Jul 152022
 


Pablo Picasso Guernica [Study] III 1937

 

Old Way, New Way (Dmitry Orlov)
Russia Continues To Earn More By Exporting Less Oil (ZH)
Germany To Halt Russian Coal Imports Next Month (ZH)
Lithuania To Allow Rail Transit Of Russian Goods To Kaliningrad (ZH)
Three More Countries Set To Join BRICS (RT)
Two More Gone (CTH)
Macron’s Minority Government Defeated on Vaccine Passports (SN)
Don Lemon: Republicans Must Be Treated As Danger To Society By Media (Fox)
Donald Trump on 2024: ‘I’ve Already Made That Decision’ (NYMag)
“Disgruntled” Chinese Homebuyers Refuse To Pay Their Mortgages (ZH)
High Inflation Figure Masks Even Higher Cost Hikes Of Necessities (ET)
Long Lines Are Back At US Food Banks (AP)
Dutch State Broadcasters Attack Coverage Of The Dutch Uprising (TCS)
It’s About Globalism, Stupid (Maajid Nawaz)
US Public Health Agencies Aren’t ‘Following the Science,’ Officials Say (CS)

 

 

 

 

 

 

Health care

 

 

 

 

 

 

“Syria, which refused to get the message too, asked the Russians for help. The Russians helped Syria, and now nobody is afraid of the US any more. Meanwhile, the US became spoiled by all this free money, grew fat, lazy, degenerate and weak and amassed the hugest pile of “debt”…”

Old Way, New Way (Dmitry Orlov)

The hardest part of living through a time of wrenching change is that nobody particularly bothers to inform you that the times have changed and that nothing will be the same again. Certainly not the talking heads on TV, who are often the last to know. You have to figure it out for yourself if you can. But I am here to help. It all has to do with energy. Not with technology—that’s incidental; not with military superiority—that’s fleeting and largely imaginary; certainly not with any sort of political or cultural self-righteousness—that’s delusional. There is no substitute for energy. If you run low, you can’t switch to running your industrial economy on fiddlesticks. It just shuts down. What’s worse, energy sources are not even particularly substitutable for each other. If you run low on gas, you can’t just switch to coal or to dried dung, even if you are up to your neck in it.

Modern industry runs on oil, natural gas, and coal, in that order, and they can be substituted for each other in very limited ways. Furthermore, energy has to be very cheap. Oil has to be about the cheapest liquid you can buy—cheaper than milk; cheaper even than bottled water. If energy isn’t cheap enough, then all the energy-hungry industry that runs on it becomes unprofitable and shuts down. That’s the stage at which we are now in much of the world. So, what happened? Once upon a time the US produced most of the oil in the world. But then the prolific wells in West Texas ran out and Saudi Arabia took over as the biggest oil producer. But the US wasn’t about to take that sitting down and hatched an ingenuous plan: Saudi Arabia will sell its oil for printed US dollars, then take most of those dollars and give them back to the US by “investing” it in US “debt”.

Everybody else who needed oil had to figure out a way to earn US dollars to buy it, and any US dollars they had left over after buying oil also had to be used to buy up US debt just because: “Nice economy you have there! Now we wouldn’t want anything bad to happen to it, would we?” Indeed, a few people didn’t get the message (Saddam of Iraq, Qaddafi of Libya) and got their countries bombed. And a whole lot of other defenseless countries got bombed just to keep the others scared. But then Syria, which refused to get the message too, asked the Russians for help. The Russians helped Syria, and now nobody is afraid of the US any more. Meanwhile, the US became spoiled by all this free money, grew fat, lazy, degenerate and weak and amassed the hugest pile of “debt” (in quotes because there is no question of ever repaying it) in all of human history.

In the meantime Russia, being the largest energy-producing country in the world, decided that it has had enough. Under the old scheme, Russia exported its resources cheaply, spend 1/3 of the revenue on imports and allowed 2/3 to leak out of the country, quite a lot of it also used to buy US “debt”. It couldn’t do anything about this right away, and so it spent the last decade developing its military to a point where now the US/NATO are afraid to go near it and its economy to a point where it doesn’t need much of the imports, at least not for a few years. And then a silly thing happened: the US confiscated Russia’s holdings of US “debt,” making everyone in the world take notice and start dumping it—even the Japanese!—sending the entire financial scheme into a tailspin.

Meanwhile, Russia has started to switch from selling its energy exports for dollars and euros, which then leave the country, where they can be confiscated, to selling them for rubles, which stay inside the country. Do you want to buy some Russian energy? Well, figure out how to earn some rubles! And if your own anti-Russian sanctions prevent you from doing so—well, la-di-da, whose fault is that? Also, given that there is now a worldwide energy shortage, the Russians asked themselves: Why sell lots of oil and gas for a little money when you can sell less of them for more money?

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As Dmitry writes: “Do you want to buy some Russian energy? Well, figure out how to earn some rubles!”

Russia Continues To Earn More By Exporting Less Oil (ZH)

Russian export revenues in June rose by $700m to the $20 billion mark, despite that oil exports fell by 250k b/d m/m to 7.4m b/d, the lowest since August 2021, Bloomberg’s Sherry Su reports citing the IEA’s latest Oil Market Report. Compared to a post-war peak level in April, total Russian oil exports in June were down 530k b/d, Or 7%, but export revenues were up by $2.3 billion, or 13%. Crude oil exports were down by 250k b/d in June to just above 5m b/d, still slightly higher than the pre-war average level according to Su. Shipments to the EU fell below 3m b/d for the first time since November 2020, bringing the EU share of Russian oil exports to 40%, compared to 49% in January-February.


Crude oil loadings to EU destinations fell 190k b/d m/m to 1.8m b/d, partly because of lower offtake on the Druzhba pipeline due to maintenance at a Hungarian refinery in June. Meanwhile, product loadings to the European Union fell by 135k b/d to 1.13m b/d, the IEA said. The fall in crude oil volumes came mostly from lower loadings on the Black Sea, as Rosneft’s 240k b/d Tuapse refinery reportedly came back online in June after a three-month shutdown. Total product exports out of Russia were relatively unchanged in June. Diesel exports increased slightly m/m to 825k b/d, 300k b/d lower than the pre-war average. Diesel Loadings to EU countries ticked up to 650 kb/d, returning to January-February average levels.

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Assisted suicide.

Germany To Halt Russian Coal Imports Next Month (ZH)

Germany will stop importing Russian coal from August 1 and crude oil from December 31, the country’s deputy finance minister, Joerg Kukies said today, as quoted by Reuters. “We will be off Russian coal in a few weeks,” Kukies said at the Sydney Energy Forum, which is taking place this week. “Anyone who knows the history of the Druzhba pipeline, which was already a tool of the Soviet empire over eastern Europe, ridding yourself of that dependence is not a trivial matter, but it is one that we will achieve in a few months,” he added. Kukies admitted, however, that replacing Russian hydrocarbons, not only in Germany, will be no easy task, citing the fact that together, the United States and Qatar could only supply some 30 billion cu m of natural gas equivalent to Europe, which imports more than 150 billion cu m of Russian gas annually.

Despite the challenge, Germany is in a rush to build LNG import terminals so it can replace at least part of Russian gas imports with liquefied gas from abroad. The problem here is, however, tightening supplies, with Freeport LNG in the U.S. offline until at least September, and Shell’s Prelude in Australia shut down amid industrial action. Demand for gas in Germany and Europe as a whole remains strong as governments seek to fill up their gas storage caverns ahead of the next heating season. Germany, specifically, is also on edge after Gazprom stopped the flow of gas via the Nord Stream 1 pipeline this week for regularly scheduled maintenance. Fears are that it will not turn the taps back on once the maintenance is done.


The suspension of coal and oil purchases from Russia is a result of sanctions the EU placed on Moscow earlier this year, providing buyers of the commodities with a temporal cushion of six months for each, so they could stock up on coal and oil before the respective embargos kicked in.

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The European Commission has a tail between its legs.

Lithuania To Allow Rail Transit Of Russian Goods To Kaliningrad (ZH)

It seems that saner minds are prevailing after ratcheting rhetoric coming from Moscow threateningly elevated Lithuania’s effective blockade of all overland trade and goods to an ‘act of war’ by the West… as the European Union is now refusing to back the full extent of Lithuania’s sanctions enforcement measures. The European Commission issued its legal guidance on the standoff Wednesday, which had over the past month resulted in some one million Russian citizens in the exclave remaining cut off from products brought by rail and road. “The transit of sanctioned goods by road with Russian operators is not allowed under the EU measures. No such similar prohibition exists for rail transport,” the European Union executive said, specifying that Russian goods should continue to be allowed by train.

“The Commission underlines the importance of monitoring the two-way trade flows between Russia and Kaliningrad … to ensure that sanctioned goods cannot enter the EU customs territory,” it added, emphasizing further that the rail exception doesn’t apply to weapons or munitions. The ban on transit still exits for freight brought by road, however. The EU said further this should be done through “targeted, proportionate and effective controls and other appropriate measures.” There was the additional caveat to the ruling that EU trade sanctions would not apply as long as Russia’s transport volumes do not exceed averages of the last three years, according to the “the real demand for essential goods at the destination.” It remains that food and humanitarian goods were reportedly never subject to the sanctions, nor was travel of citizens back-and-forth.


Lithuania’s government soon after the EU legal advice was issued said that it would adhere to it, albeit perhaps grudgingly: “Lithuanian Foreign Ministry said on Wednesday the previous trade rules, which blocked many sanctioned cargos from transport between mainland Russia and Kaliningrad, were “more acceptable”. “Kaliningrad transit rules may create an unjustified impression that the transatlantic community is softening its position and sanctions policy towards Russia”, the statement said. On Monday Russian President Vladimir Putin and his Belarusian counterpart Alexander Lukashenko during a phone call agreed to a “possible joint response” to the blockade of transit to Kaliningrad by Lithuania. Without elaborating on details, but sounding ominous given threat of near future action, a Kremlin statement said of the call, “Emphasis was placed on the situation relating to the illegal restrictions imposed by Lithuania on the transit of goods to the Kaliningrad Region. In this context, some possible joint steps were discussed.”

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As western governments fail and fall, “the other side” unites.

Iran, Argentina, Saudi Arabia, Turkey, and Egypt add another 350 million people to the 3.2 billion already in BRICS.

Three More Countries Set To Join BRICS (RT)

Saudi Arabia, Turkey, and Egypt plan to join BRICS, and their potential membership bids could be discussed and answered at next year’s summit in South Africa, Purnima Anand, the president of the organization, told Russian media on Thursday. “All these countries have shown their interest in joining [BRICS] and are preparing to apply for membership. I believe this is a good step, because expansion is always looked upon favorably; it will definitely bolster BRICS’ global influence,” she told Russian newspaper Izvestia. The BRICS nations (Brazil, Russia, India, China, and South Africa) account for over 40% of the global population and nearly a quarter of the world’s GDP. The bloc’s stated purposes include promoting peace, security, development, and cooperation globally, and contributing to the development of humanity.


Anand said the issue of expansion was raised during this year’s BRICS summit, which took place in late June in Beijing. The BRICS Forum president said she hopes the accession of Saudi Arabia, Turkey, and Egypt will not take much time, given that they “are already engaged in the process,” though doubts that all three will join the alliance at the same time. “I hope that these countries will join the BRICS quite shortly, as all the representatives of core members are interested in expansion. So it will come very soon,” Anand added. The news of the three nations’ plans to join BRICS comes after Iran and Argentina officially applied for membership in late June, with Iranian Foreign Ministry spokesman Saeed Khatibzadeh touting the bloc as a “very creative mechanism with broad aspects.”

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Italian president has refused Draghi’s resignation. Here’s why:

“President Sergio Mattarella cannot accept the prime minister’s resignation without himself departing. Mattarella only agreed to remain so long as the Draghi coalition would stand….”

Two More Gone (CTH)

British Prime Minister Boris Johnson resigned. Days later, former Japanese Prime Minister Shinzo Abe was assassinated. A few days passed and both the President and Prime Minister of Sri Lanka, resigned and fled the country. Today, with their ruling governments in a state of turmoil, Estonian Prime Minister Kaja Kallas and Italian Prime Minister Mario Draghi have both tendered their resignations. The collapse of each of these national leaders is not necessarily connected; however, the global political system is reverberating with tremors directly connected to the post-pandemic economic turmoil. It would be naïve not to see these governing issues as consequences. The legitimacy of the governing class is slipping; perhaps it would be fair to say, some have ‘lost’ their legitimacy altogether.

Estonia is part of the EU and a member of NATO. Italy is a member of the G7, a part of the EU and a member of NATO. The parliamentary coalitions are fracturing. New alliances are being formed. One recent example that stunned everyone in the EU was the far-right and far-left in the French parliament joining forces to defeat the coalition government of Emmanuel Macron as he tried, and failed, to extend emergency COVID rules. The COVID rules in France are set to expire on July 31st. The first parliamentary goal for President Macron was to extend the COVID emergency and keep his powers. However, the legislative effort was rejected by 219 votes to 195, destroying the goals of Macron. Both populist groups joined forces to defeat the Macron coalition.


Yes, amid all of the economic damage created by western leaders and their Build Back Better efforts, the geopolitical world is having spasms as the rulers are being rejected by the ruled. In the parliamentary systems, the voices of the angry people are rising up. Those shouts are entering the halls of government through the direct representatives closest to the people. The ruling coalitions are no longer able to hold together as the people demand change. That is the connective tissue behind these resignations and departures. Western government leaders like Joe Biden, Justin Trudeau, Emmanuel Macron, Boris Johnson and Jacinda Ardern have the audacity to stand atop a two-year mountain of unilateral fiats, rules, regulations and mandates and then decry “autocracy” and threats to the “global order.” All of them have destroyed their own legitimacy by pretending to represent western democracy while carrying out two years of totalitarian power.

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Little man just got a little littler..

Macron’s Minority Government Defeated on Vaccine Passports (SN)

French President Emmanuel Macron suffered a humiliating setback in parliament after his vaccine passport scheme was defeated. Macron’s minority government wanted to extend the policy whereby anyone entering France has to show proof of vaccination or a negative Covid test. However, the right-wing populist National Rally (RN), the hard-left La France Insoumise (LFI) and the right-wing Republicains (LR) all united to vote against the policy. Macron’s government lost the vote by a margin of 219 votes to 195. “The bill’s defeat was met with wild cheering and a standing ovation from opposition lawmakers, in footage that was widely circulated on social media,” reports the Telegraph. The bill was one of the first put to parliament by the new minority government, highlighting how Macron will find it incredibly difficult to get new laws passed in the country.


Elisabeth Borne, the French Prime Minister, condemned the vote. “The situation is serious. By joining together to vote against the measures to protect the French against Covid, LFI, LR and RN prevent any border control against the virus. After the disbelief on this vote, I will fight so that the spirit of responsibility wins in the Senate,” she tweeted. As we previously highlighted, the French Minister of Health admitted that vaccine passports are a “disguised” form of mandatory vaccines, despite President Macron claiming vaccine mandates “will not be compulsory.” On the first day the new program was in place, police in Paris were visibly patrolling bars and cafes demanding customers show proof they’ve had the jab. It later emerged that many businesses were refusing to enforce the scheme.

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He’s calling it out over himself.

Don Lemon: Republicans Must Be Treated As Danger To Society By Media (Fox)

Appearing on CNN’s New Day Thursday morning, Don Lemon once again urged the media to hold Republicans to a different standard than Democrats in their media coverage. The primetime host tied the GOP to the threat of “growing extremism” on the right. He warned journalists to not give a “false equivalence” to both sides, and instead acknowledge Republicans were endangering America. “We sit around and we talk about these things and we want to give this false equivalence to Democrats and Republicans. That is not where we are right now. Republicans are doing something that is very dangerous to our society and we have to acknowledge that. We have to acknowledge that as Americans, we must acknowledge that as journalists because if we don’t, we are not doing our jobs,” Lemon declared.

A Pew survey of nearly 12,000 journalists found that a majority of journalists, 55%, reject the idea that both sides “always deserve equal coverage.” Lemon was referring to Republicans who continue to support former President Trump after the January 6, 2021 riot at the Capitol, as well as the recent Supreme Court ruling to overturn Roe v. Wade. “They have to answer for those questions if they come here on CNN, they must answer for that. If they go on MSNBC, they must answer for that. If they go on ABC, they must answer for that. And they cannot expect to be coddled when they go on to a news organization or if they step in front of a crowd of supporters or voters or Americans.” He made a similar plea in June, saying, “we cannot pretend as journalists” that both sides are “equal.”


Lemon referred to an interview he did with a former spokesperson for the Oath Keepers saying Republicans had become associated with “extremists.” He rejected any Republican opposition to that belief. “You have the inmates running the asylum basically. You have the extremists because I know there are Republicans sitting out there going, ‘Don Lemon that’s not what we are.’ Maybe it’s not what you are but it’s what party has become and what you have allowed to happen,” he lectured.

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Excuse me?! “..the House Select Committee on January 6 (whose hearings are the runaway TV-ratings hit of the summer)..”

The runaway TV-ratings hit that nobody watches…

Donald Trump on 2024: ‘I’ve Already Made That Decision’ (NYMag)

Donald Trump was impeached twice, lost the 2020 election by 7,052,770 votes, is entangled in investigations by federal prosecutors (over the Capitol insurrection and over the mishandling of classified White House documents and over election interference) and the District of Columbia attorney general (over financial fraud at the Presidential Inaugural Committee) and the Manhattan district attorney (over financial fraud at the Trump Organization) and the New York State attorney general (over financial fraud at the Trump Organization) and the Westchester County district attorney (over financial fraud at the Trump Organization) and the Fulton County, Georgia, district attorney (over criminal election interference in Georgia) and the Securities and Exchange Commission (over rules violations in plans to take his social-media company public through a SPAC) and the House Select Committee on January 6 (whose hearings are the runaway TV-ratings hit of the summer), yet on Monday, July 11, he was in a fantastic mood.

It was a beautiful day in Bedminster, New Jersey, where the former president maintains a golf club and private estate to which he decamps when the Palm Beach humidity and the habits of snowbirds shut down Mar-a-Lago for the Mother’s Day–to–Labor Day summer season, and it had been a beautiful weekend, too, one he said affirmed the choice he had made about his own future, the future of the Republican Party, and — whether he wins this time or if he loses as sorely as before — the future of the American experiment. At a rally in Alaska on Saturday, he told me by phone, his fans were adoring. “More love,” in his words, “than I’ve ever had before.” His voice was humming with excitement. He was still in awe.

After all of this time, after so many rallies, so many crowds, so many winding speeches and chants of “Lock her up” and “USA” and “Build the wall” and the familiar sounds of “Tiny Dancer” and “Memory” (from Cats) and “You Can’t Always Get What You Want” and “YMCA” and that goofy little dance and the delusion and the fervor so great that it built up to an attack on the Capitol and the democratic process at the center of the Republic itself, the novelty of this had not faded. As a technical matter, the Anchorage event was on behalf of Sarah Palin and Kelly Tshibaka, Trump-endorsed candidates for the U.S. House and U.S. Senate, respectively, but like all such endeavors, it was for its star a means of discerning through a vibe check what traditional polls could not so reliably or completely tell him.

And what it told him this time, he said, is that his voters — a portion of the electorate that he insists amounts to a majority of the country, though it does not — want to, and will, bring him back to power. “Look,” Trump said, “I feel very confident that, if I decide to run, I’ll win.”

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The Chinese didn’t buy real estate as an investment, but as an insurance. Xi must beware.

“Disgruntled” Chinese Homebuyers Refuse To Pay Their Mortgages (ZH)

While US snowflakes are all too happy to talk the talk (which remains free, even despite Biden’s hyperinflation), Chinese residents are increasingly walking the walk. First, it was the violent outcry against mandatory covid vaccines that put an end to Beijing’s desire to forcibly innoculate all Beijing residents in just 48 hours – a feat not all of America’s armed militias have been able to achieve, and now it’s a grassroots push for what appears to be a debt jubillee as millions of homeowners suddenly stop paying their mortgages, a shocking move that has sent shockwaves across China’s capital markets and has sparked panic within China’s political leadership circles.

As Bloomberg reports overnight, a rapidly increasing number of “disgruntled Chinese homebuyers” are refusing to pay mortgages for unfinished construction projects, exacerbating the country’s real estate woes and stoking fears that the crisis will spread to the wider financial system as countless mortgages default. According to researcher China Real Estate Information, homebuyers have stopped mortgage payments on at least 100 projects in more than 50 cities as of Wednesday, up from 58 projects on Tuesday and only 28 on Monday, according to Jefferies Financial Group Inc. analysts including Shujin Chen. “The names on the list doubled every day in the past three days,” Chen wrote in a note published Thursday.


“The incident would dampen buyer sentiment, especially for presold products offered by private developers given the higher risk on delivery, and weigh on the gradual sales recovery.” What’s behind this grassroot movement to halt mortgage payments altogether? Negative equity: “Analysts believe that a drop in home values may be another driver for the refusal to meet mortgage payments. “Investors are concerned about the spread of mortgage payment snubs to buyers, simply due to lower property prices, and the impact on property sales,” Chen wrote. According to Citi analysts, average selling prices of properties in nearby projects in 2022 were on average 15% lower than purchase costs in the past three years. Meanwhile, it’s only getting worse as China’s home prices fell for a ninth month in May, with June figures set for release Friday.

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Here comes Sri Lanka.

High Inflation Figure Masks Even Higher Cost Hikes Of Necessities (ET)

The June inflation figure of 9.1 percent, up half a percentage point from May and the highest since 1981, doesn’t tell half the story of how expensive life has become for Americans. The overall figure hides the fact that not all prices have risen uniformly and that products that have become especially expensive also happen to be the ones people usually can’t do without, such as food, fuel, and energy, according to Consumer Price Index data published by the Bureau of Labor Statistics (BLS). Among foodstuffs, margarine and egg prices hiked the most over the 12 months ending in June, up more than 34 and 33 percent, respectively. Trailing behind were butter (up more than 21 percent), flour (up more than 19 percent), and chicken (up more than 18 percent). Milk and coffee were up about 16 percent.

Regular gasoline hiked more than 60 percent, diesel about 76 percent, and fuel oil, which many Americans use to heat their homes, nearly doubled in price. Natural gas went up more than 38 percent and electricity nearly 14 percent. The White House, through President Joe Biden’s Twitter account, on July 13 called the inflation figures “not acceptable” but “outdated,” noting that the average gasoline price had declined about 40 cents per gallon (about 8 percent) over the past 30 days. The products with the most prominent price hikes tend to also suffer supply issues. Gasoline production is constrained by the policies of the Biden administration and the financial elites more generally as part of their efforts to curb carbon emissions.

Egg production has been constrained by the avian flu outbreak that cut the number of laying hens by about 8 percent in recent months. Grain production has been hit with sky-high fertilizer prices and herbicide shortages. Higher grain prices, in turn, show up not only in bakery goods and flour, but also in the cost of animal feed, which then hits meat and milk prices, too. Normally, consumers respond to higher prices by tightening their belts—consuming less—which in turn leads prices down. But because of the lavish federal spending packages during the COVID-19 pandemic, consumer demand has been artificially boosted. Prices will have to go up relatively steeply for another year or two before the productivity of the economy catches up with all the newly printed money, some economists have predicted.

Some prices, it appears, have already peaked. Beef steaks, for instance, hiked by more than 30 percent between October 2019 and October 2021 but are down about 5 percent since then. Similarly, car and truck rental prices went up more than 70 percent from July 2020 to July 2021 but have since dropped by about 11 percent.

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Those lines will get much longer.

Long Lines Are Back At US Food Banks (AP)

Long lines are back at food banks around the U.S. as working Americans overwhelmed by inflation turn to handouts to help feed their families. With gas prices soaring along with grocery costs, many people are seeking charitable food for the first time, and more are arriving on foot. Inflation in the U.S. is at a 40-year high and gas prices have been surging since April 2020, with the average cost nationwide briefly hitting $5 a gallon in June. Rapidly rising rents and an end to federal COVID-19 relief have also taken a financial toll. The food banks, which had started to see some relief as people returned to work after pandemic shutdowns, are struggling to meet the latest need even as federal programs provide less food to distribute, grocery store donations wane and cash gifts don’t go nearly as far.

[..] The Phoenix food bank’s main distribution center doled out food packages to 4,271 families during the third week in June, a 78% increase over the 2,396 families served during the same week last year, said St. Mary’s spokesman Jerry Brown. More than 900 families line up at the distribution center every weekday for an emergency government food box stuffed with goods such as canned beans, peanut butter and rice, said Brown. St. Mary’s adds products purchased with cash donations, as well as food provided by local supermarkets like bread, carrots and pork chops for a combined package worth about $75.

Distribution by the Alameda County Community Food Bank in Northern California has ticked up since hitting a pandemic low at the beginning of this year, increasing from 890 households served on the third Friday in January to 1,410 households on the third Friday in June, said marketing director Michael Altfest. At the Houston Food Bank, the largest food bank in the U.S. where food distribution levels earlier in the pandemic briefly peaked at a staggering 1 million pounds a day, an average of 610,000 pounds is now being given out daily. That’s up from about 500,000 pounds a day before the pandemic, said spokeswoman Paula Murphy said.

