Nov 202020
 
 November 20, 2020  Posted by at 8:14 pm Finance Tagged with: , , , , ,  6 Responses »


Georgia O’Keeffe Red poppy No. VI 1928

 

 

High time for another update about our support for what is now called the “Self-managed Social Kitchen Monastiraki” here in Athens (Athina). It’s again been a while, because for a long time so many things were uncertain and up in the air. I guess that is inevitable when the entire world lives through insecure times, and the homeless as always are more affected by such things than anyone else.

For the first half of the year, I wasn’t even here, I spent the first lockdown period in Holland, because I thought Greece would be more affected than it, but I was very wrong. Greece had it down then. It’s only now, 3-4 months after they opened their borders to tourism again, that things go wrong.

But the country needs revenue from tourism, it cannot keep its borders closed forever. There’s a lesson in there somewhere about what I wrote earlier, that “after 10 months, we can’t keep treating COVID as the only problem in town. That’s myopic. We need a bigger picture”.

Athens went into another full lockdown recently, and the city is devoid of life. Which will kill off another large part of the “mom-and-pop” businesses that make it function and kept it vibrant. There’s exactly two Starbucks in Athens, to name an example, one McDonald’s and one KFC, and I think they should be very proud of that. Monoculture kills life itself, both in farming and in city streets.

And countless people working in the “mom-and-pop” businesses, and in the tourist- and hospitality industries, no longer have jobs. They get some financial support, but not enough to pay all their bills. So what do they do? They go see each other indoors, where the infection risk is higher.

Still, here we are. And we have to deal with it. Back in March, the Monastiraki kitchen did that too. A lockdown doesn’t make the homeless any less hungry or needy, it makes them more so. And the boys and girls responded to that under ever more difficult circumstances. When cooking in the street was no longer viable, they devised a way to cook in a private space nearby and ride out the food to Monastiraki Square, on a cart.

 

 

Problem with that is it costs a lot more time and money, because every meal has to be individually packaged, and you now in COVID time need sanitizer and gloves and tons of bags, and facemasks. I bought a whole bunch of N95 masks for everyone a few weeks ago, because there are real risks when working close together, and then handing out the meals to the clients. I want to keep these people as safe as possible.

 

Then this summer, there was another issue. The kitchen had returned to cooking on the square, but in early August was told by municipal police that there were anonymous complaints about them “taking up public space”, and they couldn’t come back. All attempts since to find out what exactly was going on have landed nowhere. At one point some official promised he would come with a solution, only to never be heard from again.

And so, certainly with the new lockdown in place, the decision was made to keep cooking in the private place, and rolling out the food to the square. People are good at adapting. But there remains an underlying threat of the kitchen volunteers being arrested, a threat that was actually made in early August. For feeding people in need. Some world.

 

And this is a good moment to introduce Filothei, the lady and girl who is the driving force behind the kitchen now. Which she will deny, because it’s all about everyone else, not her, and because she insists she’s only 17. I began to wonder about the kitchen’s finances when I got back to Athens in June 2020, I thought they’d badly need more of the Automatic Earth funds, but they were in no hurry.

Meet Filothei 😉

 

 

Digging further, I realized we only provided some 10-15% of the funding. So where did the rest come from? It took some questioning, but sure enough, a large part of the answer is: from Filothei herself. And while that is supersweet, it also makes for a vulnerable situation. And then, of course, she got hurt a month ago when a piece of a mirror fell into (yes, into) her arm and she hasn’t been able to work her job as a physiotherapist for handicapped people since.

By the way, Filothei also has a large organic garden, which provides most of the vegetables for most of the year. For 200 meals every week! Automatic Earth readers’ donations are typically used to buy the staples, pasta, olive oil, canned tomatoes etc.

We decided to run a trial on November 16, when Filothei went to the supermarket with some of the €1,000 in coupons she still had left from what I bought in early July(!), without using anything still in stock, to see the cost for one run of 200 meals, and it showed a total of €242 (in current exchange rates, close to $300 US). While “my” coupons have paid for some €20 per week. We were both surprised at the numbers.

 

 

And no, €242 for 200 meals is not much, it’s less than €1.15 per person. While the NGO’s and charities funded by governments and the EU claim costs of €5-€10 per meal. But you still have to have the €242 every week. And it shouldn’t come from one sweetheart of a girl, or from me, or any other individual person. That’s not how you run a social kitchen operation long term.

Moreover, because of the COVID situation, other people who used to provide some funds, no longer can, because out of 30 of them “affiliated” with the kitchen, only 3 now still have jobs. When it rains, it pours.

 

 

So on November 16 we did the shopping trial, and the next day I went along for the whole cooking process, about 4 hours. November 17 is the day Greece commemorates its then military junta violently putting down a student protest at the Polytechnic university compound in 1973, and the government tightened its lockdown measures even more, fearing protests, which meant many who usually help in the kitchen were afraid to come in, fearing a €300 fine.

As did I, but hey, hard as it is to understand the details of the lockdown measures when you don’t speak the language, if others take the risk, who am I not to? There was police in full riot gear everywhere, and at the end of the day, around 7.30 pm, we had meals left. That never happens. Some of the guys later went into side streets, where the homeless were hiding from the police, and handed out dozens more meals.

 

But of course things ain’t all bad. Filothei told me yesterday about a group of people, organized in the “Love Van”, which is an organization made up of Greek athletes, that reached out to her to ask what she needs, and now promised to bring 160 winter coats and 160 sleeping bags next week to the kitchen. That’s such a grand gesture. Coat: $100 a piece, sleeping bag $100 a piece?!

 

 

Not everything is bad. And no matter how bad it gets, we will somehow make it through this. Hey, the shortest day of the year is only one month away, and after that things can only get better. But you already know what I’m going to say next: please help me, help us, help the people that need your help most.

Put the Automatic Earth, and the Monastiraki kitchen, in your Christmas donations list in 2020, and contribute to a real effort to help real people beset by real problems. These are mostly not people with drug- or alcohol problems, they are people who lost their jobs or businesses and their homes, through no fault of their own. That was true when I first got here in Spring 2015, and it’s even more so now, because COVID has killed off so many ways to carve out at least a minimum existence.

 

 

Most of you will know the drill of this by now: any donations ending in $0.99 or $0.37 go straight to the Monastiraki kitchen, while other donations go to the Automatic Earth -which also badly needs them, especially for Christmas-.

I dislike few things more than asking people for money, even though the Automatic Earth now runs primarily on donations, and there’s some sweet justice in that as well, in depending on people’s appreciation of what we do, instead of ad revenues.

But I cannot do this on my own right now. To get through the winter in one piece, the Monastiraki kitchen will realistically need about €1,000 per month. I don’t have that to spare. So I’m calling on you. In earlier times, 2016-2017, we had way more than that with Konstantinos, but both Filothei and I decided a few years back, independently from each other, that we didn’t want to work with him anymore.

So let’s see where we can get today, shall we? I want to write the perfect article with the perfect plea, but there is of course no such thing. Therefore, I will be back in a few weeks time with a reminder -and updates-, hoping that y’all have gotten the message.

I love all you people so much, and I’m sorry I can’t thank you all individually who have supported -and still do- the Monastiraki kitchen and the Automatic Earth all this time, and I ask you to keep on doing just that. The details for donations on Paypal and Patreon, for both causes, are in the top of the two sidebars of this site. Could not be much easier.

Love you. Thank you.

 

 

 

 

 

 

 

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, you are now not just a reader, but an integral part of the process that builds this site.

Click at the top of the sidebars for Paypal and Patreon donations. Thank you for your support.

 

 

Turns out, the same Filothei is quite the photographer too:

Filothei Photography

 

 

Support the Automatic Earth in virustime, election time, all the time. Click at the top of the sidebars to donate with Paypal and Patreon.

 

Oct 092020
 


Rene Magritte Memory 1948

 

Trump Campaign Demands In-Person Debate Against Biden Oct. 15 (F.)
The Contested Afterlife of the Trump-Alfa Bank Story (New Yorker)
John Durham Grand Jury Team Following Deep State Rabbit Hole (sundance)
The 40 Key Russia Documents President Trump Must Still Declassify (JTN)
Ruth Bader Ginsburg Opposed Packing The Supreme Court (JTN)
The Destruction Of The World Economy By The Central Banks (GNS)
Remdesivir Cuts COVID Recovery By 5 Days, Reduces Risk Of Death By 30% (DM)
New York City Parents Scramble To Deal With New School Closures (R.)
US Auto Suppliers Scramble To Fill Factory Jobs (R.)
An Avalanche Of Bankruptcies Is Coming In The US (Barraud)
NATO Chief Says Allies Will Leave Afghanistan Together (Y!)
A BC Research Project Gave Homeless People $7,500 Each (CBC)

 

 

We look at the world once, in childhood. The rest is memory.
– Louise Glück (2020 Nobel Prize for Literature)

 

 

Abolish the CIA

 

 

 

 

The debate is now about having the debate.

