless weekend of talks. But speaking an hour before midnight, she said: “MPs were clear that legal changes were needed to the backstop. Today we have secured legal changes. “Now is the time to come together, to back this improved Brexit deal, and to deliver on the instruction of the British people.” The backstop is an arrangement in the existing withdrawal agreement that comes into play if the EU and UK fail to agree future trading arrangements by the end of 2020, thus keeping the Irish border open, but also locking the UK into a customs union with the EU on a potentially indefinite basis.

[..] In a commons statement Mr Lidington revealed that the UK had secured two new documents, a “joint legally binding instrument on the withdrawal agreement” and a “joint statement to supplement the political declaration” on future relations. There is also a third element – a unilateral declaration from the UK setting out what actions it would take if it felt the backstop is being abused by the EU. Mr Lidington said the new legal “instrument” confirmed that the EU could not try to trap the UK in the backstop indefinitely, because commitments they had made to not do so were now legally binding.

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It often takes going through several articles to get a rounded picture.

Legal Uncertainty Hangs Over Brexit Vote (EUO)

Uncertainty continued to hang over Tuesday night’s (12 March) big vote on Brexit in the UK parliament, as British MPs tried to make sense of last-minute tweaks to the exit deal. The opposition Labour party indicated it would vote against the accord. “This evening’s agreement with the European Commission does not contain anything approaching the changes [British prime minister] Theresa May promised parliament and whipped her MPs to vote for,” Labour leader Jeremy Corbyn said on Monday. “It sounds again that nothing has changed,” his shadow Brexit minister, Keir Starmer said. Two MPs from May’s ruling Conservative party said the same. “Seems UK is still permanently locked into the EU, but can ‘argue’ it can leave. The catch? EU decides if we can leave,” Adam Afriyie said.

“We’re being played,” Sam Gyimah, a former Tory minister said. Nigel Farage, the EU-phobic British MEP for the UK Independence Party, was the most outspoken. “Nothing has changed. Reject. Reject. Reject,” he said. Meanwhile, the so-called Independent Group of ex-Labour and ex-Tory MPs said Brexit ought to be delayed in order to hold a second referendum. Dominic Grieve, Britain’s former attorney general, echoed their position. “The proper thing to do is to put it back to the public in a people’s vote, in a second referendum,” he said on Monday. Afriyie’s comment on being “locked into the EU” referred to the so-called ‘backstop’ – the previous deal that the UK would remain in the EU customs union until it found a mutually acceptable way to avoid a hard border on the island of Ireland.

The backstop prompted a historic majority of 230 MPs to reject the withdrawal deal in January, raising the prospect of a no-deal Brexit on 29 March. But EU commission president Jean-Claude Juncker and British prime minister Theresa May agreed three new documents at a meeting in Strasbourg, France, late on Monday designed to assuage those fears. The first one said the UK could start a dispute in an arbitration court to quit the backstop if the EU did not want to let it out. The second one said the EU and UK would try to find alternative arrangements to the backstop by the end of 2020. The third one was a unilateral British declaration in which the UK said it could quit the backstop if the talks on alternative arrangements broke down.

Both May and Juncker were emphatic in saying that the tweaks gave the UK the “legally binding” guarantees it needed to avoid being locked in to EU customs rules. “It [the backstop] would never be a trap, if either side were to act in bad faith, there is a legal way for either side to exit,” Juncker said.

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Jonathan Freedland is a bit of a douche, I avoid him mostly. But he makes some points here.

May Tries To Claim Victory – But The EU Has Conceded Next To Nothing (G.)

Think of what the ERG and the Democratic Unionists object to about the key stumbling block: the Northern Irish backstop, the insurance policy designed to avoid a hard border on the island of Ireland. They don’t like the fact that it has no time limit, that it could, theoretically, go on forever. And yet the best that May’s new motion laid before parliament could say is that the new legally binding joint instrument “reduces the risk that the UK could be held in the Northern Ireland backstop indefinitely”. “Reduces the risk” is not the same as “eliminates the risk” – and it’s that that many of those Brexiters wanted to hear. (Put aside the fact that it was always an unrealistic demand: you could say the same about the entire case for Brexit.)

A second demand of the Brexiters, one bizarrely endorsed in January by May herself and a majority of the Commons, was that the backstop be replaced by “alternative arrangements.” Gamely, May tried to pretend that she’d won an EU concession on that too, and that those alternative arrangements will be in place by December 2020. As indeed they will – if they exist by then. But for now, the technological wizardry so great that it would render the backstop redundant does not exist. And so this was another hollow victory.

Finally, the Brexit crowd wanted the UK to have the unilateral right to exit the backstop whenever it liked. May did indeed get something unilateral – the right to issue her own unilateral declaration, in which she could freely state that “it is the position of the United Kingdom that there would be nothing to prevent the UK instigating measures that would ultimately dis-apply the backstop.” This is rather like my son winning the right to declare that it is his position that he should get more pocket money. It doesn’t mean I’ve agreed to give him more pocket money. The clue is in the word “unilateral.” The EU is not bound by this UK declaration and has, in fact, conceded nothing.

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Anyone checked what the bookmakers say on the date? UK elections for the EU Parliament would be hilarious.