Murphy said cash donations have not eased, but inflation ensures they don’t go as far. Food bank executives said the sudden surge in demand caught them off guard. “Last year, we had expected a decrease in demand for 2022 because the economy had been doing so well,” said Michael Flood, CEO for the Los Angeles Regional Food Bank. “This issue with inflation came on pretty suddenly.” “A lot of these are people who are working and did OK during the pandemic and maybe even saw their wages go up,” said Flood. “But they have also seen food prices go up beyond their budgets.”

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Well, Rutte says in the Davos video at the bottom that he wants to buy the press.. Sorry the other video is mostly in Dutch.

Dutch State Broadcasters Attack Coverage Of The Dutch Uprising (TCS)

In a video entitled “The Great Reset: the recurring fabrications,” Nieuwsuur, a program produced by government broadcasters, claims that Bexte travelled to the Netherlands to perpetuate supposed conspiracy theories, saying that the WEF has “absolutely nothing” to do with the “nitrogen crisis” — by which they mean the nitrogen policy to cut emissions by 50% and destroy farmers’ livelihoods. “These bloggers from far-right websites have travelled to the Netherlands especially to see that image confirmed,” the host says before playing a clip of Bexte talking about the WEF’s support for the career-destroying nitrogen policy being protested. “But the WEF has absolutely nothing to do with the nitrogen crisis,” he continues. “It was the highest judge who ordered the Netherlands to comply with the nitrogen standards of the European Union.”


Yes, but where did the “nitrogen standards” of the European Union come from? The nitrogen policy that was introduced is just one of many policies being brought forth by the EU to better align with the UN’s radical Sustainable Development Goals to cut all emissions, which is itself part of the UN’s Agenda 2030. According to the European Commission’s website, “Sustainable development is a core principle of the Treaty on European Union and a priority objective for the Union’s internal and external policies. The United Nations 2030 Agenda includes 17 Sustainable Development Goals (SDGs) intended to apply universally to all countries.” Moreover, in an EU briefing entitled “European policies on climate and energy towards 2020, 2030 and 2050,” the European Parliament states the UN’s Sustainable Development Goals will impact European policy, specifically regarding climate policy:

“Within the framework of the commitments laid down in the Paris Agreement, in November 2018, the European Commission published a new long-term strategy which confirms Europe’s commitment to lead on global climate action and to achieving net-zero GHG emissions by 2050, through a socially fair transition in a cost-efficient manner… The strategy does not intend to launch new policies, nor does the European Commission intend to revise the 2030 targets. It is rather meant to set the direction of transition of EU climate and energy policy, and to frame what the EU considers as its long-term contribution to achieving the Paris Agreement temperature objectives, in line with the UN Sustainable Development Goals, which will further affect a wider set of EU policies.”

Now, who has been a core contributor in shaping the UN’s Sustainable Development Goals? Why, the World Economic Forum, of course. In 2019, the WEF and UN signed a strategic partnership “to accelerate the implementation of the 2030 Agenda for Sustainable Development.” “The new Strategic Partnership Framework between the United Nations and the World Economic Forum has great potential to advance our efforts on key global challenges and opportunities, from climate change, health and education to gender equality, digital cooperation and financing for sustainable development,” said UN Secretary-General António Guterres at the time.


So, yes. If the Netherlands is abiding by the EU’s climate policies, and the EU’s climate policies are based on the UN’s Sustainable Development Goals, and the WEF signed a partnership with the UN to control what these goals are, I think it’s safe to say that the WEF absolutely has something to do with the nitrogen policy being protested right now.

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People observe and interpret. Be careful with that.

It’s About Globalism, Stupid (Maajid Nawaz)

1) Framing is Everything – i) It is No Longer About Brexit – Contrary to what you will read, the UK leadership race is no longer about Brexit. Brexit is done. It will not be undone. Even Labour leader Sir Keir Starmer has told his party that Brexit will not be reversed. This is not to say that Brexit is no longer relevant. It is relevant. It is to say instead that Brexit is not the main impetus for the domestic palace coup that has just unfolded against outgoing PM Boris Johnson.

ii) It is No Longer About Covid – This leadership challenge is also no longer about Covid. The Covid control mechanisms of emergency legislation, supply-chain disruption and the weaponisation of Big Pharma have already served their purpose. As with Brexit, the UK is unlikely to go backwards on Covid policy. Any intervention now from the authorities about Covid will again only serve to keep opponents stuck fighting our last battle, just as the state launches its next psychological war against its own population. This is not to say that Covid policy is no longer relevant. It is relevant. Rather, it is to say again that Covid is not the main impetus for the domestic palace coup that has just unfolded against outgoing PM Boris Johnson.

iii) It is No Longer About War in Ukraine – The UK leadership contest is also not about the war in Ukraine. A keen observer will already notice corporatist media spin turning against deeper involvement, as well as the establishment-liberal US outlets turning sour on Biden. The Ukraine war has served its purpose. Billions have been laundered. Global food and gas shortages have been precipitated. This is not to say that Russia and Ukraine are no longer relevant. They are relevant. This is to say instead that war in Ukraine is not the main impetus for the domestic palace coup that has just unfolded against outgoing PM Boris Johnson. And so what exactly is going on in Britain? Arriving at an answer is only possible if the globalist playbook is understood first.

2) The Global Uprising: Centralisation vs Decentralisation: – Division has been sown after Brexit. Civil norms has been crushed after Covid. The ‘means of production’ have been disrupted after war in Ukraine. What comes next is the purpose they all served: the Great Reset. Combined, these cumulative crises of monumental fiscal suicide, unprecedented supply chain disruption and food and energy shortages are in danger of causing the collapse of the global financial system, sparking truly unprecedented global uprisings. In fact, we are already witnessing this.

[..] The collapse of the global financial system now appears inevitable. It actually collapsed in 2008. What has proceeded since then is merely the execution of a carefully planned, if not vicious, controlled demolition. The demolition is orchestrated by WEF establishment globalists so that their own controlled opposition may steer this global reset towards further centralised tyranny, as opposed to allowing it to enable decentralised democracy. Popular resistance will now be used as a pretext to clamp down and suspend liberty by rolling out militarised forces to subjugate the very conveniently rebelling citizens. [..] This is how the global financial establishment seeks to ride the current global revolution in order to retain their power. We are at the end of a natural generational cycle: a historic turning. We are witnessing the ‘reset’ part of Klaus Schwab’s Great Reset. They have told us what they plan to do. After the reset they will seek to ‘Build Back Better’ in order to create their New World Order.

Read more …

Marty Makary M.D., M.P.H. and Tracy Beth Høeg M.D., Ph.D.

“I can’t tell you how many people at the FDA have told me, ‘I don’t like any of this, but I just need to make it to my retirement.’”

US Public Health Agencies Aren’t ‘Following the Science,’ Officials Say (CS)

The calls and text messages are relentless. On the other end are doctors and scientists at the top levels of the NIH, FDA and CDC. They are variously frustrated, exasperated and alarmed about the direction of the agencies to which they have devoted their careers. “It’s like a horror movie I’m being forced to watch and I can’t close my eyes,” one senior FDA official lamented. “People are getting bad advice and we can’t say anything.” That particular FDA doctor was referring to two recent developments inside the agency. First, how, with no solid clinical data, the agency authorized Covid vaccines for infants and toddlers, including those who already had Covid. And second, the fact that just months before, the FDA bypassed their external experts to authorize booster shots for young children.

That doctor is hardly alone. At the NIH, doctors and scientists complain to us about low morale and lower staffing: The NIH’s Vaccine Research Center has had many of its senior scientists leave over the last year, including the director, deputy director and chief medical officer. “They have no leadership right now. Suddenly there’s an enormous number of jobs opening up at the highest level positions,” one NIH scientist told us. (The people who spoke to us would only agree to be quoted anonymously, citing fear of professional repercussions.) The CDC has experienced a similar exodus. “There’s been a large amount of turnover. Morale is low,” one high level official at the CDC told us. “Things have become so political, so what are we there for?” Another CDC scientist told us: “I used to be proud to tell people I work at the CDC. Now I’m embarrassed.”

Why are they embarrassed? In short, bad science. The longer answer: that the heads of their agencies are using weak or flawed data to make critically important public health decisions. That such decisions are being driven by what’s politically palatable to people in Washington or to the Biden administration. And that they have a myopic focus on one virus instead of overall health. Nowhere has this problem been clearer—or the stakes higher—than on official public health policy regarding children and Covid. First, they demanded that young children be masked in schools. On this score, the agencies were wrong. Compelling studies later found schools that masked children had no different rates of transmission. And for social and linguistic development, children need to see the faces of others.

Next came school closures. The agencies were wrong—and catastrophically so. Poor and minority children suffered learning loss with an 11-point drop in math scores alone and a 20% drop in math pass rates. There are dozens of statistics of this kind. Then they ignored natural immunity. Wrong again. The vast majority of children have already had Covid, but this has made no difference in the blanket mandates for childhood vaccines. And now, by mandating vaccines and boosters for young healthy people, with no strong supporting data, these agencies are only further eroding public trust. One CDC scientist told us about her shame and frustration about what happened to American children during the pandemic: “CDC failed to balance the risks of Covid with other risks that come from closing schools,” she said. “Learning loss, mental health exacerbations were obvious early on and those worsened as the guidance insisted on keeping schools virtual. CDC guidance worsened racial equity for generations to come. It failed this generation of children.” An official at the FDA put it this way: “I can’t tell you how many people at the FDA have told me, ‘I don’t like any of this, but I just need to make it to my retirement.’”

Read more …

 

 

 

 

 

 

 

Morales
https://twitter.com/i/status/1547604089705353218

 

 

 

 

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May 282022
 


Gustave Courbet The desperate man (self portrait) 1852

 

The New York Times’ Shift on Victory in Ukraine (Walsh)
Russia Controls Almost All of Luhansk, Makes Gains in Eastern Ukraine (Antiwar)
Will NATO Aggression Force Russia to Extend the Special Operation? (Batiushka)
Dear Ursula, You Are Dead Wrong (Vilches)
Childhood’s End (Kunstler)
US Seizes Tanker Full of Iranian Oil Near Greece (Antiwar)
Iran Seizes 2 Greek Tankers In Persian Gulf, Tensions Spike (K.)
What COVID Jabs Are Doing to the Immune System, How the Injured Can Heal (ET)
The Three Ring Circus of Today’s Political Scandals (RCP)
Stolen Elections: A Tale of Two D.C. Courtrooms (Kelly)
Britain Is Paving The Way For Gene-edited Food (G.)
More Middle-class People Flock To Food Banks In Brussels (BT)

 

 

 

 

Islamabad

 

 

Ass covering.

The New York Times’ Shift on Victory in Ukraine (Walsh)

On May 11 The New York Times ran an article documenting that all was not going well for the U.S. in Ukraine, and a companion opinion piece hinting that a shift in direction might be in order. Then on May 19, the editorial board, the full Magisterium of the Times, moved from hints to a clarion call for a change in direction, declaring that “total victory” over Russia is not possible and that Ukraine will have to negotiate a peace in a way that reflects a “realistic assessment” and the “limits” of U.S. commitment. The Times serves as one the main shapers of public opinion for the elite and so its pronouncements are not to be taken lightly. The editorial contains the following key passages:

“In March, this board argued that the message from the United States and its allies to Ukrainians and Russians alike must be: No matter how long it takes, Ukraine will be free. …” “That goal cannot shift, but in the end, it is still not in America’s best interest to plunge into an all-out war with Russia, even if a negotiated peace may require Ukraine to make some hard decisions.” And, to ensure that there is no ambiguity, it went on: “A decisive military victory for Ukraine over Russia, in which Ukraine regains all the territory Russia has seized since 2014, is not a realistic goal. … Russia remains too strong…” Then, to make certain that President Joe Biden and the Ukrainians understand what they should do, it adds:

“… Mr. Biden should also make clear to President Volodymyr Zelensky and his people that there is a limit to how far the United States and NATO will go to confront Russia, and limits to the arms, money and political support they can muster. It is imperative that the Ukrainian government’s decisions be based on a realistic assessment of its means and how much more destruction Ukraine can sustain.” As Ukraine’s President Volodymyr Zelensky read those words, he must surely have begun to sweat. The voice of his masters was telling him that he and Ukraine will have to make some sacrifices for the U.S. to save face. As he contemplates his options, his thoughts must surely run back to February 2014, and the U.S.-backed Maidan coup that culminated in the hasty exit of President Viktor Yanukovych from his office, his country and almost from this earth.

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Sending more weapons will only create more misery.

Russia Controls Almost All of Luhansk, Makes Gains in Eastern Ukraine (Antiwar)

Russia continues to make territorial gains in eastern Ukraine and now controls 95% of Ukraine’s Luhansk oblast, which makes up the northern half of the Donbas region. The pro-Kyiv governor of Luhansk said Friday that Ukrainian forces might be forced to retreat from the near-surrounded cities of Sievierodonetsk and Lysychansk, the last hold-outs in the region. “We will have enough strength and resources to defend ourselves. However, it is possible that in order not to be surrounded we will have to retreat,” said Governor Serhiy Gaidai. As the war grinds on in the east, Ukrainian officials are starting to admit that their military is facing a dire situation and are pleading for the US and its allies to send more advanced weapons.


Ukrainian volunteer soldiers told The Washington Post that they felt abandoned by the government in Kyiv as they were fighting in the east. In a video posted on Telegram, Ukrainian volunteers said they weren’t properly trained and didn’t have sufficient equipment or support to fight on the front lines. “We are being sent to certain death,” a volunteer soldier said in the Telegram video. “We are not alone like this, we are many.” The Post spoke with a volunteer company commander and his lieutenant who retreated to a hotel away from the front. After the interview, the men were arrested by Ukrainian military security services and accused of desertion.

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“If the NATO vassals have any common sense, they will dissolve NATO altogether..”

Will NATO Aggression Force Russia to Extend the Special Operation? (Batiushka)

Finally, we wonder if the Russian Federation will continue to tolerate the aggressive statements and actions of anti-Russian representatives of the mercenary US-installed elites in Bulgaria and Greece? If the Bulgarian and Greek elites were cleansed of those who will ‘do anything for a million dollars’ and their countries turned back into pro-Russian territories, it would mean that all of the Eastern half of Europe could at last return to being a pro-Russian, NATO-free buffer zone. This zone would of course include Hungary as well as Serbia, Montenegro, North Macedonia and Bosnia and Herzegovina, that is, most of ex-Yugoslavia, where most people and some of the governing classes are pro-Russian anyway.

As for Central Europe (here we include the Czech Lands, East Germany and Austria, as well as Slovenia, Croatia, and even Albania) and Western Europe, their populations would simply have to cope with being cut off raw materials. This means cut off from Russian oil, gas, paper pulp, fertilisers, cereals and minerals and the eventual possibility of the poorest among them facing starvation and next winter hypothermia because of their ruling classes’ anti-Russian sanctions. Unless, of course, those populations decided to revolt and liberate themselves from their neo-feudal, US-installed colonial elites. Even the offshore UK, with its buffoonish, New York-born Prime Minister Johnson, could yet object and reject. The economic situation in Europe is becoming serious.

Naturally, we cannot say what will happen. What we can say very clearly, however, is that the US elite and its NATO minions are playing with fire. As the dollar slips on a daily basis, now below even 57 to the rouble for the first time since 2015, some Western bankers are beginning to panic. If the NATO vassals have any common sense, they will dissolve NATO altogether, as should have happened in 1991, when the Warsaw Pact was dissolved. However, as they say, the problem with common sense is that it is very rare. It is rather like intelligence, which is very limited – whereas the capacity for stupidity is utterly unlimited….

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Russian oil & gas [..] ..without which Europe would cease to exist as we know it with some countries becoming failed states..

Dear Ursula, You Are Dead Wrong (Vilches)

Long ago, large fuel-consumer yet very fuel-poor Europe (Franz) married super fuel-rich Russia (Natasha) and together soon happily parented plenty of babies that have now grown-up and crave for Natasha´s delicious food. So the whole European über-successful export-based business model was conceived, designed, built, operated and developed on the basis of the cheap and plentiful ´Russian fuels´ premise. That is why every EU government has repeatedly failed to find the architectonics — let alone effectively construct — a realistic energy strategy that does not depend exclusively on Russia´s capability as an EXTRA-ordinary and reliable commodities exporter, most specially fuels. Europe´s economic success has always been based — and continues to be — in having available abundant high quality Russian energy with the enormous advantage of smooth Druzbha pipeline 24x7x365 door-to-door delivery.

Hereinafter please find out why Europe has no choice other than to keep importing lots of Russian oil & gas. It´d be technically impossible to do otherwise requiring a minimum of 20 years at probably more than twice the price, or even far more if the required monumental investments are priced in. Today, on the one hand we have the current Russian Urals blend oils which shall be briefly described herein. On the other we can now only have unknown Baltic oil blends that cannot be described because they do not exist and quite possibly may never exist, at least as needed. Actually, the only effective possibility would be to build from scratch ad hoc matching refineries and other chemical plants in order to accept still-undefined and most difficult to process Baltic oil blend feedstocks. You read it here first…

Energy security involves complex interactive underpinnings which demand a clear and well-focused mindset. Accordingly, below please find a short list of requirements for European oil imports (90%) today mostly sourced in Russia and without which Europe would cease to exist as we know it with some countries becoming failed states. For logistical reasons, the list below should later be expanded and adapted to the specific location of a given facility and/or other individual needs. A leading case in point would be the Schwedt Refinery as the largest in all of Europe and with a most special make-it-or-break-it importance as explained later. Without a fully functional and constantly well-supplied Schwedt Refinery, neither Berlin nor the immense surrounding Brandenburg state are viable… nor would the Berlin international airport and very large areas of Western Poland survive as they are today. I kid you not.

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“Truth and beauty have gone outlaw. Bad faith and wickedness rule, led by a Party of Chaos.”

Childhood’s End (Kunstler)

America has become a malfunctioning pageant without feasible roles that children can realistically project themselves into. What ten-year-old longs to become the Burger King fry-o-later boss in a brown apron and an asinine cardboard crown? Rather, they are prompted to aspire to become sports star millionaires, of which there are perhaps fewer than 5,000 positions in a land of 340-million. By age twelve, they probably comprehend the unlikelihood of that outcome, or of becoming the next Kardashian… or Spiderman. (Superheroes are supplied by the entertainment cartels to occupy the imaginative realm of children because American culture is bereft of reality-based roles worth aspiring to.)

In this tumult of cultural impoverishment, psychotic grandiosity creeps in. Be big if you can’t be anything else. Hence, one achievable role for young persons in American life is mass murderer. It is a way of becoming important, of having an effect on other people and society in general. Your name may be forgotten, but the act itself will endure in the collective memory of a people. It will be some kind of a mark in history, even better remembered, perhaps, than whoever played third-base for the Atlanta Braves in 1994… or the woman who once capered down the red carpet at the Oscars in a dress fashioned on a slaughtered swan.

The mayhem unleashed in a school shooting is just the rectified essence of the manifold derangements in our national life. Everything is out-of-whack, including our perception of what’s going on and what it means. There is almost nothing left of childhood in this land, in the way of young, unformed creatures assisted by adults who love them into a future worth being part of. We have forgotten how to be grateful for coming into this world at all, leaving us unworthy of being here. The quality of virtue, meaning that some things and some doings are recognizably better than others, was deceitfully replaced by the equity of nothing being allowed to be better than anything else. Truth and beauty have gone outlaw. Bad faith and wickedness rule, led by a Party of Chaos. So, really, what do you expect? And what do you deserve?

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“Iran believes, and not unfairly, that the oil was just stolen from them..”

US Seizes Tanker Full of Iranian Oil Near Greece (Antiwar)

Fresh off of the US targeting a series of companies involved in an Iran-linked oil smuggling network, the US has now seized an oil tanker near Greece, taking the Iranian oil within to be sent to the US. The oil was on a Russian-operated ship, which had been singled out for US targeting in February. It was then called the Pegas. The company renamed the ship the Lana. Greece had impounded the Pegas and its Russian crew last month over the invasion of Ukraine, but ultimately released it. Neither the US nor Russia is commenting. Greece says the US informed them the oil was Iranian, and that the US hired a different ship to take the oil to America. Iran has summoned the Greek charges d’affaires and called the incident a “clear example of piracy.”


The US accused the tanker of loading 700,000 Bbls of oil from Iran in August 2021. The tanker mostly carried oil to China. The seizure of the tanker, and oil, comes amid tensions on the ongoing nuclear talks. Iran believes, and not unfairly, that the oil was just stolen from them, and the US position, while yet to be public, is that the oil is now theirs. It’s not a great precedent, but generally Iran can’t do much about it, and the US is keen to have the oil.

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Surprise!!

Iran Seizes 2 Greek Tankers In Persian Gulf, Tensions Spike (K.)

Iran’s paramilitary Revolutionary Guard seized two Greek oil tankers on Friday in the Persian Gulf, just after Athens assisted the US in seizing an Iranian oil tanker over alleged sanctions violations in the Mediterranean Sea. The Guard’s announcement comes as tensions remain high between Iran and the West over stalled negotiations regarding its rapidly advancing nuclear program. The Guard issued a statement on its website, accusing the unnamed tankers of unspecified violations. Greece’s Foreign Ministry said it made a strong demarche to the Iranian ambassador in Athens over the “violent taking over of two Greek-flagged ships” in the Persian Gulf. “These acts effectively amount to acts of piracy,” a ministry statement said.


The ministry called for the immediate release of the vessels and their crews, and said these acts would have “particularly negative consequences” in bilateral relations and in Iran’s relations with the European Union, of which Greece is a member. The ministry’s statement said that earlier Friday, an Iranian helicopter landed on the Greek-flagged Delta Poseidon in international waters some 22 nautical miles off the coast of Iran. “Armed men then took the crew captive,” it said, adding that two Greek nationals were among the crew. “A similar incident has been reported on another Greek-flagged vessel, that was carrying seven Greek citizens, close to the coast of Iran,” the ministry said. It did not identify the nationalities of the other crew onboard the vessels. Industry sources confirmed to Lloyd’s List that the suezmaxes Delta Poseidon and Prudent Warrior, both under Greek flag, were seized.

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“..catastrophic adverse events such as the destruction of the immune system..”

What COVID Jabs Are Doing to the Immune System, How the Injured Can Heal (ET)

“Vaccines are safe and effective” has been the ongoing irrational mantra of the past two years, recycled from the last two decades of pushing children’s vaccination programs. It’s more than a failed hypothesis—the mantra has become dogma, a belief system that prevents people from getting the help they need for their jab-induced spike injuries or for those of their loved ones. MIT scientist Stephanie Seneff and naturopathic oncologist Greg Nigh’s paper, “Worse than the Disease” describes in detail the unintended consequences of the jabs against COVID-19, including catastrophic adverse events such as the destruction of the immune system.

Prominent immunologists, vaccinologists, and researchers from every clinical expertise are now providing evidence to support COVID-19 mRNA injectable products are causing immune system dysregulation. Explaining the complicated mechanism of jab-induced spike injury to the general public is not an easy task when governments still list vaccination as the number one way out of the pandemic while a deluge of campaigns are out to discredit doctors and scientists who want to recognize and help those who have been injured. With such little support from the establishment, and almost a black market for real medical guidance on jab-induced spike injury methods, people are desperate to know—how can the injured heal?

Before getting started on healing, one must first know a few key things about the spike protein’s unnatural injection into the body’s immune system. Most doctors and scientists understand the power and complexity of the immune system. The immune response is divided into innate immunity, the enormously effective biology we were born with, and adaptive immunity, which acquires training following exposure to pathogens. The innate system fights against foreign bodies, injuries, and pathogens by using natural bacteria-killing substances, skin protection on the outside, mucus membrane protection on the inside, and the first responders: scavenger cells or natural killers. The body is already wired to take on whatever intruder tries to break in. They have the intelligence to know which invaders belong in the body, and which ones are out to cause trouble.

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“Baker testified that he was “100% confident” Sussmann had repeated his disclaimer at the beginning of their meeting..”

The Three Ring Circus of Today’s Political Scandals (RCP)

Modern political scandals, like Caesar’s Gaul, are divided into three parts. The first is the actual malfeasance. That might be taking bribes, lying to federal agents, leaking classified materials, sexual misconduct, selling political access, whatever. The second part is the hyper-partisan involvement of Congress and, often, federal agencies, all eager to score points for their side. The third part is the media’s role, which goes beyond bias to include active promotion of political goals. Federal agencies, like all bureaucratic institutions, have always tried to increase their power and preserve their autonomy. What’s different today is that the bureaucrats, and often their entire agencies, are frequently partisan players. That’s disheartening but understandable.

