Apr 252019
 
 April 25, 2019  Posted by at 12:43 pm Primers Tagged with: , , , , , , , , , , , , , , , ,  


M. C. Escher Relativity Lattice 1953

 

From Twitter:

Remember Spying on Trump was called “Crossfire Hurricane”? Well now it’s renamed to “Crossfire Boomerang”. BOOM. Karma!

 

 

From the moment the Special Counsel investigation into Trump-Russia collusion began, we’ve been presented with a portrait of Robert Swan Mueller III as a man of unassailable character, a straight shooter, as impartial as can be. But Mueller was director of the FBI for 12 years (2001-2013), he was the king of the spies.

Does anyone really have the idea that the people who work in US intelligence are the country’s straightest shooters? Not everybody does. For instance, not Mike Pompeo, who bluntly stated: We lied, we cheated, we stole; It’s – it was like – we had entire training courses. It reminds you of the glory of the American experiment.”

So why should we believe Mueller is a man of such unassailable character when he rose to one of the very top ranks in intelligence? It doesn’t make much sense, except of course it’s what politics and media – and intelligence- want us to believe. It may not make sense, but boy, does it work.

And then at some point obviously you have to wonder why Mueller got the Special Counsel job on May 27 2017. Because of that unassailable character, we were told at the time. But if that doesn’t apply to Pompeo, why would it be true of Mueller? And why Mueller while there were strong links to US intelligence that would obviously have to be probed by the counsel (but were not).

That brings us straight to the next question: The main issue, post-report, is not whether Trump tried to stop the Mueller probe. The main issue instead is why it was instigated to begin with. Yes, US intelligence. CIA. And then there’s yet another question: When did Mueller know there was no collusion? Not just 1 or 2 weeks before presenting his report, that’s for sure.

So when? 6 months ago? A year? Did he ever really think there was collusion? If so, based on what? The almost entrirely discredited Steele dossier? Did he have faith in that? The Mifsud-Papadoloulos-Downer connection ‘engineered’ by CIA asset Stephen Halper? Did he have faith in that? Or was the whole thing goal-seeeked from the start?

It appears very silly to assume that Mueller did not start his job with an agenda, because of the heavy involvement of his former employees and colleagues and his best friend James Comey, whose firing by Trump was one of the main reasons to start the investigation. Sounds like a very hard one to sell, but the media did a great job. Everybody bought into it.

And then the whole thing collapsed. Yes, collapsed. Because this was never about finding the truth, it was always about digging for dirt. On Trump. Think Mueller wasn’t aware of that? I own a bridge….

 

Mueller was forced to find Trump and his team not guilty on conspiracy or collusion -and obstruction. This is because he would have had to prove this, and couldn’t. But he’s left the accusations against the Russian government and Julian Assange stand. Not because he has evidence for that, but because he doesn’t have to prove them.

Nobody believes a word any Russian says anymore, thanks to the MSM and US intelligence campaign against them. As for Assange, it’s obvious what Robert Mueller has done. He’s completely ignored the one person who could have helped him find the truth -just not the dirt-. and let him rot in hell. Here’s wishing for that same hell to befall Mueller and all of his family.

There is zero chance that Mueller didn’t know his buddy and successor James Comey prevented Assange from talking with the DOJ in 2017. Neither wanted Assange’s evidence to become public, because that would have killed the Russia narrative as well as the WikiLeaks one. And then what?

Let’s make one thing clear. All that proof of Russian hacking and Russian Facebook ads? It doesn’t exist. The entire story is fictional. How do we know? Because the only source that says it is true is US intelligence. And they can not be believed. As Mueller’s investigation once again shows.

Mueller and Barr, like all of Washington -it’s a bipartisan effort-, want the narrative to remain alive that the Russians hacked and meddled in the US elections in favor of Trump, and that Julian Assange was in cahoots with them. None of which Mueller has any evidence for. And Mueller at all have no problem sacrificing Assange and Chelsea Manning while they’re at it.

Assange is not the only expert source who is silenced. The Veteran Intelligence Professionals for Sanity -VIPS- also can’t get their voice heard. People who ran US intelligence for decades are being silenced by those who succeeded them. As if they don’t exist. As if their expertise is worthless.

The evidence they offer simply doesn’t rhyme with the official narrative promoted by their successors and the CIA and FBI. Remember: Mueller only dropped in his report what he would have had to provide evidence for. The rest is still there, but that doesn’t mean it’s true.