Britain Must Leave EU By May 23 Or Hold Own EU Vote (R.)

Britain must leave the European Union by the time EU voters elect a new European Parliament on May 23-26 or will have to elect its own EU lawmakers, European Commission President Jean-Claude Juncker said on Monday. Writing to EU summit chair Donald Tusk after agreeing a deal to break Brexit deadlock with British Prime Minister Theresa May, Juncker wrote: “The United Kingdom’s withdrawal should be complete before the European elections that will take place between May 23-26 this year.” “If the United Kingdom has not left the European Union by then, it will be legally required to hold these elections.”

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Seems obvious.

Former Australian PM Calls Brexit Trade Plan ‘Utter Bollocks’ (G.)

The claims that British trade with the Commonwealth can make up for leaving the EU is “the nuttiest of the many nutty arguments” advanced by Brexit supporters and “utter bollocks”, the former Australian prime minister Kevin Rudd has said. In a lacerating piece for the Guardian, Rudd dismissed the claims by some Brexit supporters that the UK could strike deals with his country, New Zealand, Canada and India to soften the blow and said the UK risked undermining western values by leaving the EU in a weaker position when it left.

“I’m struck, as the British parliament moves towards the endgame on Brexit, with the number of times Australia, Canada, New Zealand and India have been advanced by the Brexiteers in the public debate as magical alternatives to Britain’s current trade and investment relationship with the European Union,” he wrote. “This is the nuttiest of the many nutty arguments that have emerged from the Land of Hope and Glory set now masquerading as the authentic standard-bearers of British patriotism. It’s utter bollocks.” Of the prospect of a free trade deal with Delhi, he writes: “As for India, good luck!”

[..] he cast serious doubt on suggestions the UK could quickly come to a free trade agreement (FTA) with India, pointing out that talks he began with the nation on behalf of Australia a decade ago are still going on. “A substantive India-UK FTA is the ultimate mirage constructed by the Brexiteers. It’s as credible as the ad they plastered on the side of that big red bus about the £350m Britain was allegedly paying to Brussels each week. Not.”

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Have a nice summer.

Mueller Probe Already Financed Through September: Officials (R.)

Special Counsel Robert Mueller and the team he assembled to investigate U.S. President Donald Trump and his associates have been funded through the end of September 2019, three U.S. officials said on Monday, an indication that the probe has funding to keep it going for months if need be. The operations and funding of Mueller’s office were not addressed in the budget requests for the next government fiscal year issued by the White House and Justice Department on Monday because Mueller’s office is financed by the U.S. Treasury under special regulations issued by the Justice Department, the officials said. “The Special Counsel is funded by the Independent Counsel appropriation, a permanent indefinite appropriation established in the Department’s 1988 Appropriations Act,” a Justice Department spokesman said.

There has been increased speculation in recent weeks that Mueller’s team is close to winding up its work and is likely to deliver a report summarizing its findings to Attorney General William Barr any day or week now. Mueller’s office has not commented on the news reports suggesting an imminent release. Representatives of key congressional committees involved in Trump-related investigations say they have received no guidance from Mueller’s office regarding his investigation’s progress or future plans. The probe, which began in May 2017, is examining whether there were any links or coordination between the Russian government led by Vladimir Putin and the 2016 presidential campaign of Trump, according to an order signed by Deputy Attorney General Rod Rosenstein.

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Little Marco lost so bigly in 2016, why’s he still around? Court jester? Or is he going for McCain’s place as warmonger in chief?

Marco Rubio Accuses CNN Of ‘Russian Collusion’ (RT)

Senator Marco Rubio, the most outspoken cheerleader of US regime change in Venezuela, lashed out at several major outlets for not using his preferred terminology, going so far as to accuse CNN of ‘Russian collusion.’ “In order to undermine the constitutional basis for [Juan Guaido’s] interim Presidency [sic], Putin’s Russia repeatedly describes him as the ‘self-proclaimed’ president of Venezuela. And so does CNN,” Rubio (R-Florida) tweeted on Wednesday, adding, “Russian collusion?” It was the latest in a string of tweets by the senator whom President Donald Trump is, for some unknown reason, allowing to drive US foreign policy on Latin America.

On Tuesday, Rubio targeted the Washington Post and the Wall Street Journal for their coverage of Guaido, this time objecting to their use of the term “opposition leader.” Rubio’s badgering of the media came shortly after State Department spokesman Robert Palladino tried to do the same thing with diplomatic correspondents in Foggy Bottom. Referring to Guaido as anything other than “interim president” was feeding “the narrative of a dictator who has usurped the position of the presidency and led Venezuela into the humanitarian, political, and economic crisis that exists today,” Palladino argued.

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CNN and Manafort, both. And neither.

Manafort To Jail – Not About Justice; Not About Russia (Ron Paul)

Former Trump campaign official Paul Manafort has been sentenced to nearly four years in prison for acting as an unregistered agent for Ukraine. But looking at the media coverage of the case one would never know that “taking down” Manafort was not all about Russia collusion. Reporting…or propaganda?

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Have they asked the CIA? Has Elizabeth Warren?

News Corp’s Australian Arm Calls For Google Breakup (R.)