One party is clearly the “party of government” and the party of experts. Most educated professionals, including bureaucrats and journalists, identify with that party. Filled with partisan “civil servants,” these agencies routinely tilt investigations (or kill them outright) to advance political goals – the same ones as their favored party. For the same reasons, they leak insider information to friendly media. Predictably, the opposing party tries to score points by attacking them for doing so. That brings us to the third element of these scandals: the “friendly media.” Mainstream outlets are not just biased. They often become outright partisans when a potential scandal could hurt conservatives or populists. That bias degrades what was once called “hard news.” Today, neutral reporting is as antiquated as rotary phones, conservative Democrats, and liberal Republicans.

The media’s bias, both left and right, is amplified by the fragmentation of the digital landscape. That fragmentation encourages each outlet to appeal to its self-selected audience and avoid alienating them with uncomfortable information.The trial of Hillary Clinton lawyer Michael Sussmann illustrates how modern scandals have devolved into this dismal three-ring circus. Last Thursday, the FBI’s former general counsel, James Baker, testified at length that his old friend Sussmann had requested an urgent private meeting and provided the bureau damning, confidential information. Sussmann claimed he did so solely “as a good citizen,” not on behalf of any client. Sussmann made the same claim in a text message to Baker the night before.

Baker testified that he was “100% confident” Sussmann had repeated his disclaimer at the beginning of their meeting. (Before Special Counsel John Durham’s team concluded their case on Wednesday, they showed the jury that Sussmann had actually billed the Clinton campaign for that meeting.) Baker’s testimony was especially powerful because he was clearly reluctant to provide it.

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Two separate justice systems. That is dangerous.

Stolen Elections: A Tale of Two D.C. Courtrooms (Kelly)

Trump’s first two years in office were severely hobbled by the nonstop collusion drama as Mueller’s team systematically rounded up Trump allies on unrelated charges to produce breaking headlines and speculation that Trump would be the next one in handcuffs. Even after Mueller in 2019 finally admitted his prosecutors found no evidence of election-altering collusion, 84 percent of Democrats still believed Trump had been in cahoots with the Russians. For four years, Democrats proudly displayed #NotMyPresident hashtags on social media platforms. And to this day, Hillary Clinton insists the 2016 election “was not on the level.” But that sort of talk has not been designated the “Big Lie” by the news media or criminalized by the Justice Department.

Any suggestion that the 2016 election was “rigged” or “stolen” remains safely under the purview of protected speech and in many quarters, is still considered an indisputable fact. Not so for those who doubt the outcome of the 2020 presidential election. Which is why, just a few floors below Judge Cooper’s courtroom, Timothy Hale is on trial for his participation in the protest at the U.S. Capitol on January 6, 2021. While the wheels of justice turn excruciatingly slow for Trump-Russian collusion schemers such as Sussmann, the government has moved at lightning speed to round up dissidents of the Biden regime. More than 800 Americans who protested Biden’s election on January 6 face criminal charges; the Justice Department announces new arrests every week.

Unlike Michael Sussmann, who walked free for five years following the commission of his alleged crime, Tim Hale has been in jail under pre-trial detention orders for more than 16 months. Yet Hale’s alleged offenses were far less damaging to the country than the crimes Sussmann and his accomplices are accused of committing. On January 6, Hale, an Army reservist, drove to Washington after working the night shift at a New Jersey Naval station to hear President Trump speak. Later that afternoon, Hale walked to Capitol Hill. He entered the Capitol building around 2:14 p.m. through a set of open doors; Hale carried no weapon and didn’t assault anyone. On at least two occasions, Hale is seen interacting with police officers, who did not attempt to arrest either him or those around him.

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The smell of Schwab is all over this.

Britain Is Paving The Way For Gene-edited Food (G.)

At the height of the anti-GM movement, in 1999, the then head of Greenpeace UK, Peter Melchett, was charged with theft and criminal damage after scything down a field of genetically modified maize. In a decisive victory for the anti-GM movement, Lord Melchett and 27 fellow activists were acquitted by a jury in what many took as a measure of the profound negative public sentiment towards GM technology. More than 20 years on, as the government proposes relaxing regulations on gene-edited products, experts say the public view on the technology has, if not entirely warmed, at least softened.“I think most people now have what I call the Catherine Tait view: ‘Am I bovvered?’,” said Prof Jonathan Jones of the Sainsbury Laboratory, a plant research institute based in Norfolk.

Scientists such as Jones welcome the new legislation that could pave the way for a host of technologically enhanced products from vitamin D-enriched tomatoes to anti-carcinogenic wheat. But experts also question whether the technology will really deliver the boost to food security and environmental benefits promised by the government. One point of contention is the distinction between gene-edited products, which will be permitted, and genetically modified organisms, which will still be subject to strict legislation. Newer gene-editing techniques – termed “precision breeding” in the bill – involve precise changes to single letters of the genetic code. Such changes can be achieved far less efficiently through years of cross-breeding. But the legislation will not immediately open the way for first generation genetic modification (GM) techniques, which involve taking an entire gene from one plant and inserting it into another.

“I’m a bit uncomfortable with the way this has been presented to the public,” said Jones. “It comes across as saying ‘Don’t worry about this nasty GM because we can do what we want with this lovely gene-editing method’. It leaves intact the false impression that there’s anything wrong with GM.” Jones said the bill may be a reasonable “tactical compromise” that could pave the way for a further relaxation of GM rules. “At least I’m hoping that’s what the government is thinking,” he added. The distinction has also annoyed some environmental campaigners. “Gene editing is just a subset of GM,” said Kierra Box from Friends of the Earth. The charity, she said, maintained a “fundamental opposition” to genetic modification because it was not convinced the technology could deliver environmentally friendly solutions. “If we’re interfering with the genetic codes in nature, we don’t know how those things respond,” she added.

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Brussels is a very rich city. What’s going on in the poorer cities?

More Middle-class People Flock To Food Banks In Brussels (BT)

Due to high inflation, energy costs and the aftermath of the Covid-19 pandemic, more and more people in Belgium have to rely on government support and food banks. It is no longer only the poorest in the city, but also middle-class people that can no longer afford groceries. Last year, a record of nearly 180,000 people per month were in need and appealed to the food banks. That number is likely to continue to rise for the rest of 2022, due to high living costs and energy prices, Bruzz reports. In recent months, the situation in Brussels has been deteriorating, according to the Sint-Vincensius association that distributes food parcels.

The beginning of this year saw a 15% increase in distributed parcels compared to pre-Covid times. The 34,000 food parcels that were distributed have also been delivered to different types of people: “What is striking is that new profiles have been appearing in our collection points since the end of last year,” says Frederick De Gryse, General Manager of the Sint-Vincensius Association. “In addition to Ukrainians, many freelancers, single mothers, people from the cultural sector and many other middle class people have arrived.” However, for the majority of newcomers, that does not come without feelings of guilt and fear of stigma, Bruzz found when speaking to people at the food bank collection centre in Schaerbeek.

54-year-old accountant Karel is ashamed that he is going to get a food package, as he does not want to take the place of the poorest of the poor. “For months when I can afford it, I don’t go to the food bank; others need it more.” Marie (52), a single mother of two dependent children, wholeheartedly agrees. “I am a working woman, have an income, have all the papers and yet I have to go to the food bank. I feel like I’m taking something from people who need it more.”

Read more …

 

 

 

 

 

 

 

 

 

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Jun 272021
 


Henri Matisse The pink studio 1911

 

Vaccines: Reasons for Concern (Alex Berenson)
European Union Reports 1.5 Million Vaccine Injuries, 15,472 Deaths (TN)
The ‘Big Lie’ Of Jabs Comes Unglued (Denninger)
Singapore’s Surprising New Plan To ‘Live With Covid’ (News.com.au)
J&J To Stop Selling Opioids In US, Reaches $230 Million Settlement (MSN)
A “Leap” toward Humanity’s Destruction (Whitney Webb)
United States Ranks Last In Media Trust (Turley)
US Food Banks Warn Soaring Prices Will Affect Distributions (ZH)
Stella Moris Says She Plans To Marry Julian Assange In Belmarsh Prison (RT)
Key Witness In Assange Case Admits To Lies In Indictment (Stundin)

 

 

 

 

McCullough: early treatment can’t be stopped

 

 

Why is the R rate highest in the most vaccinated countries?

 

 

Part 2: Why does the CDC keep calling post-Covid vaccine heart problems in young men “rare” and “mild” when they are neither?

Vaccines: Reasons for Concern (Alex Berenson)

At [Wednesday’s CDC Advisory Committee on Immunization Practices (ACIP)] meeting, CDC scientists presented horrendous data. It showed that even without accounting for underreporting, a second dose of the Pfizer and Moderna vaccines could increase the risk of problems up to 200-fold in young men. But the scientists then went on to suggest the vaccines should still given – even to kids already suffering from heart problems. The CDC’s focus yesterday was on two illnesses, myocarditis and pericarditis, forms of heart inflammation that can occasionally progress to heart failure and even death. The CDC and many reporters insist on calling the cases mild. In fact 95 percent of the 300+ post-vaccination cases the CDC has reviewed have led to hospitalization.

Keep in mind cases are continuing to come in, and the agency hasn’t reviewed all the cases it has already received. This issue is part of a bigger problem, which is that the volume of side effects reports that the CDC has received on the Covid vaccines has overwhelmed its monitoring system. To give you a sense of the problem: In all of 2019, the CDC’s voluntary vaccine side effect reporting system received about 48,000 reports for ALL vaccines. So far in 2021 it has received at least seven times that many for Covid vaccines alone. Also keep in mind that heart inflammation is only ONE potential problem the vaccines may cause. The CDC and journalists generally like to compare each individual vaccine side effect to ALL the risks of Covid, a slight-of-hand that has the effect of making the vaccines seem safer. In fact, the CDC’s own data shows that for every 100,000 vaccines given to young people, more than 25,000 will have temporary side effects that prevent them from “normal activities,” 700 will require medical care and 200 will be hospitalized.

In contrast, the CDC estimates that only about 50 out of 100,000 adolescents have EVER been hospitalized for Covid-related illness.

Of course, not everyone has gotten Covid – the CDC estimates that about 1/3 of Americans have. (Most never had a positive test, and many never even knew.) Thus, if EVERYONE got Covid, it is reasonable to assume the 50 Covid hospitalizations out of 100,000 adolescents rate might be about three times as high – or 150 per 100,000. But even the 150 per 100,000 rate is LOWER than the 200 per 100,000 rate of adolescents who are hospitalized in the first week after being vaccinated. In other words, even if vaccinations stopped every case of Covid in 12-17 year olds forever, and even if they never had side effects after the first week, it is hard to see how the risk-benefit ratio supports vaccination.


That’s especially true for healthy teens. Most Covid hospitalizations occur in people with other illnesses, including diabetes or chronic lung conditions. But in its presentation Wednesday, the CDC instead claimed that the rate of hospitalization in adolescents was roughly 400 out of 14,000 cases, or close to 2,900 per 100,000 – almost 20 times what its own data shows. (Estimating three deaths out of 14,000 adolescent cases is even less credible.) And it did not look at the combined rate of all post-vaccine hospitalizations, only those related to myocarditis.

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“From the total of injuries recorded, half of them (753,657) are serious injuries..”

European Union Reports 1.5 Million Vaccine Injuries, 15,472 Deaths (TN)

A subscriber from Europe recently emailed us and reminded us that this database maintained at EudraVigilance is only for countries in Europe who are part of the European Union (EU), which comprises 27 countries. The total number of countries in Europe is much higher, almost twice as many, numbering around 50, although there are some differences of opinion as to which countries are technically part of Europe. So as high as these numbers are, they do NOT reflect all of Europe. The actual number in Europe who are reported dead or injured due to COVID-19 shots would be much higher than what we are reporting here. The EudraVigilance database reports that through June 19, 2021 there are 15,472 deaths and 1,509,266 injuries reported following injections of four experimental COVID-19 shots:
COVID-19 MRNA VACCINE MODERNA (CX-024414)
COVID-19 MRNA VACCINE PFIZER-BIONTECH
COVID-19 VACCINE ASTRAZENECA (CHADOX1 NCOV-19)
COVID-19 VACCINE JANSSEN (AD26.COV2.S)


From the total of injuries recorded, half of them (753,657) are serious injuries. “Seriousness provides information on the suspected undesirable effect; it can be classified as ‘serious’ if it corresponds to a medical occurrence that results in death, is life-threatening, requires inpatient hospitalisation, results in another medically important condition, or prolongation of existing hospitalisation, results in persistent or significant disability or incapacity, or is a congenital anomaly/birth defect.” A Health Impact News subscriber in Europe ran the reports for each of the four COVID-19 shots we are including here. This subscriber has volunteered to do this, and it is a lot of work to tabulate each reaction with injuries and fatalities, since there is no place on the EudraVigilance system we have found that tabulates all the results.

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“Fortunately there are enough un-vaccinated people that the Marek’s Disease sort of disaster will not happen so long as enough people refuse..”

The ‘Big Lie’ Of Jabs Comes Unglued (Denninger)

Here it is folks… “According to multiple sources, two unvaccinated NC State players tested positive for COVID-19 this week, prompting the NCAA to test the entire roster, including vaccinated players. Four positive tests came back from that round of testing, prompting the no-contest ruling. All four of the latest positive tests came from vaccinated individuals who were in the dugout for Friday’s game against Vanderbilt, per multiple sources.”

So in other words: 1. The team members originally subject to testing were only subject to testing because they refused to risk having their heart destroyed by the jabs (along with the risk of occlusive strokes and similar.) Thus the NCAA demanded they, and only they, have swabs shoved up their nose. 2. This shoving of swabs “disclosed” (such as it is, knowing the PCR false-positive and not-infectious-but-positive problems) two “infections”, neither of which were in obviously-ill people. 3. That prompted the testing of those who were coerced into taking the risk of heart failure via the jabs and when they were tested, all of whom were allegedly immune which is the claimed outcome of such jabs and the claimed reason to let someone give you them, it was disclosed they were in fact not immune at all and four of those people were also positive.

In other words the shots are worthless to prevent acquisition and propagation of the disease; their failure rate in doing so is enormous and their efficacy in that regard is nowhere near the percentages claimed by all the *******s involved, including Vanderbilt, the CDC, TNDOH and others. There are 35 players on a D1 roster by NCAA rules so at best the jabs failed to prevent acquisition and propagation of the virus more than 11% of the time and it likely is worse than that since the odds are high a third or more of the players had pre-existing immunity via prior infection, most without knowing it, before they got jabbed. This in turn means that the likely actual failure rate for sterilizing immunity is probably somewhere between 30-50% while the science thus far for infection-conferred sterilizing immunity (study out of the Cleveland Clinic) is nearly 100%.

IT IS NOW CONCLUSIVELY PROVED THE JABS DO NOT WORK TO PREVENT ACQUISITION AND PROPAGATION OF THE VIRUS SO SHUT THE **** UP SCREAMING KAREN. Of course nobody sequenced all six of these people to figure out whether one of them was the index. It would be wildly embarrassing to find out that one of the vaccinated players was in fact the index, so that will not be looked at, deliberately, because to find and report that would instantly destroy any and all argument of alleged “community protection” from said shots.

[..] This garbage continues today in that this incident proves that the shots do not provide sterilizing immunity even among immuno-competent individuals which is arguably presumptive in someone in good enough physical condition to be competitive in D1 collegiate baseball. It is always true that an immune-compromised person may not get sterilizing (or any) immunity for a vaccine because their immune system is not working properly but the lack of sterilizing immunity on a broad basis in immune-competent individuals is what produces recombination and ultimately mutation. Fortunately there are enough un-vaccinated people that the Marek’s Disease sort of disaster will not happen so long as enough people refuse, as if the mutation produced by all the idiots who took the jabs is more-virulent it still leads to shunning as soon as it finds an unvaccinated host and thus loses the genetic lottery.

Ivermectin in media lockdown

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“The bad news is that Covid-19 may never go away. The good news is that it is possible to live normally with it in our midst..”

Singapore’s Surprising New Plan To ‘Live With Covid’ (News.com.au)

A country that has been one of the world’s most successful at combating Covid-19 has announced it will soon fundamentally change how it manages the pandemic. The city state of Singapore has stated covid will be treated like other endemic diseases such as flu. There will be no goals of zero transmission. Quarantine will be dumped for travellers and close contact of cases will not have to isolate. It also plans to no longer announce daily case numbers. But you may need to take tests to head to the shops or go to work. Senior Singaporean ministers have said it is the “new normal” of “living with covid”.

“The bad news is that Covid-19 may never go away. The good news is that it is possible to live normally with it in our midst,” wrote Singapore’s trade Minister Gan Kim Yong, finance minister Lawrence Wong and health minister Ong Ye Kung said in an editorial in the Straits Times this week. “It means that the virus will continue to mutate, and thereby survive in our community.” Like most countries, Singapore had an initial peak of cases last year, topping out at 600 cases a day in mid-April. Following a smaller wave in August, Covid-19 hasn’t flared up since. However, the nation of 5.7 million, slightly larger than Sydney, has had a steady undercurrent of around 20-30 cases every day. The nation has recorded 35 deaths in total.

Singapore has strict border controls in place with most countries including tests on arrival, hotel quarantine and stay at home orders. It’s not dissimilar to Australia, but Singapore varies the demands on travellers depending on the risk in the location where they last visited. But all that would be eventually done away with under the plan put out by ministers Kung, Yong and Wong who make up Singapore’s Covid-19 multi-ministry task force. “Every year, many people catch the flu. The overwhelming majority recover without needing to be hospitalised, and with little or no medication. But a minority, especially the elderly and those with comorbidities, can get very ill, and some succumb.

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Will pay the settlement from vaccine profits…

J&J To Stop Selling Opioids In US, Reaches $230 Million Settlement (MSN)

Johnson & Johnson, one of the pharmaceutical giants accused of fueling the deadly US opioid crisis, has reached a settlement with the state of New York for $230 million and confirmed it will stop making or selling opioids in the United States. The agreement announced Saturday allows Johnson & Johnson to resolve litigation over its role in the epidemic, which has killed more than half a million people since 1999, according to a statement from New York attorney general Letitia James. For its part, in a separate statement J&J said the settlement allowed it to avoid a trial that was scheduled to begin Monday, and said the group had “made the business decision in 2020 to discontinue all of its prescription pain medications in the United States.”


The settlement “is not an admission of liability or wrongdoing by the company,” it said, noting that other nationwide legal proceedings are underway, including a trial in California. The prosecutor’s statement said the company would spread the payments over nine years. J&J could also pay an additional $30 million in the first year if the state enacts new legislation creating an opioid settlement fund. “The opioid epidemic has wreaked havoc on countless communities across New York state and the rest of the nation, leaving millions still addicted to dangerous and deadly opioids,” James said in the statement. “Johnson & Johnson helped fuel this fire, but today they’re committing to leaving the opioid business — not only in New York, but across the entire country,” she added.

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Medical surveillance.

A “Leap” toward Humanity’s Destruction (Whitney Webb)

The world’s richest medical research foundation, the Wellcome Trust, has teamed up with a pair of former DARPA directors who built Silicon Valley’s skunkworks to usher in an age of nightmarish surveillance, including for babies as young as three months old. Their agenda can only advance if we allow it. A UK nonprofit with ties to global corruption throughout the COVID-19 crisis as well as historical and current ties to the UK eugenics movement launched a global health-focused DARPA equivalent last year. The move went largely unnoticed by both mainstream and independent media.

The Wellcome Trust, which has arguably been second only to Bill Gates in its ability to influence events during the COVID-19 crisis and vaccination campaign, launched its own global equivalent of the Pentagon’s secretive research agency last year, officially to combat the “most pressing health challenges of our time.” Though first conceived of in 2018, this particular Wellcome Trust initiative was spun off from the Trust last May with $300 million in initial funding. It quickly attracted two former DARPA executives, who had previously served in the upper echelons of Silicon Valley, to manage and plan its portfolio of projects.

This global health DARPA, known as Wellcome Leap, seeks to achieve “breakthrough scientific and technological solutions” by or before 2030, with a focus on “complex global health challenges.” The Wellcome Trust is open about how Wellcome Leap will apply the approaches of Silicon Valley and venture capital firms to the health and life science sector. Unsurprisingly, their three current programs are poised to develop incredibly invasive tech-focused, and in some cases overtly transhumanist, medical technologies, including a program exclusively focused on using artificial intelligence (AI), mobile sensors, and wearable brain-mapping tech for children three years old and younger.

This Unlimited Hangout investigation explores not only the four current programs of Wellcome Leap but also the people behind it. The resulting picture is of an incredibly sinister project that poses not only a great threat to current society but to the future of humanity itself. An upcoming Unlimited Hangout investigation will examine the history of the Wellcome Trust along with its role in recent and current events.

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“It will not publish a column from a Republican senator on protests in the United States but it will publish columns from one of the Chinese leaders crushing protests for freedom in Hong Kong.”

United States Ranks Last In Media Trust (Turley)

For years, we have been discussing the decline of journalism values with the rise of open bias in the media. Now, a newly released report from the Reuters Institute for the Study of Journalism at Oxford has found something that would have been unthinkable just a few years ago. The United States ranked dead last in media trust among 49 countries with just 29% saying that they trusted the media. The most tragic aspect is that it does not matter. The media has embraced the advocacy journalism and anyone questioning that trend risks instant cancellation. The result is a type of state media where journalists are bound to the government by ideology rather than law. The plunging level of trust reflects the loss of the premier news organizations to a type of woke journalism.

We have have been discussing how writers, editors, commentators, and academics have embraced rising calls for censorship and speech controls, including President-elect Joe Biden and his key advisers. Even journalists are leading attacks on free speech and the free press. This includes academics rejecting the very concept of objectivity in journalism in favor of open advocacy. Columbia Journalism Dean and New Yorker writer Steve Coll has denounced how the First Amendment right to freedom of speech was being “weaponized” to protect disinformation. Likewise, the University of North Carolina recently offered an academic chair in Journalism to New York Times’ Nikole Hannah-Jones. While Hannah-Jones was awarded a Pulitzer Prize for her writing on The 1619 Project, she has been criticized for her role in purging dissenting views from the New York Times pages and embracing absurd anti-police conspiracy theories.

Even waiting for the facts is viewed as unethical today by journalism professors who demand that reporters make political or social declarations through their coverage. One of the lowest moments came with the New York Times’ mea culpa for publishing an opinion column by a conservative senator. The New York Times was denounced by many of us for its cringing apology after publishing a column by Sen. Tom Cotton (R, Ark.). and promising not to publish future such columns. It will not publish a column from a Republican senator on protests in the United States but it will publish columns from one of the Chinese leaders crushing protests for freedom in Hong Kong. Cotton was arguing that the use of national guard troops may be necessary to quell violent riots, noting the historical use of this option in past protests. This option was used most recently after the Capitol riot.

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Now add record heat in the west.

US Food Banks Warn Soaring Prices Will Affect Distributions (ZH)

Soaring food prices aren’t just impacting financially strapped families and the working poor. They’re also affecting the mission of US food banks who are spending a lot more on food than ever before. “We’re already spending a lot more on food than we have in years past,” said Greg Trotter, a spokesman for the Greater Chicago Food Depository, a large food bank, who spoke with VOA News. “Our food purchasing budget has doubled this year.” In the coming weeks and or months, food banks across the country may experience a surge in food demand from millions of folks who are set to have their stimmy checks expire. At least 25 states are ending federal unemployment benefits.

The perfect storm of factors (soaring food costs and unemployment benefits expiring) may stress food banks even further. “The high prices are costing us more to feed a family in need,” said Alison Padget, development and outreach director at Food for Others. “We’ll have to rethink our purchasing decisions because economists say the prices are going to be high for at least a year.” In Phoenix, Arizona, Jerry Brown, director of public relations at St. Mary’s Food Bank, told VOA that food banks could face severe difficulty once federal money dries up. It seems the problem has already begun at the Community Food Bank of New Jersey, which covers a large portion of the state. Impact leader Triada Stampas said the food bank serves more people than ever because of out-of-control prices at grocery stores.

According to Father English Food Pantry officials in Paterson, New Jersey, the food bank is already experiencing financial strain. Kelly Mott, external affairs director at the Mississippi Food Network, said, “We already see the price changes will affect us soon, adding that “we are in the process of buying turkeys for the Thanksgiving holiday in November. And since they are so expensive, we won’t be able to purchase as many as we usually do, especially for the families with children who rely on us.”

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“The most likely thing is that we’ll get married in the prison and then we’ll have another kind of wedding celebration with friends and family once he’s free.”

Stella Moris Says She Plans To Marry Julian Assange In Belmarsh Prison (RT)

Stella Moris, the partner of Julian Assange, has said that she and the WikiLeaks co-founder will tie the knot while he is in Belmarsh prison, and expressed hope he will be released soon so that there can be a proper celebration. Moris, a lawyer who began her relationship with Assange during the years he spent claiming political asylum in the Ecuadorian embassy in London, told German news agency DPA that the couple has been engaged since 2016 and will press ahead with their wedding plans, even if it means getting married in the maximum-security London prison. Moris and Assange have two sons, aged four and two and a half.