 

One VIPS member is Larry Johnson, “former CIA Intelligence Officer & former State Department Counter-Terrorism Official, (ret.)”. Trump referenced him the other day on Twitter:

“Former CIA analyst Larry Johnson accuses United Kingdom Intelligence of helping Obama Administration Spy on the 2016 Trump Presidential Campaign.” @OANN WOW! It is now just a question of time before the truth comes out, and when it does, it will be a beauty!

And sure enough, the Guardian today described Johnson as a “conservative conspiracy theorist”. This stuff is predictable. But at least we know that while Mueller et al ignore the VIPS, Trump knows at least something about them. A few excerpts of a letter they sent to Trump last week (which he hasn’t seen, undoubtedly):

 

MEMORANDUM FOR: The President. SUBJECT: The Fly in the Mueller Ointment

[..] the Mueller report left unscathed the central-but-unproven allegation that the Russian government hacked into the DNC and Podesta emails, gave them to WikiLeaks to publish, and helped you win the election. The thrust will be the same; namely, even if there is a lack of evidence that you colluded with Russian President Vladimir Putin, you have him to thank for becoming president.

Mueller has accepted that central-but-unproven allegation as gospel truth [..] Following the odd example of his erstwhile colleague, former FBI Director James Comey, Mueller apparently has relied for forensics on a discredited, DNC-hired firm named CrowdStrike, whose credibility is on a par with “pee-tape dossier” compiler Christopher Steele. Like Steele, CrowdStrike was hired and paid by the DNC.

[..] In Barr’s words: “The Special Counsel found that Russian government actors successfully hacked into computers and obtained emails from persons affiliated with the Clinton campaign and Democratic Party organizations, and publicly disseminated those materials through various intermediaries, including WikiLeaks.

Based on these activities, the Special Counsel brought criminal charges against a number of Russian military officers for conspiring to hack into computers in the United States for purposes of influencing the election.” We are eager to see if Mueller’s report contains more persuasive forensic evidence than that which VIPS has already debunked.

“But They Were Indicted! “Circular reasoning is not likely to work for very long, even with a U.S. populace used to being brainwashed by the media. Many Americans had mistakenly assumed that Mueller’s indictment of Russians — whether they be posting on FaceBook or acting like intelligence officers — was proof of guilt. But, as lawyers regularly point out, “one can easily indict a ham sandwich” — easier still these days, if it comes with Russian dressing.

 

The VIPS mention a few times they can’t get heard. They sent Barr a letter 5 weeks ago, and never got an answer. Here they say: “.. specialists will have a field day, IF — and it is a capital “IF” — by some miracle, word of VIPS’ forensic findings gets into the media this time around.”

 

The evidence-impoverished, misleadingly labeled “Intelligence Community Assessment” of January 6, 2017 had one saving grace. The authors noted: “The nature of cyberspace makes attribution of cyber operations difficult but not impossible. Every kind of cyber operation — malicious or not — leaves a trail.” Forensic investigators can follow a trail of metadata and other technical properties. VIPS has done that.

If, as we strongly suspect, Mueller is relying for forensics solely on CrowdStrike, the discredited firm hired by the DNC in the spring of 2016, he is acting more in the mold of Inspector Clouseau than the crackerjack investigator he is reputed to be. It simply does not suffice for Mueller’s former colleague James Comey to tell Congress that CrowdStrike is a “high-class entity.” It is nothing of the sort [..] Comey needs to explain why he kept the FBI away from the DNC computers after they were said to have been “hacked.”


And former National Intelligence Director James Clapper needs to explain his claim last November that “the forensic evidence was overwhelming about what the Russians had done.” What forensic evidence? From CrowdStrike? We at VIPS, in contrast, are finding more and more forensic evidence that the DNC emails were leaked, not hacked by the Russians or anyone else — and that “Guccifer 2.0” is an out-and-out fraud. Yes, we can prove that from forensics too.

 

No Russian hacking. No Guccifer 2.0. But Mueller mentions both a lot.

Again, if Mueller’s incomplete investigation is allowed to assume the status of Holy Writ, most Americans will continue to believe that — whether you colluded the Russians or not — Putin came through for you big time. In short, absent President Putin’s help, you would not be president.