The Australian arm of Rupert Murdoch’s News Corp called for an enforced break-up of Alphabet Inc’s Google, acknowledging the measure would involve global coordination but calling it necessary to preserve advertising and the news media. The demand, published on Tuesday as part of a government inquiry, goes beyond the recommendations of the Australian Competition and Consumer Commission (ACCC) which crossed swords with Google by requesting a new regulatory body to oversee global tech operators. In an 80-page submission largely centered on Google, News Corp Australia said the U.S. company had created an “ecosystem” where it could control the results of people’s internet searches and then charge advertisers based on how many people viewed their advertisements.

Efforts to curtail Google’s market dominance around the world had failed because of the search engine operator’s record of “avoiding and undermining regulatory initiatives and ignoring private contractual arrangements”. When Google had agreed to change its methods in response to investigation or new regulations in other countries, it often soon replaced the conduct with new methods which had the same effect: directing traffic and sales to its own sites and hurting competition. Calling Google’s behavior “anti-competitive”, News Corp accused the Mountain View, California-based internet company of damaging publishers’ ability to generate revenue and ultimately the sustainability of the news industry.

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And restores them again. But what nincompoop did that? Does (s)he still have a job today?

Facebook Removes Warren Ads Calling For Facebook Breakup (Pol.)

Facebook removed several ads placed by Sen. Elizabeth Warren’s presidential campaign that called for the breakup of Facebook and other tech giants. But the social network later reversed course after POLITICO reported on the takedown, with the company saying it wanted to allow for “robust debate.” The ads, which had identical images and text, touted Warren’s recently announced plan to unwind “anti-competitive” tech mergers, including Facebook’s acquisition of WhatsApp and Instagram. “Three companies have vast power over our economy and our democracy. Facebook, Amazon, and Google,” read the ads, which Warren’s campaign had placed Friday. “We all use them. But in their rise to power, they’ve bulldozed competition, used our private information for profit, and tilted the playing field in their favor.”

A message on the three ads said: “This ad was taken down because it goes against Facebook’s advertising policies.” A Facebook spokesperson confirmed the ads had been taken down but said the company is in the process of restoring them. “We removed the ads because they violated our policies against use of our corporate logo,” the spokesperson said. “In the interest of allowing robust debate, we are restoring the ads.” Warren swiped at Facebook over the removal, citing it as evidence the company has grown too powerful. “Curious why I think FB has too much power? Let’s start with their ability to shut down a debate over whether FB has too much power,” she tweeted. “Thanks for restoring my posts. But I want a social media marketplace that isn’t dominated by a single censor.”

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How long’s it been, 3-4 years?!, that Facebook blocked the Automatic Earth account? Still waiting for an explanation.

Facebook Bans Zero Hedge (ZH)

Over the weekend, we were surprised to learn that some readers were prevented by Facebook when attempting to share Zero Hedge articles. Subsequently it emerged that virtually every attempt to share or merely mention an article, including in private messages, would be actively blocked by the world’s largest social network, with the explanation that “the link you tried to visit goes against our community standards.” We were especially surprised by this action as neither prior to this seemingly arbitrary act of censorship, nor since, were we contacted by Facebook with an explanation of what “community standard” had been violated or what particular filter or article had triggered the blanket rejection of all Zero Hedge content.

To be sure, as a for-profit enterprise with its own unique set of corporate “ethics”, Facebook has every right to impose whatever filters it desires on the media shared on its platform. It is entirely possible that one or more posts was flagged by Facebook’s “triggered” readers who merely alerted a censorship algo which blocked all content. Alternatively, it is just as possible that Facebook simply decided to no longer allow its users to share our content in retaliation for our extensive coverage of what some have dubbed the platform’s “many problems”, including chronic privacy violations, mass abandonment by younger users, its gross and ongoing misrepresentation of fake users, ironically – in retrospect – its systematic censorship and back door government cooperation (those are just links from the past few weeks).

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The Democrats are killing their chances if they go with the old crowd. But then, they are controlled by that crowd.

Biden on the Relaunch Pad: He’s Worse Than You Thought (CP)

When the New York Times front-paged its latest anti-left polemic masquerading as a news article, the March 9 piece declared: “Should former Vice President Joseph R. Biden Jr. enter the race, as his top advisers vow he soon will, he would have the best immediate shot at the moderate mantle.” On the verge of relaunching, Joe Biden is poised to come to the rescue of the corporate political establishment — at a time when, in the words of the Times, “the sharp left turn in the Democratic Party and the rise of progressive presidential candidates are unnerving moderate Democrats.” After 36 years in the Senate and eight as vice president, Biden is by far the most seasoned servant of corporate power with a prayer of becoming the next president.

