Aug 102019
 


Henri Matisse Open window, collioure 1905

 

Albert Edwards: “Chinese Authorities Lost Control Back In 2015” (ZH)
China Nationalizes Third Bank Since May (SCMP)
US, China Step Up War Of Words Over Hong Kong (AFP)
Who’s Afraid of Tulsi Gabbard? (Matt Taibbi)
Rude Awakening (Kunstler)
Huge Cache Of Records Details How Jeffrey Epstein And Madam Lured Girls (MH)
If You’re A Sexual Predator, It Pays To Be A Rich One (MH)
Assange’s Persecution Rides on Feeble Lies (Floth)
40 Rebuttals to CNN’s Bias on Assange (Fidel Narváez)
Conductor Boots Racially Abusive Teenage Girl Off Wellington Train (Stuff)
Giant River Animals On Verge Of Extinction (G.)

 

 

The last time I said something critical about the Chinese economy I was accused of sinophobia. Kid you not.

Albert Edwards: “Chinese Authorities Lost Control Back In 2015” (ZH)

.. what Edwards focused on in his latest periodic report was China in the wake of the intensification of the trade/currency war and the recent historic breach of the 7.00 Yuan floor, and in typical style, Edwards cautioned that “investors may be underestimating the turmoil that is now stirring under the surface in China. All may not be as stable as investors suppose.” One of Edwards’ key argument is, as we said earlier today, that contrary to popular opinion, it is not China that is winning the trade war – after all it has the benefit of time, while Trump has to win (or lose) the war ahead of the 2020 presidential election – but rather it is Trump who has the upper hand (today’s news of a 3rd major Chinese bank failure/bailout in as months certainly underscores Edwards’ claim). In this context, he asks the following rhetorical question:


“… what happens if this consensus is wrong? What if China is in a far more vulnerable situation than investors realise? US economic data has been poor of late but it hasnit been great in China either. I think the chart below showing a rapidly contracting jobs market will be a key concern to the Chinese authorities. Indeed, our own China economist, Wei Yao, described the economy being on shaky ground in a recent note.”

… we will only touch on Edwards’ next point, which not surprisingly, refers to China’s growing bank instability, and which notes that “more concerning are the ructions in the banking sector after the recent bailout of Baoshang Bank. Wei writes “It would not be an overstatement to say that Baoshang’s fallout is a milestone in China’s deleveraging reform and financial liberalisation. The deleveraging process is bound to expose weak institutions along the way, and it is only a matter of time before counter-party risk reaches the interbank market. …When the deleveraging process enters the very core of the financial system, the risk of things going terribly wrong rises”

Read more …

Main question here is how widespread this is.

China Nationalizes Third Bank Since May (SCMP)

China’s sovereign wealth fund has taken over Heng Feng Bank, a troubled lender linked to fugitive financier Xiao Jianhua, in the third case in as many months of the state exerting its grip over wayward financial institutions. Central Huijin Investment, a subsidiary of the China Investment Corporation that acts as the Chinese government’s shareholder in the country’s four biggest banks, has emerged as a strategic investor in Heng Feng, according to a brief report overnight by Shanghai Securities News, published by state news agency Xinhua. The investment was a breakthrough in Heng Feng’s debt restructuring led by the Shandong provincial government, the state-owned newspaper said, without citing a source or providing financial details.


Huijin’s investment would increase Heng Feng’s capital adequacy, improve the troubled bank’s management and enhance its operational capability, the paper said. [..] It’s also the second of several banks in Xiao’s financial empire to be put under state ward, after the May 24 nationalisation of Baoshang Bank in Inner Mongolia’s Baotou city. Xiao’s Tomorrow Group, which owned 89 per cent of Baoshang, had misappropriated large sums from the bank, triggering serious credit risks that prompted the government to step in, the central bank said. [..] The Chinese government’s first nationalisation of a private bank since 1998 has led to a collective collapse in the stock prices of China’s listed banks, driving their valuations to record lows, amid fears that the shakeout would affect more lenders, and that the largest and best capitalised institutions would be called upon to bail them out.

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Don’t be surprised if the US extradites a few Chinese diplomats soon.