Far too many Americans will still believe this because of the mainstream-media fodder — half-cooked by intelligence leaks — that they have been fed for two and a half years. The media have been playing the central role in the effort of the MICIMATT (the Military-Industrial-Congressional-Intelligence-Media-Academia-Think-Tank) complex to stymie any improvement in relations with Russia.

We in VIPS have repeatedly demonstrated that the core charges of Russian interference in the 2016 election are built on a house of cards. But, despite our record of accuracy on this issue — not to mention our pre-Iraq-war warnings about the fraudulent intelligence served up by our former colleagues — we have gotten no play in mainstream media.

Most of us have chalked up decades in the intelligence business and many have extensive academic and government experience focusing on Russia. We consider the issue of “Russian interference” of overriding significance not only because the allegation is mischievously bogus and easily disproven. More important, it has brought tension with nuclear-armed Russia to the kind of dangerous fever pitch not seen since the Cuban missile crisis in 1962, when the Russian provocation was real — authentic, not synthetic.

 

[..] We recall that you were apprised of that Memorandum’s key findings because you ordered then-CIA Director Mike Pompeo to talk to William Binney, one of our two former NSA Technical Directors and one of the principal authors of that Memorandum. On October 24, 2017, Pompeo began an hour-long meeting with Binney by explaining the genesis of the odd invitation to CIA Headquarters: “You are here because the president told me that if I really wanted to know about Russian hacking I needed to talk to you.”

[..] Binney, a plain-spoken, widely respected scientist, began by telling Pompeo that his (CIA) people were lying to him about Russian hacking and that he (Binney) could prove it. [..] As we told Attorney General Barr five weeks ago, we consider Mueller’s findings fundamentally flawed on the forensics side and ipso facto incomplete. We also criticized Mueller for failing to interview willing witnesses with direct knowledge, like WikiLeaks’ Julian Assange.

You may be unaware that in March 2017 lawyers for Assange and the Justice Department (acting on behalf of the CIA) reportedly were very close to an agreement under which Assange would agree to discuss “technical evidence ruling out certain parties” in the leak of the DNC emails and agree to redact some classified CIA information, in exchange for limited immunity. According to the investigative reporter John Solomon of The Hill, Sen. Mark Warner, (D-VA) vice chair of the Senate Intelligence Committee, learned of the incipient deal and told then-FBI Director Comey, who ordered an abrupt “stand down” and an end to the discussions with Assange.

Why did Comey and Warner put the kibosh on receiving “technical evidence ruling out certain parties” [read Russia]? We won’t insult you with the obvious answer.

Assange is now in prison, to the delight of so many — including Mrs. Clinton who has said Assange must now “answer for what he has done.” But is it too late to follow up somehow on Assange’s offer? Might he or his associates be still willing to provide “technical evidence” showing, at least, who was not the culprit?

 

VIPS can’t get their voices heard. Everyone ignores them. These are highly experienced veterans of US intelligence, whose successors, and politics, and media, simply act as if they don’t exist. And while it’s curious to see how they go out of their way NOT to create the impression that Mueller makes his “mistakes” on purpose, the gist is just that.

What this adds up to is not just that Mueller has come up with nothing in his $20-30-50 million investigation, but that he has purposely left things in his report that he has no evidence for but also doesn’t have to prove, because those he accuses cannot defend themselves. Note also that Mueller has never indicted Assange, he has only smeared him.

Mueller doesn’t just have nothing, he has less than nothing. What is left of his “findings” once the collusion and obstruction elements are gone, are things that either he himself (his team) or US intelligence has concocted out of thin air. And have you seen even one ‘journalist’ who has questioned these fantasies?

I see only ‘reporters’ more than willing to heap their own fiction on top of the report’s. They’ll grudgingly accept there’s no collusion only to run away with what can still be construed as obstruction, but not a single one questions the Russian hacking or emails or Facebook ads anymore or Assange’s involvement, though Mueller offers zero proof for any of these things. Ditto for Guccifer 2.0.

The GRU (Main Directorate of the General Staff of Russian Armed Forces, formerly the Main Intelligence Directorate) is a very advanced operation. When they hack something they leave no traces. US intelligence is just as capable of leaving GRU “traces” as the GRU itself is of NOT leaving them. The CIA is not smarter than the GRU. That’s what we’re looking at here.

How many Americans do you think there are who think this is the way to conduct investigations ostensibly aimed at truth-finding? You know, if only they knew?!