When Biden read this paragraph in a recent Politico article, his ears must have been burning: “Early support from deep-pocketed financial executives could give Democrats seeking to break out of the pack an important fundraising boost. But any association with bankers also opens presidential hopefuls to sharp attacks from an ascendant left.” The direct prey of Biden’s five-decade “association with bankers” include millions of current and former college students now struggling under avalanches of debt; they can thank Biden for his prodigious services to the lending industry. Andrew Cockburn identifies an array of victims in his devastating profile of Biden in the March issue of Harper’s magazine. For instance:

• “Biden was long a willing foot soldier in the campaign to emasculate laws allowing debtors relief from loans they cannot repay. As far back as 1978, he helped negotiate a deal rolling back bankruptcy protections for graduates with federal student loans, and in 1984 worked to do the same for borrowers with loans for vocational schools.” • “Even when the ostensible objective lay elsewhere, such as drug-related crime, Biden did not forget his banker friends. Thus the 1990 Crime Control Act, with Biden as chief sponsor, further limited debtors’ ability to take advantage of bankruptcy protections.” • Biden worked diligently to strengthen the hand of credit-card firms against consumers. At the same time, “the credit card giant MBNA was Biden’s largest contributor for much of his Senate career, while also employing his son Hunter as an executive and, later, as a well-remunerated consultant.”

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“..you miserable, morbidly obese, tattooed gorks watching this out on the Midwestern buzzard flats should have thought twice before dropping out of community college to drive a forklift in the Sysco frozen food warehouse..”

Ides and Tides (Jim Kunstler)

What you really had to love was Mr. Powell’s explanation for the record number of car owners in default on their monthly payments: “…not everybody is sharing in this widespread prosperity we have.” Errrgghh Errrgghh Errrgghh. Sound of klaxon wailing. What he meant to say was, hedge-funders, private equity hustlers, and C-suite personnel are making out just fine as the asset-stripping of flyover America proceeds, and you miserable, morbidly obese, tattooed gorks watching this out on the Midwestern buzzard flats should have thought twice before dropping out of community college to drive a forklift in the Sysco frozen food warehouse (where, by the way, you are probably stealing half the oven-ready chicken nuggets in inventory).

Interlocutor Scott Pelley asked the oracle about “those half-a-million people who have given up looking for jobs.” Did he pull that number out of his shorts? The total number out of the workforce is more like 95 million, and when you subtract retirees, people still in school, and the disabled, the figure is more like 7.5 million. There was some blather over the “opioid epidemic,” the upshot of which was learn to code, young man. Personally, I was about as impressed as I was ten years ago when past oracle Ben Bernanke confidently explained to congress that the disturbances in Mortgage-land were “contained.”

David Leonhardt of The New York Times had a real howler in his Monday column on the state of the economy: “Americans are saving more and spending less partly because the rich now take home so much of the economy’s income — and the rich don’t spend as large a share of their income as the poor and middle class.” Suggestion to Mr. Leonhardt: Learn to code.

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Our chances of survival drop by the minute.

It’s Daly-Townsend’s take on the 2nd law of Thermodynamics: “No organism can survive in a medium of its own waste. “

The reason is that an organism’s waste is toxic to that organism.

If they don’t teach that in schools, why bother to attend?

Synthetic Chemicals Use Doubled In 20 Years, Will Double Again In Next 10 (G.)

Sales of synthetic chemicals will double over the next 12 years with alarming implications for health and the environment, according to a global study that highlights government failures to rein in the industry behind plastics, pesticides and cosmetics. The second Global Chemicals Outlook, which was released in Nairobi on Monday, said the world will not meet international commitments to reduce chemical hazards and halt pollution by 2020. In fact, the study by the United Nations Environment Programme found that the industry has never been more dominant nor has humanity’s dependence on chemicals ever been as great.

“When you consider existing pollution, plus the projected growth of the industry, the trends are a cause for significant concern,” said Achim Halpaap, who led the 400 scientists involved in the study. He said the fastest growth was in construction materials, electronics, textiles and lead batteries. More and more additives are also being used to make plastics smoother or more durable. Depending on the chemical and degree of exposure, the risks can include cancer, chronic kidney disease and congenital anomalies. The World Health Organization estimated that the burden of disease was 1.6 million lives in 2016. Halpaap said this was likely to be an underestimate.

In addition to the human health dangers, he said chemicals also affect pollinators and coral reefs. Global chemical production has almost doubled since 2000 and is now – if the pharmaceutical business is taken into account – the world’s second largest industry, the report noted. This is expected to continue for at least the next decade owing to massive increases in the expanding economies of Asia, Africa and the Middle East. By 2030, the industry is projected to almost double again from 2017 levels to hit $6.6tn (£5tn) in sales; China is forecast to account for 49.9% of the world market.

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Feb 122019
 
 February 12, 2019  Posted by at 11:20 am Finance Tagged with: , , , , , , , , , , , ,  


Vincent van Gogh On the outskirts of Paris 1887

 

Global Insect Decline May See ‘Plague Of Pests’ (BBC)
Complex, Dynamic Environmental Destabilisation (BBC)
Politicians Are Complicit In The Killing Of Our Insects (G.)
Should We Really Not Worry About The Fed’s Balance Sheet? (Roberts)
Party Leaders Reach Deal To Avoid Fresh US Government Shutdown (AP)
Warren’s Foreign Policy Shows She’s Missing Why Trump Was Elected (G.)
Mistaken Futures (Kunstler)
May To Ask MPs For Further Fortnight’s Grace In Brexit Talks (G.)
Europeans Must Get Rid Of The Failing EU One Way Or Another (MW)
“Insane” Deutsche Bank Drowning Under Soaring Funding Costs (ZH)
Nearly A Fifth Of The EU’s Budget Goes On Livestock Farming (G.)
China Has No Use For Democracy. It Needs A Strong Leader Like Xi (SCMP)
History’s 10 Most Culturally Significant Dick Pic Scandals (Taibbi)

 

 

Roaches in a nuclear winter.