She acknowledged, however, that the “bureaucratic process” to obtain permission for the ceremony would take time, and that the ceremony has been further complicated by Covid-19 restrictions. Apart from needing to obtain relevant documents from their respective home countries, there is concern that the marriage could be hampered by the fact that Assange’s UK visa has expired. It’s also unclear if any guests would be allowed to attend the prison ceremony due to the health crisis. In theory, Assange could be let out of Belmarsh for a day so that he could get married, but there is already a large backlog of delayed weddings due to the country’s lockdown. “[I]f we get married in the prison, then I don’t think that will be the only celebration,” Moris told the outlet. “The most likely thing is that we’ll get married in the prison and then we’ll have another kind of wedding celebration with friends and family once he’s free.”

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Problem is, we’ve known for years that Thordarson is a convicted pedophile and a serial liar. But his “testimony” is still there.

Edward Snowden @Snowden: “This is the end of the case against Julian Assange.”

“If Biden continues to seek the extradition of a publisher under an indictment poisoned top-to-bottom with false testimony admitted by its own star witness, the damage to the United States’ reputation on press freedom would last for a generation. It’s unavoidable.”

Key Witness In Assange Case Admits To Lies In Indictment (Stundin)

A major witness in the United States’ Department of Justice case against Julian Assange has admitted to fabricating key accusations in the indictment against the Wikileaks founder. The witness, who has a documented history with sociopathy and has received several convictions for sexual abuse of minors and wide-ranging financial fraud, made the admission in a newly published interview in Stundin where he also confessed to having continued his crime spree whilst working with the Department of Justice and FBI and receiving a promise of immunity from prosecution. The man in question, Sigurdur Ingi Thordarson, was recruited by US authorities to build a case against Assange after misleading them to believe he was previously a close associate of his.

In fact he had volunteered on a limited basis to raise money for Wikileaks in 2010 but was found to have used that opportunity to embezzle more than $50,000 from the organization. Julian Assange was visiting Thordarson’s home country of Iceland around this time due to his work with Icelandic media and members of parliament in preparing the Icelandic Modern Media Initiative, a press freedom project that produced a parliamentary resolution supporting whistleblowers and investigative journalism. [..] The court documents refer to Mr Thordarson simply as “Teenager” (a reference to his youthful appearance rather than true age, he is 28 years old) and Iceland as “NATO Country 1” but make no real effort to hide the identity of either. They purport to show that Assange instructed Thordarson to commit computer intrusions or hacking in Iceland.

The aim of this addition to the indictment was apparently to shore up and support the conspiracy charge against Assange in relation to his interactions with Chelsea Manning. Those occurred around the same time he resided in Iceland and the authors of the indictment felt they could strengthen their case by alleging he was involved in illegal activity there as well. This activity was said to include attempts to hack into the computers of members of parliament and record their conversations. In fact, Thordarson now admits to Stundin that Assange never asked him to hack or access phone recordings of MPs. His new claim is that he had in fact received some files from a third party who claimed to have recorded MPs and had offered to share them with Assange without having any idea what they actually contained.

He claims he never checked the contents of the files or even if they contained audio recordings as his third party source suggested. He further admits the claim, that Assange had instructed or asked him to access computers in order to find any such recordings, is false. Nonetheless, the tactics employed by US officials appear to have been successful as can be gleaned from the ruling of Magistrate Court Judge Vanessa Baraitser on January 4th of this year. Although she ruled against extradition, she did so purely on humanitarian grounds relating to Assange’s health concerns, suicide risk and the conditions he would face in confinement in US prisons. With regards to the actual accusations made in the indictment Baraitser sided with the arguments of the American legal team, including citing the specific samples from Iceland which are now seriously called into question.

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Dec 132020
 


Detail of a fresco from the House of the Tragic Poet, Pompeii, 2nd century BC

 

Sputnik V Likely Provides COVID Immunity For 2 Years, Pfizer For Months (Sp.)
Russian Cooperation Saves British Vaccine (MoA)
No Need For Vaccine This Year: Australia’s Chief Medical Officer (Yu)
Global Economy To Contract By 5.6% This Year Due To Pandemic – UN (RT)
Millions Of Working-Poor Americans Forced To Turn To Food Banks (ZH)
SCOTUS Had One Last Chance To Keep The American Republic Together (Malic)
Reporters Disclosing Embarrassing Comments From Joe Biden (Turley)
How NBC News Helped the Biden Campaign Ruin an Innocent Man (PJM)
Pascrell Seeks To Block 120 House Republicans From Being Seated (Turley)
GOP Megadonor Celebrates His Profits From “Huge Increases In Rents” (DP)
Sweden Considers E-krona Amid Rapid Growth Of Cash-free Transactions (RT)
UK Ministers Warn Supermarkets To Stockpile Food On No-deal Brexit Fears (R.)
Australian MP Calls On Trump To Pardon Assange Before Leaving WH (RT)

 

 

 

 

Now coming to an AstraZeneca place near you.

Sputnik V Likely Provides COVID Immunity For 2 Years, Pfizer For Months (Sp.)

Russia’s vaccine showed efficacy of over 95 percent during Phase III trials. According to Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), the organisation that invested in the development of Russia’s inoculation, over 50 countries have already ordered 1.2 billion doses of Sputnik V. The Sputnik V vaccine, developed by Russia’s Gamaleya Research Institute, will likely provide immunity from COVID-19 for two years, while the inoculation developed by Pfizer will shield for 4-5 months, said the institute’s director Alexander Gintsburg. Gintsburg emphasised, however, that this data needs to be checked during experiments.

“The method used in Sputnik V was used in the vaccine against Ebola and experimental data has proved that it provides immunity from the disease for a minimum of two years, but it could be more. I don’t know how long Pfizer’s vaccine will protect from infection”, Gintsbur said. The director of Gamaleya Research Institute also said there is a 96 percent chance that people who have received the Sputnik V jab won’t get sick with COVID-19. Only 4 percent of people who got the vaccine might get sick, Gintsburg said, but stressed that this would be a mild case of the disease that will not affect the lungs. Most likely an individual will have a cough, sniffles, and minor temperature.

Both Sputnik and Pfizer vaccines showed efficacy rates of 95 percent. However, two UK National Health Service workers who received the Pfizer inoculation had allergic reactions to the jab, which prompted UK’s health department to issue a warning that people with a history of allergic reactions should not receive Pfizer’s vaccine. Alexander Gintsburg previously said that the Sputnik V vaccine can be used by people with allergies.

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Excellent background.

“The possible reason for 62% efficacy of AstraZeneca’s full dose regiment is that immunity to chimpanzee adenoviral vector from the 1st shot makes 2nd shot not effective. #SputnikV addresses this issue by using two different human adenoviral vectors for two shots (92% efficacy)”

Russian Cooperation Saves British Vaccine (MoA)

In late November Debs is dead and I wrote about the ruthless vaccine competition. The cause were the ambiguous results of the non-profit AstraZeneca vaccine trials which led to delighted criticism from those who prefer commercial vaccine suppliers. The good news today is that cooperation between vaccine developers is still possible and can lead to better results. As Debs had opined: “In the real world that means if the AstraZeneca vaccine is more than 60% efficacious (which is better than any flu vaccine – 95% is new big pharma BS IMO) and has no major side effects (one case of MS tells us nothing for the reason I outlined above), then it will be that or nothing for a sizeable slab of the world’s population. If everyone falls for big pharma’s transparent attempt to stop this possible vaccine in its tracks, prior to testing completion, then that will mean no vaccine for billions of our fellow humans, so rather than joining in the big pharma sabotage, it makes better sense to consider that vaccine more objectively than de Noli, that Harvard minion of corporations seems to do.”

I agreed with that and discussed the most likely reason why the AstraZeneca vaccine did not create a higher efficacy: “The AstraZeneca vaccine uses an adenovirus as ‘vector’ to deliver a DNA sequence that human cells then use to create one specific (but harmless) SARS-CoV-2 protein. The immune system will then learn to attack that protein. Afterwards it should be able to protect against SARS-CoV-2 infections. … In order to safeguard against cases where an already existing immunity to human adenoviruses may impede inoculation AstraZeneca is using a chimpanzee-originated version of an adenovirus as a vector. The Russian Sputnik V vaccine, hyped by Prof. de Noli on RT, uses two doses with different human adenoviruses (Ad-26, Ad-5) as vectors to increase the chance of inoculation.

Other vaccine developers, CanSino Biologics and Johnson & Johnson, are also using adenovirus vectors. Sinopharm’s vaccine uses an inactivated SARS-CoV-2 virus. AstraZeneca found by chance that its vaccine works best when the first dose is smaller than the second one. Vector immunity can explain why this is the case. A first high dose will create some immunity against the SARS-CoV-2 virus but also some immunity against the vector virus, the chimpanzee-originated adenovirus. When a first high dose has trained the immune system to fight the vector virus the second ‘booster’ vaccine dose using the same vector will become inefficient. A lower first dose can make sure that the second higher dose is not prematurely defeated by vector immunity but can still do its work.

Unbeknownst to me the Russian developers of the Sputnik V vaccine had come to the same conclusion: Sputnik V @sputnikvaccine – 13:10 UTC · Nov 23, 2020 “The possible reason for 62% efficacy of AstraZeneca’s full dose regiment is that immunity to chimpanzee adenoviral vector from the 1st shot makes 2nd shot not effective. #SputnikV addresses this issue by using two different human adenoviral vectors for two shots (92% efficacy). They had offered AstraZeneca to cooperate with them: Sputnik V @sputnikvaccine – 2:41 PM · Nov 23, 2020 “Sputnik V is happy to share one of its two human adenoviral vectors with @AstraZeneca to increase the efficacy of AstraZeneca vaccine. Using two different vectors for two vaccine shots will result in higher efficacy than using the same vector for two shots.” Today the Sputnik V website announced that AstraZeneca has accepted the proposal. Trials will start immediately.

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How many Australians are still stuck abroad after 11 months?

No Need For Vaccine This Year: Australia’s Chief Medical Officer (Yu)

Acting Chief Medical Officer Paul Kelly says Australia’s success against coronavirus means, unlike other countries, we can wait for full vaccine approvals. Australia’s top doctor says news of the U.S. drug regulator granting emergency use of the Pfizer vaccine – like the UK and Canada have also recently done – is not necessary in Australia. “We don’t need any vaccine this year,” Kelly told reporters in Canberra on Saturday. “Other countries are in far different state than us and they should be prioritised.” Australia will wait for the Therapeutic Goods Administration—the national drug regulator—to run through its own approvals of the Pfizer vaccine with the expectation it will be distributed in early 2021.


He highlighted the nation’s success at controlling virus transmission. “Today is eighth day in a row we’ve not had any community transmission,” Kelly said. “That’s the first time we’ve been able to say that since February.” This is compared with the fact that Friday was the most deadly day of the virus yet, with more than 13,000 deaths and skyrocketing infections, Kelly said. The emphasis right now is on having an impenetrable hotel quarantine system. “Whilst we’re concentrated on bringing Australians home… we have to make sure absolutely that our hotel quarantine system is the very best it can be,” Kelly said.

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Feels a bit much like guesswork.

Global Economy To Contract By 5.6% This Year Due To Pandemic – UN (RT)

The volume of global trade is set face the sharpest decline since the end of the global financial crisis, falling as much as 5.6 percent this year, the UN Conference for Trade and Development (UNCTAD) predicts. The figure, announced by the agency earlier this week, is more optimistic than its previous forecast, which expected global trade to contract by nine percent year-on-year. The previous largest decline was seen in 2009, when global merchandise trade took a 22-percent nosedive. However, the UNCTAD downgraded its forecast for the service sector, which was hit hard by a steep decline in travel, transport and tourism activity during the pandemic.


The troubled sector is on path to fall by a staggering 15.4 percent to levels last seen in the 1990s, according to nowcasts – data-led projections for the immediate future – from UNCTAD’s 2020 Handbook of Statistics. Even following the previous crisis, services trade was down by less than 10 percent. The pandemic has also transformed business as usual in 2020, the UN agency said, adding that it had to adjust statistics methods to provide up-to-date figures on the economic fallout. “Unlike previous years however, the models that nowcast international trade and GDP had to grapple with some of the most unusual circumstances in living memory,” said UNCTAD’s chief statistician, Steve MacFeely.

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“Feeding America handed out 4.2 billion meals from March through October, the most ever.”

Millions Of Working-Poor Americans Forced To Turn To Food Banks (ZH)

For the first time, millions of Americans waited in food bank lines this year, unlike anything seen since the Great Depression of the 1930s. According to AP, as the pandemic rages on, with more than 20 million still claiming unemployment benefits, food banks are dishing out more meals than ever. The one place millions of Americans found themselves this year, as readers may recall, really starting in mid-March, have been food bank lines. We highlighted this phenomenon sweeping across the country as the pandemic wrecked the working poor as they grappled with food insecurity. Among some of the most memorable sights this year, reminiscent of the Depression-era, were mile-long food bank lines.

Huge traffic jams captured by civilian drones documented large lines in San Antonio, Texas to Toledo, Ohio to Pittsburgh, Pennsylvania to Orlando, Florida, where thousands of vehicles carrying hungry people waited for care packages. Feeding America, a nationwide network of more than 200 food banks, was overwhelmed with demand as 20% of the organization’s food banks were at severe risk of running out of food earlier this year Demand at food banks has been so high, that Feeding America handed out 4.2 billion meals from March through October, the most ever. The organization reported a 60% average increase in food bank users during the pandemic – and at least 30% are first-timers. Data from Feeding America showed 181 food banks in its network distributed nearly 57% more food in the third quarter than the same period in 2019.

Estimates from the food bank suggest 1 in 6 Americans, from 35 million in 2019 to more than 50 million by the end of this year, will have food insecurity problems. The problem is worse for children – nearly 1 in 4 will go hungry as the pandemic deeply scarred the economy. Shockingly, Feeding America found that 1 in 5 residents in Mississippi, Arkansas, Alabama, and Louisiana could not put food on the table.

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“The Silicon Valley tech giants, who in the run-up to the election censored and suppressed the story about Joe Biden’s family business deals overseas – that later turned out to be accurate – and slapped “disputed” warnings on Trump’s claims of electoral fraud the way they never did on ‘Russiagate,’ are now openly censoring any notion that 2020 wasn’t perfectly legal. You’re now forbidden to say that. Soon you won’t be allowed to think it.”

SCOTUS Had One Last Chance To Keep The American Republic Together (Malic)

By washing its hands of responsibility to hear the Texas challenge to the 2020 presidential election, the nine Justices of the US Supreme Court may have sealed the country’s fate and made a kinetic civil war much more likely. On Friday, the highest court in the land decided that Texas “lacked standing” to challenge the conduct of elections in Georgia, Michigan, Pennsylvania and Wisconsin under Article 3 of the US Constitution. Yet the article in question explicitly states that the SCOTUS will be the original jurisdiction in “Controversies between two or more States; – between a State and Citizens of another State; – between Citizens of different States,” among other things. Contrary to media reports, Texas did not seek to “overturn” the election of Democrat Joe Biden.

The motion filed by Attorney General Ken Paxton very explicitly called for the court to order the state legislatures thereof to seat the electors, as is their constitutional prerogative. Yes, those legislatures are majority Republican, but nothing guaranteed they would actually back President Donald Trump. After all, Georgia has a Republican governor and secretary of state, and both declared the election clean as a whistle, brushing off all evidence of alleged irregularities. The very same media that brayed for the past four years about how the 2016 election was somehow tampered with by Russia – never offering any evidence for that – have declared the 2020 one pure as driven snow, the most secure in history, perfect in every way.

In what was surely a massive coincidence, it even happened to exactly mirror the 2016 result, with Biden getting 306 electoral college votes to Trump’s 232. The Silicon Valley tech giants, who in the run-up to the election censored and suppressed the story about Joe Biden’s family business deals overseas – that later turned out to be accurate – and slapped “disputed” warnings on Trump’s claims of electoral fraud the way they never did on ‘Russiagate,’ are now openly censoring any notion that 2020 wasn’t perfectly legal. You’re now forbidden to say that. Soon you won’t be allowed to think it. In America, the country that invented the constitutional amendment guaranteeing the freedom of speech and thought!

Democrats and their allies in the media and Silicon Valley were eager to declare the Texas motion “seditious.” One influential House Democrat said any Republican backing the lawsuit was “engaging in rebellion against the United States” and should be stripped of their office under the 14th Amendment, originally written to justify disenfranchising the Confederates after 1865. The irony here is that the Supreme Court could have actually prevented another civil war had it chosen to hear the Texas lawsuit, and then ruled against it on non-pretextual grounds. That, at least, would have sent the message to Trump supporters that the System works, and that they should continue to place their trust in it. There would always be the possibility of a rematch in the 2022 midterms or 2024.

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“I am not sure when it became acceptable for politicians to expressly refuse to state their intentions and policies until after they are elected.”

Reporters Disclosing Embarrassing Comments From Joe Biden (Turley)

We have been discussing the open bias shown by the media in the last four years. It is not clear if we can regain the ground lost for journalism as even journalism professors call for the rejection of objectivity in favor of advocacy. This has included shielding Joe Biden from any challenging questions during the recent election. That includes the news blackout on reporting on the Hunter Biden scandal, the subject of my column today in the Hill. CNN’s April Ryan personifies this trend. Even as the media is facing widespread criticism for burying the Hunter Biden story (and is now doing the same with the Swalwell scandal), Ryan lashed out at confidential sources responsible for leaking a recording of Joe Biden making embarrassing comments about the “defund the police” movement.

Ryan is demanding to know who is responsible for allowing the embarrassing comments to be made public despite her past enthusiastic discussion of such leaks against President Donald Trump. President-elect Biden lashed out at the “defund the police” movement this week in a meeting with civil rights leaders, stating “That’s how they beat the living hell out of us across the country, saying that we’re talking about defunding the police. We’re not.” The recording was obtained by The Intercept. What I felt was most notable was that Biden said that he would not share his plans for reforming the police until after the Georgia runoff to avoid any backlash from voters. While NBC paraphrased the quote as Biden warning “about getting ‘too far ahead of ourselves’ with critical Senate runoff elections in Georgia on Jan. 5,” it was more direct and disturbing than that.

Biden stated: “Just think to yourself and give me advice whether we should do that before Jan. 5th, because that’s how they beat the living hell out of us across the country, saying that we’re talking about defunding the police.” It was precisely what Biden did with regard to packing the Supreme Court. He expressly refused to tell voters whether he would support such a plan because it might cost him votes. The key issue in the Georgia runoff is whether, once in control of the Senate, the Democrats would move forward on what are viewed as radical proposals, including sweeping police reforms. Biden’s answer again is not to tell the voters what they have planned. As I mentioned yesterday, I am not sure when it became acceptable for politicians to expressly refuse to state their intentions and policies until after they are elected.

Biden has now twice said that he does not want voters to know in case it might cost votes. There are a host of issues raised by Biden’s remarks, but Ryan lashed out at the use of such tapes, which are standard in journalism; “I asked an incoming White House source was the meeting contentious with civil rights leader and @JoeBiden and the answer was ‘no’. A rights leader at the meeting says @JoeBiden was passionate,” Ryan tweeted. “The question is who taped this meeting and why? What is the agenda?”

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We’re not allowed to find out what went on with Balding and his story.

How NBC News Helped the Biden Campaign Ruin an Innocent Man (PJM)

Hunter Biden was the October Surprise that wasn’t. A report so explosive, so potentially damaging, so dangerous for national security that it should have destroyed Joe Biden’s bid for the White House. In any other election, fleets of investigative reporters would have been unleashed to verify the claims in the report. Instead, in the ultimate expression of Trump Derangement Syndrome, a major media company set out to personally destroy the man who they thought put the report together and thereby discredit the report to the point that the entire media complex in America took turns ridiculing the story instead of investigating it. The results could have dire implications for national security. But hey, at least they got rid of the Bad Orange Man.

The week before Election Day, RedState published a series of articles about Joe Biden and Hunter Biden, based on a 64-page report from researchers who combed public records to reveal how compromised the Biden family is to the Chinese Communist Party (CCP). You can read Part 1 here. The four-part series lays out deeply disturbing connections between Hunter Biden, Joe Biden, John Kerry, and the CCP. The pro-democracy news outlet Apple Daily, based in Hong Kong, used an earlier 40-page version of the report and was the first to report on its findings. In response, NBC News launched a coordinated attack on one of the publishers of the report, Christopher Balding. This attack had all the appearances of being coordinated with the Biden campaign and it had the effect of benefiting the CCP.

The report goes into intimate detail about the deep connections between the Biden family and the CCP. In fact, Hunter Biden’s company BHR is listed as a subsidiary of the Bank of China, owned by the CCP. Balding, who taught English for several years in China before moving to Vietnam to teach there for a couple of years, appeared on a Facebook Live event for the Oregon Republican Party (ORP) on October 30 to talk about his report. In that event, he said, “Hunter Biden started going to China, the first trips that we picked up were shortly before Biden became vice president in 2008, and there was a steady stream of visits to Beijing over time. I would say it was probably almost once a year to China during that time. He was meeting with individuals and institutions that would ultimately become the investors in the BHR Fund.”

“The first thing to note,” Balding said, “is this appears to significantly predate 2013 going back to probably 2008, that’s when you really see the groundwork being laid for this. I think another thing that is very important to note is that all of the individual institutions that are surrounding everything’s going on here … are very closely linked to the state, whether it is with a quasi-state type of organizations, whether it is state-owned banks, whether it is part of the actual government, everyone that you’re seeing here is very closely linked to the state. A lot of people that you’re seeing are also very closely tied to Chinese organizations that are known by the U.S. government and other governments to be intelligence, their cover institutions for Intel, and until an influence operation, and what I mean by that is China has a lot of very innocuous-sounding institutional or organizational names, you know, one of the ones that pops to mind is the Chinese Council for the Promotion of International Trade.

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“Such challenges and concerns are brought to the courts where we can have disputes resolved without violence in a constitutional system.”

Pascrell Seeks To Block 120 House Republicans From Being Seated (Turley)

It appears that Rep. Bill Pascrell (D., NJ) has a serious problem with Republicans going to court. We recently discussed Pascrell’s absurd effort to disbar roughly two dozen Republican lawyers for challenging the results of the 2020 election. Now Pascrell is declaring that 120 House Republicans signing a “Friend of the Court brief” (or amicus brief) is tantamount to supporting a rebellion against the United States and that they should be blocked from taking their seats in Congress. I previously denounced Pascrell for his “dangerous form of demagoguery.” This latest call shows the demagoguery has reached a level of utter delusion.

From the outset of the Texas lawsuit, I stated that it was virtually guaranteed to fail on standing. It did fail last night. However, courts are where we take cases alleging such injuries. Tens of millions of American believe that the election was not fair, including many Democratic voters. Roughly 70 percent of Republican voters believe the election was stolen. Such challenges and concerns are brought to the courts where we can have disputes resolved without violence in a constitutional system. Rather than welcome such review, Democrats have launched a scorched earth campaign, including an abusive campaign of harassment and abuse by the Lincoln Project. These efforts notably began shortly after Biden was declared the presumptive winner of the election and before any challenges were actually ruled upon by the courts.

Speaker Nancy Pelosi has also fueled such reckless rhetoric, declaring that the Republicans are “subverting the Constitution by their reckless and fruitless assault on our democracy which threatens to seriously erode public trust in our most sacred democratic institutions, and to set back our progress on the urgent challenges ahead.” Pascrell’s move against his colleagues mirrors language in the response of Pennsylvania’s Attorney General Josh Shapiro calling the Texas lawsuit “seditious.” Seeking judicial review is the antithesis of sedition or rebellion. It is working within our constitutional system for a legal opinion on the merits of a challenge. These litigants have complied with court orders, as has President Trump.

On Twitter, Pascrell declared: “Stated simply, the men and women who would act to tear the United States Government apart cannot serve as Members of the Congress. These lawsuits seeking to obliterate public confidence in our democratic system by invalidating the clear results of the 2020 presidential election undoubtedly attack the text and the spirit of the Constitution, which each Member swears to support and defend.”

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Blackstone.

GOP Megadonor Celebrates His Profits From “Huge Increases In Rents” (DP)

The world’s largest private equity firm has bankrolled campaigns against rent control and been accused by the United Nations of fueling a global housing crisis. Now, as millions are threatened with eviction during the pandemic, Blackstone’s top executive is openly bragging that the firm is making huge profits off of rent increases. At the Goldman Sachs’ Financial Services Conference on December 9, Blackstone’s billionaire CEO Stephen Schwartzman boasted that after the 2008 financial crisis, his firm was able to cash in on the mortgage crisis. At the time, the company was able to buy up foreclosed homes and convert them into rental properties subsequently plagued by accusations of dilapidation and excessive fees — all while it received a big financial boost from the government. Schwartzman, a top Republican donor and close ally of President Trump, indicated his firm is positioning itself for a similar jackpot.


