Nov 142015
 
 November 14, 2015  Posted by at 10:11 am Finance Tagged with: , , , , , , , , , , ,  


Unknown Paris 1900

Calm Broken as US Stocks Post Worst Week Since August Selloff (Bloomberg)
Nomi Prins Warns: “It’s All Coming To An End” (KWN)
Albert Edwards: The Global Economy Will Be Thrown Into Chaos (ZH)
Ten Ex-Deutsche Bank, Barclays Traders Charged in Euribor Probe (Bloomberg)
3 Accused Euribor Rate Manipulators Members of ECB Crisis Focus Group (ZH)
Central Bankers Are Heroes: OECD’s Gurria (CNBC)
China’s Yuan Takes Leap Toward Joining IMF Currency Basket (Reuters)
VW Said to Seek as Much as €20 Billion in Bridge Funds (Bloomberg)
How GM’s Bailout Became China’s Bonanza (Bloomberg)
Portuguese Revolution Falls Far Short (Paul Craig Roberts)
EU Commissioner’s Dire Warning: “The Only Alternative To Europe Is War” (ZH)
Greece Says Turkey Turning Blind Eye To Refugee Smugglers (AFP)
Greece Warns EU To Hold Turkey To Account On Refugee Crisis (Kath.)
World’s Largest Ocean Cleanup Operation One Step Closer To Launch (Guardian)
Monstrous Wave Of Paris Attacks Underlines France’s Year Of Terror (RT)
Let Mercy For Refugees Be The Response To The Paris Attacks (Margaret Corvid)
The Annihilation Of Nature (Woods Inst.)

People still pretending there are functioning markets.

Calm Broken as US Stocks Post Worst Week Since August Selloff (Bloomberg)

You have to go back to August’s selloff to find a week as bad as this one for U.S. equities. Catalysts that drove the S&P 500’s 12% summer tumble, from interest rate dread to a commodities rout, surfaced again after being sidelined during October’s surge. Signs of slowing growth from China to Europe rekindled concern that weakness could spread to America as the Federal Reserve prepares to tighten monetary policy. While equities are nowhere near their August lows, the weekly slump raised concern that the S&P 500’s six-week rally went too far, too fast. Volatility jumped after an October lull, with a measure of price swings surging 40%.

Bank of America says shares are more likely to decline before New Year’s amid weak consumer earnings and the specter of higher borrowing costs. “For the next month and a half I think there may be more downside than upside risk to stocks,” Savita Subramanian at Bank of America said by phone. “The market is going to be more skittish about seeing the first Fed rate hike. We’re not going to get there without a little more volatility.” The S&P 500 Index fell 3.6% in the five days, sliding below its average price for the past 100 days for the first time in three weeks. The decline snapped a run of six weekly gains, the longest rally of the year that included an 8.3% surge in October.

The Chicago Board Options Exchange Volatility Index jumped above 20 for the first time since August, when it touched a four-year high. For Subramanian, who in October lowered her year-end target for the S&P 500 to 2,000 from 2,100, the list of worries is tallying up. Weak corporate earnings and the prospect for higher rates will keep a lid on gains through the remainder of the year, she said in an interview with Bloomberg. “Earnings are not coming in particularly great for sectors like consumer stocks, and on top of that you’ve got the Fed in December,” Subramanian, head of U.S. equity and quantitative strategy, said by phone. “Those all kind of conspire against near-term gains.”

Read more …

“And so that keeps the artificial game in play through the middle or fall of 2016..”

Nomi Prins Warns: “It’s All Coming To An End” (KWN)

Today Nomi Prins, the keynote speaker who recently addressed the Federal Reserve, IMF and the World Bank, warned King World News “It’s all coming to an end.” Eric King: “Nomi, we went through a round of terror in 2008, and certainly China just went through that again recently when their stock market crashed along with the emerging markets, but when does this whole global Ponzi scheme finally come unraveled?” Nomi Prins: “We are seeing small unravelings all the time. Brazil is doing badly, Mexico is struggling, currencies around the world relative to the dollar are hurting, which means relationships of imports to exports and money coming into those countries are hurting.

China has had problems but its central bank has been big enough and strong enough to boost it at least somewhat back up again. The United States is in complete denial in terms of what the economic indicators are said to be vs what they actually are and how the markets themselves are being continually buoyed either by the Federal Reserve or the Fed’s associations with some of the big banks in terms of continuing to buy Treasury bonds… “The ECB is still on a mission, and as of the November 12th announcement from Mario Draghi, an even stronger mission to continue to infuse those markets with artificial money and perhaps even enhance their quantitive easing program. So you ask, ‘When is this all coming to an end?’