The only thing perceived as reality in America today is a bunch of fantasies designed to hide the truth. What truth there is, is left to rot in hell. What a place -and time- to live.

 

 

 

 

Oct 052018
 
 October 5, 2018  Posted by at 9:05 am Finance Tagged with: , , , , , , , , , , ,  


Paul Gauguin Contes barbares 1902

 

Economy on Sugar High Before Trade War Worsens (DDMB)
Gundlach Says Treasury Market Is Witnessing A ‘Game Changer’ (MW)
Republicans Aim To Confirm Kavanaugh On Weekend; Protesters Arrested (R.)
Explosive Report Details Chinese Infiltration Of Apple, Amazon And The CIA (ZH)
Mattis Says Russian GRU Caught Red-Handed Hacking OPCW (ZH)
String Of Own Goals By Russian Spies Exposes A Strange Sloppiness (G.)
Elon Musk Mocks SEC as ‘Shortseller Enrichment Commission’ (CNBC)
Elon Musk Accuses BlackRock Of Helping Short Sellers (CNBC)
EU Tells UK To Stop ‘Wasting Time’, Find Irish Border Solution (Ind.)
The Outsized Power Of The City Of London Makes Britain Poorer (G.)
Huge Rise In US Plastic Waste Shipments To Poor Countries After China Ban (G.)

 

 

Later today: Nobel Peace Prize. US jobs numbers. And more Kavanaugh, no doubt.

But first: Stockpiling before tariffs set in.

Economy on Sugar High Before Trade War Worsens (DDMB)

Across the U.S., companies are hitting the panic button. The Trump administration has levied 10 percent tariffs on $200 billion of Chinese goods, a charge that is expected to rise to 25 percent by 2019. This tops the tariffs on $50 billion of Chinese goods that were imposed in August, and is an effective tax on U.S. consumers, who will soon be paying more for everything from cosmetics to clothing to cars if they aren’t already. Against that backdrop, it’s becoming clear that many companies are rushing to secure products and materials before prices rise regardless of current demand. You could say they are in panic-buying mode.

The upside is that this behavior bolsters economic growth in the short term. The downside is that there is likely to be a nasty hangover. The noise in the economic data will be amplified by the rebuilding from Hurricane Florence. The estimates of the storm’s damage span from $20 billion to $50 billion. Evidence that panic buying has set in was seen in the September Chicago Purchasing Managers Index report, which is a bellwether for the broader national manufacturing sector. While the results “disappointed,” with the index falling from 63.6 to a still high 60.4 and the new orders component sinking to a six-month low, the inventory component surged above the 60 mark. (In these diffusion indexes, readings above 50 denote expansion.)

To put the stockpiling in context, inventories have only breached 60 twice this year. Such nosebleed readings are so rare that they rank in the 97th percentile over the last 30 years. As per the Chicago PMI: “Firms continued to add to their stock levels, building on August’s marked rise. The scarce availability of inputs continued to encourage stockpiling while forecasts of higher future demand also contributed to the rise in inventories.”

Read more …

Large sums of money are moving.

Gundlach Says Treasury Market Is Witnessing A ‘Game Changer’ (MW)

For investors looking for an inflection point in the bond market, this is it. Jeff Gundlach, chief executive of Doubleline Capital, on Thursday projected that U.S. Treasury yields are likely to rise further and investors should adjust accordingly. The so-called bond king said in an interview with CNN that the 10-year yield could rise to 3.5% and the 30-year could climb to 4%, which are likely to hurt companies sensitive to higher rates, such as auto makers. In a tweet last month, Gundlach had forecast that the 30-year Treasury yield closing above 3.25% two days in a row will signify a “game changer,” a view he reiterated Thursday.

His prophecy has been fulfilled. The 30-year Treasury yield ended at 3.357% on Thursday after rising to 3.316% on Wednesday, according to FactSet. The 30-year yield has “definitively broken above a multiyear base that should, over time, carry us to significantly higher yields,” Gundlach told Reuters. “Also, the curve is steepening a little in this breakout, which is another sign that the situation has changed.” Yields rose sharply this week on the back of strong economic data that supported the widespread belief that the Federal Reserve will maintain its hawkish bias to forestall a possible overheating of the economy.

Read more …

Ugliness assured.