Trump Campaign Demands In-Person Debate Against Biden Oct. 15 (F.)

After refusing earlier in the day to participate in the October 15 presidential debate against former Vice President Joe Biden because it had been changed to a virtual format, President Trump’s campaign is now demanding an in-person event, citing his physician’s note that he has completed treatment for Covid-19. Thursday evening, Dr. Sean Conley said in a press release, “I fully anticipate the President’s safe return to public engagements” by Saturday. This prompted Bill Stepien, Trump’s campaign manager and one of the many who contracted Covid-19 from the White House, to release a statement claiming there is “no medical reason why the Commission on Presidential Debates should shift the debate to a virtual setting, postpone it or otherwise alter it in any way.”

Following Trump’s refusal to participate in the debate earlier in the day, Biden announced plans to hold a town hall with ABC News on October 15, with both sides agreeing to October 22 as the date for the second presidential debate. The Trump camp earlier said it would hold a rally in place of the debate. Conley’s note drew criticism from experts like Dr. Eric Topol, a cardiologist and professor of molecular medicine at the Scripps Research Institute, who questioned on Twitter the soundness of his assertion that Trump will be safe to engage with the public in two days given that he provided no evidence “that he is not infectious, without viral load data, without providing when/timeline he became infected.”

Much about the White House outbreak is still unknown, but the Biden campaign confirmed that the Trump campaign did not reach out to them about the president’s positive test, despite the two sharing a stage around the time of infection. Stepien claimed that the commission made the decision to move virtually to “shield Biden from another shellacking like he got two weeks ago in Cleveland.” Polls conducted after what was considered one of the worst presidential debates in recent memory due to Trump’s erratic behavior crowned Biden as the victor.

Read more …

I spent a lot of time this morning with this. First, the New Yorker story, then lawyer “sundance”‘s complete evisceration of it. Worth your time.

The Contested Afterlife of the Trump-Alfa Bank Story (New Yorker)

Alfa Bank’s principals—Aven, Khan, and a man named Mikhail Fridman—are personally suing Fusion GPS, a research firm in Washington that had hired Christopher Steele, a former British intelligence agent, to investigate Donald Trump’s relationships in Russia before the 2016 election. The dossier that Steele assembled claimed that Aven and Fridman had been close confidants of Vladimir Putin since he was the deputy mayor of St. Petersburg, in the nineteen-nineties, when they sent him “large amounts of illicit cash.” Steele has been criticized for sloppy tradecraft, but much of the information he recorded has been neither proved nor disproved. Aven, Khan, and Fridman say that information in the dossier about the bank and its principals is false and defamatory.

They have sued Steele, as well as Buzzfeed, which first published the dossier. They also served a subpoena on Jones, the investigator, asking for all his correspondence with Fusion. (Alfa Bank has also sought to subpoena Fusion’s executives, in connection with the John Doe lawsuits.) For those defending themselves against the lawsuits, their attorneys’ power of discovery would give them extraordinary access to Alfa Bank’s records. But Aven, Khan, and Fridman claim that they do not control their own documents at the bank and cannot produce them. (Public records show that together they control more than sixty per cent of the bank.) The three men also say that they are not public figures, and are therefore entitled to stronger protections against defamation.

They made a similar argument in a U.S. court two decades ago, and it was thrown out. But the federal judge presiding over their Fusion libel case, Richard Leon, has allowed it so far, and so the suit is likely to drag on—a situation that Aven, Khan, and Fridman can afford more easily than the founders of Fusion can. According to Forbes, the three bankers are believed to have a combined net worth of about thirty billion dollars. “They could spend a million dollars a day on this and not even notice,” the lawyer involved in one of the cases said. The Alfa Bank case has also become an object of interest for federal agents working for John Durham, the prosecutor appointed by Barr. Durham’s agents have summoned some of the same computer scientists to testify before a grand jury, and are asking for the same material that Alfa Bank is seeking. (They’ve asked Jones, the investigator, to testify as well.)

Some agents told scientists that they were exploring a potential criminal charge—presumably against Max and Tea Leaves—for giving false information to the government. A number of those called to testify are seeking to quash the subpoenas, and it’s not apparent that anyone has testified so far. There is no clear evidence that the Justice Department and Alfa Bank are working together, but some people involved in the case noted a striking alignment of purpose. “There’s a heck of a lot of mutual interest,” William Taylor, an attorney for Jones, told me. More troubling is that the cases could aid the Kremlin. Although Aven has disputed reports that he is close to Putin, he told investigators for the Mueller report that he meets with the Russian President quarterly and receives what the report describes as “implicit directives.”

Read more …

“That’s where Durham/Aldenberg will ultimately be; and for transparency I have spoken with William Aldenberg about their destination..”

John Durham Grand Jury Team Following Deep State Rabbit Hole (sundance)

A very important article was written yesterday in the New Yorker. While the topic of the article spotlights the ridiculous conspiracy theory surrounding Alfa bank, and the insufferable nonsense about Trump Tower servers having contact -electronic touch signals- with servers from the Russian banking organization, there are aspects to the story that show where the Durham probe has been forced to travel. Within the article –which everyone should read– some names are very important. The article is framed around defending the New Yorker’s previous reporting on the Alfa Bank conspiracy theory, so the intent of the article is defensive. However, the events being described in the article, and more importantly the people being outlined in the article, are accurate. Especially Daniel Jones and his lawyer William Taylor; and the connection of both to Fusion GPS and Glenn Simpson.

According to the article there are two parallel efforts underway to untangle the background of how the false Alfa Bank story was originated. One effort is a set of civil lawsuits by the owners of Alfa bank against those who created the fraudulent story that flowed through Fusion GPS, into Chris Steele’s dossier, into the FBI, and ultimately into the Buzzfeed reporting therein. The owners of the bank are taking all of these entities into court and demanding discovery of sources who framed/created the false impression. The second outlined effort is a set of subpoenas for some of the same names to appear before a grand jury being run by the John Durham probe. The witnesses are lawyered-up and attempting to avoid the grand jury subpoenas.

Part of the New Yorker story is constructed around wondering if the Alfa Bank team is working with the Durham team. That is a false narrative created for political deflection only. However, the article outlines factual evidence of the Durham grand jury; and by knowing what issues are being explored we can see -in advance- where this trail is going. Good News Pause: John Durham has a grand jury impaneled and is issuing subpoenas. Instead of me going through the Alfa Bank story, let me just take you though a process of where the Alfa Bank story ends up. That’s where Durham/Aldenberg will ultimately be; and for transparency I have spoken with William Aldenberg about their destination. Note in the New Yorker piece the subjects of the subpoenas and lawsuits are worried about being forced to identify the anonymous sources known as “Max” and “Tea Leaves”.

Additionally the group describes their worry about identifying how the electronic signals between the servers were originally discovered. Let me say up front that is where this story connects to the scandal of intelligence community “contractor” access to the NSA database. The SIGINT or signals intelligence, used to frame the false Alfa Bank story, appears to have come from entities with access to the NSA database who were doing work to assist the overall Trump-Russia narrative construction. Those unlawfully obtained findings were manipulated and unlawfully extracted; then passed along to computer scientists who had the role to provide technical support for the media to use in selling a false story. If this sounds to you like the subject matter expertise and skill of Crowdstrike and Fusion-GPS you would not be missing the target.

Read more …

No space for them here, but a pretty complete list from John Solomon. But with just 25 days left, and Wray and Haspel actively frustrating the efforts… What are the odds?

The 40 Key Russia Documents President Trump Must Still Declassify (JTN)

President Trump earlier this week vowed complete and final transparency in the Russia probe, ordering the declassification (without redaction) of all relevant documents that show how the false Russian collusion narrative was created by Hillary Clinton operatives and then investigated for three years by the FBI. With less than four weeks to Election Day 2020, there is little time to complete the mission so that voters can understand the foreign influence, dirty tricks and misconduct that began in the last presidential election and continued for years. So Just the News put together a list of the 40 most important documents yet to be released that would help America understand what really happened and who is most culpable. Most of the documents have been sought by Congress dating all the way back to 2017 and have been withheld from public release, mostly by bureaucrats at the State Department under Secretary of State Mike Pompeo and the FBI under Director Christopher Wray.