It is all coming to an end, but you have all these actors trying to prop up different pieces of it (the global financial system) and so that’s why there is all this enhanced volatility and you have so many ups and downs (in global markets). (The end will come) when there are no more creative concepts on the part of these central banks to provide the artificial stimulus to the markets. And that could be the middle or the end of 2016, only because one big central bank in play has already committed to doing their part of it (with enhanced stimulus). And so that’s why we continue to have enhanced volatility to the downside in global markets that is also met with intervention, which is unprecedented. But it (the stimulus) does exist and we have to recognize that, as unprecedented and bizarre as it is, and there are indications that it will continue.

And so that keeps the artificial game in play through the middle or fall of 2016. But in the core of markets and economies things are not stable, which is why all of these (volatile) movements are happening. If anything was stable for real, the Federal Reserve would have raised rates years ago, the ECB wouldn’t have needed to come up with another round of quantitative easing, the People’s Bank of China wouldn’t need to reduce the reserve requirements to their financial institutions in order to give them more money to play with — none of that would be happening. So we are in a state of deterioration. The timing of an eventual implosion has to do with when the big banks have nothing left to counteract the artificial markets coming apart that they themselves have created.

Read more …

“The rotten fruit of the Fed’s seemingly innocuous inaction will now be clear to onlookers as it is ripped to shreds on the battlefield by the powerful credit monster.”

Albert Edwards: The Global Economy Will Be Thrown Into Chaos (ZH)

SocGen’s permarealist, Albert Edwards, has been the one person who for the past decade has firmly held the belief that a “deflationary Ice Age” is upon the world – courtesy of an unmanageable debt load – no matter what central banks do. There is, of course, one way to short circuit said Ice Age, and it involves paradropping money in an act of terminal fiat desperation (the outcome is always hyperinflation) onto the general population, something which as we reported last Friday is already in the works courtesy of first Adair Turner and the IMF, and soon all other “very serious people”.

Keep an eye on Japan as this is where said paradropping will be attempted first as Ben Bernanke suggested back in 2003 when he said to “consider for example a tax cut for households and businesses that is explicitly coupled with incremental Bank of Japan purchases of government debt – so that the tax cut is in effect financed by money creation.” But before we get there, here is a snapshot of where, according to Edwards, we are now and why “there” is getting very close. In his latest note he says, quite simply, that it is now too late to put the “Orc-like monster” of excess debt and declining cash flows back in the bottle, and why “the global economy will be thrown into chaos.”

The deeply held wish of central bankers not to de-rail the fragile economic recovery is on display for all to see as they grasp at the slightest excuse for their continued inaction. The UK’s central bank governor, Mark Carney, exceeded all dovish expectations recently in his latest rate flip-floppery. But what is this? The Fed has finally summoned up its courage and looks set to raise rates next month. It is, however, already too late. Having delayed way beyond the point when it might typically have raised rates in previous cycles, it has allowed an Orc-like monster to incubate, hatch and emerge into the sunlight, snarling and ready to do battle.

Free Fed money has led to an unprecedented corporate credit binge of excess spending, especially on share buybacks. This is even bigger than it was at the time of the 2000 technology and telecom bubble. The rotten fruit of the Fed’s seemingly innocuous inaction will now be clear to onlookers as it is ripped to shreds on the battlefield by the powerful credit monster. The global economy will be thrown into chaos.

Read more …

And each single one is named…

Ten Ex-Deutsche Bank, Barclays Traders Charged in Euribor Probe (Bloomberg)

U.K. prosecutors charged 10 former Deutsche Bank and Barclays employees with manipulating a benchmark interest rate, including high-profile trader Christian Bittar, with an 11th facing indictment as soon as next week. Six traders from Deutsche Bank employees and four from Barclays were charged with conspiracy to manipulate the Euribor benchmark, the Serious Fraud Office said in a statement Friday. Another trader listed anonymously in court documents may also be charged, according to three people familiar with the case. Alongside Bittar, those linked to Deutsche Bank are Andreas Hauschild, Joerg Vogt, Ardalan Gharagozlou, Achim Kraemer and Kai-Uwe Kappauf. Former Barclays employees Colin Bermingham, Carlo Palombo, Philippe Moryoussef and Sisse Bohart also face charges.

The SFO won the first conviction by trial tied to benchmark manipulation in August, when former UBS trader Tom Hayes was found guilty of rigging the London interbank offered rate and sentenced to 14 years in prison. Banks and other financial institutions have paid about $9 billion in fines tied to Libor and other key rates. One other person has pleaded guilty in the Libor probe. Lawyers for Bittar, Hauschild and Moryoussef said they will contest the allegations. Lawyers for the other eight either declined to comment or didn’t immediately respond to requests for comment. The nine men and one woman are scheduled to appear in a London magistrates court on Jan. 11.

Documents distributed in the case have listed an unidentified 11th trader that will be charged, according to people familiar with the matter who declined to be named because the prosecution isn’t public. The trader could be charged as soon as next week, one of the people said. Other than Bermingham, the 10 defendants named by the SFO all live outside Britain, according to an SFO spokeswoman. Bittar and Moryoussef live in Singapore, Bohart in Denmark and Palombo in the U.S. and Italy, while the remaining five are in Germany. All have been notified they face charges. No extradition requests have been made and all appearances will be voluntary at present, the SFO said.