“You always have winners and losers — Blackstone was a huge winner coming out of the global financial crisis and I think something similar is going to happen,” he said. Noting that about half of his private equity firm’s revenues are now from real estate, Schwarzman added: “We’re the largest owner of real estate in the private world. And that asset class has boomed with huge increases in rents, almost no occupancies, [and] rent collections from almost everyone.” Blackstone recently made billions selling off its single-family residential rental business — but in the last year, the company has been buying new stakes in residentialrental properties. In 2018 and 2020, it gave millions to political groups that successfully fought to defeat rent control ballot initiatives in California, where Blackstone has significant real estate investments.

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Is there any paper money left in Sweden?

Sweden Considers E-krona Amid Rapid Growth Of Cash-free Transactions (RT)

Swedish authorities have announced plans for a step-by-step replacement of the traditional krona with a digital equivalent, signaling a potential shift away from paper money in one of the world’s most cashless societies. A detailed review of the possibility was launched earlier this week, and is expected to be completed by the end of November 2022, according to the country’s financial markets minister, Per Bolund. It followed the launch of a pilot Central Bank Digital Currency (CBDC) earlier this year. The ministry reportedly set up a committee to oversee the review headed by Anna Kinberg Batra, a former chairwoman of the central bank’s finance committee. Sweden is among the world’s pioneers when it comes to integrating a digital currency into a national financial system.


Earlier this year, the Riksbank, the country’s central bank, launched a pilot project to introduce an electronic krona based on the same blockchain technology that underpins digital currencies like bitcoin. The government will officially launch e-krona as soon as the review is completed. “Depending on how a digital currency is designed and which technologies are used, it can have large consequences for the entire financial system,” Bolund told Bloomberg, stressing that “it’s crucial that the digitalized payments market functions safely, and that it’s available to everybody.” The use of paper money in Sweden has significantly declined in recent years, with that trend strongly reinforced during the peak of the coronavirus pandemic. The national mobile payment system, Swish, has bolstered the move since it was introduced in 2012 by Sweden’s six largest banks.

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The Brexit stories will increasingly come in fast and furious for the rest of the year.

UK Ministers Warn Supermarkets To Stockpile Food On No-deal Brexit Fears (R.)

British ministers have warned supermarkets to stockpile food amid possibilities of a no-deal Brexit, with shortages feared as talks with the European Union remain deadlocked, The Sunday Times newspaper reported. UK Prime Minister Boris Johnson is set to take control of planning if Britain opts for no deal and will chair an exit operations committee to prepare the response, the newspaper reported. Ministers have told suppliers of medicines, medical devices and vaccines to stockpile six weeks’ worth at secure locations in the United Kingdom, the report added.

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How about his own government?

Australian MP Calls On Trump To Pardon Assange Before Leaving WH (RT)

Australian MP George Christensen called on Donald Trump to pardon WikiLeaks founder and fellow Australian citizen Julian Assange while he still can, as it seems to be the US president’s last month in the Oval Office. Christensen – a member of the Liberal National Party who represents Dawson, Queensland – launched a petition this week encouraging the president to pardon the journalist, who faces up to 175 years in prison for publishing classified material. Christensen also appeared on Sky News Australia to make his case. He told the network that Assange “has been a target of the Democrats,” noting that his persecution started under the administration of former president Barack Obama.

“I mean Hillary Clinton hates his guts, obviously, for exposing who the real Hillary was, and you’ve had a war on Assange by the Democrats and the deep state,” he claimed, pointing out that projected president-elect Joe Biden has called Assange a criminal and a “hi-tech terrorist.” The MP argued that a pardon is “one way that Donald Trump can stand up for free speech,” and against the Democratic establishment, and would also allow him to “poke the deep state in the eye.” At the center of the United States’ “great document of democracy that is the United States Constitution” is free speech and freedom of the press, Christensen declared, before concluding, “So I’m hoping that he will pardon Julian Assange. It’s the right thing to do.”

During his Sky News appearance, Christensen also sided with Trump’s allegations of 2020 election voter fraud, claiming that the Democrats have “successfully stolen an election from Donald Trump.” Also on Saturday, Stella Morris, Assange’s partner and the mother of his children, told the Australian government in her own Sky News Australia interview to “pick up the phone and speak to its closest allies” in order to get Assange freed.

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


Leonardo da Vinci Head of a Woman 1475-80

 

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

 

 

Trump disavows

 

 

Trump declassification

 

 

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

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

President Trump Reauthorizes Declassification of all Documents (sundance)

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

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

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


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

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

There are Trillions at Stake (sundance)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Hard to see how this is not political.

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

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


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

Read more …

He’s going to bankrupt untold numbers of Americans.

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

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

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

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

Read more …

Don’t worry, they hate Trump more.

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

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

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

Read more …

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

Hard to swallow the irony of the Guardian printing this.

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

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

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

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

Read more …

Let’s declassify the docs behind this.

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

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

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

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

Tulsi for Julian

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And not just in the US.

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

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

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

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

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Brilliant Babylon Bee.

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

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


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

Read more …

 

 

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Marshall McLuhan

 

 

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Aug 122020
 
 August 12, 2020  Posted by at 10:00 am Finance Tagged with: , , , , , , , , , ,  16 Responses »


Joel Meyerowitz Girl On A Scooter 1965

 

20 Countries Order One Billion Doses Of Russian COVID19 Vaccine (RT)
America’s Window Of Opportunity To Beat Back COVID19 Is Closing (STAT)
The Grifters, Chapter 2 – N95 Masks (Ben Hunt)
Wall Street Executives Are Glad Joe Biden Picked Kamala Harris (CNBC)
Cuomo Is Protecting His Wall Street Donors From Democratic Tax Bills (TMI)
UK Enters Recession As GDP Plunges By Record 20.4% In Q2 (CNBC)
What If Trump Won’t Leave? (IC)
John Solomon Calls For Creation Of New White House ‘Press Pool’ (JTN)
New Memos Show Relentless Pressure By Burisma On State Dept In 2016 (JTN)
Food Bank Strains Emerge As Economy Falls Off Fiscal Cliff (ZH)

 

 

The big thing today of course is Kamala Harris as VP candidate. I must say I don’t think I get it. There are tons of people expressing support, including the entire party, but far as I can see that doesn’t matter at all. Judge for yourselves, there are a few videos below.

What does matter, I think, is that Harris left the primaries last December because nobody voted for her, or like 2% did, after a highly publicized and very well-funded campaign.. People don’t like her! Simple. And those were the people in her own party!

This is not about issues, it’s intuition. Though Tulsi’s takedown of Harris in the debates can’t have helped.

You’re not going to turn that around dramatically by expressing support. It’s the purest gauge you can get, and then you just ignore that? Really, are we sure they want to win? This graph is from November 2019, before she dropped out. Even in her own California, she barely got 5%.

 

 

 

This is just funny:

 

 

Hmmm. Both global new cases and new deaths up quite a lot.

 

 

US cases look sort of okay, but deaths have almost tripled from the day before,. most since May 27.

 

 

 

 

 

 

 

 

And the FT graph I post sometimes doesn’t look great either:

 

 

 

 

Tulsi Kamala

Kamala DNA tests

 

 

Lots of people say it wasn’t tested properly and cannot be trusted. And it’s fine, don’t take it, see if we care. But don’t tell me the Russians are going to kill their own people.

20 Countries Order One Billion Doses Of Russian COVID19 Vaccine (RT)

A total of 20 nations from Latin America, the Middle East, and Asia have already requested doses of Russia’s breakthrough coronavirus vaccine, which was confirmed to be registered on Tuesday by Russian President Vladimir Putin. At a conference dedicated to the announcement of the vaccine’s registration, the CEO of the Russian Direct Investment Fund (RDIF) explained that it had already received orders for a billion doses. “Together with our foreign partners, we are ready to produce more than 500 million doses of the vaccine per year,” Kirill Dmitriev explained. Everything produced in Russia will be used domestically, and doses for use in other countries will be made abroad.


According to Dmitriev, the RDIF is also working on a humanitarian aid program for developing countries, with the aim of making the Covid-19 vaccine available in states that can’t afford to make or buy their own. Explaining that vaccination is an acute problem in the world’s poorest countries, Dmitriev said that the fund believes “people around the world should have equal access to a vaccine, regardless of their financial situation.” On Tuesday, Russian President Vladimir Putin announced that the country had registered the world’s first Covid-19 vaccine. Named “Sputnik V,” the vaccine is due to enter mass production soon, and will be available to the general public from January 2021. Despite being registered, the vaccine will still go through more clinical trials in Russia and the Middle East.

Read more …

COVID waxes poetic: “..this winter could be Dickensianly bleak..”

America’s Window Of Opportunity To Beat Back COVID19 Is Closing (STAT)

The good news: The United States has a window of opportunity to beat back Covid-19 before things get much, much worse. The bad news: That window is rapidly closing. And the country seems unwilling or unable to seize the moment. Winter is coming. Winter means cold and flu season, which is all but sure to complicate the task of figuring out who is sick with Covid-19 and who is suffering from a less threatening respiratory tract infection. It also means that cherished outdoor freedoms that link us to pre-Covid life — pop-up restaurant patios, picnics in parks, trips to the beach — will soon be out of reach, at least in northern parts of the country.

Unless Americans use the dwindling weeks between now and the onset of “indoor weather” to tamp down transmission in the country, this winter could be Dickensianly bleak, public health experts warn. “I think November, December, January, February are going to be tough months in this country without a vaccine,” said Michael Osterholm, director of the Center for Infectious Diseases Research and Policy at the University of Minnesota. It is possible, of course, that some vaccines could be approved by then, thanks to historically rapid scientific work. But there is little prospect that vast numbers of Americans will be vaccinated in time to forestall the grim winter Osterholm and others foresee.

Human coronaviruses, the distant cold-causing cousins of the virus that causes Covid-19, circulate year-round. Now is typically the low season for transmission. But in this summer of America’s failed Covid-19 response, the SARS-CoV-2 virus is widespread across the country, and pandemic-weary Americans seem more interested in resuming pre-Covid lifestyles than in suppressing the virus to the point where schools can be reopened, and stay open, and restaurants, movie theaters, and gyms can function with some restrictions.

“We should be aiming for no transmission before we open the schools and we put kids in harm’s way — kids and teachers and their caregivers. And so, if that means no gym, no movie theaters, so be it,” said Caroline Buckee, associate director of the Center for Communicable Disease Dynamics at Harvard’s T.H. Chan School of Public Health. “We seem to be choosing leisure activities now over children’s safety in a month’s time. And I cannot understand that tradeoff.”

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Ben Hunt has raised $1 million over the past half year for masks for health care workers. Because the system doesn’t function in the US after decades of neglect.

The Grifters, Chapter 2 – N95 Masks (Ben Hunt)

Last week, Mike Pence shook his finger at us and said that there were no outstanding requests on federal PPE stockpiles from any governor, and thus any urgent requests for N95 masks from doctors or nurses were isolated incidents to be quickly resolved by state authorities. SMACK goes the bag of oranges. In truth, both the supply and the distribution of N95 masks in the United States remains a national disgrace, a squandered opportunity to fight Covid with something other than death cultism or lockdown defeatism. In truth, what could have been our finest hour is turning into our worst. For the past six months, a big part of my life has revolved around getting PPE directly to doctors, nurses, EMTs, first responders, social workers and other frontline heroes in this war against Covid-19.

Thanks to the amazing generosity of donors big and small, we raised close to $1 million. Thanks to the inspired work of a dozen friends-for-life-most-of-whom-I-didn’t-even-know-before-this, we first set up an “underground railroad” of N95 and high-quality KN95 masks from China, and later a steady network of PPE suppliers. Thanks to the daily, unwavering commitment of a small team (literally my wife and daughter, literally working out of our garage), we’ve been able to distribute more than 120,000 medical respirators in batches of 100-200 to more than 1,100 hospitals, clinics, police departments, fire departments, prisons and shelters across 47 states. So far. We’ll get out another 4,000+ this week. And next week. And every week until we win this war.

Clear eyes. Full hearts. Can’t lose. Is the overall PPE situation for healthcare workers and first responders better today than it was in April? Absolutely. In April we were sending masks to desperate ER docs and nurses at major hospitals in the biggest cities in America. Today there is neither an urgent need nor even a shortage of PPE in these big city ERs and ICUs. Why not? Because, distribution of PPE from our massive federal and state stockpiles is designed for big cities and big hospital systems. Because that’s how the American system of trickle-down everything … in this case PPE … works.

Eventually, Andrew Cuomo sucks it up and asks Mike Pence for help, and eventually Mike Pence makes a call to FEMA, and eventually all the requisition forms get filled out and signed by all the right people at the governor’s office, and eventually a truckload of 1 million N95 masks makes the trip from the FEMA warehouse to the New York-Presbyterian warehouse, and eventually a NY-P van starts shuttling a pallet of masks every week to every NY-P hospital loading bay, and eventually the boxes of N95s get allocated to the individual medical departments. Eventually.

Read more …

‘Nuff said?!

Both Wall Street execs AND Black Lives Matter are happy about the same thing? One of them might want to do some thinking. She locked up a lot of young black people in California, for one thing.

Wall Street Executives Are Glad Joe Biden Picked Kamala Harris (CNBC)

Wall Street leaders on Tuesday cheered Joe Biden’s selection of Sen. Kamala Harris as his running mate in the presidential election. Finance executives, confident the ticket has what it takes to topple President Donald Trump, raved about her experience in government, as well as her fundraising prowess. “I think it’s great,” said Marc Lasry, the CEO of investment firm Avenue Capital Group. “She’s going to help Joe immensely. He picked the perfect partner.” Lasry is also a part owner of the NBA’s Milwaukee Bucks. Blair Effron, the co-founder of Centerview Partners, texted “GREAT CHOICE” to CNBC. Citigroup’s Ray McGuire sent a similar message.

When she ran for president last year, Harris saw contributions from executives in a wide range of industries, including film, TV, real estate and finance, according to data from the nonpartisan Center for Responsive Politics. Her campaign finished raising close to $40 million. Harris, who dropped out of the race in December, opened up a joint fundraising committee with the Democratic National Committee earlier this year, allowing her to raise six figure checks that mainly went to the party as a whole. Harris, a former California attorney general, also overcame headwinds from a group of Biden allies who privately tried to block her from becoming the nominee for vice president.


Financial advisory firm Signum Global is already telling its clients that the choice of Harris reinforces the notion that the Democratic ticket is more moderate than progressive. Jon Henes, a partner at corporate restructuring firm Kirkland & Ellis who was Harris’ national finance chairman when she ran for president, told CNBC that the choice shows Biden’s strong judgement. He added that her supporters are ready to give Democrats the backing they need to defeat Trump. “Vice President Biden’s first decision is the perfect one and demonstrates his excellent judgement,” Henes said. “Kamala’s supporters will follow her lead and work non-stop to help Biden and Harris win this historic and critical election.”

Kamala Mnuchin

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So the party takes donations from donors that it then wants to raise new taxes on, and Cuomo fights his own party about it? A little confusing for a bear of little brain.

Cuomo Is Protecting His Wall Street Donors From Democratic Tax Bills (TMI)

In blocking his party’s push for new taxes on stock trades, capital gains and carried interest, New York Gov. Andrew Cuomo is protecting the financial industry that has delivered millions to his campaign and political operation, according to state records reviewed by TMI. That includes the single largest donor to the state Democratic party during Cuomo’s 2018 re-election bid, who just delivered large contributions to Cuomo as the governor has stymied the tax proposals. Last month, billionaire James Simons and his wife gave Cuomo $90,000. Simons is the founder of the hedge fund Renaissance Technologies, which could be subject to the new levies being pushed by New York Democratic legislators. In total, Cuomo has received over $280,000 from Simons and his family.

The Cuomo-controlled New York Democratic Party has received an additional $3.4 million from Simons. Cuomo’s political machine has received big donations from other hedge fund moguls including Dan Loeb ($197,000) and Stanley Druckenmiller ($60,800), who could also be impacted by the Democratic tax initiatives aimed at the financial industry. Democratic legislators have been pushing the tax measures to raise new revenues that they say could be used to prevent budget cuts to education, health care and other state programs. Disclosure records reviewed by TMI show that the financial industry has been actively lobbying on the tax proposals in Albany — and Cuomo has parroted their opposition to higher taxes on the rich.

“I literally talk to people all day long who are in their Hamptons house who also lived here, or in their Hudson Valley house or in their Connecticut weekend house,” the governor said on August 3, suggesting that billionaires and multimillionaires will leave New York if higher taxes on the wealthy go through. Michael Kink, the executive director of the labor-backed Strong Economy for All Coalition in New York, told TMI that Cuomo’s work to block progressive taxation is indicative of his warped priorities overall.

“A governor that’s connected to reality would be examining every single possible way of raising revenue in the time of crisis,” Kink said. “When you’re so close to someone like James Simons, that leads to you blocking the door to some of the biggest and most important sources of revenue. There’s a door called the billionaire’s tax – $5.5 billion a year. Cuomo strolls away from that door. Then there’s the stock transfer tax door which is $13 billion a year. The vast majority of people who would pay are the speculators who are diving in and out. James Simon, Dan Loeb, a lot of Cuomo’s major donors are the ones that would pay that tax.”

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What was that quote again before? Oh yes: “..this winter could be Dickensianly bleak..”

UK Enters Recession As GDP Plunges By Record 20.4% In Q2 (CNBC)

The U.K. economy contracted by 20.4% in the second quarter of 2020, compared to the previous three months, as coronavirus-induced lockdowns hammered activity, according to preliminary figures released Wednesday. GDP expanded by 8.7% in June as government lockdown measures eased, having shown a meek 1.8% recovery in May following April’s 20.4% contraction. The second-quarter plunge is the worst on record and follows a 2.2% contraction in the first quarter. Analysts had expected a fall of 20.5%, according to a Reuters poll. Two consecutive periods of contraction mean the British economy is now in a technical recession.


Services, construction and production all saw record quarterly falls, particularly in the sectors most exposed to government restrictions, according to the Office for National Statistics (ONS). “The economy began to bounce back in June with shops reopening, factories beginning to ramp up production and housebuilding continuing to recover,” ONS Deputy National Statistical for Economic Statistics Jonathan Athow said. “Despite this, GDP in June still remains a sixth below its level in February, before the virus struck.”

Read more …

Apart from RussiaRussia, the Mike Wallace interview also comes up again. Where he asks a question of Trump that he would never have (dared) ask of Obama or even George W. Why do people feel it was a proper questions to ask? I don’t feel it is. Has Trump ever before indicated he would not leave? Or is that just something people invented? Shouldn’t Wallace show respect because at least Trump showed up, something Biden still refuses to do? And if he does get Biden, will he ask that same question? Wallace has gone down in my book by a lot. Cheap clickbait stuff doesn’t become him.

WALLACE: But can you give a, can you give a direct answer you will accept the election?


TRUMP: I have to see. Look, you – I have to see. No, I’m not going to just say yes. I’m not going to say no, and I didn’t last time either.

What If Trump Won’t Leave? (IC)

Events in Charlottesville, Lafayette Square, and Portland have shown the country that President Donald Trump is prepared to do whatever it takes to keep power, including embracing militant white supremacists and using federal troops to tear gas and arrest peaceful protesters. His noxious proposal to postpone the elections is not the real threat to democracy. He has openly declared that he may not abide by the election results in a nationally televised interview on Fox News. Trump has a lot of tools at his disposal to steal the election if he loses, many of which he’s already putting into motion. Can he be stopped? We believe that he can be, but only if most Americans are willing to put their trust in people power — rather than courts, norms, and elites — to save democracy.

The evidence of the risk we face is impossible to ignore. Trump is questioning the legitimacy of an election that will rely on mail-in ballots, even though he himself has often voted absentee. He has threatened to withhold funding from states that are trying to make it easier for people to vote, and he is undermining the U.S. Postal Service, both of which are essential, especially in a pandemic. His Republican allies around the country have been passing voter ID laws, purging voter rolls, and cutting the number of polling places in urban areas, forcing people to stand in line for hours to exercise their right to vote. This is a war on voters who lean Democratic, specifically Black people, Latinos, Asian Americans, Native Americans, naturalized immigrants, poor people, and young people. We’ve already seen in Georgia and Wisconsin how these tactics play out on Election Day.

Trump’s administration has downplayed foreign interference in the elections that benefit him. He has given succor to white nationalist groups, and the Republican Party has deputized 50,000 “poll watchers” to intimidate minority voters on Election Day. This will be the first election since 1980 during which the Republican National Committee will not be bound by a federal consent decree that prohibited “ballot security” efforts whose real purpose was to intimidate and disenfranchise minority voters. Let’s be clear: Trump and the Republicans are already trying to steal the election.

Read more …

Like everything MSM, it’s become all about opinion -because clickbait-, not news.

John Solomon Calls For Creation Of New White House ‘Press Pool’ (JTN)

Just the News Founder and Editor-in-Chief John Solomon is calling for the creation of a new White House press pool, one that would practice authentic journalism by asking “the people’s questions” rather than participating in what Solomon claims is an atmosphere of “political effect.” Solomon was speaking to Matt Margolis on the podcast John Solomon Reports. Margolis, a conservative columnist and author, argues in his latest book “Airborne” that the American media has “weaponized the coronavirus against Donald Trump.” Margolis during the podcast argued that journalists at the White House press conference are in general “trying to create a narrative” instead of “trying to get the information.”

Solomon, in response, stated that White House officials need to move toward creating “a second White House press pool” in order to “create competition” and promote authentic journalism at the executive branch. The White House Correspondents Association “has had a monopoly on [the White House briefing room] for so long,” Solomon said, stating that the WHCA has engaged in effective censorship by the way it conducts press briefings. “They don’t ask the people’s questions anymore,” Solomon said, arguing that journalists are more likely now to ask “grandstanding” questions that fail to elicit useful information.

[..] Solomon, the former Washington assistant bureau chief for the Associated Press, said: “I almost never expressed an opinion. But since it’s a professional opinion about the state of the news media, it is time for this White House to create a pool.” “If done right,” Solomon added, “you can bring some real news every day, get the American people what they need to know. Instead, we get a lot of late night comedy skits out of it. It’s terrible.”

Read more …

Where’s the Special Counsel for this?

New Memos Show Relentless Pressure By Burisma On State Dept In 2016 (JTN)

The Ukrainian natural gas firm that appointed Vice President Joe Biden’s son Hunter to a lucrative board seat relentlessly pressured the State Department throughout the 2016 election in an effort to get corruption allegations against it dropped and its badly damaged reputation rehabilitated, newly released government memos show. “They keep trying through every channel they can,” a State Department official lamented in summer 2016, describing a nonstop lobbying campaign by Burisma Holdings and its American representatives. The memos, released to Just the News under a Freedom of Information Act lawsuit assisted by the Southeastern Foundation, add new significance to a long-running Senate investigation into the Bidens’ activities and perceived conflicts of interest in Ukraine.

For instance, they show far more contact between Burisma and the U.S. embassy in Kiev than was acknowledged by witnesses during President Trump’s impeachment proceedings earlier this year. One issue in that trial was the more than $3 million Hunter Biden’s firm collected from Burisma while his father supervised Ukraine policy for President Obama. The memos obtained by Just the News also were withheld from Senate investigators, who learned of their existence from the FOIA lawsuit. “We have been so frustrated in our attempt to get the documentation that we need before we can sit down and interview people, and as I understand it, the documents you just obtained in your FOIA request we haven’t received unbelievably,” Senate Homeland Security and Governmental Affairs Committee Chairman Ron Johnson said in an interview with the John Solomon Reports podcast.

“I cannot tell you how frustrated and ticked off, I’ll use that word, ticked off about where we are here. So yeah, I subpoenaed the FBI. And, you know, expect additional subpoenas to be forthcoming,” Johnson (R-Wisc.) added. Asked whether a subpoena to Secretary of State Mike Pompeo might be forthcoming, Johnson answered, “Well, certainly a subpoena would bring it to his attention.” The memos show Burisma’s lobbying efforts were led by a Democratic firm called Blue Star Strategies and aided by the nonprofit Atlantic Council foreign policy think tank, stretching from the State Department’s executive suite in Washington at the start of the election to the U.S. embassy in Kiev in the waning days of the Obama administration.

Burisma representatives repeatedly pressed for meetings, at times invoking Hunter Biden’s name, starting with a Blue Star conversation with then-Undersecretary of State Catherine Novelli in January 2016 before turning their attention to U.S. diplomats on the ground in Kiev, the memos show. By summer 2016 — their mission to clear Burisma’s name still incomplete — Blue Star officials pigeonholed the new U.S. ambassador to Ukraine, Marie Yovanovitch, during her Senate confirmation hearing and then attended a private reception where she was honored, according to the memos. State officials at times chafed at the Burisma campaign, concerned Hunter Biden’s role at the gas firm was undercutting his father’s anti-corruption efforts in Ukraine, according to the memos and interviews.

Read more …

A reminder of the future. I’m discussing with the people of the kitchen here in Athens about what we can and should expect going forward. Already demand is rising, but how much more will come?