Jim Jordan

Read more …

“George Washington in 1789 had six,” Shu said, noting that “since 1869 we’ve had nine.”

Ruth Bader Ginsburg Opposed Packing The Supreme Court (JTN)

Attorney and legal commentator John Shu pointed out during an interview on “The Water Cooler” that the recently deceased Justice Ruth Bader Ginsburg opposed the idea of packing the Supreme Court. “Nine seems to be a good number. It’s been that way for a long time,” Ginsburg said, according to NPR. “I think it was a bad idea when President Franklin Roosevelt tried to pack the court.” Roosevelt’s plan would have permitted him to appoint six more judges, enlarging the high court to 15 people, according to the outlet. “If anything would make the court look partisan,” Ginsburg said, according to NPR, “it would be that — one side saying, ‘when we’re in power, we’re going to enlarge the number of judges, so we would have more people who would vote the way we want them to.’ “

Shu said that Democratic presidential nominee Joe Biden and his running mate Kamala Harris’s refusal to answer whether they would add more justices to the current panel shows that they intend to pursue that course of action. “The fact that she is not answering the question seems to me at least to be somewhat of an answer of what her and Biden would do,” host David Brody said. Shu agreed, and said that he believes the pair’s unwillingness to answer “in and of itself is indicative that they hope to do so.” The attorney explained that the Constitution confers on Congress the authority to determine the number of justices on the nation’s high court. “George Washington in 1789 had six,” Shu said, noting that “since 1869 we’ve had nine.”

He said that “if the Democrats succeed in taking the Senate and taking the presidency—I think it’s likely they’ll keep the House—but if the Democrats succeed, I really am afraid for the legitimacy of the Supreme Court. I’m afraid that the Democrats will make the Supreme Court look like a political body, kind of like an extra, super legislature. And the courts are just not designed to do that.”

Read more …

First, realize there are no markets. The rest will follow soon after.

The Destruction Of The World Economy By The Central Banks (GNS)

For years, we have been warning about dire consequences if central banks continue to meddle in the economy and financial markets. In December 2013, we wrote: “There is a serious possibility that the measures taken by the central banks have already created a situation in which their actions increase rather than decrease financial instability. This is due to the fact that, if the actual price of an asset does not meet its market–based value, the true level of risk is not properly revealed.” During the “Coronavirus rescue” by the major central banks from March through June of this year, we essentially ran down the clock. No viable paths remain to escape the vicious feedback loop between central banks and financial markets—at least without serious repercussions.

Over the years, central banks have created conditions where prices in capital markets—and by implication, the resulting capital allocation structure—have become distorted to a previously unimaginable degree. This has resulted in three extremely troublesome fragilities at the heart of the world economy. First, it has led to ‘yield hunting’ among investors, who are forced to seek higher yields from riskier financial products. Secondly, it has led to a permanent central bank intervention in the financial markets, because without it a crash would surely occur. Thirdly—and this is something that has received much too little attention—the massive capital misallocations due to unnaturally low interest rates have ‘hollowed-out’ vast sectors of the global economy.

We have been focusing on the fragility of the financial markets frequently lately, so this time we will concentrate on the capital misallocation issue instead, though the two are inherently linked. In March 2019 we devoted the entirety of the Q-Review to explain why global economic growth has sputtered since 2009. We explored, extensively, the concept of creative destruction, which describes the process by which capitalist economies evolve and grow over time. In essence, creative destruction enables the flow of technical innovations into the economy through the destruction of old and inefficient production methods and enterprises, and the emergence of new, more productive firms. Moreover, we wrote that “The risk-and-reward relationship, that is, the gains and failures of the private sector drive economic progress. The first accumulates income and capital, while the second uncovers sustainable businesses, setting the stage for the creative destruction.”

In essence, this is what a capitalist economy is all about. The accumulation of capital is required to provide the funding for sustainable businesses, which provide employment, personal income and tax revenues. Price discovery in the modern capital markets is essential to accurately evaluate the risk-and-reward relationship of both real economic investments as well as those of financial assets. Price discovery thus guides the efficient allocation of capital to its most profitable employment, based on the information gathered by millions of investors. This idea is part of the bedrock of capitalist theory.

Read more …

Especially since this is the Daily Mail, please explain how this is not an advertisement.

Remdesivir Cuts COVID Recovery By 5 Days, Reduces Risk Of Death By 30% (DM)

Remdesivir shortens the amount of recovery time from COVID-19 and decreases the risk of death, final results of a study by the National Institutes of Health (NIH) show. Researchers found that the antiviral drug reduced the recovery time for hospitalized coronavirus patients by at least five days. What’s more, the medication was shown to lower the risk of mortality from the virus by as much as 30 percent. Manufactured by California-based Gilead Sciences Inc, remdesivir is the only drug approved for emergency use in the US to treat severely ill coronavirus patients. The team, from the NIH’s National Institute of Allergy and Infectious Diseases (NIAID), says the findings not only show how remdesivir can help improve patients’ conditions but also how it may prevent them from developing severe complications.

‘The take home message is this is the first step,’ corresponding author Dr John Beigel, associate director for clinical research in the Division of Microbiology and Infectious Diseases at the NIAID, told DailyMail.com. ‘This is a significant improvement over no treatment..So this is a very important finding, it shows we can treat this, but the work is not done. This is just the first step.’ Remdesivir was developed by Gilead Sciences to treat Ebola, the deadly hemorrhagic fever that emerged in West Africa in 2014. It works by blocking an enzyme that helps the coronavirus make copies of itself and, in turn, spread throughout the body. For the final results, published in the New England Journal of Medicine, the NIAID recruited 1,062 coronavirus patients across North America, Europe and Asia.

A total of 541 patients were assigned to a 29-day course of remdesivir and the remaining 521 patients were given a placebo. The NIAID found that patients on the drug had a 50 percent shorter time to recovery than those on a placebo. Patients in the remdesivir group recovered with a median of 10 days compared to 15 days for those who were given the placebo. It also reduced the length of the hospital stay with a median of 12 days for those on the drug in comparison with 17 days for the control group.

Read more …

Main takeaway: the mayor and the Governor keep fighting each other.

New York City Parents Scramble To Deal With New School Closures (R.)

The 6-year-old son of Jodi Cook, a Brooklyn mother of two, had just resumed in-person classes at his local elementary — only to face the closure of his school again as coronavirus cases spiked nearby. Cook said she was disappointed. Last week, public elementary schools in New York City welcomed back students to the classroom as part of Mayor Bill de Blasio’s blended learning plan after a months-long hiatus. But this week New York officials began imposing fresh restrictions to curb a worrying rise in infections in several ‘hot spots.’ “I’m disappointed because I don’t think that the location of our school really puts us in jeopardy,” Cook, a real estate broker, said on Thursday. “The neighborhood and parents are scrambling.”

The school, in the Windsor Terrace-Kensington area of Brooklyn, is located in a so-called ‘orange zone.’ Schools in those zones have been ordered shut as part of new rules imposed by New York Governor Andrew Cuomo to try to stamp out the virus in several parts of the state, including neighborhoods in Brooklyn and Queens. A group of parents and their children gathered outside the school on Thursday morning to protest, flanked by two local politicians. Its postal code was “not a Covid hotspot & the schools do not meet any of the agreed upon metrics for closing,” New York State Assembly Member Robert Carroll, who attended the protest, wrote in a Twitter post.

The mayor’s plan drew scorn from Cuomo, a fellow Democrat with whom he has often feuded. The governor on Tuesday released new color-coded maps delineating closures, sowing confusion among residents. New York is one of about 30 out of 50 U.S. states where cases have risen over the past two weeks, according to a Reuters analysis. Nationally, both cases and the number of hospitalized COVID-19 patients are rising, hitting record levels in the upper Midwest and West.

Read more …

is this because so many workers are home either sick or afraid, or is it because they expect record sales?

US Auto Suppliers Scramble To Fill Factory Jobs (R.)

Millions of U.S. workers have lost their jobs to the pandemic, but in the auto industry, suppliers are scrambling to find enough people to staff production lines, resorting to such approaches as rewards for good attendance and at-work teachers to lure job seekers. At auto parts maker Mobex Global, Chief Executive Joe Perkins said he is boosting pay and offering bonuses to help fill 80 job openings. His engineering and machining company is running more overtime to meet rising demand. “It is the most critical issue in our company,” said Perkins, whose firm has 12 U.S. plants and counts General Motors and Ford among its customers. “We’re using almost 10 staffing companies across the plants,” he told Reuters.