Republicans Aim To Confirm Kavanaugh On Weekend; Protesters Arrested (R.)

President Donald Trump’s fellow Republicans gained confidence on Thursday that his U.S. Supreme Court nominee, Brett Kavanaugh, could win Senate confirmation after two wavering lawmakers responded positively to an FBI report on accusations of sexual misconduct against the judge. The report, sent by the White House to the Senate Judiciary Committee in the middle of the night, was denounced by Democrats as a whitewash that was too narrow in scope and ignored critical witnesses. Thousands of anti-Kavanaugh protesters rallied outside the Supreme Court and entered a Senate office building, holding signs such as “Believe Survivors” and “Kava-Nope.”

Hundreds of demonstrators were arrested, including actress Amy Schumer. But Republicans moved forward with plans for a key procedural vote on Friday and a final vote on Saturday on confirming the conservative federal appeals judge for a lifetime job on the top U.S. court. The timing of the vote could be complicated by Republican Senator Steve Daines, whose office said on Thursday he planned to attend his daughter’s wedding in Montana on Saturday, making him unavailable to cast his vote.

Read more …

Was reading this yesterday. What a story.

Explosive Report Details Chinese Infiltration Of Apple, Amazon And The CIA (ZH)

The story begins with a Silicon Valley startup called Elemental. Founded in 2006 by three engineers who brilliantly anticipated that broadcasters would soon be searching for a way to adapt their programming for streaming over the Internet, and on mobile devices like smartphones, Elemental went about building a “dream team” of coders who designed software to adapt the super-fast graphics chips being designed for video gaming to stream video instead. The company then loaded this software on to special, custom-built servers emblazoned with its logo. These servers then sold for as much as $100,000 a pop – a markup of roughly 70%. In 2009, the company received its first contract with US defense and intelligence contractors, and even received an investment from a CIA-backed venture fund.

Elemental also started working with American spy agencies. In 2009 the company announced a development partnership with In-Q-Tel Inc., the CIA’s investment arm, a deal that paved the way for Elemental servers to be used in national security missions across the U.S. government. Public documents, including the company’s own promotional materials, show that the servers have been used inside Department of Defense data centers to process drone and surveillance-camera footage, on Navy warships to transmit feeds of airborne missions, and inside government buildings to enable secure videoconferencing. NASA, both houses of Congress, and the Department of Homeland Security have also been customers. This portfolio made Elemental a target for foreign adversaries.

Like many other companies, Elementals’ servers utilized motherboards built by Supermicro, which dominates the market for motherboards used in special-purpose computers. It was here, at Supermicro, where the government believes – according to Bloomberg’s sources – that the infiltration began. Before it came to dominate the global market for computer motherboards, Supermicro had humble beginnings. A Taiwanese engineer and his wife founded the company in 1993, at a time when Silicon Valley was embracing outsourcing. It attracted clients early on with the promise of infinite customization, employing a massive team of engineers to make sure it could accommodate its clients’ every need.

Customers also appreciated that, while Supermicro’s motherboards were assembled in China or Taiwan, its engineers were based in Silicon Valley. But the company’s workforce featured one characteristic that made it uniquely attractive to China: A sizable portion of its engineers were native Mandarin speakers. One of Bloomberg’s sources said the government is still investigating whether spies were embedded within Supermicro or other US companies).

Read more …

Hard to believe. Holland has been targeting Russia for years, can’t trust them when it comes to these stories.

Mattis Says Russian GRU Caught Red-Handed Hacking OPCW (ZH)

Russia is facing new multiple wide-ranging charges of hacking as Western officials on Wednesday alleged its intelligence agencies conducted four high profile cyber attacks, including an attempt to spy on the Organisation for the Prohibition of Chemical Weapons (OPCW), which is the independent body responsible for investigating chemical attacks in Syria and in the UK. The OPCW is headquartered the Netherlands, and according to breaking reports a group that the Dutch government has alleged are Russian operatives may have been caught red-handed in the act. Moscow has dismissed the charges as but more “Western spy mania” while leveling its own accusations that the Pentagon is conducting an illegal and dangerous germ and bio-weapons research program near Russia’s borders.