Global Insect Decline May See ‘Plague Of Pests’ (BBC)

A scientific review of insect numbers suggests that 40% of species are undergoing “dramatic rates of decline” around the world. The study says that bees, ants and beetles are disappearing eight times faster than mammals, birds or reptiles. But researchers say that some species, such as houseflies and cockroaches, are likely to boom. The general insect decline is being caused by intensive agriculture, pesticides and climate change. Insects make up the majority of creatures that live on land, and provide key benefits to many other species, including humans. They provide food for birds, bats and small mammals; they pollinate around 75% of the crops in the world; they replenish soils and keep pest numbers in check.

Many other studies in recent years have shown that individual species of insects, such as bees, have suffered huge declines, particularly in developed economies. But this new paper takes a broader look. Published in the journal Biological Conservation, it reviews 73 existing studies from around the world published over the past 13 years. The researchers found that declines in almost all regions may lead to the extinction of 40% of insects over the next few decades. One-third of insect species are classed as Endangered. “The main factor is the loss of habitat, due to agricultural practices, urbanisation and deforestation,” lead author Dr Francisco Sánchez-Bayo, from the University of Sydney, told BBC News.

“Second is the increasing use of fertilisers and pesticides in agriculture worldwide and contamination with chemical pollutants of all kinds. Thirdly, we have biological factors, such as invasive species and pathogens; and fourthly, we have climate change, particularly in tropical areas where it is known to have a big impact.” [..] “Fast-breeding pest insects will probably thrive because of the warmer conditions, because many of their natural enemies, which breed more slowly, will disappear,” said Prof Dave Goulson from the University of Sussex who was not involved in the review. “It’s quite plausible that we might end up with plagues of small numbers of pest insects, but we will lose all the wonderful ones that we want, like bees and hoverflies and butterflies and dung beetles that do a great job of disposing of animal waste.” Prof Goulson said that some tough, adaptable, generalist species – like houseflies and cockroaches – seem to be able to live comfortably in a human-made environment and have evolved resistance to pesticides.

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Nobody listened so far; why would they now?

Complex, Dynamic Environmental Destabilisation (BBC)

• Topsoil is being lost 10 to 40 times faster than it is being replenished by natural processes • Since the mid-20th Century, 30% of the world’s arable land has become unproductive due to erosion • 95% of the Earth’s land areas could become degraded by 2050 • Since 2005, the number of floods has increased by a factor of 15, extreme temperature events by a factor of 20, and wildfires sevenfold • Vertebrate populations have fallen by an average of 60% since the 1970s, and insect numbers – vital for pollination – have declined even faster in some countries.

Scientists warn of a potentially deadly combination of factors. These include climate change, mass loss of species, topsoil erosion, forest felling and acidifying oceans. The report from the centre-left Institute for Public Policy Research says these factors are “driving a complex, dynamic process of environmental destabilisation that has reached critical levels. “This destabilisation is occurring at speeds unprecedented in human history and, in some cases, over billions of years.” The UK is described as one of the most nature-depleted countries in the world. Some 2.2 million tonnes of UK topsoil is eroded annually, and over 17% of arable land shows signs of erosion. Nearly 85% of fertile peat topsoil in East Anglia has been lost since 1850, with the remainder at risk of being lost over next 30–60 years. The IIPR says many scientists believe we have entered a new era of rapid environmental change.

The report warns: “We define this as the ‘age of environmental breakdown’ to better highlight the severity of the scale, pace and implications of environmental destabilisation resulting from aggregate human activity.” Simon Lewis, Professor of Global Change Science at University College London, told BBC News: “IPPR are right to say that environmental change is happening ever-faster and threatens to destabilise society. “Future problems with food supplies could cause price spikes that drive civil unrest, while increases in levels of migration can strain societies. “Both together could overload political institutions and global networks of trade. “This century will be marked by rapid social and environmental change – that is certain. What is less clear is if societies can make wise political choices to avoid disaster in the future.”

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Written of course by a politician. Who thinks politicians can turn this around. Because they can do anything.

Politicians Are Complicit In The Killing Of Our Insects (G.)

Most of us spend more time swatting away or avoiding wasps and moths than we do contemplating their importance to the web of life. But it is no exaggeration to say that the horrifying decline in the number of these creatures – the most widespread on Earth – is a barometer for the whole planet. The new global scientific review into the perilous condition of our insects reports that more than 40% of insect species are threatened with extinction while the mass of insects is declining by 2.5% a year. This catastrophic decline is a direct cause of the existential threat to other animals, insects being at the bottom of the chain and the primary food source. Since 1970, 60% of mammals, birds, fish and reptiles have been wiped out.

The review identifies a key driver towards this mass extinction: habitat loss and conversion to intensive agriculture with its associated use of pesticides. Given this is a manmade disaster, surely we are capable of tackling and reversing it? As a member of the European parliament’s agriculture committee, I regularly debate the use of pesticides in farming with my colleagues. I have lost count of the number of times I have begun meetings with what feels like a sermon on the Armageddon taking place in our countryside. I am always greeted with patient, patronising smiles from many of my fellow MEPs, before they go on to ignore the warnings and refuse to limit the use of pesticides in our fields.