“We’re using multiple jobs boards, ZipRecruiter, LinkedIn, Monster, local news stations, down to lawn signs, local papers, billboards, public transportation, church bulletins, you name it.” The U.S. auto industry usually is the first in and the last out of an economic slump. The coronavirus crisis is different. Demand for new vehicles has rebounded. But fears of catching COVID-19 and problems caring for school-age children are keeping many workers at home, compelling employers to raise pay despite the high national jobless rate, industry executives said. Many suppliers are dealing with absenteeism rates of 10-15%, said Brian Collie, head of Boston Consulting Group’s global auto practice. That has led the United Auto Workers to give the Detroit automakers more latitude on using temporary workers to cover for absent full-time employees, union President Rory Gamble told Reuters.

Read more …

An antidote to the auto suppliers story.

An Avalanche Of Bankruptcies Is Coming In The US (Barraud)

U.S. equity markets might be reaching new record highs despite the state of corporates’ health in the U.S. keeps deteriorating. Data compiled by Bloomberg show the Covid-19 pandemic helped fuel the worst third quarter on record for large corporate bankruptcies. In the details, 70 companies with more than $50 million in liabilities sought bankruptcy protection last quarter. That compares to the 76 in the prior quarter. On Monday, Reuters also highlighted “U.S. commercial bankruptcy filings are up 33% so far this year with new cases in September surging by 78% from a year earlier as the recession triggered by the COVID-19 pandemic hits small businesses.” It added that “Chapter 11 bankruptcy filings totaled 747 last month, up from 420 a year earlier and from 525 in August, legal services firm Epiq said in a monthly report.”


In the meantime, S&P Global Market Intelligence’s bankruptcy analysis revealed that “a total of 509 companies have gone bankrupt this year as of Oct. 4, exceeding the number of filings during any comparable period since 2010.” Several proxies, including the number of permanent job losers, confirmed that bankruptcies are on track to spike in the short term. Unfortunately, this trend is likely to continue in the coming months. According to the latest Fitch report, the “three-year 2020–2022 cumulative US default rate forecasts for term loan (LL) and high-yield (HY) bonds are 17%-20% and 15%-18%, respectively. This forecast compares with the three-year cumulative default rate of 15% for LL and 22% for HY bonds from 2008 to 2010 occurring as a result of the Great Recession.”

Read more …

NATO trumps Trump!

NATO Chief Says Allies Will Leave Afghanistan Together (Y!)

NATO insisted Thursday that its members would consult and decide together on when to leave Afghanistan, after US President Donald Trump vowed to bring American troops home by Christmas. Trump, trailing in polls ahead of the November 3 presidential election, made his surprise announcement on Twitter on Wednesday, dramatically speeding up the timeline for ending America’s longest war. NATO Secretary General Jens Stoltenberg repeated the alliance’s longstanding position that it will end its mission in Afghanistan only when conditions on the ground permit. “We decided to go into Afghanistan together, we will make decisions on future adjustments together, and when the time is right, we will leave together,” Stoltenberg said at a news conference after talks with North Macedonian Prime Minister Zoran Zaev.


NATO went into Afghanistan following the 2001 US-led invasion to topple the Taliban in the wake of the 9/11 terror attacks. It ended its combat operations in Afghanistan in 2014 and has vastly reduced its presence on the ground, but maintains a 12,000-strong force training and advising local forces. Stoltenberg said NATO would only leave Afghanistan when it could do so without the risk of the country once again becoming a haven for militants. “We will make decisions based on the conditions on the ground, because we think it is extremely important to continue to be committed to the future of Afghanistan, because it is in our interest to preserve the long term security of Afghanistan,” he said. It is not clear whether NATO had any advance warning of Trump’s announcement, though Stoltenberg’s statement that allies would now “consult on the future of the mission” appeared to indicate that it did not.

Read more …

But we need to think they are all lazy drunks, or we ourselves will become them!

A BC Research Project Gave Homeless People $7,500 Each (CBC)

The results of a B.C. research project that gave thousands of dollars to homeless people are in and, according to one researcher, could challenge stereotypes about people “living on the margins.” The New Leaf project is a joint study started in 2018 by Foundations for Social Change, a Vancouver-based charitable organization, and the University of British Columbia. After giving homeless Lower Mainland residents cash payments of $7,500, researchers checked on them over a year to see how they were faring. All 115 participants, ranging in age between 19 and 64, had been homeless for at least six months and were not struggling with serious substance use or mental health issues.

Of those, 50 people were chosen at random to be given the cash, while the others formed a control group that did not receive any money. “I had no expectations and really high hopes,” said Claire Williams, CEO of Foundations for Social Change, on CBC’s The Early Edition on Tuesday. What researchers found after 12 months, she said, was “beautifully surprising.” Not only did those who received the money spend fewer days homeless than those in the control group, they had also moved into stable housing after an average of three months, compared to those in the control group, who took an average of five months. Those who received the money also managed it well over the course of a year.

“We saw people retain over $1,000 for 12 months, which is remarkable in the Lower Mainland,” said Williams. On average, cash recipients spent 52 per cent of their money on food and rent, 15 per cent on other items such as medications and bills, and 16 per cent on clothes and transportation. Almost 70 per cent of people who received the payments were food secure after one month. In comparison, spending on alcohol, cigarettes and drugs went down, on average, by 39 per cent. Too often people dismiss the idea of giving homeless people money because they assume it will be mismanaged, Williams said. “It challenges stereotypes we have here in the West about how to help people living on the margins,” she said.

Read more …

 

 

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A cat fell on my head

 

 

 

 

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Jul 132020
 


Berenice Abbott New York City at Night 1932

 

Florida Sets Record For Single-Day Covid19 Cases As Disney World Reopens (DL)
Who When Where: No Word On WHO Experts’ Coronavirus Trip To China (SCMP)
One In Three South Korean COVID19 Patients Improve With Remdesivir (R.)
Looming Evictions May Soon Make 28 Million Homeless In US (CNBC)
“Too Big To Fail” Banks face Their Worst Quarter Since The Financial Crisis (ZH)
Coronavirus Brings Record $1 Trillion Of New Global Corporate Debt In 2020 (R.)
Tesla Slashes Model Y SUV Price Four Months After Launch (R.)
Coronavirus Has Shown us How to Stop a Climate Disaster (BT)
American Collusion: Weaponizing Media, Big-Tech, & Government (ZH)
That Kind Of Memory Hole Is A Nightmare (Higgins)

 

 

The WHO says yesterday set a new world record. They’re two days behind Worldometer. But bad enough anyway. Florida is something else.

 

 

 

 

 

 

 

 

 

 

 

 

Ben Hunt

Ben Hunt Fauci

 

 

“This is an American tragedy.”

Florida Sets Record For Single-Day Covid19 Cases As Disney World Reopens (DL)

Even as Disney World reopens and the Florida state government was being pushed to host in-person classes for the fall school semester, the Sunshine State is setting new records for COVID-19 cases. The Florida Department of Health reported 15,299 new coronavirus cases Sunday. That’s the highest total for any state since the pandemic started. Florida holds the dubious record for second-highest as well, coming in with 11, 434 new cases on July 4, per Johns Hopkins University. Florida’s test positivity rate is a whopping 19.60%, Johns Hopkins said.


Florida Rep. Donna Shalala said the virus is “out of control,” and said it’s likely a second economic shutdown looms. “It’s out of control across the state because our governor won’t even tell everybody to wear masks. At least in Miami-Dade county, everyone must wear a mask when they’re outside,” she told CNN Saturday night. “This is an American tragedy.” About 40 hospitals across Florida have no ICU beds available, according to state data.

Read more …

What should we expect from this? Water under the bridge.

Who When Where: No Word On WHO Experts’ Coronavirus Trip To China (SCMP)

A World Health Organisation advance team is in the Chinese capital this weekend but few other details have been released about a mission that could lay the groundwork for an investigation into the origins of the coronavirus pandemic. The WHO said last week that two experts – an animal health specialist and an epidemiologist – would start work on Saturday but by Sunday evening there was still no word on the name of the specialists, the schedule of the trip, and their agenda. Chinese authorities did not make a statement about the visitors on the weekend and the Chinese media did not report their arrival. And no Chinese institution, including the Chinese Centre for Disease Control and Prevention, confirmed that it had or would confer with the WHO experts.