US, China Step Up War Of Words Over Hong Kong (AFP)

The United States and China have stepped up an increasingly harsh war of words over pro-democracy protests in Hong Kong, as Beijing seeks to push its accusations that the mass demonstrations are being fueled by foreign powers. In the latest exchange, Washington on Friday called out Beijing-backed news outlets for sharing “dangerous” reports after a newspaper revealed personal information about an American diplomat in Hong Kong who met with pro-democracy activists. “Official Chinese media reports on our diplomat in Hong Kong have gone from irresponsible to dangerous. This must stop,” State Department spokeswoman Morgan Ortagus posted on Twitter.

Beijing has increasingly pitched the anti-government protests in the semi-autonomous city as funded by the West, at one point describing violent unrest in the city as “the work of the US.” But China has provided little evidence for the claim beyond supportive statements from some Western politicians. The Hong Kong-based, pro-Beijing Ta Kung Pao reported that the political unit chief of the US Consulate General in Hong Kong, Julie Eadeh, had met with members of the political party Demosisto — including prominent democracy activist Joshua Wong. It shared details on Eadeh’s career as well as her family members’ names.

The Office of the Commissioner of the Ministry of Foreign Affairs of China in Hong Kong denounced Ortagus’ remarks as “blatant slander against China” that had “again exposed US gangster logic.” Ortagus, however, said that “Chinese authorities know full well, our accredited consular personnel are just doing their jobs, just like diplomats from every other country.” “Foreign diplomats in the United States, including Chinese ones, enjoy open access to all elements of American politics, civil society, academia, and business,” she added.

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Kamala Harris support went from 20% to 7% in a week.

Who’s Afraid of Tulsi Gabbard? (Matt Taibbi)

“It just shows,” says Hawaii congresswoman Tulsi Gabbard, “that launching a smear campaign is the only response to the truth.” Gabbard, 38, burst into headlines after a July 31 Democratic Party presidential debate, when she went after California Senator Kamala Harris’s record as Attorney General of the State of California. The “smear campaign” refers to the bizarre avalanche of negative press that ensued, as reporters seemed to circle wagons around a Harris, a party favorite. The Gabbard-Harris exchange was brief but revealing, as a window into a schism in the Democratic Party. Harris was elected Attorney General of California in 2010. She frequently sought moderate or even conservative positions on issues like criminal sentencing, drug enforcement, and prison labor.

These stances were standard among Democrats back when being “tough on crime” was considered an essential component of the “electability” argument. The Democratic electorate has changed, becoming especially concerned about mass incarceration. However, the party has not quite caught up. Gabbard exposed these divisions in the July 31 event, when she said: “She put over 1500 people in jail for marijuana, and then laughed about it when asked if she ever smoked marijuana.” The Detroit crowd cheered all the way through Gabbard’s next point, about Harris’ blocking the introduction of DNA evidence in a murder case. The applause unnerved Harris, who looked like someone dented her car. She’d been at 20 points in a July 2 Quinnipiac poll; after a multi-week slide that culminated with Gabbard’s attack, Harris was at 7 percent, a “distant fourth” behind Joe Biden, Elizabeth Warren, and Bernie Sanders.

Having wounded a presumptive frontrunner backed by nearly $25 million in campaign funds, Gabbard instantly became the subject of a slew of negative leaks, tweets, and press reports. Many of these continued the appalling recent Democratic Party tradition of denouncing anything it doesn’t like as treasonous aid to foreign enemies. Harris national press chair Ian Sams tweeted, “Yo, you love Assad!”, a reference to Gabbard’s controversial visit with Syrian president Bashar al-Assad in 2017. He then tweeted a link to an insidious February 2 NBC News story, which asserted that Gabbard’s campaign was the beneficiary of Russian bots.

Harris herself meanwhile gave a sneering interview to Anderson Cooper. “This is going to sound immodest,” she said, but as a “top-tier candidate,” she could “only take what [Gabbard] says and her opinion so seriously.” She added Gabbard was an “apologist for an individual, Assad, who has murdered the people of his country like cockroaches.”

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“.. the Democratic Party first lost its mind, and then committed suicide.”