Food Bank Strains Emerge As Economy Falls Off Fiscal Cliff (ZH)

The latest economic data suggest the US recovery stalled. One look at the Citi US econ surprise index, as of this week, shows the recovery ran out of steam last month. A fiscal cliff is already underway, set to enter the second week on Friday (Aug. 14) as tens of millions of Americans are unemployed and have yet to receive their stimulus checks. The recovery, so far, is a massive economic sugar rush, entirely a function of the Trump administration on a reckless spending spree. One way the administration can artificially supercharge consumption is through issuing direct transfer payments to the working poor. The extra money has been used by households to pay down credit card bills, put food on the table, and pay housing expenses, while others used the free money to buy automobiles and FANG stocks.

[..] Massive federal spending has transformed America into a welfare state under the GOP watch. Tea Party politicians aren’t pleased with the Republican establishment’s wild spending spree. With a fiscal cliff coming up on the second week, tens of millions of folks are unable to consume because they are insolvent and jobless, and their amount of consumption is dependent on the government. We’ve noted before, a quarter of all household income is derived from the government. And with no stimulus checks in the mail, that means Americans are returning to food banks: Claudia Raymer, who manages a network of food-security groups in Ohio County, West Virginia, told Bloomberg when stimulus checks stopped arriving in late July, there was an immediate impact on households, resulting in rising food bank activity among the working poor.

The fiscal cliff will be more damaging in lower-income communities (than major metros), such as small towns in West Virginia, where folks were being paid handsomely by the federal government to sit at home. The problem is, once the payments end, consumption plunges, and the local communities return to a recessionary environment. With federal aid already running out for the stimulus program, the fiscal cliff has already been realized in West Virginia: “We’ve definitely already seen food-security needs increase, just in a week, since the extra unemployment has ended,” Raymer said.

Read more …

 

 

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Nov 252018
 


Floris van Schooten Still-Life with Glass, Cheese, Butter and Cake 1st half 17th century

 

Assange Lawyers Barred From Visiting Client Ahead Of US Court Hearing (ZH)
‘He Has Moved Incredibly Quickly’: Mueller Nears Trump Endgame (G.)
One Of The Most Spectacularly Misleading Uses Of Statistics Ever (Porter)
Russia A Greater Threat Than ISIS or Al-Queda – New British Army Chief (PA)
European Security Held Hostage By Washington’s Geopolitical Games – Lavrov (RT)
Why Theresa May’s Brexit Deal Is Terrible For The UK (Coppola)
UK Food Banks Fear Winter Crisis (G.)
UK Parliament Seizes Cache Of Facebook Internal Papers (O.)
Trump Says Asylum Seekers To Wait In Mexico, Incoming Government Denies (R.)
Amazon To Contribute Over Half Of Q4 Earnings Growth For S&P 500 Retail (MW)
JPMorgan Spots The Next Big Problem: A Plunge In Global Bond Demand (ZH)
Bear Necessities: The Charts That Predict Market Downturns (MW)
EU Unhappy With China Penetrating Greek Energy Market (K.)
Climate Change Will Wreck Economic Growth – US Government Report (MW)

 

 

These are dark days.

Assange Lawyers Barred From Visiting Client Ahead Of US Court Hearing (ZH)

After being cooped up for six years inside the Ecuadorian Embassy in London, the Department of Justice is finally closing in on Julian Assange, and the government of Ecuadorian President Lenin Moreno is doing everything in its power to evict its most infamous tenant. To wit, lawyers for Assange have been refused entry to the Ecuadorian Embassy in London, WikiLeaks announced in a tweet, which has only helped to spur fears that Assange will soon be evicted. And what’s worse, he’s being denied access to legal counsel at a time of desperate need. WikiLeaks said the Ecuadorian government refused to allow Assange’s lawyers, Aitor Martinez and Jen Robinson, to meet with their client this week, which is a huge problem for the whistleblower, because Assange is facing a US court hearing Tuesday, and needs to meet with his legal team to prepare.

The hearing is being called to remove the secrecy order on the charges against Assange (which were only publicly revealed because of a copy and paste error). “The hearing is on Tuesday in the national security court complex at Alexandria, Virginia,” WikiLeaks tweeted, adding it is to “remove the secrecy order on the US charges against him.” Visitors to Assange were only recently readmitted after being cut off by the Ecuadorian government. The government also restored Assange’s communications in October. But this was accompanied by restrictions on Assange’s communications. In another sign that Moreno is preparing to oust Assange, the Ecuadorian government recently terminated the credentials of Ecuador’s London ambassador Abad Ortiz without explanation. As Wikileaks explained: “Now all diplomats known to Assange have now been transferred away from the embassy.”

Read more …

The Guardian has a guy named David Taylor in new York doing a series, in which yesterday he called Robert Mueller: ‘America’s straightest arrow’. Yeah, that’s the same Mueller who lied through his teeth about WMD in Iraq as FBI chief. Taylor lists ‘four distinct parts’ of Mueller investigation, and is fully oblivious to the fact that all four have been thoroughly dismantled long ago. Taylor and the Guardian count on you not reading anything but them.

In a few words:
1• Manafort is not linked to Trump-Russia collusion, not even Mueller suggests that
2• See article below
3• There was no hacking that we know of, and certainly not in connection with WikiLeaks and/or Democratic party
4• Papadopoulos was set up, and only a bit player

‘He Has Moved Incredibly Quickly’: Mueller Nears Trump Endgame (G.)

The investigation, which cost more than $16.6m in its first 11 months, can be broken down into four distinct parts which have all led to indictments:

1• Manafort and his business connections to Russia following years of work in support of the former Ukrainian president Viktor Yanukovych.

2• Russian use of fake social media accounts to influence the 2016 election.

3• Russian hacking of the Democratic party and the Clinton aide John Podesta – and the subsequent leak of thousands of emails by WikiLeaks.

4• Trump campaign connections to Russia – including the Trump Tower meeting and the adviser George Papadopoulos’s involvement with a professor who told him the Russians had “dirt” on Clinton including “thousands of emails”.

Anne Milgram, a law professor at New York University and a former prosecutor and attorney general of New Jersey, said Mueller and his 17 lawyers had done “a terrific job”. “Months have gone by – people think it’s a long time – it is not in criminal justice,” she said. “He has moved incredibly quickly, got a lot of co-operation agreements, charges, done an extraordinary job of running down Russian hacking of the election.”

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As per the second point in the article above, here’s Gareth Porter ripping that to shreds.

One Of The Most Spectacularly Misleading Uses Of Statistics Ever (Porter)

What Facebook general counsel Colin Stretch testified before the Senate Judiciary Committee on October 31, 2017 is a far cry from what the Times claims. “Our best estimate is that approximately 126,000 million people may have been served one of these [private Russian company, Internet Research Agency, ‘IRA’-generated] stories at some time during the two year period,” Stretch said. Stretch was expressing a theoretical possibility rather than an established fact. He said an estimated 126 million Facebook members might have gotten at least one story from the IRA –- not over the ten week election period, but over 194 weeks during the two years 2015 through 2017—including a full year after the election.

That means only an estimated 29 million FB users may have gotten at least one story in their feed in two years. The 126 million figure is based only on an assumption that they shared it with others, according to Stretch. Facebook didn’t even claim most of those 80,000 IRA posts were election–related. It offered no data on what proportion of the feeds to those 29 million people were. In addition, Facebook’s Vice President for News Feed, Adam Moseri, acknowledged in 2016 that FB subscribers actually read only about 10 percent of the stories Facebook puts in their News Feed every day. The means that very few of the IRA stories that actually make it into a subscriber’s news feed on any given day are actually read.

And now, according to the further research, the odds that Americans saw any of these IRA ads—let alone were influenced by them—are even more astronomical. In his Oct. 2017 testimony, Stretch said that from 2015 to 2017, “Americans using Facebook were exposed to, or ‘served,’ a total of over 33 trillion stories in their News Feeds.” To put the 33 trillion figure over two years in perspective, the 80,000 Russian-origin Facebook posts represented just .0000000024 of total Facebook content in that time.

Shane and Mazzetti did not report the 33 trillion number even though The New York Times’ own coverage of that 2017 Stretch testimony explicitly stated, “Facebook cautioned that the Russia-linked posts represented a minuscule amount of content compared with the billions of posts that flow through users’ News Feeds everyday.” The Times‘ touting of the bogus 126 million out 137 million voters, while not reporting the 33 trillion figure, should vie in the annals of journalism as one of the most spectacularly misleading uses of statistics of all time.

Read more …

The new army chief himself is the greatest threat.

Russia A Greater Threat Than ISIS or Al-Queda – New British Army Chief (PA)

Russia “indisputably” poses a far greater threat to national security than Islamic terrorist groups such as al-Qaida and Isis, the new head of the British army has warned. General Mark Carleton-Smith said the UK cannot be complacent about the threat Russia poses “or leave it uncontested”. The former SAS commander said Russia had made plain its preparedness to use force to expand its interests, while it had also been “systematic” in its efforts to exploit cyber space and undersea military arenas. “The Russians seek to exploit vulnerability and weakness wherever they detect it,” he told the Daily Telegraph.

“Russia today indisputably represents a far greater threat to our national security than Islamic extremist threats such as al-Qaida and Isil,” he said, using another name for Isis. Carleton-Smith, who graduated from Sandhurst in the final years of the Cold War, took over as chief of the general staff in June. He led the hunt for Osama bin Laden after the 9/11 terror attacks and later spearheaded Britain’s role in the campaign to defeat Isis. Now, with the threat from Islamist groups in the Middle East reduced by years of concerted international military action, the focus needs to shift to Russia, he said. “We cannot be complacent about the threat Russia poses or leave it uncontested,” Carleton-Smith warned.

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The European arms industry holds the entire continent hostage.

European Security Held Hostage By Washington’s Geopolitical Games – Lavrov (RT)

The blindness of the EU bureaucrats allows the US to instigate dangerous military activity near Russian borders, jeopardizing the security of the whole European continent, Sergey Lavrov, Russia’s Foreign Minister, said. The Ukrainian crisis, which was used as a justification for sanctions against Moscow, is “a result of geopolitical games, played by the US and their allies in several countries, as well as the blindness of the bureaucrats in Brussels,” Lavrov, who was visiting Portugal on Saturday, said in an interview with local Publico paper. The EU leadership “not only sacrificed its principles and values by turning a blind eye to the armed coup in Kiev, in which a democratically elected president was deposed, but followed Washington’s lead and joined the anti-Russian sanctions,” he added.

In February 2014, Ukrainian President, Viktor Yanukovich, was removed from power as a result of a violent uprising, in which a key role was played by the radical nationalist groups. A few months later, the new government in Kiev launched the so-called “anti-terrorist operation” in the south-east of the country after the local population refused to recognize the results of the coup. The conflict in Donbas, which has claimed more than 10,000 lives, is still ongoing as the Ukrainian authorities don’t seem willing to commit to the truce earlier reached with the Republics of Donetsk and Lugansk.

“And what have we now?” Lavrov wondered. “The architecture of dialogue between Russia and the EU is seriously damaged; the European producers suffer multi-billion losses [due to sanctions and countermeasures by Moscow]; there’s a new conflict in Europe.” Meanwhile, the Americans, who are directly responsible for the “unhealthy situation” in Europe, “suffer no losses,” he said.

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Good explanation by Frances Coppola of why the Irish border is such a hot iron in the Brexit talks.

Why Theresa May’s Brexit Deal Is Terrible For The UK (Coppola)

After Brexit, the border between Northern Ireland and the Republic of Ireland will become an international border, rather than an intra-EU border as at present. In the absence of a trade agreement, both the EU and the U.K. would be obliged to apply the WTO’s “Most Favored Nation” (MFN) rules on that border. This would mean tariffs and regulatory checks on a border which is politically highly sensitive, because of its long history of conflict, and economically extremely important to the economies of Northern Ireland and its southern neighbour. Neither the U.K. nor the EU wants there to be a hard border between Northern Ireland and Ireland after Brexit. But preventing one is proving difficult.

The U.K. Government proposed technological solutions that it said would eliminate the need for actual checks at the border, but the EU doesn’t believe that the technology exists. The EU proposed a temporary arrangement which would keep Northern Ireland in the Customs Union and Single Market until a free trade agreement could be negotiated, but the U.K. objected on the grounds that customs checks on goods in transit between Northern Ireland and the rest of the U.K. would undermine the U.K.’s own internal market.

The Withdrawal Agreement breaks this deadlock by providing for the U.K. to remain in the EU’s Customs Union, and Northern Ireland in the Single Market, not merely until the end of the transitional period scheduled to end in December 2020, but until a replacement trade agreement can be negotiated, or (potentially) indefinitely if none can be agreed. This is by any measure unsatisfactory. Everyone hates “frozen Brexit.” But the backstop is not the only problem with this deal. Buried in the accompanying Political Declaration, which establishes the framework for future trade negotiations, is this conundrum:

“The future relationship will be based on a balance of rights and obligations, taking into account the principles of each Party. This balance must ensure the autonomy of the Union’s decision making and be consistent with the Union’s principles, in particular with respect to the integrity of the Single Market and the Customs Union and the indivisibility of the four freedoms. It must also ensure the sovereignty of the United Kingdom and the protection of its internal market, while respecting the result of the 2016 referendum including with regard to the development of its independent trade policy and the ending of free movement of people between the Union and the United Kingdom.” When combined with the backstop, this conundrum makes Mrs. May’s deal terrible for the U.K.

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Hostile environment. Signed, Theresa May.

UK Food Banks Fear Winter Crisis (G.)

Food banks in some of the poorest areas are preparing for a big rise in demand when universal credit is rolled out by calling for more donations and volunteers, and stockpiling essential supplies. Volunteers have told the Observer they are concerned about how their communities will cope this winter. In areas where the new benefit has been in place for months, the pressure on food banks has increased. Under the new system, people are made to wait for over a month to receive the benefit. When universal credit is paid out, it is often given as a lump sum, which many find difficult to budget. The Trussell Trust, which operates 428 food banks, reported in April that its facilities were four times busier in areas where the new credit had been in place for 12 months or more compared with those where it had been introduced more recently.

Blackpool, the Isle of Anglesey, Milton Keynes and parts of Liverpool and Glasgow will become some of the last places to introduce universal credit in the coming weeks. Roy Fyles, who supervises the Anglesey food bank, said he was not looking forward to its arrival on 5 December. “Even if there are only a few new claimants between now and Christmas, they will not get any money, unless they request an advance, until the new year,” he said. “We’re talking five weeks.” In nearby Flintshire, the credit piled a lot of pressure on food banks when it was brought in 20 months ago. “We are hoping that, because we’re only a small island, we’ll have fewer problems,” Fyles said. Already, the number of packages his food bank delivers has gone up by a third in the past few months. “We’re preparing by trying to get more volunteers and collecting food for Christmas hampers.”

Read more …

Nice twist.

UK Parliament Seizes Cache Of Facebook Internal Papers (O.)

Parliament has used its legal powers to seize internal Facebook documents in an extraordinary attempt to hold the US social media giant to account after chief executive Mark Zuckerberg repeatedly refused to answer MPs’ questions. The cache of documents is alleged to contain significant revelations about Facebook decisions on data and privacy controls that led to the Cambridge Analytica scandal. It is claimed they include confidential emails between senior executives, and correspondence with Zuckerberg. Damian Collins, the chair of the culture, media and sport select committee, invoked a rare parliamentary mechanism to compel the founder of a US software company, Six4Three, to hand over the documents during a business trip to London.

In another exceptional move, parliament sent a serjeant at arms to his hotel with a final warning and a two-hour deadline to comply with its order. When the software firm founder failed to do so, it’s understood he was escorted to parliament. He was told he risked fines and even imprisonment if he didn’t hand over the documents. “We are in uncharted territory,” said Collins, who also chairs an inquiry into fake news. “This is an unprecedented move but it’s an unprecedented situation. We’ve failed to get answers from Facebook and we believe the documents contain information of very high public interest.” [..] MPs leading the inquiry into fake news have repeatedly tried to summon Zuckerberg to explain the company’s actions. He has repeatedly refused.

Collins said this reluctance to testify, plus misleading testimony from an executive at a hearing in February, had forced MPs to explore other options for gathering information about Facebook operations. [..] The documents seized were obtained during a legal discovery process by Six4Three. It took action against the social media giant after investing $250,000 in an app. Six4Three alleges the cache shows Facebook was not only aware of the implications of its privacy policy, but actively exploited them, intentionally creating andeffectively flagging up the loophole that Cambridge Analytica used to collect data. That raised the interest of Collins and his committee.

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Negotiating.

Trump Says Asylum Seekers To Wait In Mexico, Incoming Government Denies (R.)

U.S. President Donald Trump tweeted on Saturday that migrants at the U.S.-Mexico border would stay in Mexico until their asylum claims were individually approved in U.S. courts, but Mexico’s incoming government denied they had struck any deal. Mexico’s incoming interior minister said there was “no agreement of any type between the future government of Mexico and the United States.” Olga Sanchez Cordero, also the top domestic policy official for president-elect Andres Manuel Lopez Obrador who takes office on Dec. 1, told Reuters that the incoming government was in talks with the United States but emphasized that they could not make any agreement since they were not yet in government.

Sanchez ruled out that Mexico would be declared a “safe third country” for asylum claimants, following a Washington Post report of a deal with the Trump administration known as “Remain in Mexico,” which quoted her calling it a “short-term solution.” The plan, according to the newspaper, foresees migrants staying in Mexico while their asylum claims in the United States are being processed, potentially ending a system Trump decries as “catch and release” that has until now often allowed those seeking refuge to wait on safer U.S. soil.

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At what point will we call it a monopoly? Apparently not at 50%. How about 75%?

Amazon To Contribute Over Half Of Q4 Earnings Growth For S&P 500 Retail (MW)

Amazon.com’s fourth quarter earnings are expected to account for more than half of earnings growth among S&P 500 retailers, according to a report from FactSet. FactSet expects Amazon to report earnings per share of $5.51, more than double the $2.16 the e-commerce giant reported last year. Amazon beat FactSet earnings expectations the last five quarters. “Amazon.com is expected to report the highest earnings growth and is expected to be the largest contributor to earnings growth for the Retailing Industry Group and Food & Staples Retailing Industry Group combined,” wrote John Butters at FactSet. “If Amazon were excluded, the estimated earnings growth for Q4 for these two retail industry groups would fall to 6.8% from 15%.”

Ten of the 13 retail sub-industries, including internet and direct marketing retail (projected for 69.4% growth), automotive retail (expected to be up 22.4%) and home improvement retail (forecast for 20.1% growth) are expected to report higher fourth-quarter earnings. Other categories projected for double-digit growth include general merchandise stores (up 12.3%) and food distributors (up 11.1%). Drug retail, department stores and specialty stores are forecast to grow 6.9%, 6.8% and 6.4% respectively. “Amazon alone accounts for more than half of the projected earnings growth for all S&P 500 retailers for the fourth quarter,” Butters wrote.

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As supply skyrockets, central banks stop buying. A recipe for fun, we’re sure.

JPMorgan Spots The Next Big Problem: A Plunge In Global Bond Demand (ZH)

[..] with traders – across all asset classes, including equity, credit and rates, all focusing on what happens to US Treasury yields next, the JPMorgan strategist revisits his previous analysis on global bond demand and supply, incorporating updated supply forecasts both for the balance of 2018 as well as for 2019. “Given this year has seen the largest increase in excess supply of bonds since 2010, which as we noted last week has together with continued Fed hikes contributed to a tightening in financial conditions that has been reverberating across markets, there has been considerable interest in how next year is shaping up.”

Attention on 2019 is especially acute as the Fed’s balance sheet normalization process is set to accelerate given that it is only in 4Q18 that the monthly cap for the quantity of maturing bonds that are allowed to roll off has reached its steady state of $50Bn/month, which unlike 2018 when QT was just starting, will induce a further increase in net supply that needs to be absorbed by the market of more than $100bn. It’s not just the Fed: with the ECB set to end its QE purchases in December this year and we see the BoJ continuing its gradual slowdown in bond purchases to ¥30tr in 2019 compared to around ¥40tr this year, JPMorgan notes that this collective shrinkage of the G-4 balance sheet means that the market needs to absorb a further decrease in price-insensitive QE demand of more than $400bn next year.

Here’s the bad news: adding together both the supply and demand side impact, the G4 central bank flow looks set to decline a further $550bn next year. Which begs the question: will there be an incremental increase in demand to offset this dramatic net increase in supply in the coming year? JPMorgan’s answer is hardly what bond bulls are looking for…

Read more …

Entertainment.

Bear Necessities: The Charts That Predict Market Downturns (MW)

Is a bear market on the horizon? WSJ markets reporter Riva Gold analyzes the trends that came before the dot-com bubble burst and the financial crisis hit.

Read more …

Yes, that’s right, lignite. But that’s not what bothers the EU.

EU Unhappy With China Penetrating Greek Energy Market (K.)

Brussels is raising obstacles to Chinese plans to enter Greece’s energy market, reversing the situation in the tender for the privatization of Public Private Corporation’s lignite-fired plants where CHN Energy had appeared to be the favorite. Days before bid submissions for the four plants at Meliti and Megalopoli, the European Commission’s Directorate-General for Energy sent a letter to Greece’s Regulatory Authority for Energy, seen by Kathimerini, raising the issue of European law violation and asking for the review of ADMIE’s certification after China State Grid purchased 24 percent of the grid operator.

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People may feel vindicated in some way because of this, especially because of Trump. But really, expressing environmental damage in dollars is a road to nowhere at all. If economic growth is your main worry, you’re not too smart.

Climate Change Will Wreck Economic Growth – US Government Report (MW)

Climate change is a threat to Americans’ health and the country’s economic well-being, a major report issued Friday by 13 federal agencies said. “Without substantial and sustained global mitigation and regional adaptation efforts, climate change is expected to cause growing losses to American infrastructure and property and impede the rate of economic growth over this century,” wrote the authors of the Fourth National Climate Assessment Volume II. The report, authored by more than 300 experts, spells out a litany of impacts linked to climate change, including problems with human health, water quality, agriculture, tourism, and infrastructure.

Flooding will decrease crop yields, warming oceans will slow the shellfish industry, and heat stress will cause a drop in dairy production, the authors wrote, describing just a few of the economic effects. If people don’t take action to lessen its effects, climate change is expected to affect import and export prices and U.S. businesses with overseas operations and supply chains, the report notes. “With continued growth in emissions at historic rates, annual losses in some economic sectors are projected to reach hundreds of billions of dollars by the end of the century — more than the current GDP of many U.S. states,” the authors wrote.

Read more …

Aug 032018
 
 August 3, 2018  Posted by at 7:36 am Finance Tagged with: , , , , , , , , , ,  4 Responses »


Ivan Aivazovsky The Galata tower by moonlight 1845

 

The Trump Administration Is Headed For A Gigantic Debt Headache (CNBC)
The First Company To Reach $1 Trillion In Market Value Was In China (CNBC)
Apple Becomes World’s First Trillion-Dollar Company (G.)
Ban Share Buybacks (Week)
Where Are the 17,000 Model 3 Cars Tesla “Produced” But Didn’t “Deliver”? (WS)
Middle-Class Americans Still Haven’t Recovered From Housing Bust (MW)
China Loses Spot As World’s No. 2 Stock Market to Japan (AFP)
Judge Rejects Suit Against Fox News Brought By Parents Of Seth Rich (NBC)
Saudi Arabia Planned To Invade Qatar Last Summer. Tillerson Intervened (IC)
Food Banks Appeal For Donations To Feed Children During School Holidays (G.)
Britain Heading Back To Pre-Victorian Days (G.)

 

 

Nobody seems to care much.

The Trump Administration Is Headed For A Gigantic Debt Headache (CNBC)

Swelling government debt levels are shaping up to be the biggest economic challenge for President Donald Trump, a problem that could spill into the stock market. This week’s Treasury Department announcement that it would have to increase the amount of bond auctions over the next three months was a low-key reminder that the government IOU is only getting bigger and will start influencing interest rates sooner rather than later. As more product comes to market, investors could be expected to demand higher yields to snap up all the supply. And those higher yields mean higher costs at a time when taxpayers already have shelled out nearly half a trillion dollars this year in debt service.

Put it all together and it raises questions about how long the spurt in economic growth will continue, what will happen the next time the economy falls into recession and what impact it all will have on financial markets. “We’re applauding strong growth — yet have no choice but to borrow the largest amount of money since the financial crisis a decade ago,” Bernard Baumohl, chief global economist at The Economic Outlook Group, said in a note. “And that’s just the start, the US will [be] running trillion dollar deficits as far as the eye can see.” The total U.S. debt just passed the $21.3 trillion mark, of which $15.6 trillion is owed by the public.

The Treasury announced Wednesday that it will be adding $1 billion each to auctions of 2-, 3- and 5-year debt over the next three months, and $1 billion each for 7- and 10-year note and 30-year bond auctions in August. In addition, the department is issuing a new two-month note to help assure liquidity in the fixed income market. The changes will add $30 billion to the debt issuance for the quarter. On the overall, the Treasury said it expects to borrow $769 billion in the second half of the year, a projected 63% increase from 2017.