Read more …

The riggers work for the ECB! Oh, what a tangled web.

3 Accused Euribor Rate Manipulators Members of ECB Crisis Focus Group (ZH)

[..] we find out that the ECB – the same ECB where policymakers like to meet with banks and asset managers before major policy meetings, actually had three of the traders accused of gaming Euribor by Britain’s Serious Fraud Office on Friday in a group that helped the the bank craft its response to the financial crisis! From Reuters:

The documents on the ECB website show that former Barclays euro money market desk head Colin Bermingham and Joerg Vogt and Ardalan Gharagozlou from Deutsche Bank – three of 10 people charged by the SFO on Friday – were part of the central bank’s Money Market Contact Group at the height of the crisis. The group regularly met and held conference calls as the central bank scrambled to stabilise markets that were threatening to push debt-strained Greece, Portugal, Ireland and even Italy and Spain out of the euro in 2010 and 2011.

Amusingly, the 10 people charged include Deutsche Bank’s Christian Bittar who can’t seem to get away from his title as rate rigger par excellence (although that’s not the term Anshu Jain used, that’s the spirit of a conversation the ex-Deutsche CEO once had about Bittar with a colleague back in the good ol’ days). Here’s Bloomberg:

U.K. prosecutors charged 10 former Deutsche Bank and Barclays employees with manipulating a benchmark interest rate, including high-profile trader Christian Bittar, with an 11th facing indictment as soon as next week. Six traders from Deutsche Bank employees and four from Barclays were charged with conspiracy to manipulate the Euribor benchmark, the Serious Fraud Office said in a statement Friday. Another trader listed anonymously in court documents may also be charged, according to three people familiar with the case. Alongside Bittar, those linked to Deutsche Bank are Andreas Hauschild, Joerg Vogt, Ardalan Gharagozlou, Achim Kraemer and Kai-Uwe Kappauf. Former Barclays employees Colin Bermingham, Carlo Palombo, Philippe Moryoussef and Sisse Bohart also face charges.

Ok, so the ECB was regularly communicating with three traders who are now charged with manipulating Euribor. Here’s what Francesco Papadia, head of market operations at the ECB during the financial and euro zone debt crises has to say about the group: “They helped understand what was going on beyond what you see on the screens.” If you follow financial markets and that doesn’t strike you as hilarious, then check your pulse. That is, we bet they did “help the ECB what was going on behind the screen”, after all, they were the ones colluding to fix the market! In any case, we’ll have to see what the time frames were here and if there was any overlap between when the allegations stem from and when this ECB committee operated (it’s probably a better bet that the manipulation took place before the euro debt crisis), but in any case, we’ll close with the following amusing quote for now: “The ECB plays no role in the setting of the Euribor rate,” the ECB said in a statement. Are you guys sure about that?…

Read more …

The lunatics and the asylum: “We’ve got to get all cylinders of the growth engine firing again. There is no room for complacency..”

Central Bankers Are Heroes: OECD’s Gurria (CNBC)

“Super” Mario Draghi’s nickname is very much justified, according to Angel Gurria, the secretary-general of the Organisation for Economic Co-operation and Development (OECD), who has called on governments to do more to tackle the global growth slowdown. “Central bankers have been the heroes of this story since this financial and economic crisis hit in 2008, but the problem is they have run out of room. It’s time for the governments,” Gurria told CNBC Friday. The most influential central banks in the Western world, the U.S. Federal Reserve, European Central Bank (of which Draghi is president) and the Bank of England, have been running ultra-low interest rates and quantitative easing programs for years in some cases, to try and handle the fallout from the credit crisis.

With the Fed likely to become the first to signal a return to more normal monetary policy by raising rates, potentially as early as December, Gurria gave the central bank his blessing – although he said it should have started sooner. On Monday, the OECD cut its forecast for global growth to around 2.9% this year – well below its long-term average – citing a further sharp downturn in emerging market economies and world trade. Gurria, who was speaking at the G-20 summit of the heads of the world’s largest advanced and emerging economies, said: “The issue is about getting growth and trade back. It’s very ominous that trade is growing at about 2% when the world economy is growing at 2.9%. There’s only five years in the last 50 at which trade has grown at a rate lower than the world GDP and there has always been a recession following that.” “We’ve got to get all cylinders of the growth engine firing again. There is no room for complacency,” he added.

Read more …

How much of Beijing’s control over its currency will this take away?