Some of the members of this committee are themselves farmers who have grown increasingly dependent on powerful and toxic pesticides. But others have taken the agribusiness shilling and believe that their role in policymaking is simply to support the corporations that sell these poisons. And this is the nub of the issue. What might accurately be dubbed insectageddon is being driven by the agrichemicals industry. This situation is compounded by compliant politicians and policymakers who fall prey to lobbying pressure and then refuse to implement science-driven policy to protect wildlife.

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What we should do is end the Fed. And replace it with markets.

Should We Really Not Worry About The Fed’s Balance Sheet? (Roberts)

Bill Dudley, who is now a senior research scholar at Princeton University’s Center for Economic Policy Studies and previously served as president of the New York Fed and was vice-chairman of the Federal Open Market Committee, recently penned an interesting piece from Bloomberg stating: “Financial types have long had a preoccupation: What will the Federal Reserve do with all the fixed income securities it purchased to help the U.S. economy recover from the last recession? The Fed’s efforts to shrink its holdings have been blamed for various ills, including December’s stock-market swoon. And any new nuance of policy — such as last week’s statement on “balance sheet normalization” — is seen as a really big deal. I’m amazed and baffled by this. It gets much more attention than it deserves.”

[..] In his opening paragraph, Bill attempts to dismiss the linkage between the balance sheet and the financial markets. “Yes, it’s true that stock prices declined at a time when the Fed was allowing its holdings of Treasury and mortgage-backed securities to run off at a rate of up to $50 billion a month. But the balance sheet contraction had been underway for more than a year, without any modifications or mid-course corrections. Thus, this should have been fully discounted.” While this is a true statement, what Bill forgot to mention was that Global Central banks had stepped in to flood the system with liquidity. As you can see in the chart below, while the Fed had stopped expanding their balance sheet, everyone else went into over-drive.

The chart below shows the ECB’s balance sheet and trajectory. Yes, they are slowing “QE” but it is still growing currently.

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Far from over.

Party Leaders Reach Deal To Avoid Fresh US Government Shutdown (AP)

Democratic and Republican leaders announced late Monday that they had reached a deal to avoid a government shutdown when funding under a stopgap agreement expires at midnight on Friday. The proposal would require the signature of Donald Trump to avert a new shutdown. The agreement would allocate far less money for Trump’s border wall than the White House’s $5.7bn wish list, settling for a figure of nearly $1.4bn, according to congressional aides. The funding measure is through the fiscal year, which ends 30 September. The agreement means 55 miles of new fencing — constructed through existing designs such as metal slats instead of a concrete wall — but far less than the 215 miles the White House demanded in December. The fencing would be built in the Rio Grande Valley in Texas.

At a rally in El Paso, Texas, on Monday Trump said he had been informed about the committee’s progress. “Just so you know, we’re building the wall anyway”, he added. Negotiators have been trying to reach a deal to fund nine government departments that partially closed for 35 days in December and January. Trump and congressional Democrats agreed on 25 January to temporarily fund the departments and negotiate a funding solution by 8 February. Talks most recently broke down on Sunday, reportedly over a disagreement about the maximum number of undocumented immigrants who might be detained at any one time.

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Warren is irrelevant.

Warren’s Foreign Policy Shows She’s Missing Why Trump Was Elected (G.)

The United States, Warren says, has embarked on “a series of seemingly endless wars, engaging in conflicts with mistaken or uncertain objectives and no obvious path to completion”. It’s fine rhetoric but the obvious path to completion is merely to end the wars. And yet the Bush White House couldn’t or didn’t want to. And Obama vacillated and expanded to the point where bombing and killing was being pursued in almost a dozen countries when he left office. And as for Trump? He’s done little and he’s been publicly admonished by his own secretary of defense when he decided he wanted to end just one of those conflicts.

But “the United States”? Really? Other than Afghanistan after 9/11 – and that’s all – “the United States” didn’t embark on these wars. The national security community did. The government. Overtly, covertly, with high hopes or unwarranted self-confidence, they got their way. Who is the real culprit then? It isn’t Warren’s “elites”, the corporation, or Trump. It is Washington and its ability, indeed even its self-appointed duty, to stand in the way of anything that it sees as not in its interest.

She may not think it, but Warren is merely genuflecting before this deep state, declaring her allegiance to a “muscular military” and calling for “strong yet pragmatic security policies”. She of course offers a laundry list of things that must be preserved or strengthened that’s non-military – from technological superiority to diplomacy to strong alliances. And she decries the military and civilian policymakers who “seem [in]capable of defining success”. But in her innocence as to why we are stuck in seemingly endless wars she also seems oblivious to the fact that she is already capitulating to the very forces that ensure that we can’t change anything.

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Will the Green New Deal Make America Great Again?

Mistaken Futures (Kunstler)

The self-proclaimed socialists are actually seeing the world through a rear-view mirror. What they are really talking about is divvying up the previously-accumulated wealth, soon to be bygone. Entropy is having its wicked way with that wealth, first by transmogrifying it into ever more abstract forms, and then by dissipating it as waste all over the planet. In short, the next time socialism is enlisted as a tool for redistributing wealth, we will make the unhappy discovery that most of that wealth is gone. The process will be uncomfortably sharp and disorientating. The West especially will not know what hit it as it emergently self-reorganizes back into something that resembles the old-time feudalism.