Read more …

So much for Apple then.

The First Company To Reach $1 Trillion In Market Value Was In China (CNBC)

Before Apple hit $1 trillion in market value Thursday, there was Chinese oil giant PetroChina, which reached the milestone more than a decade ago. It did not fare too well after that. PetroChina’s market cap hit $1 trillion in 2007 following a successful debut on the Shanghai Stock Exchange on Nov. 5 of that year. The company’s Shanghai-listed shares nearly tripled at the open that day, with its Hong Kong-listed shares following them higher. (It had debuted on the Hong Kong exchange years earlier.) The rise gave the company a market cap of $1.1 trillion on both the Shanghai and Hong Kong exchanges.

According to Reuters, PetroChina’s opening price in Shanghai valued the company at 60 times analysts’ forecasts for its 2007 earnings per share, above the global average of 18 times for oil companys at the time. It was all downhill from there, however. PetroChina’s market value plummeted to less than $260 billion by the end of 2008, representing the largest destruction of shareholder wealth in world history, according to Bloomberg. Blame the financial crisis and a collapse in oil prices. When PetroChina made its debut in 2007 brent crude prices were at one point, above $140 a barrel. Today they are about half that.

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This piece cites PetroChina, but says not enough shares were outstanding. But Apple’s outstanding shares shrank a lot as well, because of buybacks.

Apple Becomes World’s First Trillion-Dollar Company (G.)

Apple became the world’s first trillion-dollar public company on Thursday, as a rise in its share price pushed it past the landmark valuation. The iMac to iPhone company, co-founded to sell personal computers by the late Steve Jobs in 1976, reached the historic milestone as its shares hit $207.05, the day after it posted strong financial results. Apple’s share price has grown 2,000% since Tim Cook replaced Jobs as chief executive in 2011. The company hit a $1tn market capitalisation 42 years after Apple was founded and 117 years after US Steel became the first company to be valued at $1bn in 1901. It means Apple’s stock market value is more than a third the size of the UK economy and larger than the economies of Turkey and Switzerland.

While energy company PetroChina was cited as the world’s first trillion-dollar company after its 2007 flotation, the valuation is considered unreliable because only 2% of the company was released for public trading. Saudi Arabia’s national oil company Saudi Aramco could be worth up to $2tn upon its planned stock market float but the value is yet to be tested. This week’s rise in Apple’s share price was powered by quarterly financial results released on Tuesday that were better than Wall Street had expected. The tech giant racked up profits of $11.5bn in three months on the back of record sales that hit $53.3bn, pushing shares of the iPhone giant higher and easing the value of the company up from $935bn towards $1tn (£770bn).

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Ryan Cooper focuses on lower wages as a result of buybacks. I would go for the death of price discovery. Apple may be ‘worth’ one trillion, but it has a $100 billion buybacks war chest. That’s 10%. So what is it really worth.

Ban Share Buybacks (Week)

American corporations are simply raking in profits. Some are so bloated and cash-rich they literally can’t figure out what to do with it all. Apple, for instance, is sitting on nearly a quarter of a trillion dollars — and that’s down a bit from earlier this year. Microsoft and Google, meanwhile, were sitting on “only” $132 billion and $63 billion respectively (as of March this year). However, American corporations in general are taking those profits and kicking them out to shareholders, mainly in the form of share buybacks. These are when a corporation uses profits, cash, or borrowed money to buy its own stock, thus increasing its price and the wealth of its shareholders. (Big Tech is doing this as well, just not fast enough to draw down their dragon hoards.)

As a new joint report from the Roosevelt Institute and the National Employment Law Project by Katy Milani and Irene Tung shows, from 2015 to 2017 corporations spent nearly 60% of their net profits on buybacks. This practice should be banned immediately, as it was before the Reagan administration. The most immediately objectionable consequence of share buybacks is they come at the expense of wages. Milani and Tung calculate that if buybacks spending had been funneled into wage increases, McDonald’s employees could get a raise of $4,000; those at Starbucks could get $8,000; and those at Lowes, Home Depot, and CVS could get an eye-popping $18,000.

Some economists are skeptical of this reasoning, arguing that wages are set according to labor market conditions. But if you set aside free market dogmatism, it is beyond obvious that this sort of behavior is coming at workers’ expense. Wall Street bloodsuckers are not at all subtle about it, screaming bloody murder and tanking stocks every time a public company proposes paying workers instead of shareholders. Indeed, it provides a highly convincing explanation for something that has been puzzling analysts for months: the situation of wages continuing to stagnate or decline while unemployment is at 4%. The answer is that wages are low in large part because the American corporate structure has been rigged in favor of shareholders and executives.

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And Tesla was up 16% yesterday?!

Where Are the 17,000 Model 3 Cars Tesla “Produced” But Didn’t “Deliver”? (WS)

Tesla never ceases to astound with its hype and promises and with its results that are just mindboggling, including today when it reported its Q2 “earnings” – meaning a net loss of $718 million, its largest net loss ever in its loss-drenched history spanning over a decade. It was more than double its record loss a year ago: The small solitary green bump in Q3 2016 wasn’t actually some kind of operational genius that suddenly set in for a brief period. No, Tesla sold $139 million in taxpayer-funded pollution credits to other companies, which allowed it to show a profit of $22 million. Tesla adheres strictly to a business model that is much appreciated by the stock market: The more it sells, the more money it loses.

Total revenues – automotive and energy combined – rose 43% year-over-year to $4.0 billion in Q2. This increase in revenues was bought with a 113% surge in net losses. When losses surge over twice as fast as revenues, it’s not the light at the end of the tunnel you’re seeing. In between the lines of its earnings report, Tesla also confirmed the veracity of the many videos and pictures circulating on the internet that show huge parking lots filled with thousands of brand-new, Model 3 vehicles, unsold, undelivered, perhaps unfinished, waiting for some sort of miracle, perhaps needing more work, more parts, or additional testing before they can be sold, if they can be sold.

But these thousands of vehicles were nevertheless “factory gated,” as Tesla said, to hit the 5,000 a week production goal. And so they’re unfinished and cannot be delivered but are outside the factory gate, and Tesla didn’t totally lie about its “production” numbers. Now it put a number on these “produced” but undelivered vehicles: 12,571 in Q2 on top of the 4,497 in Q1, for a total of 17,000 vehicles sitting in parking lots.

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Wealth transfer.

Middle-Class Americans Still Haven’t Recovered From Housing Bust (MW)

A new study by the Opportunity and Growth Institute at the Minneapolis Fed found that the housing boom and bust made middle-class Americans poorer but boosted wealth for the richest 10%, widening the income and wealth gap substantially. Authors of the paper examined the relationship between incomes and asset prices over the past 70 years, concluding that rising and falling housing and stock markets have been the main drivers of wealth inequality. In the simplest model, the authors wrote, how fast wealth accumulates should be a function of how fast incomes rise. But incomes played only a minor role in wealth distributions in postwar America. Instead, wealth accumulation for most Americans was driven by booming home prices over the past several decade until 2007.

[..] ..real incomes of middle-class Americans rose by a third between 1970 and 2007, or less than 1% a year, while incomes of the bottom half have been largely stagnant since about 1970. Incomes for the top 10%, meanwhile, have doubled over the same period. Incomes for the bottom 90% have stagnant over the past 10 years. On the wealth distribution side, however, the poor became poorer, while the rich became richer after the financial crisis. Up until 2007, middle class Americans saw their wealth increase at the same rate as their wealthy counterparts, rising 140% over 40 years. Incomes for households in the bottom half doubled from 1971 until 2007—all thanks to booming house prices.

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Perspective: “Chinese stocks were worth $6.09 trillion, compared with $6.17 trillion in Japan. The US market is worth $31 trillion.”

China Loses Spot As World’s No. 2 Stock Market to Japan (AFP)

China’s stock market has been overtaken as the world’s second-biggest by Japan’s, having been swiped this year by the threat of a trade war with the United States and slowing economic growth. Data from Bloomberg News in intra-day trade on Friday showed the value of equities on the mainland had slipped behind those in their neighbouring country for the first time since taking the number-two spot in 2014. The figures showed Chinese stocks were worth $6.09 trillion, compared with $6.17 trillion in Japan. The US market is worth $31 trillion. While global markets have been broadly hit by fears of a trade war between the world’s top two economies, Chinese equities are among the worst performers this year, with the benchmark Shanghai Composite Index slumping more than 16% since the start of January.

The pressure was ratcheted up this week when the White House said it was considering more than doubling threatened tariffs on a range of Chinese imports worth $200 billion. Washington has already imposed tariffs on $34 billion worth of goods and is considering hitting another $16 billion in the coming weeks. “Losing the ranking to Japan is the damage caused by the trade war,” Banny Lam, head of research at CEB International Investment in Hong Kong, told Bloomberg News. “The Japan equity gauge is relatively more stable around the current level but China’s market cap has slumped from its peak this year.”

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But what really happened? Julian Assange knows. Kim Dotcom knows.

Judge Rejects Suit Against Fox News Brought By Parents Of Seth Rich (NBC)

A New York judge has rejected a lawsuit brought against Fox News by the parents of a Democratic National Committee employee killed in 2016. In a ruling Thursday, U.S. District Judge George Daniels said he understood Joel and Mary Rich might feel that the tragic death of their son was exploited for political purposes, but that the lawsuit lacked specific instances of wrongdoing necessary to proceed to trial. In the March lawsuit, the parents said that Fox News turned the death of their son, Seth Rich, into a “political football” by claiming he had leaked DNC emails to Wikileaks during the presidential campaign. The 27-year-old Rich was killed in what Washington police believe was a random robbery attempt. The judge also dismissed a related suit by a private investigator.

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Nice twist.

Saudi Arabia Planned To Invade Qatar Last Summer. Tillerson Intervened (IC)

Thirteen hours before Secretary of State Rex Tillerson learned from the presidential Twitter feed that he was being fired, he did something that President Donald Trump had been unwilling to do. Following a phone call with his British counterpart, Tillerson condemned a deadly nerve agent attack in the U.K., saying that he had “full confidence in the U.K.’s investigation and its assessment that Russia was likely responsible.” White House Press Secretary Sarah Sanders had called the attack “reckless, indiscriminate, and irresponsible,” but stopped short of blaming Russia, leading numerous media outlets to speculate that Tillerson was fired for criticizing Russia.

But in the months that followed his departure, press reports strongly suggested that the countries lobbying hardest for Tillerson’s removal were Saudi Arabia and the United Arab Emirates, both of which were frustrated by Tillerson’s attempts to mediate and end their blockade of Qatar. One report in the New York Times even suggested that the UAE ambassador to Washington knew that Tillerson would be forced out three months before he was fired in March. The Intercept has learned of a previously unreported episode that stoked the UAE and Saudi Arabia’s anger at Tillerson and that may have played a key role in his removal. In the summer of 2017, several months before the Gulf allies started pushing for his ouster, Tillerson intervened to stop a secret Saudi-led, UAE-backed plan to invade and essentially conquer Qatar, according to one current member of the U.S. intelligence community and two former State Department officials, all of whom declined to be named, citing the sensitivity of the matter.

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A nation that refuses to feed its children.

Food Banks Appeal For Donations To Feed Children During School Holidays (G.)

Calls have been made for the public to donate to their local food bank during the summer holidays owing to increasing demand from families who rely on free school meals during term time. The Trussell Trust, an anti-poverty charity, said an increase in food bank use over the summer was driven by a rise in demand by children, as it released figures from its network of more than 420 food banks across the country. While the number of adults seeking supplies from food banks during the summer months decreased in 2017, the number of children needing support shot up. During July and August 2017, food banks provided more than 204,525 three-day emergency supplies, 74,011 of which went to children. In the preceding two months, 70,510 supplies went to children. The number of adults seeking help from food banks fell from 131,521 in May and June to 130,514 in July and August.

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“..a billionaire’s flat in Knightsbridge costs just £1,421 a year, while a shop on the floor below can pay £244,000 in business rates.”

Britain Heading Back To Pre-Victorian Days (G.)

Is Northamptonshire Britain’s first banana republic? This once lovely county, much of it now a waste of wind turbines and warehouses, is close to bankruptcy. It must sack staff, freeze pay, close two-thirds of its libraries and stop all bus subsidies. It faces default on its statutory duty to public health, children in care and the elderly. While much of this is due to mismanagement, the National Audit Office says that 15 other counties, believed to include Somerset and Surrey, are in similar straits. Years of austerity are coming home to roost – and where least expected, among the rich shires. What is going on? Local councils cannot do what central government can do, which is tax and borrow to meet need.

Each year Whitehall spends more. It can tip money into the NHS and triple-lock pensions – good causes both – as well as vanity projects such as aircraft carriers, high-speed trains and nuclear power stations. Councils have no such discretion. Since 2010 their spending has shrunk by over a third, with central government grants slashed by as much as NHS spending has risen. 95% of British taxation is controlled by the centre, against 60% in France and 50% in the US. Yet local spending must pick up the casualties of the welfare state – vulnerable children, elderly and infirm people. It must fund the day centres, youth clubs, care homes and visits to problem families. To do so, services that most modern communities expect from government must now be butchered, such as parks, libraries and museums.

Local, not national, austerity is sending Britain back to pre-Victorian days. The solution is swift and easy. The government should uncap local taxes, free local spending, and allow local people to pay for what they want. It was how local government ran, perfectly well, up to the early 1980s. In most other countries it is still regarded as a normal feature of democracy. At present Britain’s meagre local revenue derives from a regressive household tax fixed on 1991 property valuations, which no government (except in Wales) has had the guts to revalue. Thus a billionaire’s flat in Knightsbridge costs just £1,421 a year, while a shop on the floor below can pay £244,000 in business rates. It is no surprise that the former goes to the council, and much of the latter is paid to central government.

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Jun 072018
 


Ivan Aivazovsky Stormy Night at Sea 1850

 

Is Draghi Risking Everything To Teach Rome A Lesson? (ZH)
The Next Economic Crisis Begins in the European Union (Bruno)
David Stockman: Stocks Will Plunge 50% In This ‘Daredevil Market’ (CNBC)
Euro Recovers On Rising Bets ECB May Unwind Stimulus (R.)
Indonesia Joins India In Begging Fed To Stop Shrinking Its Balance Sheet (ZH)
Fed Clambers Back To Positive Real Rates, Now Debate Is When To Stop (R.)
Social Security To Tap Into Trust Fund For First Time In 36 Years (MW)
Opioids Are Responsible For 20% Of US Millennial Deaths (ZH)
The ‘Doomsday Brexit Plan’ Document Should Frighten Us All (TP)
Nearly 4 Million UK Adults Forced To Use Food Banks (Ind.)
How We Created The Anthropocene (BBC)

 

 

“..watch as the EUR and bond yields tumble, and the dollar resumes its relentless push higher.”

Is Draghi Risking Everything To Teach Rome A Lesson? (ZH)

[..] as Bloomberg’s Lisa Abramowicz said in a podcast today, it was the ECB “basically just giving the finger to Italy.” Confirming as much, Anne Mathias, Global Rates and FX strategist for Vanguard, responded that “part of the vocal nature of the ‘talking about the talking about’ [the end of QE] probably has something to do with Italy, especially as they’ve been paring their purchases of Italian debt. What the ECB is trying to say is hey, “this is our party, and you’re welcome to it, but if you’re going to leave it’s not going to be easy for you.” The ECB is trying to show Italy a future without the ECB as backstop.”

A spot-on follow up question from Pimm Fox asked if this is “a situation in which the ECB is cutting off its nose to spite its face, because you can stick to rules for the sake of sticking to rules, but when you have a potential crisis, why wait for it to be a real crisis such as Italy, which the new government has pledged to spend a lot of money, to lower taxes, while they still have a huge government deficit. Why would the ECB do this.” The brief answer is that yes, it is, because sending the Euro and yields higher on ECB debt monetization concerns, only tends to destabilize the market, and sends a message to investors that the happy days are ending, in the process slamming confidence in asset returns, a process which usually translates into a sharp economic slowdown and eventually recession, or even depression if the adverse stimulus is large enough.

As for the punchline, it came from Abramowicz, who doubled down on Pimm Fox’ question and asked if the “European economy can withstand the shock” of the ECB’s QE reversal, which would send trillions in debt from negative to positive yields. While the answer is clearly no, what is curious is that the ECB is actually tempting fate with the current “tightening” scare, which may send the Euro and bond yields far higher over the next few days, perhaps even to a point where Italy finds itself in dire need of a bailout… from the ECB. Then again, don’t be surprised if during next Thursday’s ECB press conference, Mario Draghi says that after discussing the end of QE, no decision has been made or will be made for a long time. At that moment, watch as the EUR and bond yields tumble, and the dollar resumes its relentless push higher.

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Downsize Germany or else.

The Next Economic Crisis Begins in the European Union (Bruno)

Mercantilism is a practice of conducting economic affairs that Europe practiced especially during the period between the 16th and 17th centuries. It’s the progenitor of colonialism and favors the idea that a state’s—or nation’s—power increases in direct proportion to its ability to export. The more a nation exports, producing a trade surplus, the stronger it becomes. The current “imperfection” of the euro stems from this concept. Germany has become a mercantilist power within a union of nation states (the EU) that had agreed to pursue common as well as national interests. The result has not only been an imbalance of trade; rather, it’s been a complete political and economic disparity.

Some EU countries, of which Germany represents the best example, have also used their surplus to lower their inflation rate below the eurozone-accepted two-percent standard. Indeed, Germany’s trade surplus formula was predicated on a minimal increase in salaries—and reduced government spending on infrastructure and other public services. The result has been the accumulation of significant competitive advantages. Ironically, whenever the euro drops in value, Germany gains with respect to the PIGS. The products that make up the core of its surplus become even more competitive within and beyond the EU.

That explains President Donald Trump’s ever more vociferous suggestions to ban the import of German cars in the United States. It’s no accident that Trump launched a literal trade war, focusing on Germany and China, just days before the start of the G7 Summit in Canada. Germany’s accumulated gains from the low inflation and the more competitive conditions allow it to literally “colonize” (financially speaking) the so-called less virtuous or “deficit” nations. Germany can buy up their best businesses and services. In the meantime, Germany has also acquired a political dominance to match its surplus within the EU itself.

It can control the rules of the EU economy and influence their evolution. That’s why there are few options for the PIGS. And that’s why society and political discourse have deteriorated. The rise of the so-called populist—I prefer the term “protest”—parties, Left or Right, in countries like Italy is a trend destined to expand throughout the EU and cause irreparable fissures. If the EU does not change (and by change, I mean a downsizing of Germany’s stature), the fissures will be irreparable, and one or more states will leave, breaking the union.

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“It’s all risk and very little reward in the path ahead..”

David Stockman: Stocks Will Plunge 50% In This ‘Daredevil Market’ (CNBC)

David Stockman is intensifying his bear case. President Ronald Reagan’s Office of Management and Budget director blames a bull market that’s getting longer in the tooth — paired with headwinds ranging from President Donald Trump’s leadership to fiscal policy decisions to questionable earnings. “I call this a daredevil market. It’s all risk and very little reward in the path ahead,” Stockman said Tuesday on CNBC’s “Futures Now.” “This market is just way, way over-priced for reality.” His thoughts came as the Nasdaq was reaching all-time highs again, while S&P 500 rose slightly but the Dow failed to extend its win streak to three days in a row.

“The S&P 500 could easily drop to 1,600 because earnings could drop to $75 a share the next time we have a recession,” Stockman warned. “We’re about eight or nine years into this expansion. Everything is crazily priced. I mean the S&P 500 at 24 times at the end, tippy top of a business cycle.” One of his biggest gripes with the bulls is the notion that President Donald Trump’s tax cuts are providing a fundamental lift to stocks. “These tax cuts are going to add to the deficit in the 10th year of an expansion. It’s just irresponsible crazy,” he said. “It’s all going to stock buybacks and M&A deals anyway. That doesn’t cause the economy to grow. It’s just a short-term boost to the stock market that doesn’t last.”

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All it takes is some hollow words.

Euro Recovers On Rising Bets ECB May Unwind Stimulus (R.)

The euro stayed near two-week highs against many of its rivals on Thursday, on rising bets the ECB may soon announce it will start winding down its massive bond purchase program. Jens Weidmann, the head of Germany’s central bank, said expectations the ECB would taper its bond-buying program by the end of this year were plausible while his Dutch counterpart, Klaas Knot, said there was no reason to continue a quantitative easing program. The trio of comments drove the euro to a two-week high of $1.1800 sharp. The common currency last traded at $1.1781, extending its gains so far this week to 1.15%.

“In the near term, we are likely to see event-driven trading on the euro. We should expect the euro to jump 100 pips (one cent) quite easily on comments from key officials,” said Kyosuke Suzuki, director of forex at Societe Generale. The ECB has been debating whether to end the unprecedented 2.55 trillion euro ($2.99 trillion) bond purchase program this year as the threat of deflation has passed. Still many market players were surprised by the flurry of comments as they had thought uncertainty caused by a political crisis in Italy could make policymakers cautious about indicating an end to stimulus at its policy meeting on June 14.

Indeed, the yield spread of Italian debt to German Bunds widened on Wednesday as Italian bonds are seen as the biggest beneficiary of the ECB’s buying. “This euro buying is essentially short-term trade. People don’t know when Italian debt problems will be solved but they do know when the ECB might announce an exit from stimulus,” said Mitsuo Imaizumi, chief currency strategist at Daiwa Securities.

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But then Europe and Japan signal they’ll do the same.

Indonesia Joins India In Begging Fed To Stop Shrinking Its Balance Sheet (ZH)

On the same day that the governor of Malaysia’s central bank quit, and just days after Urjit Patel, governor of the Reserve Bank of India, took the unprecedented step of writing an oped to the Federal Reserve, begging the US central bank to step tightening monetary conditions, and shrinking its balance sheet, thereby creating a global dollar shortage which has slammed emerging markets (and forced India into an unexpected rate hike overnight), Indonesia’s new central bank chief joined his Indian counterpart in calling on the Federal Reserve to be “more mindful” of the global repercussions of policy tightening amid the ongoing rout in emerging markets.

As Bloomberg reports, in his first interview with international media since he took office two weeks ago, Bank Indonesia Governor Perry Warjiyo echoed what Patel said just days earlier, namely that the pace of the Fed’s balance sheet reduction was a key issue for central bankers across emerging markets. As a reminder, the RBI Governor made exactly the same comments earlier this week, arguing that slowing the pace of stimulus withdrawal at a time when the US Treasury is doubling down on debt issuance, would support global growth, as the alternative would be an emerging markets crisis that would spill over into developed markets.

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Get the hell out. Take their powers away.

Fed Clambers Back To Positive Real Rates, Now Debate Is When To Stop (R.)

The Federal Reserve will likely raise its target interest rate to above the rate of inflation for the first time in a decade next week, igniting a new debate: when to stop. The Fed has been gradually hiking rates since late 2015 with little sign of tighter conditions hampering economic recovery. The expected June increase will raise the stakes as the Fed seeks to sustain the second-longest U.S. expansion on record while continuing to edge rates higher. With inflation still tame, policymakers are aiming for a “neutral” rate that neither slows nor speeds economic growth. But estimates of neutral are imprecise, and as interest rates top inflation and enter positive “real” territory, analysts feel the Fed is at higher risk of going too far and actually crimping the recovery.

The Fed is “gradually entering a new world when rates are at 2 percent,” nearing zero on a real basis and approaching where they are no longer felt to be stimulating economic activity, said Thomas Costerg, senior U.S. economist at Pictet Wealth Management. The last time rates moved into positive real territory on a sustained basis was the spring of 2005 when the Fed began tightening rapidly after a period of arguably too-lax monetary policy, ending just months before the start of the 2007-2009 financial crisis. The debate over the current cycle’s end point “came earlier than I expected,” Costerg said, with the Fed facing imminent calls on where the neutral rate of interest lies.

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Opaque topic, but this is obviously not good.

Social Security To Tap Into Trust Fund For First Time In 36 Years (MW)

Medicare’s finances were downgraded in a new report from the program’s trustees Tuesday, while the projection for Social Security’s stayed the same as last year. Medicare’s hospital insurance fund will be depleted in 2026, said the trustees who oversee the benefit program in an annual report. That is three years earlier than projected last year. This year, like last year, Social Security’s trustees said the program’s two trust funds would be depleted in 2034. For the first time since 1982, Social Security has to dip into the trust fund to pay for the program this year. It should be stressed that the reports don’t indicate that benefits disappear in those years.

After 2034, Social Security’s trustees said tax income would be sufficient to pay about three-quarters of retirees’ benefits. Congress could at any time choose to pay for the benefits through the general fund. Medicare beneficiaries also wouldn’t face an immediate cut after the trust fund is depleted in 2026. The trustees said the share of benefits that can be paid from revenues will decline to 78% in 2039. That share rises again to 85% in 2092. The hospital fund is financed mainly through payroll taxes. Social Security trustees said that reserves for the fund that pays disability benefits would be exhausted in 2032. Combined with the fund that pays benefits to retirees, all Social Security reserves would be exhausted by 2034, they said.