China’s Yuan Takes Leap Toward Joining IMF Currency Basket (Reuters)

China’s yuan moved closer to joining other top global currencies in the IMF’s benchmark foreign exchange basket on Friday after Fund staff and IMF chief Christine Lagarde gave the move the thumbs up. The recommendation paves the way for the Fund’s executive board, which has the final say, to place the yuan on a par with the U.S. dollar, Japanese yen, British pound and euro at a meeting scheduled for Nov. 30. Joining the Special Drawing Rights (SDR) basket would be a victory for Beijing, which has campaigned hard for the move, and could increase demand for the yuan among reserve managers as well as marking a symbolic coming of age for the world’s second-largest economy. Staff had found the yuan, also known as the renminbi (RMB), met the criteria of being “freely usable,” or widely used for international transactions and widely traded in major foreign exchange markets, Lagarde said.

“I support the staff’s findings,” she said in a statement immediately welcomed by China’s central bank, which said it hoped the international community would also back the yuan’s inclusion. Staff also gave the green light to Beijing’s efforts to address operational issues identified in a report in July, Lagarde said. The executive board, which represents the Fund’s 188 members, is seen as unlikely to go against a staff recommendation and countries including France and Britain have already pledged their support for the change. This would take effect in October 2016, during China’s leadership of the Group of 20 bloc of advanced and emerging economies. China has rolled out a flurry of reforms recently to liberalize its markets and also help the yuan meet the IMF’s checklist, including scrapping a ceiling on deposit rates, issuing three-month Treasury bills weekly and improving the transparency of Chinese data.

Read more …

Sales down 5.3%. Cash evaporating.

VW Said to Seek as Much as €20 Billion in Bridge Funds (Bloomberg)

Volkswagen is working with banks to put together as much as €20 billion in short-term bridge financing to show that the automaker has adequate liquidity to weather the emissions cheating crisis, two people familiar with the matter said. VW does not need the money currently and is seeking extra funds to create a financial cushion, said the people, who asked not to be identified discussing private talks. The automaker will begin meeting with about a dozen prospective banks on Monday at its headquarters in Wolfsburg, Germany, to go over the proposed funding, which it aims to have in place before the end of the year, the people said.

“We have always considered that a well-diversified portfolio of funding tools gives us the necessary flexibility to offer appropriate and competitive financing options for our customers as well as our industrial investment needs,” Volkswagen said in an e-mailed statement. “It is perfectly normal that we are in a constructive ongoing dialog.” The scandal has spread since Volkswagen first admitted in September to cheating on diesel pollution tests. The carmaker will need to recall as many as 11 million diesel vehicles worldwide and admitted earlier this month that another 800,000 cars had unexplained inconsistencies in carbon dioxide output. By 2017, the price tag of VW’s emissions woes will probably reach about €25 billion, Barclays estimated on Friday.

“It makes perfect sense” to shore up financing, said Sascha Gommel at Commerzbank. “In order to protect their rating, they need to show that liquidity will never become an issue for them, because then you have a vicious circle. If the ratings agencies think you won’t have cash and they downgrade you, then your funding gets more expensive.” Volkswagen has the equivalent of €2.57 billion in bonds maturing this year, €14.3 billion next year and €13.5 billion in 2017. The company said earlier Friday it has put bond financing on hold because it needs time to update its documentation to reflect potential fines and penalties. Thus far, the automaker has set aside €6.7 billion to recall diesel cars and estimated the economic risk of the CO2 irregularities at another €2 billion.

Read more …

Bailed out by workers losing their jobs…

How GM’s Bailout Became China’s Bonanza (Bloomberg)

During the 2012 election, President Barack Obama held up his bailout of General Motors as a model in the fight against China’s growing manufacturing dominance, telling voters that the auto rescue would reverse the industry’s multi-decade trend of outsourcing. A single election cycle later, the question of government support for automakers has all but disappeared from the political discourse, yet Detroit is back to sending jobs out of the industrial Midwest. And now GM is leading the way on Chinese outsourcing, announcing it will become the first U.S. firm to import a vehicle made in China to the U.S. It’s about time taxpayers ask what their $50 billion rescue really bought them. Starting next year, GM will import between 30,000 and 40,000 Buick Envision crossovers annually from a plant in Shandong Province.

That won’t make the Envision one of GM’s best-selling models, but it will greatly outsell the only other Chinese-import car on the market, the Volvo S60L. More importantly, GM’s pioneering Chinese import will likely help break down the consumer stigma attached to Chinese cars, leading the way for other automakers to follow suit. If a bailed-out company can get away with selling Chinese cars in the U.S., there’s no doubt that the rest will try too. The Envision is just the tip of GM’s Chinese iceberg: though the firm has not announced further plans to import other vehicles from Asia, it is increasingly making China a hub for new vehicle development and global exports. The next generation of GM’s small- and medium-sized vehicles will be offered with a new engine and high-tech dual-clutch transmission co-developed with its Chinese partner, the Shanghai Automobile Industry Corporation.

The two companies are also jointly creating an entire family of small vehicles to be exported from China to markets around the world. Taxpayers aren’t the only ones GM appears to be abandoning. The United Auto Workers is incensed by the Envision decision. As union vice president Cindy Estrada told the Detroit Free Press in August when the rumors of the plan surfaced, “after the sacrifices made by U.S. taxpayers and the U.S. workforce to make General Motors the profitable quality company it is today, UAW members are disappointed with the tone-deaf speculation that the Envision would be imported from China.” Yet given that the UAW has a new wage-raising contract nearing ratification, it can be argued that the union may have brought some of this disappointment upon itself.