Rude Awakening (Kunstler)

Speaking of “stabbing motherfuckers in the heart,” why are the “progressives” who moiled outside Senator Mitch McConnell’s house the other night not cooling their heels in a federal lock-up for threatening to assassinate a public official? That’s the usual procedure. How difficult would it be to locate them? Nobody has even asked — a peculiar development. Twitter boss Jack Dorsey took the predictable “progressive” action of banning Senator McConnell’s election campaign account for posting a video of the very mob looking to “stab motherfuckers in the heart” outside his house. That should be good, at least, for a hearty lawsuit against Twitter that might raise the consciousness of the 23-year-old wokester myrmidons Jack Dorsey hired to pretend that their diligent bannings of non-woke Tweeters are the work of supposed “algorithms” — as well as Mr. Dorsey himself, the arrogant prick behind it all.

Any decent psychological detective can conclude why the Left, including especially the Democratic Party — formerly a pillar of our political system — has gone insane. Losing a national election two and half years ago traumatized the base. In the process, the party made the rueful discovery that it was devoid of reality-based political ideas. This prompted the adoption of reality-optional excuses for failure masquerading as political ideas: Russia did it! Trump was “Putin’s puppet.” That clinically paranoid meme, and the massive investigatory activity it provoked, ended in more failure, so profound that the party still can’t face it.

But the Democratic Party must sense that it is about to be held accountable for all that. The Deep State officials who acted out that shadow-play on its behalf, with all its seditious overtones, are about to be frog-marched into the grand juries any week now. The party itself, or at least its executive gang, the DNC, may be included in the clean-up operation. It’s really hard to see how the party survives that. Its loyal historians will probably say that some motherfucker stabbed it in the heart. More factually, the Democratic Party first lost its mind, and then committed suicide.

Read more …

Julie K. Brown’s take at the Miami Herald. Brown is one of the initiators of the entire investigation.

Huge Cache Of Records Details How Jeffrey Epstein And Madam Lured Girls (MH)

A chilling picture of how hundreds of girls and young women from around the world were trafficked for sex by Jeffrey Epstein, his madam, Ghislaine Maxwell, and — allegedly — a number of powerful business and world leaders emerged Friday in court documents unsealed in New York. The documents, the largest cache to be released in the 13 years since Epstein’s case began, offer brutal details about Epstein’s trafficking of teenage girls in Palm Beach, New York and overseas — as well as Maxwell’s obsessive and often abusive quest to provide him with new girls over a span of years in the early to mid 2000s.

Virginia Roberts Giuffre, whose 2015 federal defamation suit against Maxwell was the source of the documents, provided testimony and evidence to substantiate her claims of exploitation at the hands of Epstein and Maxwell through photographs, plane logs and even a medical record from Presbyterian Hospital in New York where Giuffre was taken by Epstein after a particularly abusive sex episode. Her story was also corroborated by an ex-boyfriend, whom she told about the abuse at the time, and another woman who worked as an assistant for Maxwell and Epstein named Johanna Sjoberg. Sjoberg, who was a college student at Palm Beach Atlantic University when she was recruited by Maxwell, said that Maxwell’s primary role in Epstein’s life was to provide him with young girls at least three times a day.

“He explained to me that, in his opinion, he needed to have three orgasms a day. It was biological, like eating,’’ Sjoberg said in a sworn deposition in 2015. The names of some prominent, wealthy men Giuffre says she was directed to have sex with are spattered throughout the approximately 2,000 pages released Friday. They include: the late scientist Marvin Minsky, modeling scout Jean-Luc Brunel, former New Mexico Gov. Bill Richardson, 71, former Sen. George Mitchell, 85, Hyatt hotels magnate Tom Pritzker, 69, and prominent hedge fund manager Glenn Dubin, 62. Giuffre has previously identified Epstein’s lawyer, Alan Dershowitz, 80, and Prince Andrew, 59, as two of the people with whom she had sex.

All the men have issued denials, with some of them, including Dershowitz, insisting that they never met Giuffre. No charges have been filed against anyone other than Epstein, who was indicted last month in New York on two counts of sex trafficking. Some of the testimony released Friday is difficult to read, as when one 15-year-old Swedish girl, shaking and crying in fear, told a butler who worked for two of Epstein’s closest friends that she had been taken to Epstein’s island in the Caribbean and ordered to have sex with him and others. The butler, in a sworn statement, said the girl, visibly traumatized, told him that Epstein and Maxwell had physically threatened to harm her and seized her passport to keep her on the island, according to the butler’s statement.

Read more …

Also from the Miami Herald. Epstein was abusing girls while serving a sentence for abusing girls.