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Better start acting.

Opioids Are Responsible For 20% Of US Millennial Deaths (ZH)

The opioid crisis has become a significant public health emergency for many Americans, especially for millennials, so much so that one out of every five deaths among young adults is related to opioids, suggested a new report. The study is called “The Burden of Opioid-Related Mortality in the United States,” published Friday in JAMA. Researchers from St. Michael’s Hospital in Toronto, Ontario, found that all opiate deaths — which accounts for natural opiates, semi-synthetic/ humanmade opioids, and fully synthetic/ humanmade opioids — have increased a mindboggling 292% from 2001 through 2016, with one in every 65 deaths related to opioids by 2016. Men represented 70% of all opioid-related deaths by 2016, and the number was astronomically higher for millennials (24 and 35 years of age).

According to the study, one out of every five deaths among millennials in the United States is related to opioids. In contrast, opioid-related deaths for the same cohort accounted for 4% of all deaths in 2001. Moreover, it gets worse; the second most impacted group was 15 to 24-year-olds, which suggests, the opioid epidemic is now ripping through Generation Z (born after 1995). In 2016, nearly 12.4% of all deaths in this age group were attributed to opioids. “Despite the amount of attention that has been placed on this public health issue, we are increasingly seeing the devastating impact that early loss of life from opioids is having across the United States,” said Dr. Tara Gomes, a scientist in the Li Ka Shing Knowledge Institute of St. Michael’s.

“In the absence of a multidisciplinary approach to this issue that combines access to treatment, harm reduction and education, this crisis will impact the U.S. for generations,” she added. Over the 15-year period, more than 335,000 opioid-related deaths were recorded in the United States that met the study’s criteria. Researchers said this number is an increase of 345% from 9,489 in 2001 (33.3 deaths per million population) to 42, 245 in 2016 (130.7 deaths per million population).

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“At what stage of their hapless fiddling, constant arguing and pitiful attempts to administer the kiss of life to the corpse that Brexit has turned out to be, does a politician officially earn the title of – stupid idiot?”

The ‘Doomsday Brexit Plan’ Document Should Frighten Us All (TP)

This is the first paragraph of The Times article (paywall) regarding Britain’s now famous Doomsday Brexit plan. “Britain would be hit with shortages of medicine, fuel and food within a fortnight if the UK tries to leave the European Union without a deal, according to a Doomsday Brexit scenario drawn up by senior civil servants for David Davis.” The Times confirms that the port of Dover will collapse “on day one” if Britain crashes out of the EU, leading to critical shortages of supplies. This was the middle of three scenarios put forward by senior advisors. A type of best guestimate if you like. You simply do not want to know the outcome of the worst of those three scenarios. Indeed, we have been spared from such details.

The article states that the RAF would have to be deployed to ferry supplies around Britain. And yes, we’re still on the middle scenario here. “You would have to medevac medicine into Britain, and at the end of week two we would be running out of petrol as well,” a contributing source said. The report continues to describe matters such as cross-channel disruption for heavy goods vehicles, which would also be catastrophic. Massive carparks will be required. A senior official said in the ‘Doomsday’ Brexit plan: “We are entirely dependent on Europe reciprocating our posture that we will do nothing to impede the flow of goods into the UK. If for whatever reason, Europe decides to slow that supply down, then we’re screwed.”

Let’s not worry about the fact that French borders are often left in chaos due to the all too familiar strikes that appear almost monthly during holiday season for one reason or another. Home secretary Sajid Javid makes an unconvincing comment stating he’s ‘confident’ a deal will be done. That’s hardly the type of assurance we need is it? UK officials emphasised that the June EU summit due on the 28th was heading for a “car crash” because “no progress has been made since March” to devise plans for a long-term deal. If your confidence in Brexit is starting to wane, don’t worry, half the nation are not just anxious but downright fearful – mainly because, neither in or out has given any concreate evidence of likely outcomes. This is probably because Brexit hasn’t been done before – and was designed that way. Deliberately.

At what stage of their hapless fiddling, constant arguing and pitiful attempts to administer the kiss of life to the corpse that Brexit has turned out to be, does a politician officially earn the title of – stupid idiot? “Just bloody get on with it” shout the Brexiteers, except both they and the UK government still can’t decide what ‘it’ is.

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I’ve asked it before: where will Britain be 10 years from now?

Nearly 4 Million UK Adults Forced To Use Food Banks (Ind.)

Nearly 4 million adults in the UK have been forced to use food banks due to ”shocking” levels of deprivation, figures have revealed for the first time. An exclusive poll commissioned by The Independent reveals one in 14 Britons has had to use a food bank, with similar numbers also forced to skip meals and borrow money as austerity measures leave them “penniless with nowhere to turn”. The findings come as a major report by the Joseph Rowntree Foundation (JRF) shows more than 1.5 million people were destitute in the UK last year alone, a figure higher than the populations of Liverpool and Birmingham combined. This includes 365,000 children, with experts warning that social security policy changes under the Tory government were leading to “destitution by design”.

Destitution is defined as people lacking two “essential needs”, such as food or housing. The polling on food poverty, from a representative sample of 1,050 UK adults carried out for The Independent by D-CYFOR, suggests that 7 per cent of the adult population – or 3.7 million people – have used a food bank to receive a meal. A million people have decreased the portion size of their child’s meal due to financial constraints, the survey says. The results come after it emerged in April that the number of emergency meals handed out at food banks had risen at a higher rate than ever, soaring by 13 per cent in a year, with more than 1.3 million three-day emergency food supplies given to people in crisis in the 12 months to March.

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I haven’t read the book -and it’s not out yet- but this seems, let’s say, naive. If you figure that a constant increase in energy use is the culprit, how can you say renewable nergy is the solution, and not call for using less energy?

How We Created The Anthropocene (BBC)

Factories and farming remove as much nitrogen from the atmosphere as all of Earth’s natural processes, and the climate is changing fast because of carbon dioxide emissions from fossil fuel use. Beyond these grim statistics, the critical question is: will today’s interconnected mega-civilisation that allows 7.5 billion people to lead physically healthier and longer lives than at any time in our history continue from strength to strength? Or will we keep using more and more resources until human civilisation collapses? To answer this, we re-interpret human history using the tools of modern science, to provide a clearer view of the future.

Tracing the ever-greater environmental impacts of different human societies since our march out of Africa, we found that there are just five broad types that have spread worldwide. Our original hunter-gatherer societies were followed by the agricultural revolution and new types of society beginning some 10,500 years ago. The next shift resulted from the formation of the first global economy, after Europeans arrived in the Americas in 1492, which was followed in the late 1700s by the new societies following the Industrial Revolution. The final type is today’s high-production consumer capitalist mode of living that emerged after WWII.

A careful analysis shows that each successive mode of living is reliant on greater energy use, greater information and knowledge availability, and an increase in the human population, which together increase our collective agency. These insights help us think about avoiding the coming crash as our massive global economy doubles in size every 25 years, and on to the possibilities of a new and more sustainable sixth mode of living to replace consumer capitalism. Seen in this way, renewable energy for all takes on an importance beyond stopping climate breakdown; likewise free education and the internet for all has a significance beyond access to social media – as they empower women, which helps stabilise the population.

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Apr 242018
 
 April 24, 2018  Posted by at 9:17 am Finance Tagged with: , , , , , , , , , , ,  6 Responses »


John French Sloan A Woman’s Work 1912

 

Japan Can Begin Reducing Stimulus In Five Years – Kuroda (CNBC)
ECB Mulls Shelving Rules Tackling Euro Zone’s Bad Loans Pile (R.)
The Return Of Honest Bond Yields (Stockman)
Stop and Assess (Jim Kunstler)
The Chinese Car Invasion Is Coming (BBG)
Greek Primary Surplus Comes At The Expense Of Growth (K.)
Tensions Grow On Greek Islands (K.)
The UK Has Turned The Right To Education Into A Charitable Cause (G.)
UK Food Bank Use Reaches Highest Rate On Record (Ind.)
Finland To End Basic Income Trial After Two Years (G.)

 

 

Abenomics is a miserable failure. Which is why Abe’s popularity is scraping the gutter. But we keep on pretending. Five years? Why not make it ten, or fifty? Kuroda is stuck….

Japan Can Begin Reducing Stimulus In Five Years – Kuroda (CNBC)

The Bank of Japan will be able to begin winding down its extraordinary monetary stimulus within the next five years, the head of the central bank said. “Sometime within the next five years, we will reach [our] 2% inflation target,” Governor Haruhiko Kuroda told CNBC’s Sara Eisen over the weekend. Once that level is reached, we will start “discussing how to gradually normalize the monetary condition.” Kuroda began his second five-year term this year. He has implemented a massive stimulus policy by cutting the central bank’s benchmark interest rate to negative, keeping the 10-year Japanese government bond yield near 0% in an effort to control the yield curve and stepping up the Bank of Japan’s asset purchases.

However, inflation remains low. Japan reported its consumer price index, excluding fresh food and energy, rose 0.5% in the 12 months through March. “In order to reach [our] 2% inflation target, I think the Bank of Japan must continue very strong accommodative monetary policy for some time,” Kuroda added in his interview with CNBC. Japan’s efforts to boost the sluggish national economy come amid steady growth around the world. The IMF predicts the global economy will increase 3.9% this year and next. Kuroda agreed with the positive outlook. “The world economy will continue to grow at a relatively high pace,” he said. For this year and next, “we don’t see any sign of a turning point.” But protectionism, unexpected rapid tightening of monetary policy in some countries, and geopolitical tensions in North Korea and the Middle East pose potential risks, Kuroda said.

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… and Draghi is stuck too. My article yesterday was timely. The outgoing Bundesbank director in charge of banking supervision says the ECB’s credibility is at stake. A dangerous thing to say.

ECB Mulls Shelving Rules Tackling Euro Zone’s Bad Loans Pile (R.)

The European Central Bank, after suffering a political backlash, is considering shelving planned rules that would have forced banks to set aside more money against their stock of unpaid loans. The guidelines, which were expected by March, had been presented as a main plank of the ECB’s plan to bring down a 759 billion euro ($930 billion) pile of soured credit weighing on euro zone banks, particularly in Greece, Portugal and Italy. The ECB was now considering whether further policies on legacy non-performing loans (NPLs) were necessary “depending on the progress made by individual banks”, an ECB spokeswoman said.

No decision had been made yet and the next steps were still being evaluated, she said. Central Bank sources told Reuters that if the rules were scrapped, supervisors would look to continue putting pressure on problem banks using existing powers. An alternative would be to hold off until the results of pan-European stress tests are published in November but this would be close to the end of Daniele Nouy’s mandate as the head of the ECB’s Single Supervisory Mechanism at the end of the year. A clean-up of banks’ balance sheets from toxic assets inherited from the financial crisis is a precondition for getting countries like Germany to agree on a common euro zone insurance on bank deposits.

And Andreas Dombret, the outgoing Bundesbank director in charge of banking supervision, said in an interview published on Monday that the ECB’s credibility was at stake. “One cannot say that NPLs are one of the biggest risk for the European banking sector and a top priority and then fail to act,” he told Boersen-Zeitung. “It’s about the credibility of the SSM,” he said, calling for a “timely proposal”.

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And as the central bankers find themselves trapped, the bond vigilantes roam free.

The Return Of Honest Bond Yields (Stockman)

In the wee hours this AM, the yield on the 10-year treasury note hit 2.993%. That’s close enough for gubermint work to say that the big 3.00% inflection point has now been tripped. And it means, in turn, that the end days of the Bubble Finance era have well and truly commenced. In a word, honest bond yields will knock the stuffings out of the mainstream fairy tale that passes for economic and financial reality. And in a 2-3% inflation world, by honest bond yields we mean 3% + on the front-end and 4-5% on the back-end of the yield curve. Needless to say, that means big trouble for the myth of MAGA. As we demonstrated in part 2, since the Donald’s inauguration there has been no acceleration in the main street economy—just the rigor mortis spasms of a stock market that has been endlessly juiced with cheap debt.

But the Trump boomlet in the stock averages has now hit its sell-by date. That’s because today’s egregiously inflated equity prices are in large part a product of debt-fueled corporate financial engineering—stock buybacks, unearned dividends and massive M&A dealing. Thus, since the pre-crisis peak in Q3 2007 nonfinancial corporate sector value added is up by 34%, but corporate debt securities outstanding have risen by 85%; and the overwhelming share of that massive debt increase was used to fund financial engineering, not productive assets and future earnings growth. In a world of honest interest rates, of course, this explosion of non-productive debt would have chewed into earnings good and hard because the borrowed cash went to Wall Street, not into the wherewithal of earnings growth.

In fact, during the past 10 years, net value added generated by US nonfinancial corporations rose by just $2 trillion (from $6.1 trillion to $8.1 trillion per annum), whereas corporate debt rose by nearly $3 trillion (from $3.3 trillion to $6.1 trillion). So it should have been a losing battle—with interest expense rising far faster than operating profits. But owing to the Fed’s misguided theory that it can make the main street economy bigger and stronger by falsifying interest rates and other financial asset prices, the C-suite financial engineers got a free hall pass. That is, they pleasured Wall Street by pumping massive amounts of borrowed cash back into the casino, but got no black mark on their P&Ls.

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“That’s what happens when money is just a representation of debt that can’t be paid back.”

Stop and Assess (Jim Kunstler)

Let’s pause today and make an assessment of where things stand in this country as Winter finally coils into Spring. As you might expect, a nation overrun with lawyers has litigated itself into a cul-de-sac of charges, arrests, suits, countersuits, and allegations that will rack up billable hours until the Rockies tumble. The best outcome may be that half the lawyers in this land will put the other half in jail, and then, finally, there will be space for the rest of us to re-connect with reality.

What does that reality consist of? Troublingly, an economy that can’t go on as we would like it to: a machine that spews out ever more stuff for ever more people. We really have reached limits for an industrial economy based on cheap, potent energy supplies. The energy, oil especially, isn’t cheap anymore. The fantasy that we can easily replace it with wind turbines, solar panels, and as-yet-unseen science projects is going to leave a lot of people not just disappointed but bereft, floundering, and probably dead, unless we make some pretty severe readjustments in daily life.

We’ve been papering this problem over by borrowing so much money from the future to cover costs today that eventually it will lose its meaning as money — that is, faith that it is worth anything. That’s what happens when money is just a representation of debt that can’t be paid back. This habit of heedless borrowing has enabled the country to pretend that it is functioning effectively. Lately, this game of pretend has sent the financial corps into a rapture of jubilation. The market speed bumps of February are behind us and the road ahead looks like the highway to Vegas at dawn on a summer’s day.

Tesla is the perfect metaphor for where the US economy is at: a company stuffed with debt plus government subsidies, unable to deliver the wished-for miracle product — affordable electric cars — whirling around the drain into bankruptcy. Tesla has been feeding one of the chief fantasies of the day: that we can banish climate problems caused by excessive CO2, while giving a new lease on life to the (actually) futureless suburban living arrangement that we foolishly invested so much of our earlier capital building. In other words, pounding sand down a rat hole.

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Yeah, we need more cars…

The Chinese Car Invasion Is Coming (BBG)

On a bright spring day in Amsterdam, car buffs stepped inside a blacked-out warehouse to nibble on lamb skewers and sip rhubarb cocktails courtesy of Lynk & Co., which was showing off its new hybrid SUV. What seemed like just another launch of a new vehicle was actually something more: the coming-out party for China’s globally ambitious auto industry. For the first time, a Chinese-branded car will be made in Western Europe for sale there, with the ultimate goal of landing in U.S. showrooms.

That’s the master plan of billionaire Li Shufu, who has catapulted from founding Geely Group as a refrigerator maker in the 1980s to owning Volvo Cars, British sports carmaker Lotus, London Black Cabs and the largest stake in Daimler —the inventor of the automobile. Li is spearheading China’s aspirations to wedge itself among the big three of the global car industry—the U.S., Germany and Japan—so they become the Big Four. “I want the whole world to hear the cacophony generated by Geely and other made-in-China cars,” Li told Bloomberg News. “Geely’s dream is to become a globalized company. To do that, we must get out of the country.”

[..] Chinese companies have announced at least $31 billion in overseas deals during the past five years, buying stakes in carmakers and parts producers, according to data compiled by Bloomberg. The most prolific buyer is Li, who spent almost $13 billion on stakes in Daimler and truckmaker Volvo. Tencent Holdings Ltd., Asia’s biggest internet company, paid about $1.8 billion for 5% of Tesla. As software and electronics become just as critical to a car as the engine, China is ensuring it doesn’t lag behind in that market, either. Baidu, owner of the nation’s biggest search engine, announced a $1.5 billion Apollo Fund to invest in 100 autonomous-driving projects during the next three years.

“We have secured a chance to compete in the U.S. market of self-driving cars through those partnerships,” Li Zhengyu, a vice president overseeing Baidu’s intelligent-driving unit, told Bloomberg News. “Everyone has a good chance to win if it has good development plans.”

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The Troika demands that Greece kills its society even more. 4.2% of GDP disappears from the economy. Where it’s so badly needed.

Greek Primary Surplus Comes At The Expense Of Growth (K.)

The 2017 budget has officially registered a record primary surplus of 4.2% of GDP, against a target for 1.75%, but this came at a particularly heavy price for the economy, which grew just 1.4% against a budget target for 2.7%. It is obvious that securing primary surpluses of more than twice the target, depriving the economy of precious resources, is directly associated with the stagnation of growth compared to original projections. It is no coincidence that consumption edged up just 0.1% last year, which analysts have attributed to taxpayers’ exhaustion due to overtaxation. The surplus was mainly a result of drastic cuts to the Public Investments Program (by about 800 million euros) and social benefits, due to the delay in the application of the Social Solidarity Income.

The government was quick to express its satisfaction upon the release of the fiscal results by the Hellenic Statistical Authority on Monday, although it was just two years ago that Prime Minister Alexis Tsipras accused the previous administration of setting excessive targets for the primary surpluses of 2016, 2017 and 2018 at 4.5% of GDP. Eventually he reached that target with his own government, although the creditors had lowered the bar, to 1.75% for 2017 and 3.5% this year. The Finance Ministry spoke yesterday of proof of “the credibility of the fiscal management,” adding that “those data show that not only is the target of 3.5% feasible for this and the coming years, but there will also be some fiscal space for targeted tax easing and social expenditure in the post-program period.”

That reference concerns the so-called “countermeasures” the government has planned in case it exceeds the 3.5% target in the 2019 and 2020 primary surpluses, but for now they are at the discretion of the IMF, which will decide next month whether they can be introduced. Obviously Athens hopes the 2017 figures will positively affect the Fund’s view. There was also a positive response from Brussels on Monday, with European Commissioner for Economic Affairs Pierre Moscovici and Commission spokesman Margaritis Schinas stating that the efforts and sacrifices of the Greek people are now paying dividend.

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The new head of the Greek Asylum Service flatly ignores the Council of State. Greek justice system overpowered by Brussels and Berlin.

Tensions Grow On Greek Islands (K.)

Concerns have peaked over tensions on the Aegean islands following clashes between residents of Lesvos and migrants in Mytilene port which led to several injuries. Riot police were forced to intervene early Monday morning after dozens of local residents started protesting the presence of migrants in the main square of Mytilene. The migrants, who had been camping in the square since last Tuesday demanding to be allowed to leave the island, were put onto buses and taken back to overcrowded state facilities. According to local reports, the protesters threw flares, firecrackers and stones at the migrants, who formed a circle around women and children to protect them.

Some protesters chanted “Burn them alive,” according to reports which suggested that members of far-right groups were involved. Police detained 122 people – all but two of whom were Afghan migrants – while 28 people were transferred to the hospital for first-aid treatment, 22 of whom were migrants. Political parties issued statements blaming the attack on far-right groups. The mayor of Lesvos, Spyros Galinos, did not rule out the presence of extremists on the island but pointed to broader frustration among locals. “Society is reacting as a whole,” said Galinos, who had appealed to the government last week to reduce overcrowding on the islands.

[..] meanwhile, the new head of the Greek Asylum Service, Markos Karavias, signed an agreement effectively restricting migrants arriving on the Aegean islands from traveling on to the mainland. A Council of State ruling last week overturned previous asylum service restrictions on migrants leaving the islands. The government’s proposed changes to asylum laws – aimed at speeding up the slow pace at which applications are processed – are to be discussed in Parliament on Tuesday.

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How poor Britain is becoming.

The UK Has Turned The Right To Education Into A Charitable Cause (G.)

My nine-year-old son looks at me anxiously. “Mum, you definitely, definitely have my sponsor money plus an extra pound, which I need for the fundraising games. We have to bring it in today.” I search through my wallet for a quid each for him and his brother. I’ve got no cash on me. “We have to,” he repeats, his voice going wobbly. I stick an IOU in his piggy bank and the day is saved. Yet again. And yet again I feel infuriated and indignant at being put in this position. Then I feel even more cross that I now feel mean. Cake sale, plant sale, ticket for a pamper evening, music quiz, another cake sale, school disco (with associated plastic tat and penny sweets on sale), pay to see Santa, raffle for the chocolate hamper (that you’ve already sent in the goddamn chocolate for), dress up for World Book Day (that’s a quid), go pink for breast cancer research (that’s two quid) and why not run a sponsored mile for Sport Relief while you’re at it.

Then … ping! Oh joy, a text from school – another (another?!) cake sale. How much sugar is going down in that playground? The texts keep flooding in. Ransack your wardrobe for Bag 2 School; send in dosh so your child can buy you a Mother’s Day present; scrabble through your (now denuded) wardrobe for next week’s clothes swap and pretty please, the PTA would appreciate donations of booze for this year’s summer fete. If enough of you don’t stump up by Friday, you’ll be harangued daily until you do. Welcome to summer term, peak time for school fundraising – and what feels like a constant assault. Let’s put aside my irritation at being “chugged” via leaflets in book-bags and my mobile phone, in principle it’s a good thing for kids to think about the needs of people other than themselves, so I’ll swallow official charity fundraisers on that basis, even if those charities might not be my personal choice.

What is outrageous, though, is the assumption in some schools that parents can easily afford to donate on a virtually weekly basis, and the idea that we should expect to be paying on top of our taxes for our children’s state education. Schools, suffering the terrible results of the government’s austerity policies, have cut to the chase and are now pumping parents for regular direct debits to cover essentials. But is asking parents to pay doing pupils’ education any good?

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No surprise.

UK Food Bank Use Reaches Highest Rate On Record (Ind.)

Food bank use has soared at a higher rate than ever in the past year as welfare benefits fail to cover basic living costs, the UK’s national food bank provider has warned. Figures from the Trussel Trust show that in the year to March 2018, 1,332,952 three-day emergency food supplies were delivered to people in crisis across the UK – a 13% increase on last year. This marks a considerably higher increase than the previous financial year, when it rose by 6%. Low income is the biggest single – and fastest growing – reason for referral to food banks, accounting for 28% of referrals compared to 26% in the previous year. Analysis of trends over time demonstrates it has significantly increased since April 2016.

Being in debt also accounted for an increasing percentage of referrals – at 9% of referrals up from 8% in the past year. The cost of housing and utility bills are increasingly driving food bank referrals for this reason, with the proportion of referrals due to housing debt and utility bill debt increasing significantly since April 2016. The other main primary referral reasons in the past year were benefit delays (24%) and benefit changes (18%). “Reduction in benefit value” have the fastest growth rate of all referrals made due to a benefit change, while those due to “moving to a different benefit” have also grown significantly.

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It’s dangerous when people trial basic income schemes who don’t understand them. Others will say: it failed in Finland! No it didn’t. It has to be universal, and this is not.

Finland To End Basic Income Trial After Two Years (G.)

Europe’s first national government-backed experiment in giving citizens free cash will end next year after Finland decided not to extend its widely publicised basic income trial and to explore alternative welfare schemes instead. Since January 2017, a random sample of 2,000 unemployed people aged 25 to 58 have been paid a monthly €560 (£475) , with no requirement to seek or accept employment. Any recipients who took a job continued to receive the same amount. The government has turned down a request for extra funding from Kela, the Finnish social security agency, to expand the two-year pilot to a group of employees this year, and said payments to current participants will end next January.

It has also introduced legislation making some benefits for unemployed people contingent on taking training or working at least 18 hours in three months. “The government is making changes taking the system away from basic income,” Kela’s Miska Simanainen told the Swedish newspaper Svenska Dagbladet. The scheme – aimed primarily at seeing whether a guaranteed income might incentivise people to take up paid work by smoothing out gaps in the welfare system – is strictly speaking not a universal basic income (UBI) trial, because the payments are made to a restricted group and are not enough to live on.

But it was hoped it would shed light on policy issues such as whether an unconditional payment might reduce anxiety among recipients and allow the government to simplify a complex social security system that is struggling to cope with a fast-moving and insecure labour market. Olli Kangas, an expert involved in the trial, told the Finnish public broadcaster YLE: “Two years is too short a period to be able to draw extensive conclusions from such a big experiment. We should have had extra time and more money to achieve reliable results.”

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