The BBC reports based on Dutch government statements: “The four suspects identified by Dutch officials had diplomatic passports and included two IT experts and two support agents, officials said. They hired a car and parked it in the car park of the Marriot hotel in The Hague, which is next to the OPCW office, to hack into the OPCW’s wifi network, Major General Onno Eichelsheim from the Dutch MIVD intelligence service said.” Authorities were quick to release photographs of the group’s alleged hacking equipment and computers in the trunk of a car. Police say they are GRU operatives (also known as the Main Intelligence Directorate – the intelligence arm of the Russian military) who planned to intercept login passwords to gain access to OPCW internal files (in what appears to have been a low security environment, given wifi use to store sensitive files).


The Dutch government released the above photo which it says proves Russian spies tried to hack OPCW headquarters

But strangely the four men, identified as spies, were immediately escorted out of the Netherlands as opposed to being detained for further questioning and possible trial. Meanwhile the UK government further accused the GRU of conducting cyber-attacks on private firms in Ukraine and Russia, the US Democratic Party, as well as a small TV network in Britain. U.S. Defense Secretary Jim Mattis, addressing the charges on Thursday after a two-day meeting in Brussels, said Russia must be held accountable for its attempts to hack the OPCW office.

Read more …

Not only are Russians mean people, they are dumb too. Who believes that?

String Of Own Goals By Russian Spies Exposes A Strange Sloppiness (G.)

It must go down as one of the most embarrassing months ever for Russia’s military intelligence. In the 30 days since Theresa May revealed the cover identities of the Salisbury poison suspects, the secretive GRU (now GU) has been publicly exposed by rival intelligence agencies and online sleuths, with an assist from Russia’s own president. Despite attempts to stonewall public inquiry, the GRU’s dissection has been clinical. The agency has always had a reputation for daring, bolstered by its affiliation with special forces commando units and agents who have seen live combat.

But in dispatching agents to the Netherlands who could, just using Google, be easily exposed as graduates of an elite GRU academy, the agency appears reckless and absurdly sloppy. One of the suspected agents, tipped as a “human intelligence source” by Dutch investigators, had registered five vehicles at a north-western Moscow address better known as the Aquarium, the GRU finishing school for military attaches and elite spies. According to online listings, which are not official but are publicly available to anyone on Google, he drove a Honda Civic, then moved on to an Alfa Romeo. In case the address did not tip investigators off, he also listed the base number of the Military-Diplomatic Academy.

Read more …

A judge just oredred Musk and the SEC to explain their settlement.

Elon Musk Mocks SEC as ‘Shortseller Enrichment Commission’ (CNBC)

Tesla CEO Elon Musk mocked the Securities and Exchange Commission in a tweet Thursday, calling the agency the “Shortseller Enrichment Commission,” days after settling fraud charges brought against him by the agency. The tweet, which is missing a word and appears to take a sarcastic tone, says “the Shortseller Enrichment Commission is doing incredible work” and commends the SEC on a name change that did not occur. Musk doubled down on the remark when another Twitter user said Musk needs a “a social team that can get attention without typos and without enraging the Shortseller Enrichment Committee.” The Tesla CEO asked, “Why would they be upset about their mission? It’s what they do.”

Read more …

Hardly ever a useful idea to go after short sellers.

Elon Musk Accuses BlackRock Of Helping Short Sellers (CNBC)

Tesla CEO Elon Musk has accused large fund managers such as BlackRock for fueling short sellers, a group of investors he has been criticizing on his Twitter account. In a series of Twitter posts on Thursday night, Musk alleged that BlackRock and other financial firms pocket “excessive profit” from lending shares they hold to short sellers because “they’re suffering a net loss.” Short sellers are investors who bet on the decline of a security, such as a stock. They make money by selling the shares they borrow, and hope the price falls so they can buy them back at a lower price and make profits from it.

Musk also said those funds were “pretending to charge low rates” for their passive “index tracking” products. Fund managers have lowered management fees on certain products due to increased competition in the space. Fidelity Investments said last month it was launching two no-fee index funds, while Vanguard announced in July that investors using its online brokerage platform could trade exchange-traded funds without commission. At the same time, fund managers have been growing their business in securities lending — which is the process of temporarily transferring ownership of shares or bonds to another party, such as short sellers.

The companies earn a fee in return for loaning out their holdings. Securities lending is a lucrative business, according to an opinion piece by Financial Times in April. The newspaper, which cited a regulatory filing, said BlackRock made $597 million in revenue last year from lending securities. Musk hit out at that practice, saying “there is no rational basis” for long-term shareholders to engage in that business. He claimed that doing so “dilutes the shareholder base” while giving short sellers “a strong incentive to attack the company by whatever means possible.”