But perhaps it is in Canada, where the government spent $10 billion rescuing G.M. and Chrysler, where anger is most justified. With GM’s “vitality commitment” – made to protect jobs in Canada as a condition of its bailout – expiring at the end of next year, the automaker has already decided to cut 1,000 jobs from its Oshawa, Ontario, plant when production of the Chevrolet Camaro ends there next week. GM has hinted that more outsourcing could follow. And as a new Liberal government is taking power in Ottawa, GM is pushing for “more amenable” subsidies than the $750 million in loans that had been offered by the outgoing Conservatives. If new Prime Minister Justin Trudeau doesn’t bow to GM pressure – turning those loans into grants that it need not repay – the automaker may well pull even more jobs from a country that stood by it at its darkest hour.

Read more …

“..the right-wing Portuguese president, Anibal Cavaco Silva, a creature of Washington and the big banks..”

Portuguese Revolution Falls Far Short (Paul Craig Roberts)

The austerity imposed on the Portuguese people by the 1% has resulted in the election of a coalition government of socialists, communists, and a “left bloc.” In the 20th century, socialism and the fear of communism humanized Europe, but beginning with Margaret Thatcher the achievements of decades of social reforms have been rolled back throughout Europe as bought-and-paid for governments have given all preference to the One%. Public assets are being privatized, and social pensions and services are being reduced in order to make interest payments to private banks. When the recent Portuguese vote gave a majority to the anti-austerity bloc, the right-wing Portuguese president, Anibal Cavaco Silva, a creature of Washington and the big banks, announced that the leftwing would not be permitted to form a government, just as the senior British general announced that a Labour Government formed by Jeremy Corbyn would not be permitted to form.

True to her word, Anibal reappointed the austerity prime minister, Passos Coelho. However, the unity of the socialists with the communists and the left bloc swept Coelho from office and the president had to recognize a new government. The new government means that for the first in a long time there is a government in Portugual that possibly could represent the people rather than Washington and the One%. However, if the new government leaves the banks in charge and remains committed to the EU, the current president, previous prime minister, and previous finance minister, Maria Luis Albuquerque, will continue to work to overthrow the people’s will as occurred in Greece. The new Portuguese government cannot escape austerity without nationalizing the banks and leaving the EU. The failure of the Greek government to bite the bullet resulted in the Greek government’s acceptance of the austerity that it was elected to oppose.

Read more …

No, it’s the EU itself that means war.

EU Commissioner’s Dire Warning: “The Only Alternative To Europe Is War” (ZH)

While the saying goes “good fences make good neighbors,” it appears the leadership of The EU is starting to get frustrated with the lack of acquiescence among some of the ‘union’s’ newer or more marginal members. In a somewhat stunning statement, following ongoing and contentious meetings to discuss solutions to the migrant ‘problem’, EU Commissioner Timmermanns appeared to warn disagreeable member states, “There is an alternative to everything. I believe in EU cooperation because of all other forms in history have been tried to help Europeans get on better, and with the exception of this one, all other forms have led to war – so let’s stick to this one.” As Elsevier reports (via Google Translate),

European leaders read the last few days the alarm about the survival of the European Union (EU). Prague said Commissioner Frans Timmermans (PvdA) Friday that the EU is only one alternative: war. “The only alternative to the EU is war,” said Timmermans Friday gave a speech at a conference in Prague, said a reporter for The Times of London who attended the speech. Timmermans is the way Europe responds to the migration crisis’ the biggest threat to the EU ever. The Commissioner underlined that countries should cooperate better when it comes to border controls. “Migration is part of life, but we must lead these movements together in the right direction,” said Timmermans.

Matching words Timmermans in the alarmist tone that European leaders were heard in recent days about the survival of the EU. Earlier this week, Timmermans at the House of Europe Lecture in Amsterdam that he fears for the survival of the EU. “I do not optimistic about doing that, because I’m just not.

The current migration crisis is the European ideal of free movement shaking on its foundations. EU President Donald Tusk said that the EU is engaged in “a race against the clock.” “But we are determined to win this race,” said Tusk. “As I warned earlier, the only way not to dismantle the Schengen ensure proper management of the external borders of the EU.” The EU appears to be unable to curb migration flows. Because the borders are not guarded, seeing more and more countries are forced to protect their own borders. Even the welcoming Sweden went on Thursday to intensive checks on the southern border.

Remember when Hank Paulson waved the “Mutual Assured Destruction” card in the face of the U.S. with his infamous “blank check” three page term sheet? Now, it’s Europe’s turn. What’s worse, however, for things to devolve this much, it confirms that the European ‘Union’ is rapidly disintegrating, much more than the recent surge in barbed wire fences around European nations will demonstrate, and as Timmermanns warns, that means war.