We have a new kind of mass squalor in America: a great many people who have nothing to do, no means of support, and the flimsiest notions of purpose in life. The socialists have no answers for them. They will not be “retrained” in some imagined federal crusade to turn meth freaks into code-writers for Google. Something the analysts are calling “recession” is ploughing across the landscape like one of those darkly majestic dust-storms of the 1930s, only this time we won’t be able to re-fight anything like World War Two to get all the machines running again in the aftermath. Nor, of course, will the Make America Great Again fantasy work out for those waiting in the squalid ruins of the post-industrial rust-belt or the strip-mall wastelands of the Sunbelt.

Most of the beliefs and attitudes of the present day will be overturned with the demise of the industrial orgy, like the idea that humanity follows an unerring arc of progress, that men and women are interchangeable and can do exactly the same work, that society should not be hierarchical, that technology will rescue us, and that we can organize some political work-arounds to avoid the pain of universal contraction. There are no coherent ideas in the political arena just now. Our prospects are really too alarming. So, jump on-board the socialism ship and see if it makes you feel better to sail to the end of the earth. But mind the gap at the very edge. It’s a doozie.

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And 2 more weeks after that etc. till the clock runs out.

May To Ask MPs For Further Fortnight’s Grace In Brexit Talks (G.)

Theresa May hopes to convince the House of Commons on Tuesday to give her another fortnight’s grace to keep pushing for changes to the Irish backstop – despite the insistence of Michel Barnier that it is Britain that must compromise. With 45 days to go until Britain is due by law to leave the EU, with or without a deal, the prime minister will address MPs about progress in the Brexit talks, No 10 announced on Monday. She is unlikely to signal any shift towards a closer future relationship with the EU, after writing to Jeremy Corbyn to underline her continued objections to a customs union, and instead she will focus on the backstop.

“We are absolutely clear on this: we’re not considering Jeremy Corbyn’s customs proposals, we’re not considering any proposals to remain in the customs union. We must have our own, independent trade policy,” May’s spokesman said on Monday. May will stress her continued focus on the backstop, but the EU’s chief negotiator insisted on Monday there was no question of Brussels giving in to Downing Street’s demands. “We’re waiting for clarity and movement from the United Kingdom,” Barnier told reporters after talks in Luxembourg with the country’s prime minister, Xavier Bettel.

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The EU has the exact same flaws as its member states, but in the latter the losers can get voted out.

Europeans Must Get Rid Of The Failing EU One Way Or Another (MW)

Populism is sweeping Europe, because the European Union and its constituent governments have become as unresponsive as the 18th century aristocracies those replaced.The EU antecedent, the European Economic Community (1957) was created to prevent another World War by integrating the continent’s iron and steel industries and then its broader continental markets for goods, services, capital and labor. The process created a politically unaccountable bureaucracy, whose broad policy directions are set by consensus among the national heads of government and cabinet ministers. However, Brussels enjoys wide administrative discretion in supervising the customs union, agricultural and fisheries management, and national subsidies, anticompetitive practices, and other behavior that could undermine the “single market.”

Through a succession of treaties and agreements, national leaders “pooled sovereignty” to empower the European Commission to issue edicts that member states must directly obey or conform national laws and regulations in areas such as social policy and human rights, consumer protection and product standards, transportation, and immigration. European Court rulings have direct application in national courts, and 19 of the 28 states have ceded monetary policy to the European Central Bank by adopting the euro. To win votes, mainstream national politicians have endemically statist impulses, and hue to globalist views regarding the virtues of freer trade and more open immigration, regulatory responses to environmental challenges like climate change rather than mitigation, and impelling cultural diversity as opposed to preserving local cultures.

In Europe, national leaders have empowered the commission to impose the pain and constraints on private freedoms that such globalist policies require. Then they can point to Brussels to alibi they are just advancing a stronger European Union.

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Deutsche is a wager gone horribly wrong.

“Insane” Deutsche Bank Drowning Under Soaring Funding Costs (ZH)

Following years of dismal performance, uncovered attempts at market manipulation and fraudulent activities, and painful corporate reorganizations which its latest earnings report showed have “cut deeply into the muscle”, Deutsche Bank is a shadow of its former self, with its stock price trading just shy of all time lows. But an even bigger problem for Germany’s biggest lender is that it is now forced to pay the highest financing rates on the euro debt market for a leading international bank this year according to the FT, and also the highest rates among large banks to raise debt this year according to Bloomberg, in a further sign of the German lender’s uphill struggle to turn its operations around and reduce its funding costs.

As the FT first reported, followed promptly by Bloomberg, the bank raised eyebrows last week when it sold a total of €3.6BN in euro-denominated debt, paying 180 bps over the benchmarks for a two-year bond, a steep rate for short-term funding. Deutsche Bank also paid 230 bps over benchmarks for a senior seven-year bond that can absorb losses in a crisis. By comparison, French banking giant BNP Paribas SA last month offered 50 bps less for equally-ranked notes that mature one year later. More embarrassing, Deutsche Bank paid a higher rate than Spanish lender CaixaBank, which recently raised five-year bonds at 225bp.