Associated Press reported that the two experts were in Beijing on Saturday and Sunday. Their mission is to work with Chinese health officials and scientists to prepare for a larger WHO-led international task force at an undisclosed date. The mission is widely seen as a way to bring more transparency and cooperation to the search for the animal origins of the virus, first identified in Wuhan in central China late last year. But the origins of the pandemic are mired in politics. Some senior members of the US administration have blamed China for the pandemic, including making unsupported claims that the virus could have emerged in a Wuhan laboratory. Chinese officials have pushed back, defending the country’s handling of the outbreak and saying the identification of the virus in China does not mean it originated there.

Read more …

This is an ad. It’s about the headline. Read the article and there’s nothing there: “More research was needed to determine if the improvement was attributable to the drug or other factors..”

One In Three South Korean COVID19 Patients Improve With Remdesivir (R.)

One in three South Korean patients seriously ill with COVID-19 showed an improvement in their condition after being given Gilead Sciences Inc’s (GILD.O) antiviral remdesivir, health authorities said. More research was needed to determine if the improvement was attributable to the drug or other factors such as patients’ immunity and other therapies, they said. Remdesivir has been at the forefront of the global battle against COVID-19 after the intravenously administered medicine helped shorten hospital recovery times in a U.S. clinical trial. Several countries including South Korea have added the drug to the list of treatment for the disease caused by the novel coronavirus. There is no approved vaccine for it.


In its latest update on the drug, Gilead said on Friday an analysis showed remdesivir helped reduce the risk of death in severely ill COVID-19 patients but cautioned that rigorous clinical trials were needed to confirm the benefit. The Korea Centers for Disease Control and Prevention reported on Saturday results from a first group of 27 patients given remdesivir in different hospitals. Nine of the patients showed an improvement in their condition, 15 showed no change, and three worsened, KCDC deputy director Kwon Jun-wook told a briefing. The result had yet to be compared with a control group and more analysis was needed to conclude remdesivir’s benefit, Kwon said.

Read more …

This is not a fantasy, it’s set to happen. The bottom is falling out.

Looming Evictions May Soon Make 28 Million Homeless In US (CNBC)

Emily Benfer is the chair of the American Bar Association’s Task Force Committee on Eviction and co-creator of the COVID-19 Housing Policy Scorecard with the Eviction Lab at Princeton University. CNBC: How does the eviction crisis brought on by the pandemic compare with the 2008 housing crisis? Emily Benfer: We have never seen this extent of eviction in such a truncated amount of time in our history. We can expect this to increase dramatically in the coming weeks and months, especially as the limited support and intervention measures that are in place start to expire. About 10 million people, over a period of years, were displaced from their homes following the foreclosure crisis in 2008. We’re looking at 20 million to 28 million people in this moment, between now and September, facing eviction.

CNBC: You study the intersection of housing and health. What will all these evictions mean for people’s health during the pandemic?

EB: Eviction negatively impacts the trajectory of an individual’s life, and it can do that in a permanent way. Studies have demonstrated that eviction causes increased mortality and causes respiratory distress, which in the Covid-19 pandemic can put people in even greater peril. It results in depression, suicides and other poor health outcomes. And the primary response to Covid-19 has been to shelter in place. If there’s an increase in homelessness [one economist estimates homelessness could rise by more than 40% this year], that could spread the virus.

CNBC: You’ve been keeping track of what states are doing to protect tenants, mostly through eviction moratoriums. How do you feel the efforts have fallen short?

EB: Some of the moratoriums are limited to different segments of the population, and in their duration. They were also not coupled with financial assistance to ensure that renters don’t accrue this backed-up debt and are stabilized enough to stay in their unit. Another issue is that in some states, landlords were allowed to go forward with a hearing on eviction, and even receive an order of eviction, and it was only forestalled at the execution stage. That means that there are a number of evictions that are just waiting for the sheriffs to execute. The moment the moratoriums lift, all of those families will be immediately put out. And right now, 29 states lack any state level moratorium against evictions.

Read more …

As millions of Americans will be evicted, the banks will be bailed out.

“Too Big To Fail” Banks face Their Worst Quarter Since The Financial Crisis (ZH)

U.S. banks could be setting up for their worst quarter in more than a decade as loan loss provisions and the pandemic are set to wreak havoc on bottom lines. Next week, many of the “too big to fail” banks are set to report earnings and are likely going to show that a drop in consumer spending and higher loan losses were not offset by better trading gains. Loan-loss provisions should reach their highest levels since the financial crisis, Barclay’s predicts. Kyle Sanders, an analyst at Edward Jones, told Bloomberg: “We’ve got a full three months of the pandemic coming through the numbers now. The first quarter was rough, but it really only reflected a couple of weeks in March.”

Loan losses are expected to rise as spiking unemployment has left many unable to service, or pay back, their loans. New loans have also dried up as banks tighten their belts. Service charges and credit card fees are also likely going to fall, as large portions of the American economy were shut down for months, suffocating economic activity. And while many banking stocks have recovered somewhat, the S&P 500 Financials index is still down 26% since last December. Wells Fargo alone is down 55% this year and is expected to announce a dividend cut. Bloomberg has predicted that despite increasing provisions in the first quarter of the year, banks are still going to have their worst quarter in a decade when they report this upcoming week.


Wells Fargo Chief Financial Officer John Shrewsberry commented last month that the bank would likely set aside more for bad loans in Q2 than the $4 billion it set aside in Q1. Banks will be looking to trading and underwriting to help try and salvage the quarter. Stock and bond trading was likely up about 31% in Q2 according to estimates. JP Morgan is expected to post the largest increase of about 50%. Citigroup Inc.’s Richard Zogheb, global head of the debt capital-markets division, said he thinks there will be record volumes in trading for the quarter. This stands at odds with previous cyclical downturns, where investment banking and trading revenue would fall as much as 30%.

Read more …

Free money. Much of it will also be bailed out, so why worry?

Coronavirus Brings Record $1 Trillion Of New Global Corporate Debt In 2020 (R.)

Companies around the world will take on as much as $1 trillion of new debt in 2020, as they try to shore up their finances against the coronavirus, a new study of 900 top firms has estimated. The unprecedented increase will see total global corporate debt jump by 12% to around $9.3 trillion, adding to years of accumulation that has left the world’s most indebted firms owing as much as many medium-sized countries. Last year also saw a sharp 8% rise, driven by mergers and acquisitions, and by firms borrowing to fund share buybacks and dividends. But this year’s jump will be for an entirely different reason – preservation as the virus saps profits. “COVID has changed everything,” said Seth Meyer, a portfolio manager at Janus Henderson, the firm that compiled the analysis for a new corporate debt index.


“Now it is about conserving capital and building a fortified balance sheet”. Companies tapped bond markets for $384 billion between January and May, and Meyer estimates that recent weeks have set a new record for debt issuance from riskier “high yield” firms with lower credit ratings. Lending markets had slammed shut for all but the most trusted firms in March, but have been opened up wide again by emergency corporate debt buying programmes from central banks like the U.S. Federal Reserve, the European Central Bank and Bank of Japan. Companies included in the new debt index already owe almost 40% more than they did in 2014, and growth in debt has comfortably outstripped growth in profits.

Read more …

“..the first time in the company’s 17-year history that one of its new vehicles turned a profit in its first quarter..”

Tesla Slashes Model Y SUV Price Four Months After Launch (R.)

Tesla cut the price of its sport utility vehicle Model Y by $3,000, just four months after its launch, as the U.S. electric carmaker seeks to maintain sales momentum in the COVID-19 pandemic. The reduction follows price cuts in May on Tesla’s Model 3, Model X and Model S. The company headed by Elon Musk this month posted a smaller-than-expected fall in car deliveries in the second quarter, resilient results despite the pandemic that hit the global auto industry. The Model Y now starts at $49,990, down nearly 6% from its previous price of $52,990, according to the carmaker’s website.


Tesla did not immediately respond to a Reuters request for comment. The company started deliveries of the Model Y in March, promising a much-awaited crossover that will face competition from European carmakers like Volkswagen rolling out their own electric rivals. In April, Tesla had said the Model Y was already profitable, marking the first time in the company’s 17-year history that one of its new vehicles turned a profit in its first quarter.

Read more …

So we’re going to stop the climate disaster through sheer incompetence?