Read more …

Much more than a blind eye.

Greece Says Turkey Turning Blind Eye To Refugee Smugglers (AFP)

Greece’s migration minister on Friday said refugee smuggling in Turkey was conducted in “broad daylight” as he called on the EU to step up relocation plans. “The entries (from Turkey) are happening in an organized fashion,” junior interior minister for migration Yiannis Mouzalas told a news conference. “It is happening in broad daylight, with villages gathering around to watch the refugees being put in boats by the traffickers. There is no secrecy in this,” he said, citing evidence from Turkish media and the Greek coastguard. Greek PM Alexis Tsipras will travel to Turkey next week to press the country’s leaders to take a stronger stance against refugee traffickers.

Turkey “is spending a lot of money, it is holding three million refugees on its soil, but we believe it has the ability and it must acquire the will to stop the flows from its coasts,” Mouzalas said. Greece has been overwhelmed this year by a migration crisis unseen in Europe since the Second World War. The United Nations on Friday said over 800,000 people have crossed the Mediterranean to Europe this year, with over 3,400 dying in the attempt. EU states put together a scheme to share out some 160,000 people inside the bloc, but fewer than 2,000 relocation places have been found so far. And the program is already threatened by undue inflexibility, Mouzalas said.

“One EU country said it was prepared to accept 12 people. We wanted to send 14 as they were a family, and the country did not accept the extra two. Such cancellations could cancel out the substance of relocation,” he said. Greece has pledged to find accommodation for 20,000 refugees by January. Another 20,000 will be temporarily housed in rented flats under a UN scheme, Mouzalas said. And registration centres on Greek islands created with EU funds, known as hotspots, will provide short-term accommodation for over 6,500 people, he said. “If (registration) procedures go smoothly people will stay 48-72 hours” before moving to the mainland, the minister said.

Read more …

The EU just throws $3 billion in taxpayer money at Erdogan and hope something sticks.

Greece Warns EU To Hold Turkey To Account On Refugee Crisis (Kath.)

Greece has warned the European Union to obtain specific commitments from Turkey ahead of putting together a €3 billion fund for Ankara to help tackle the refugee crisis. The key role of Turkey in the process of stemming the flow of refugees and migrants was discussed on Friday during the second and last day of a summit in Malta. According to sources, Greek Prime Minister Alexis Tsipras stressed to his EU counterparts that Brussels has to make it clear what it will be getting in return for providing Turkey with emergency funding and assistance. For instance, Tsipras said that in return for receiving new equipment for its coast guard, Turkey should be made to prove that it is cracking down on human-trafficking gangs.

The Greek premier said that if the EU is going to provide money for the construction of reception centers on Turkish soil, then Ankara has to commit to allowing the relocation of refugees to take place directly from these camps. Also, Tsipras said that if the EU is going to lift visa restrictions on Turkish citizens, Ankara’s readmission agreement with Greece should be upgraded to a pact between Turkey and the EU. It is expected that these will be some of the key points that Tsipras will raise when he visits Ankara next week, ahead of an EU-Turkey summit in Brussels on November 29. Tsipras held a meeting with Foreign Minister Nikos Kotzias in Athens on Friday to begin preparation for the upcoming trip to Turkey.

Alternate Minister for Immigration Policy Yiannis Mouzalas said that Greece has no plans to create more spaces at relocation camps on the eastern Aegean islands beyond those needed as part of Athens’s commitment to the EU for the relocation scheme. Mouzalas said that those refugees who will be included in the transfer process would be moved on from the islands to the mainland. He said the government plans to have reception centers capable of holding 2,000 arrivals on Lesvos, 1,500 on Samos, 1,000 on Chios, 1,000 on Kos and around 800 on Leros.

Read more …

Of course private citizens have to do this. Governments are too busy.

World’s Largest Ocean Cleanup Operation One Step Closer To Launch (Guardian)

A crowdfunded 100km-long boom to clean up a vast expanse of plastic rubbish in the Pacific is one step closer to reality after successful tests of a scaled-down prototype in the Netherlands last week. Further trials off the Dutch and Japanese coasts are now slated to begin in the new year. If they are successful, the world’s largest ever ocean cleanup operation will go live in 2020, using a gigantic V-shaped array, the like of which has never been seen before. The so-called ‘Great Pacific garbage patch’, made up largely of tiny bits of plastic trapped by ocean currents, is estimated to be bigger than Texas and reaching anything up to 5.8m sq miles (15m sq km). It is growing so fast that, like the Great Wall of China, it is beginning to be seen from outer space, according to Jacqueline McGlade, the chief scientist of the UN environmental programme (Unep).