In a latest note to clients, Corinna Dröse, a Frankfurt-based bond analyst at DZ Bank, said: “The high spreads reflect [Deutsche’s] high idiosyncratic risk, which is rooted in the lender’s chronic weakness in earnings.” “Deutsche has to pay significantly higher risk premiums than almost all other large European banks . . . [the] high spreads express severe doubts, mainly triggered by its poor revenue,” said Michael Hünseler, head of credit portfolio management at Assenagon. Intimately linked with the bank’s deteriorating fortunes – and stock price – investors are increasingly demanding that Deutsche Bank pay higher rates of return than even some of Europe’s “most troubled banks” as the firm grapples with a prolonged decline in revenue.

Finance chief James von Moltke said last year that the bank was caught in a “vicious circle” of declining revenue, sticky expenses, a lowered credit rating and rising funding costs. While the firm cut expenses, revenue and the price of funding remain a concern. “A key priority for us now is lowering our funding costs and improving our credit ratings,” von Moltke said during a call with fixed-income investors last week. “We must not compromise on the strength of our capital, funding, or liquidity, but we have to prove that we can generate long-term, sustainable profitability.”

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It’s not about eating meat, it’s about industrial farming. All these scientists telling people what to eat are useless.

Nearly A Fifth Of The EU’s Budget Goes On Livestock Farming (G.)

Nearly a fifth of the EU’s total budget – more than £24bn of taxpayer money – goes to support livestock farming across Europe, according to new research by Greenpeace. At a time when scientists are calling for significant reductions in meat consumption, the report’s authors say taxpayers’ money should be redirected away from grain-fed, industrial animal farming. Last month, the Eat-Lancet Commission of scientists called for a new plant-focused diet to help avoid dangerous levels of climate change and the destruction of wildlife. Such a diet would require cutting red meat consumption in Europe by 77%.

Public Health England’s dietary guidelines recommend that meat and dairy, including non-animal-based protein alternatives such as beans and pulses, should make up no more than our 20% of dietary intake. Yet, Europeans eat more than twice as much meat as national dietary authorities recommend, as well as twice the global average. “Adopting diets lower in meat and dairy would not only tackle health problems but would also reduce the pressure on land, freeing up more space for nature,” said the Greenpeace EU agriculture policy director Marco Contiero. [..] Researchers calculated that 125 million hectares (308 million acres) of land in Europe is used to graze livestock or produce feed – this includes more than 60% of arable land that could otherwise be used to grow food directly for human consumption.

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China has no idea what democracy is. But it has a ruling class just like our countries.

China Has No Use For Democracy. It Needs A Strong Leader Like Xi (SCMP)

Throughout my life, I have had the opportunity to meet nearly every Chinese leader since the 1930s (with the exception of Mao Zedong), including Chiang Kai-shek, Wang Jingwei and more contemporary figures such as Hu Jintao, Jiang Zemin and Xi. As individuals, they frequently came off as kind, caring and intelligent. From afar, as I watched them govern, I would view them in a different light, as dictators. This is the reality of leadership in China. Previously, emperors in China were said to rule because of their “Mandate of Heaven”. When Mao seized power, it was clear that he had won his position through revolution. Yet the selection of Xi, like the selection of his predecessors since Mao’s death in 1976, is cloaked in secrecy.

Even those in the US who question whether, and to what degree, Russian interference influenced the 2016 election will concede that, based on US law, Trump is a legally elected president. These results are publicly available, and have been analysed repeatedly by the media, politicians and the American public. But China lacks such luxuries. Its citizens have no official records to turn to for an explanation of why and how Xi was chosen. [..] Under Xi’s leadership, China has adopted a more aggressive stance internationally, imprisoned thousands of party members on corruption charges and removed constitutional limitations on presidential term limits. Amid these developments, the question of how Xi was chosen again comes to mind. The short answer is, we can only guess.

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Why, why and why?

History’s 10 Most Culturally Significant Dick Pic Scandals (Taibbi)

The AMI-Jeff Bezos scandal is set up to dominate headlines for a while. Who knows where it will lead? In the third world, an oligarch-president proxy war playing out in public like this usually presages a coup. If this were Thailand or Uruguay, bookies would already have odds on a Bezos-Mark-Zuckerberg-Sundar-Pichai junta being in power by May. This scandal will at least drag us through unprecedented legal and ethical conundrums. Can the president use the surveillance powers of the state to go after political enemies? Can a billionaire intelligence contractor and administrator of one of earth’s largest private data collections — including the so-called “Secret Region” cloud — fight back using his own surveillance trove through a newspaper he owns?

This story could blur the lines between public and private power to the point of meaninglessness. America could very well find its fate decided by a series of pre-dawn phone calls, after which we’d wake up to find Trump flying to Switzerland, Amazon lieutenants in the Joint Chiefs office and the presidency replaced by an executive board. At the center of all of this: a dick pic. Nothing could be more American than the fate of our democracy now hanging (!) on what Enquirer editor Dylan Howard euphemistically describes as a “below-the-belt selfie.”

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