Sorry, but these sort of things bring out the skeptic in me like little else. I get that they mean well, but…

Let’s begin with scrapping terms like zero carbon, zero emissions and green energy. They are misleading nonsense.

“..for the first time ever, a group of intellectuals associated with Extinction Rebellion (XR) lay out a post-COVID-19 vision for the policies that could deal with the multiple crises we now face — and how a renewal of democracy is essential to save us from future health and ecological disasters. This statement is published exclusively in Byline Times by the XR ‘Brains Trust’, a group of thinkers including David Graeber, Illona Otto, Rupert Read, Jason Hickel, Steve Keen, Steve Melia, Henry Muss, George Barda and Rebecca Bowers.

Coronavirus Has Shown us How to Stop a Climate Disaster (BT)

According to economic textbooks, the role of finance is to allocate economic resources towards best meeting future needs. In the process, we are always told, this guarantees freedom, happiness, and well-being. Global financial markets are, therefore, a kind of superior, planetary substitute for state systems of central planning. But if so, it’s hard to imagine how they could do a more disastrous job, careering from crisis to crisis, requiring endless bailouts, while concentrating most of the world’s wealth in a tiny number of hands, wiping out species after species, and, immanently, rendering large swathes of the planet uninhabitable.

The only plausible explanation is that the economic textbooks are wrong. Global financial markets aren’t really ways of directing resources towards future benefit. They aren’t even really markets. They are power arrangements, which mainly operate by colluding with Governments to extract rents, largely, by creating public and private debt. In these areas, the public and private sector become so closely entwined that it’s difficult to even distinguish them. For instance, the crisis has made clear that Governments with their own currencies are perfectly capable of creating money at will, simply by getting the Central Bank to buy bonds from the Treasury. This can either be done directly, or via the contrivance of selling them first to the finance sector and then buying them back.

So, it follows, the same resources now devoted to keeping destructive industries afloat could simply be redirected to do the opposite. There is no reason not to allow fossil fuel, air travel, and much of current construction to simply collapse for lack of subsidy; redirecting the money instead to green projects, retraining, and a basic citizen’s income. The only way to guarantee humans are protected from future catastrophe then is to ensure a dramatic shift of power relations. Do we expect Governments to just go right ahead and implement this? Obviously not.

Governments are ultimately answerable to their citizens, and one thing citizens clearly don’t want, is to go back to how things were before. A recent survey found only 9% of British citizens want to return to life as it was pre-COVID-19. We can be certain there will never again be such reliance on air travel or commuting. And it’s unlikely citizens will ever again blindly accept ‘there’s just no money’ as an argument for failing to invest or to help the poor. The magic money tree was found, after all, this April.

Read more …

“..de facto gatekeepers of information..”

American Collusion: Weaponizing Media, Big-Tech, & Government (ZH)

In late October 2016, Jason Sullivan – then chief Twitter strategist for Roger Stone, used a data-mining tool he created, Power10, to peer into the public sentiment of the election. Outgunning the antiquated polling surveys that got it so wrong, Sullivan witnessed candidate Hilary Clinton catch up to Trump two weeks before the election in real time. He then saw, a few days later, how FBI Director James Comey gave Clinton a temporary boost that helped her overtake Trump when he announced the bureau would reopen the investigation into her email scandal. Since that time, Jason Sullivan hasn’t told his story about what happened behind the scenes leading to the biggest presidential upset election in more than a century. He wasn’t able to.

That’s because the FBI swept Sullivan up in a dawn raid in early 2018, after intimidating other members of his family. The FBI hauled him off to testify under oath of perjury before the Mueller team. Surviving the FBI interrogation, Jason Sullivan retreated from the social media spotlight. That was until this June when he saw the establishment’s coordinated effort to tilt the 2020 election against President Trump, again. The COVID-19 outbreak and subsequent lockdowns gave blue states cover for an all mail-in paper election. The Black Lives Matter (BLM) and Antifa protests, looting and riots further shut down cities across the United States. Some posed the theory that funds donated to BLM flow through ActBlue, another political front company, and into the DNC.

The biggest lever in tilting the election this year, however, emerges with the collusion between the mainstream media and the tech giants as de facto gatekeepers of information. They wield tremendous power to determine what can and cannot be said, seen, shared and posted. They include Twitter, Facebook, Google and YouTube, among others. All this boils down to one objective: Censorship. Surviving the Mueller interrogation, Sullivan developed a strong opinion on both censorship and what transpired during the last presidential election. “On November 8th, 2016, all the laws of gravity were completely defied, and the legitimacy of every last one of the traditional political polls were utterly destroyed and proven beyond a shadow of a doubt to be completely inaccurate in what went down as the single biggest political upset in modern-day history,” Sullivan said.

“The DNC, Hilary Clinton, the Obama administration, all the Democrats, all the leading newspapers and publications, the establishment Republicans and the RINOs were ALL completely caught flat-footed! If any one of the traditional polls were remotely accurate, candidate Trump did not stand a snowball’s chance in hell of winning the presidential election.” Sullivan concluded his first salvo, stating, “There is no one today who will argue that Donald Trump won the presidency because of social media … not even President Trump. But social media is what allowed candidate Donald Trump to completely circumvent the mainstream media and get his message out directly to the people.”

On Twitter shadow-banning, Sullivan observed the “systemized censorship that if Twitter staff members didn’t like a user’s tweet, they would zap the user’s account, for a period of time. Meaning, everything the user would post would not show up on any of his followers news feeds. It’s like getting hit with a digital stun gun.”

Read more …

Orange Man Bad is a profit machine for left and right.

That Kind Of Memory Hole Is A Nightmare (Higgins)

Liberals are losing their minds over the Lincoln Project, a political action committee made up of a coalition of Republican strategists and admen who raised $16.8 million this past quarter to continue their mission of making commercials and posts aimed at upsetting Donald Trump. The group has been regularly praised for its “fearlessness” and the “powerful” content of its ads, liberals say, deeming the anti-Trump commercials “MUST WATCH” because “they are driving him crazy.”

A recent example used the coronavirus pandemic to make the case that Trump is an existential threat to the country. “If we have another four years of this, will there even be (big dramatic pause) an America?” asks a passably Ronald Reagan-imitating voice actor as somber music plays in the background in the punny “Mourning in America”-titled ad that came out this week. It was celebrated by Politico’s Joanna Weiss as a “masterful nugget of compact filmmaking.” Unsurprisingly for a group of former aides to Republican campaigns and party attachés who have run in the same circles for decades, the Lincoln Project is made up of exactly the kind of people who liberals profess to loathe: a collection of right-wing ghouls dominated by angry white men with bigoted, racist views that they’ve seldom been shy about sharing.

The group is reportedly little more than a slush fund for its members. A study on the Lincoln Project from the Center for Responsive Politics in May found the group’s finances suspect, at best, and that the organization was acting as a funnel for what The Atlantic called the coalition’s “motley crew” of leadership by directing the PAC’s cash to the interests and businesses of its directors and staff. “The Lincoln Project reported spending nearly $1.4 million through March,” the Center explained. “Almost all of that money went to the group’s board members and firms run by them.”

The Lincoln Project’s Team is led by eight founders and ten senior advisors, but the group’s core four is made up of George Conway, Steve Schmidt, John Weaver, and Rick Wilson. The quartet self-importantly announced the formation of their PAC in a tedious opinion piece for the New York Times last December, claiming that Trump represents some great departure from American conservatism (beyond saying the quiet part loud) and concluded the piece by likening their consultancy-trough-feeding and make-work organization to the Union forces in the Civil War.

Read more …

 

 

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The man’s making a very good point.

 

 

Support the Automatic Earth in virustime.

 

May 312020
 


Monastiraki Square deserted due to lockdown, Athens, Greece 2020

 

Well, actually, there is no Automatic Earth in Athens right now. But we’re working on it. And I have had a hard time finishing articles recently for some reason. It may be because it’s virustime, and it’s certainly because of the lockdown. People are social animals, and I am no exception. Living alone and working alone makes it more extreme.

Not that I have changed my mind on lockdowns; they are the only option to tame the virus under the circumstances. Still, a lockdown must be executed properly, to make it “as close to impossible as possible” for the virus to jump to new hosts, and that has only been done in very few places, either because politicians and “experts” don’t understand how and why, or they find it too inconvenient. But enough about that for the moment, even as today’s new global cases top 130,000 in yet another new record.

 

In mid-December I went from Athens to Holland, where I still rent a small apartment though I’ve been spending most of my time in Athens. I thought I’d stay a few months in the Lowlands, do some of the everyday -or every year- stuff that needs doing, taxes, medical things etc., and return to Athens in spring.