If You’re A Sexual Predator, It Pays To Be A Rich One (MH)

The more we learn about Jeffrey Epstein’s 13 months in so-called custody at the Palm Beach County Stockade, the clearer is the lesson: It definitely helps to be rich, even if you’re a sexual predator. Last week, Gov. Ron DeSantis finally ordered the Florida Department of Law Enforcement to investigate Epstein’s coddled life while serving 13 months of an 18-month sentence after pleading guilty in 2008 to two felony counts of prostitution. One of those crimes involved soliciting sex from a minor, serial behavior of Epstein’s that had caught the attention of the FBI. A 53-page federal indictment resulting from that probe was spiked by then-U.S. Attorney Alex Acosta, paving the way for the multimillionaire’s mysteriously lenient plea deal.

Even the most jaded observers of the justice system wouldn’t expect that royal treatment would be given to a slimy perv who recruited high school girls to visit his Palm Beach mansion and give him massages. Yet, according to records from the jail and sheriff’s department, Epstein enjoyed perks that no other convicted sex criminal would ever have the gall to request. He took the concept of “work release” to a whole new level. He was allowed to leave the stockade 12 hours a day, six days a week, and upon his return stayed in a mostly empty wing of the facility. For Epstein, jail wasn’t an incarceration so much as an inconvenience. Deputies were given permission to leave his cell unlocked while he was there. He was more of an out-mate than an inmate.

Sometimes he got to watch TV in a room normally reserved for attorneys visiting jailed clients. During his daily road trips, he was followed by off-duty deputies who were paid $126,000 for their respectful supervision. The officers often wore business suits and addressed him as “Mr. Epstein.” [..] Attorney Bradley Edwards, who represents some of Epstein’s female accusers, said he knows of women who were brought to Epstein for sex while he was away from the stockade during the day. Those claims will be part of the new FDLE investigation.

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“..a dog snarling into the hole of a rabbit does not confine it there..”

Assange’s Persecution Rides on Feeble Lies (Floth)

The official US reaction to Melzer’s report has naturally been to decry the content. It starts upon this with a certain fable of righteousness, which implies that a dog snarling into the hole of a rabbit does not confine it there: “Mr Assange voluntarily stayed in the embassy to avoid facing lawful criminal charges pending against him. As such his time in the embassy did not constitute confinement and was in no way arbitrary.” Like the term ‘confinement,’ the word ‘arbitrary’ is a weasel in this particular fable. It does not function in human rights law to imply any lack of rationale, but to identify the rationale of some authority as crucially unprincipled. Where such a fault applies it is likely to be ignored, misrepresented and/or distracted from by the culpable authority.

Hence, as in the quote above, they tend to assert some righteous motive, real or fictional, as centrally vindicating. It is common and wrong for those reprimanded to respond this way, since their place is to respect the findings of UN appointees and if necessary, reasonably correspond with them. The entire point of international law is that countries are legally held to account. In terms of the presently relevant human rights covenants, this involves a regime of independent assessment as to whether they are complying with the covenants they ratified. No brute enforcement applies here and the system should work perfectly well without it, if only the signatories abide by it in good faith.

In this primary and neglected context, the account that the US has given of itself has been a spectacular self-incrimination. The two sentences quoted above happen to assert the main premise of Assange and appointees from the UN who saw fit to defend him. For it is plainly implied in the quote that staying in the embassy was the logical means he appropriated to avoid negative repercussions intentionally prepared for him by the US in response to his publishing.

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Fidel Narváez worked at the Ecuador embassy in London Assange stayed in. They became friends.

40 Rebuttals to CNN’s Bias on Assange (Fidel Narváez)

Having worked as a diplomat at the Ecuadorian embassy in London for six out of the seven years that Julian Assange lived there as a political refugee, unlike others, I am privy to what actually happened there. I am alarmed by CNN’s June 15th 2019 story, alleging Assange turned the Ecuadorian embassy in London into a command post for election meddling. The story contains several substantive shortcomings and too many factual errors. I warned CNN about them when I was approached during their “investigation,” but none of my points were included in the article. It is clear that CNN was not looking for balance in their publication, choosing instead to make assertions without showing actual proof, and to use props such as irrelevant CCTV images, a sensationalist collage and a miniature image of unreadable documents to make it seem as though the story was based on evidence.