“We have to admit that there has been a market failure,” she told the Guardian. “Nevertheless, we have to create a market success that brings in new forms of chemistry and technology.” The Ocean Cleanup project aims to do the technology part with a floating barrier as long as the Karman line that reaches from the sea to outer space. Sea currents and winds will be used to passively funnel plastic debris into an elbow made of vulcanised rubber where it can be concentrated for periodic collection by vessels. Sub-sea buoys at depths of up to 30 metres would anchor the contraption in depths of up to 4.5km. Sea currents flowing beneath its booms would allow fish to escape, while hoovering up 42% of the Pacific’s plastic soup. At least, that is the plan.

“Everything is unknown so everything is a potential problem,” said Lourens Boot, the programme’s chief engineer, who has previously worked on offshore oil and gas rigs. “The risk matrix is big, but one by one we are tackling those risks.” One of the biggest has been finance. Charles Moore, the racing boat captain who discovered the floating vortex in 1997, once said that the cost of a cleaning operation would “bankrupt any country”. But around half the scheme’s initial €30m (£20m) budget has now been raised through online donations and wealthy sponsors. In the long term, the project plans to finance itself with a major retail line of ocean plastic fashion wear.

Read more …

Quite a list.

Monstrous Wave Of Paris Attacks Underlines France’s Year Of Terror (RT)

Waves of deadly attacks have held France in a constant state of stress, anger and grief over the past 12 months, as the country has faced a series of deadly assaults and terror acts by radicalized Islamists and jihadists. It all started just before Christmas on December 20, 2014, in the largest suburb of the city of Tours, in Central France, when an attacker of Burundian origin, shouted “Allahu Akbar” [God is great] before attacking officers at a police station with a knife. The assailant, identified as Bertrand Nzohabonayo, injured three policemen before officers took him down. The following day, on December 21, a man in the French city of Dijon run over 11 pedestrians in five areas of the city. The driver – who also shouted “Allahu Akbar” – was arrested. Authorities later stated that the attacker ploughed into passers-by because he suffered from severe psychiatric problems.

On the third day after the initial attack, a man in a white van rammed over ten pedestrians at a Christmas market in the French city of Nantes. The driver is said to have stabbed himself and officials said he appeared to be in an unstable metal condition. One civilian died in those attacks. The spate of attacks forced the French government to heighten security by deploying 300 soldiers onto the country’s streets. In early January, the French nation was in state of horror after a series of five terrorist attacks, which took place in and around Paris. The four attacks killed at least 20 people and wounded dozens more, before three of the assailants were killed by special forces. The fourth terrorist remains at large.

The intimidation of the French public began on January 7, after two gunmen, identified as Cherif and Said Kouachi, attacked the headquarters of the satirical newspaper Charlie Hebdo, over the publication’s depiction of the Prophet Mohammed. Twelve people, including two police officers, were killed in the onslaught, while eleven others were injured. The suspects fled the scene. Hours after the Charlie Hebdo attack, a third assailant, Amedy Coulibaly, shot a 32-year-old man who was out for a run in a park near Coulibaly’s home. On January 8, the same attacker shot and killed a municipal police officer in a suburb of Paris. A street sweeper was also wounded in that attack. The following day, on January 9, the Charlie Hebdo attackers, Cherif and Said Kouachi, attacked a signage production company in Dammartin-en-Goele, taking hostages on premises.

At the same time, Coulibaly, entered a kosher supermarket at Porte de Vincennes killing four people and taking the rest of the people in the store hostage. To neutralize the attackers, French special forces conducted simultaneous raids in Dammartin and at Porte de Vincennes, killing three terrorists. The fourth suspect, believed to be Coulibaly’s wife is still on the run. January’s atrocities became the deadliest act of terrorism in France since 1961, when a bomb on a Strasbourg–Paris train took the lives of 28 people. Following Charlie Hebdo attacks, the French government announced the creation of 2,680 new positions in the French military and intelligence agencies. The €425 million program was unrolled with the sole purpose to monitor a population of approximately 3,000 people with any possible connections to terrorist groups abroad. Furthermore, the government deployed some 122,000 police, military and gendarmes to provide security across France.

But terror in France did not stop there. On June 26, 2015 a French Muslim of North African descent, Yassine Salhi, decapitated his employer before driving his van into gas cylinders at a gas factory near Lyon. This caused an explosion and injured two other people. Prior to ramming his van in an effort to destroy the factory, Salhi placed his boss’s decapitated head on a fence along with two Jihadist black flags. The suspect was arrested after being taken down by the firefighters that rushed to the scene. That attack on the factory near Lyon coincided with a number of other Islamist terrorist attacks that have taken place in Tunisia and Kuwait. Finally, before the monstrous wave of attacks on Friday, a Thalys train traveling from Amsterdam to Paris via Brussels was attacked by an assailant who opened fire in a carriage before being subdued by off duty US servicemen aboard the train. Four people were injured but luckily none fatally.

Read more …

It’s one approach.