I had a ticket back to Athens from Holland on April 1, which I had bought early February, when things still seemed somewhat normal. But as the date approached, of course, we moved ever further away from normal. If I had booked a few weeks earlier, things might have worked out, but Greece implemented a very strict lockdown, so it wouldn’t have been much fun.

I could change the ticket for free until two weeks before departure, after which the cost for changing it would be close to the original ticket price. So I changed it. By then, there was a two-week mandatory full quarantine in place for new arrivals in Greece. Not very tempting, but more importantly I was thinking I didn’t want to become a burden on the Greek healthcare system.

Which according to some has shrunk by 75% (imagine that) due to EU-mandated austerity. I was thinking the odds of Greece and the Greek system being overwhelmed were much higher than that it would happen in Holland. Boy, was I wrong. The irony is that it is exactly this that made Greece adopt the strict lockdown measures it did, as early as it did, and faring so much better because of it.

For 2 months, until 2 weeks ago, everyone who was out in the street had to carry a piece of paper detailing why they were out (try that in the US!). The only valid reasons to be out were shopping for food or medicine. All stores other than supermarkets and pharmacies were closed anyway. Greece was early and strict. They didn’t feel they had a choice.

And even if so much of the healthcare system has been bulldozed, the core is still very strong, that is a major factor. The professionals (experts) running the system and advising the government are of a very high caliber, which is more than one can say of many other countries.

 

 

 

 

In Holland, it’s been a very different story. It was late to the game, and when it did decide on a lockdown, it called it an “intelligent” lockdown. Like Dutch people are smarter than others. Which, of course, people like to hear. Most stores have remained open (though not public transport), there was no mass testing, only people with obvious symptoms were tested, and the Dutch version of the CDC still maintains today that face masks don’t actually work (i.e. we are more intelligent than 4.5 billion Asians).

Like in many other countries, the lack of testing and masks really only had one reason behind it, and it wasn’t that they would not work, or that anyone believed they didn’t, it was that they didn’t have any. And then when a government says they’re not needed, the pace at which they are purchased abroad or can be produced domestically slows down too, even with all the high tech industries in the country. That way you sort of boil in your own fat.

We’re 5 months into the pandemic, and only now can one get tested without already being on the verge of death [Update May 31: still no test available without symptoms, asymptomatic carriers be damned. Should I fake symptoms?]. And only now are masks obligatory in public transport. This means the virus has become pretty much embedded, though perhaps not yet endemic, in the population.

It’s a giant gamble with the lives of your citizens when you try to hide your failure to acquire the necessary tools and implement the needed procedures, behind stories about how well “we” are really doing. The kind of gamble that politicians should at the very least by forced to quit for, but that is not going to happen.

But, more irony, they’re real popular. People buy the narrative that “this is the best we could have done”, and hang on to their lips every day for a shred of good news. That happens in many countries, of course, and, yes, it has a function: if you want to do a lockdown, above all you need a sense of unity. That it is used to hide lies and failures is almost an afterthought.

I don’t try to point out to people here -the few I see- anymore that their government has done a terrible job; they all watch the same news, and they’ve all bought the same “we’re in this together” kool-aid. Which, again, does serve a purpose, but it’s also very false. Here are the latest numbers from Worldometer:


Holland:
17.3 million people,
46,257 cases of COVID19, and
5,951 deaths.


Greece:
10.7 million people,
2,915 cases and
175 deaths.

I don’t even have to do the percentages, do I? The “successful” and “intelligent” Holland not only, 5 months in, still has an “official” worse “deaths per million population” rate than the US(!), the Dutch numbers also invariably come with the official addition that “real” numbers of both cases and deaths are much higher due to the lack of testing.

Almost as if they’re proud of it. As if it’s a waste of time to try and keep track of how and where the virus is spreading in your society, something you won’t ever know if you only test and count people who are already in hospital or dead.

 

High time for a more uplifting story. In early March, as Greece lockdown measures took hold one by one, almost all of the social kitchens were quickly shut down. But not the people the Automatic Earth has been supporting for 5 years running with your kind help. “Our” crew changed strategy as cooking in the street was no longer an option, and started preparing meals in a central place, only to drive down and hand them out fully ready in the familiar places near Monastiraki square and the Piraeus port.

And because so many other social kitchens had closed and the homeless still needed to eat (always the first to bear the brunt, no exception this time), they made -and make- a lot more meals as well than they were used to doing, and worked 4 days instead of 2, preparing some 700 meals every week.

It’s not just many more meals, but every meal takes much more time and energy to prepare than usual; each has to be packaged separately, because of course fears were that the homeless would be most susceptible to the virus. In short, they’ve all been working their behinds off. Everyone talks about heroes, and these people are mine. Let me show you with a few pictures:

Here’s Monastiraki square, deserted (with the Acropolis on top of the mountain):

 

 

Some of the crew preparing meals in the central place:

 

 

And posing (that’s Tassos doing his finest Greek Zorro):

 

 

Then there’s of course -some of- Da Boyz:

 

 

The usual hot meal in the big pot:

 

 

But lots of other things too, all individually wrapped:

 

 

Which then end up in these crates before they’re loaded into cars to be distributed.

 

 

I love this picture, these are some of the things served on Greek Easter, April 19, because the homeless, too, should celebrate:

 

 

And then the packages are handed to the people in central Athens:

 

 

And at the port of Piraeus:

 

 

Greece, like other countries, is slowly easing its lockdown, first the stores opened, last week it was terraces at bars and restaurants, and next week it will be the inside of these places too.

“The Crew” is not yet back to cooking in the streets, that will take a bit more time. I’ve been keeping in close touch with them, and it’s high time to replenish the supermarket “checks” I last arranged for in December. First thing I’ll do when I get there. Been offering it all the time, a bank transfer might have worked, but so far they manage.

Air traffic is resuming as well, bit by bit. When I changed my ticket in mid-March, I had no idea what would be realistic, and picked June 16 “out of a hat”. Not a bad guess, it turns out. June 16 became 17, and 2 days ago the Greeks said Holland is a risk country, so no flights before July, but this morning they changed that again, to mandatory testing at the airport followed by a night in a designated hotel; it now looks as if this might actually happen. Then again, 17 days is an eternity in virustime of course.

And in the process I’ll get tested, something I can’t get done in Holland. I’ve been holed up in an area of Holland with very few infections, but I’ll still have to do the train-airport-plane routine to get to Athens, all places where the danger of being infected is -relatively- high. Holland is a country the size of a postage stamp, and it still today averages more new cases than Greece has had total deaths.

 

As always when I write about the Automatic Earth in Athens project, I ask you to support it. There are still a few hundred dollars left, but I want to buy at least €1000 worth of supermarket checks, so the crew can fill their by now empty pantries and cupboards and do something extra for the clients, who haven’t had an easy time.

The way it goes is simple and identical to how we’ve always done this: you can donate through our Paypal widget at the top left corner of the site. Any donations that end in $0.99 or $0.37 go straight to the crew, other amounts go to the Automatic Earth, which also badly needs support, and which you can of course also support via Patreon, see top right corner of the site.

I am honored and proud to be associated with these people, and proud of the bonds we have forged since 2015, and I think you should be too. Together, we support the most vulnerable people, homeless and refugees, in a city still overflowing with vulnerable people (with many more added because of the virus), and we do it through a crew that doesn’t cease to amaze with their selflessness.

I don’t remember if I ever mentioned this, but a few years ago I was talking to a guy who did a project on Lesbos, maybe still does, and we were saying: many years from now, when looking back on your life, what will you be most proud of? We both concluded that this would certainly among the top in the list: supporting the weakest members of society. But I can’t do it without your help, which has been amazing all this time, and which I hope will continue in the same way that I am determined to continue to support this wonderful little shimmer of light.

 

 

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May 302020
 


Edward Hopper Folly Beach, Charleston, South Carolina 1929

 

Protests Spread Nationwide: Minnesota Curfew, White House Locks Down (JTN)
Unsanitized: Social Unrest When There’s Nothing to Lose (Dayen)
Trump Orders His Administration To Begin Eliminating Hong Kong Privileges (R.)
Trump Says US To Withdraw From WHO. Does He Have The Authority To Do It? (NPR)
Twitter Targets Trump Again, Flagging Tweet After Executive Order (SAC)
Coronavirus Sinks US Consumer Spending As Savings Hit Record High (R.)
Investors Eye Consumer Discretionary Stocks As US Reopens (R.)
A Chronicle of a Lost Decade Foretold (Varoufakis )
Malaria Drug And Zinc, The Missing Link (Berry)
Australian Anti-Vaxxers Label COVID19 a ‘Scam’ At Anti-5G Protests (AAP)
States Are Copying & Pasting Immunity Laws For Nursing Home Execs (Sirota)
De Blasio Ramps Up Destruction Of Homeless Encampments (Gothamist)
No One Knows Where Ghislaine Maxwell Is (Esq.)