Read more …

The EU should not let Tusk do these things, he’s too easy a target. Let Barnier do the talking.

EU Tells UK To Stop ‘Wasting Time’, Find Irish Border Solution (Ind.)

The EU has told the UK to stop “wasting time” and find a solution to the Irish border row, with just two weeks until the next showdown summit over Brexit. Donald Tusk, the European Council president, turned his fire on Jeremy Hunt for likening the EU to the Soviet Union – accusing ministers of rousing the Tory faithful, instead of striving to reach an agreement. “Unacceptable remarks that raise the temperature will achieve nothing except wasting more time,” Mr Tusk said. “I was a party leader myself for 15 years, so I know what the rules of party politics are. But now, once the Tory conference is over, we should get down to business.”

Speaking alongside Leo Varadkar, the Irish president, Mr Tusk made clear the EU remained “united behind Ireland” in its determination to prevent a return to border posts and checks. But he also made clear his anger at the delay to Theresa May’s promised fresh border proposals – linking it to a reluctance to risk a backlash at the Tory conference. In Birmingham, Mr Hunt, the foreign secretary, triggered fury across the EU by accusing it of trying to keep the UK in a “prison” with behaviour similar to the Soviet Union. After the Salzburg summit, the prime minister accused Mr Tusk of showing disrespect, but he tuned that accusation on the UK, saying: “In respecting our partners, we expect the same in return.

Read more …

It sucks too many resources from the ’periphery’. Re: Rome.

The Outsized Power Of The City Of London Makes Britain Poorer (G.)

To argue that the City hurts Britain’s economy might seem crazy. But research increasingly shows that all the money swirling around our oversized financial sector may actually be making us collectively poorer. As Britain’s economy has steadily become re-engineered towards serving finance, other parts of the economy have struggled to survive in its shadow, like seedlings starved of light and water under the canopy of a giant, deep-rooted and invasive tree. Generations of leaders from Margaret Thatcher to Tony Blair to Theresa May have believed that the City is the goose that lays Britain’s golden eggs, to be prioritised, pampered and protected. But the finance curse analysis shows an oversized City to be a different bird: a cuckoo in the nest, crowding out other sectors.

[..] A growing body of economic research confirms that once a financial sector grows above an optimal size and beyond its useful roles, it begins to harm the country that hosts it. The most obvious source of damage comes in the form of financial crises – including the one we are still recovering from a decade after the fact. But the problem is in fact older, and bigger. Long ago, our oversized financial sector began turning away from supporting the creation of wealth, and towards extracting it from other parts of the economy. To achieve this, it shapes laws, rules, thinktanks and even our culture so that they support it. The outcomes include lower economic growth, steeper inequality, distorted markets, spreading crime, deeper corruption, the hollowing-out of alternative economic sectors and more.

Read more …

Stop producing the stuff. It’s not hard. Stop using it.

Huge Rise In US Plastic Waste Shipments To Poor Countries After China Ban (G.)

Exports of plastic waste from the US to developing countries have surged following China’s crackdown on foreign waste imports, new research has shown. Nearly half of plastic waste exported from the US for recycling in the first six months of 2018 was shipped to Thailand, Malaysia and Vietnam, according to analysis of US census bureau data by Unearthed, Greenpeace’s investigative arm. The previous year, the US sent more than 70% to China and Hong Kong. This year’s ban on foreign waste imports by China, previously the world’s biggest importer of plastic waste for recycling, has left western countries scrambling to offload its extra plastic waste. The US, along with Britain, Germany, Japan and Mexico, is among the biggest exporters of scrap plastic to China.

Campaigners said the analysis, which Unearthed shared with the Guardian, shows the US is exploiting developing countries where there is no regulatory framework to ensure plastic waste is processed in an environmentally friendly way. “Instead of taking responsibility for their own waste, US companies are exploiting developing countries that lack the regulation to protect themselves,” said John Hocevar, Oceans campaign director for Greenpeace USA. The waste, some of which consists of household recycling produced in the US, includes single-use plastic bottles, plastic bags and food wrappings, said Hocevar. It can, however, contain toxic materials. “It’s a problem for the US and other developed countries to produce, often, toxic material which they can’t or won’t take care of themselves.”

Read more …