CNN’s story is based on the wrong premise that publishing information about an election—in this case the 2016 US presidential election—constitutes interference. Nobody refutes the authenticity of the material and nobody claims that the information was not in the public interest. In fact, New York Times editor Dean Baquet stated that had his newspaper obtained the same material, and regardless of the source or means by which the information had been obtained, the New York Times would have published it. Following CNN’s own logic, all major newsrooms should also be called “election interference centers,” which is how CNN chooses to call the embassy where Julian Assange received political asylum while he was the publisher of WikiLeaks. CNN implies criminality in something that is a legitimate exercise in journalism.

Prior to CNN’s story, the best example of this type of completely unsubstantiated reporting was the Guardian’s front page story “Manafort Held Secret Conversations With Assange In The Ecuadorian Embassy”, which was preceded by another libelous article entitled “Russia’s Secret Plan To Help Julian Assange Escape From UK.” Both of these stories were absolutely false; both were written by the same authors and propped using the same sources: reports written by employees of a private company in charge of security at the Ecuadorian embassy, as well as information provided by anonymous agents of Ecuador’s intelligence services.

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Nice.

Conductor Boots Racially Abusive Teenage Girl Off Wellington Train (Stuff)

A Wellington train was literally stopped in its tracks after a teenage girl racially abused a male passenger for speaking Hindi on his cellphone. The passenger was reportedly yelling, “go back to your own country, don’t speak that language here”. Unhappy with the teenager’s actions, conductor JJ Phillips told her to get off the train which was travelling on the 8.35pm service from Wellington Railway Station bound for Upper Hutt on Thursday. Unwilling to comply, the teenager told Phillips that she wasn’t getting off, so the conductor called police. “She said she was getting off at the next stop, and the conductor said ‘no you can get off at this one, I’m not putting up with that nonsense’,” a passenger told RNZ.

“We were just in awe that she had the courage to say ‘this isn’t on and I’m not going to put up with it, no matter who you are and whether you’re a paying customer or not – you can get off the train and find your own way home.'” A Transdev spokeswoman said the teenager was “acting aggressively, swearing and repeating racist comments to several customers on the train who were speaking in other languages”. Despite passengers objecting, the girl continued and the conductor was alerted to the situation. “Manager JJ Phillips asked the customer to stop the behaviour, then when she did not, she was asked to leave the train. The comments persisted so JJ phoned the Police who removed the customer at Ngauranga.”

The train continued after the teenager had been left with police. Phillips then apologised for the delay, telling the passengers that behaviour wasn’t acceptable in New Zealand – and she was rewarded with a round of applause.

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“Across Europe, North Africa and Asia, populations have plunged by 97% since 1970. ”

Giant River Animals On Verge Of Extinction (G.)

Populations of the great beasts that once dominated the world’s rivers and lakes have crashed in the last 50 years, according to the first comprehensive study. Some freshwater megafauna have already been declared extinct, such as the Yangtze dolphin, and many more are now on the brink, from the Mekong giant catfish and stingray to India’s gharial crocodiles to the European sturgeon. Just three Chinese giant softshell turtles are known to survive and all are male. Across Europe, North Africa and Asia, populations have plunged by 97% since 1970. The killing of the animals for meat, skins and eggs is the cause of the decline, along with humanity’s ever growing thirst for freshwater for crops, its many dams, as well as widespread pollution.

The scientists assessed 126 species, covering 72 countries, and found numbers had plunged by an average of 88%. Many of the creatures are keystone species in their ecosystems, such as beavers, and the researchers said their loss will have knock on effects on all fauna and flora and on the many millions of people that depend on the waterways for their livelihoods. “The results are a wake-up call to us about the plight of these species,” said Zeb Hogan from the University of Nevada, US, who participated in the research team. “Many of them are at risk of extinction, and almost all of them need our help. It’s a race now to see what can be understood and protected before it’s too late.”

The Mekong river in southeast Asia is home to more giant fish species than any other river on Earth and Hogan has worked there for two decades. But he said populations have dropped to almost zero as the rapidly increasing human population has escalated the pressure on them. The Mekong is also home to the world’s largest catfish, which can weigh almost 300kg (661lb), and the biggest carp and freshwater stingray species. All are now classified as critically endangered, one step from extinction.

Read more …

 

On August 10, 1897, German chemist Felix Hoffmann synthesized acetylsalicylic acid (ASA) in a stable form usable for medical applications. In 1899 it was marketed for the first time under the trade name Aspirin.