Let Mercy For Refugees Be The Response To The Paris Attacks (Margaret Corvid)

There have been horrible, disgusting terrorist attacks in France this night, with over 120 dead already reported. In response, premier François Hollande has declared a state of emergency for the first time since the Second World War. The media are subject to state control, gendarmes can enter any private home, and the borders are shut. The borders that have been the last hope for so many refugees crowding the camps of Calais and elsewhere, the borders that are so important to the women, children and men shivering in the rain, their feet rotting, have been closed by a frightened France. Probably the rest of Europe will follow suit. I hope not. A handful of terrorists—maybe French nationals, maybe not—blew up a crowd in a stadium with grenades, killed diners and walkers and concert-goers with guns and suicide bombs, traumatizing Paris to its core.

And what Hollande has done in response is to close the borders, the lifeline to the many suffering people fleeing war in Syria—even before we know for sure who the murderers are, or what their aims were. Reports claim the terrorists fought in Syria’s name. But if they did, and if they were ISIS, then the tens of thousands of refugees shivering in camps hate and fear them as much as the friends and families of the dead of Paris do. The refugees huddling in France, Germany, Turkey, Greece, and elsewhere are not the terrorists. They are fleeing the same terrorists—fleeing death, torture and destruction, trusting their lives to crumbling boats, washing up on shore hated, beaten, half-dead—and we are forsaking them.

I am a member of a Facebook group where people organize aid for the refugee camp in the northern seafront town of Calais. Now a shanty town of a full 6,000 refugees, such aid has never been more needed. Shoes are rotting on the feet of the camp’s dwellers as the weather worsens, food and medical care are scarce, and graves are rapidly filling. The lifesavers in the camp are not the government or the UN refugee groups—they are ordinary people connecting with tiny charities to bring desperately needed wood, food, medicine, blankets, water. Closing the borders as the terrifying war continues in Syria will not punish the terrorists; it will only cause more needless suffering and death, including to innocent children.

Why is Hollande using the refugees as hostages, condemning them with his border closure to a death that is slower but no less certain than that of a head chopped by a guillotine, or that of a concert-goer blown up by a grenade? He only helps the terrorists. ISIS and those in the West who hate the refugees want the same thing: martial law, state control of discourse, the spreading of Islamophobia, and a global atmosphere of suspicion and discord. In such a world, ISIS gets its youthful cannon fodder—those disaffected by the climate of hate and brutal racism—and the Front Nationales, the Ukips, all the soft and hard white supremacists of the world, get their white utopia, where a refugee child cannot migrate but guns and money can.

Tonight, Paris mourns, and the world mourns with Paris. I mourn, and my anguish at needless death drives these words. Forsake vengeance. Open the borders, Hollande. Open them even further than the painful trickle that they allowed before, and let mercy be the response to horror. Open them, Cameron. Let those people fleeing for their lives through the borders—through all the borders—fly all the way through to peace and safety in whatever countries they wish to reach. Open the borders, Obama, and let those people through, those people just like us, just like the diners and concert-goers of Paris, who are trying to save their lives.

If they all die of illness and exposure in their tents, fighting starvation, sickness, fire, fear or hate, it will neither save a single life from terrorism, nor avenge a single soul. Even if terrorists slip in among the refugees, each one of them who dies, each day they are locked down, will make more terrorists, watered by the tears of grief of their families and friends. No high-security level can ever end the threat of terrorism. Only mercy can do that; only the mercy of refuge, of acting like the just countries we believe ourselves to be—rather than what the terrorists believe us to be—can make us safe.

Read more …

A thousand times faster than the natural rate. We’ll kill it all. Or at least enough to make the earth hostile to our own species.

The Annihilation Of Nature: Human Extinction of Birds and Mammals (Woods Inst.)

This book shows us the face of Earth’s sixth great mass extinction, revealing that this century is a time of darkness for the world’s birds and mammals. In The Annihilation of Nature: Human Extinction of Birds and Mammals, three of today’s most distinguished conservationists tell the stories of the birds and mammals we have lost and those that are now on the road to extinction. These tragic tales, coupled with eighty-three color photographs from the world’s leading nature photographers, display the beauty and biodiversity that humans are squandering. Gerardo Ceballos, Anne H. Ehrlich, and Paul R. Ehrlich serve as witnesses in this trial of human neglect, where the charge is the massive and escalating assault on living things.

Nature is being annihilated, not only because of the human population explosion, but also as a result of massive commercial endeavors and public apathy. Despite the well-intentioned work of conservation organizations and governments, the authors warn us that not enough is being done and time is short for the most vulnerable of the world’s wild birds and mammals. Thousands of populations have already disappeared, other populations are dwindling daily, and soon our descendants may live in a world containing but a minuscule fraction of the birds and mammals we know today. The Annihilation of Nature is a clarion call for engagement and action. These outspoken scientists urge everyone who cares about nature to become personally connected to the victims of our inadequate conservation efforts and demand that restoration replace destruction. Only then will we have any hope of preventing the worst-case scenario of the sixth mass extinction.

Read more …