 

 

The conversation has shifted away from corona for now. Is that a good thing?

Total global cases pass 6 million as daily new cases set another record at 125,511.

New cases past 24 hours in:

• US + 25,069
• Brazil + 30,739
• Russia + 8,952
• UK 4,938
• India + 8,105
• Peru + 6,506
• Chile + 4,654

 

 

 

Cases 6,054,777 (+ 122,597 from yesterday’s 5,932,180)

Deaths 367,288 (+ 4,674 from yesterday’s 362,614)

 

 

 

 

 

From Worldometer yesterday evening -before their day’s close-:

 

 

From Worldometer:

 

 

From SCMP:

 

 

From COVID19Info.live:

 

 

 

 

 

 

Two sides prone to violence.

Protests Spread Nationwide: Minnesota Curfew, White House Locks Down (JTN)

The anger over George Floyd’s death in Minneapolis police custody fueled intense protests coast to coast Friday night, as activists ignored a Minnesota curfew to set new fires while the White House temporarily locked down over security concerns just outside its gates. The arrest and murder charges filed earlier in the day against the police officer who allegedly knelt on Floyd’s neck did little to quell a swelling rage that drove protests in cities as diverse as New York and San Jose. In Atlanta, protesters spray-painted sayings and broke windows at CNN’s headquarters while tense officers in Brooklyn borough lined up to keep angry, chanting protesters from straying from street protests toward business.


The Secret Service on Friday evening put the White House on brief lockdown, sheltering reporters inside the press room, as several videos on social media showed unruly protesters outside of the Treasury Department, adjacent to the heavily fortified White House, and large groups of protesters walking from the city’s historically black U Street neighborhood chanting, “No peace, no justice.” The protests started Tuesday in Minneapolis, where weary residents and officers faced a fourth night of violence, rioting and fire setting. The Minnesota governor activated the national guard and a strict curfew for 8 p.m. was imposed in the Twin Cities, but it failed to keep large numbers of protesters from taking to the streets anew.

Read more …

“..that’s the same brutality..”

Unsanitized: Social Unrest When There’s Nothing to Lose (Dayen)

There’s a reason that Spike Lee set Do the Right Thing on the hottest day of the year in Brooklyn. The pressure from the heat simmered through the community and created sparks that ignited existing tensions. There was a triggering event, which led to a police chokehold and the death of Radio Raheem, and the destruction of Sal’s Pizzeria. The weather was the backdrop as events played out. That was 1989 and it couldn’t be more relevant right now. The death of George Floyd is obviously unforgivable on its own terms. There doesn’t need to be any context. Unreformed police murder in communities of color has been part of America since well before I was born. I have nothing to comment on about looters—at least eight people sent me this Onion headline, “Protestors Criticized For Looting Businesses Without Forming Private Equity Firm First.” (I guess my reputation precedes me.)

I can’t say anything about the burning of the 3rd police precinct. And I have a lot to say about the great misfortune of having Donald J. Trump in a leadership position during this moment, but most of it would be curse words. Decades of disinvestment and routinized brutality and structural racism created these conditions. The officer who killed George Floyd had enough history of violence alone to contribute mightily to this rage. (And yes, Amy Klobuchar declined to prosecute him and many others for these crimes.) But you cannot separate this outpouring of anger from two months of death, economic collapse, and the disproportionate pain raining down right now on communities of color.

Decades of environmental racism have created toxic vectors for spreading the virus; that’s the same brutality. Minority small business owners have had a harder time securing federal aid, owing to more distant relationships with local banks; that’s the same brutality. African Americans are more likely to be in “essential” jobs and unable to work from home and protect themselves; that’s the same brutality. They’re more likely to be in prisons under perhaps the worst conditions of this crisis; that’s definitely the same brutality. “Black Americans are 80 percent more likely than white people to have diabetes,” which puts them at higher risk from COVID-19; that’s the same brutality. Lack of decent food in communities of color, and access to healthcare, and the ability to rent enough space in shelter to physically distance—this is all brutality against a people, manifested today but going back 400 years.

When you are either out of work or on a hair trigger because you know you’re risking your life by going to work; when your business can’t get a bridge loan and you know everything you worked for is about to be extinguished; when you’re cut off from your friends and neighbors; when your source of sustenance is the food bank; when you have nothing to lose, and then on television you see a black man with his neck wedged between a police officer’s knee and the pavement until he chokes, and you hear he died in police custody after pleading “I can’t breathe,” and you remember how those words were spoken by Eric Garner, and you hear that the man was in custody for using counterfeit money and you don’t think that’s a sufficient reason to kill somebody, and you recall that the Minneapolis Police Department has had a really ugly history with the black community for a long time, and when you exhale a little because the cops involved were fired but then the local prosecutor says this murder of a black man doesn’t merit prosecution… what results from this injustice should meet your expectations.

Read more …

It boils down to: how big of a threat is China? Opinionsvary.

Trump Orders His Administration To Begin Eliminating Hong Kong Privileges (R.)

U.S. President Donald Trump said on Friday he was directing his administration to begin the process of eliminating special treatment for Hong Kong, in response to China’s plans to impose new security legislation in the territory. Trump made the announcement at a White House news conference, saying China had broken its word over Hong Kong’s autonomy. He said its move against Hong Kong was a tragedy for the people of Hong Kong, China and the world. “We will take action to revoke Hong Kong’s preferential treatment,” he said, adding that the United States would also impose sanctions on individuals seen as responsible for smothering Hong Kong’s autonomy.


Trump’s move follows Chinese plans to impose new national security legislation on the former British colony. Secretary of State Mike Pompeo has said the territory no longer warrants special treatment under U.S. law that has enabled it to remain a global financial center. Trump said he was directing his administration to begin the process of eliminating policy agreements on Hong Kong, ranging from extradition treatment to export controls. He said he would also issue a proclamation on Friday to better safeguard vital university research by suspending the entry of foreign nationals from China identified as potential security risks.

Read more …

The WHO has failed/refused to reform the way Trump asked them to.

Trump Says US To Withdraw From WHO. Does He Have The Authority To Do It? (NPR)

President Trump has announced that he is immediately halting the decades-long U.S. membership in the World Health Organization over its response to China’s handling of the coronavirus epidemic. In a press briefing Friday at the White House, Trump said, “We will be today terminating our relationship with the World Health Organization and redirecting those funds to other worldwide and deserving urgent global public health needs.” Trump said the decision came because WHO has “failed to make” reforms the U.S. requested. Last week, Trump sent a letter to WHO’s director-general, Tedros Adhanom Ghebreyesus, outlining his views on how the agency favors China and asking the organization to “commit to major substantive improvements within the next 30 days.”

It’s not clear what specific reforms the U.S. has requested, because those discussions have not been made public. Nor did Trump say why he acted on the threat after one week rather than waiting a month. The U.S. was a major force in founding WHO in 1948 and is the organization’s top funder, providing around $450 million a year, according to Trump. The level of funding the U.S. provides to WHO has been a sore spot for Trump, who complained at the briefing that the U.S. pays significantly more than China but does not wield more power in the agency. Global health experts said the president’s choice to leave the global health governing body during a pandemic is a dangerous call.

“This decision is really so short-sighted and ill-advised, and all it does is put American lives at risk,” said Dr. Howard Koh, former assistant secretary for health in the Obama administration and now a professor at Harvard’s T. H. Chan School of Public Health. “I disagree with the president’s decision,” said Sen. Lamar Alexander, R-Tenn., chairman of the Senate Health, Education, Labor and Pensions Committee, in a statement after the announcement. “Withdrawing U.S. membership could, among other things, interfere with clinical trials that are essential to the development of vaccines, which citizens of the United States as well as others in the world need. And withdrawing could make it harder to work with other countries to stop viruses before they get to the United States.”

It’s questionable whether the president can make a unilateral decision to withdraw from WHO. “It is an overreach of his constitutional powers,” said Larry Gostin, director of the O’Neill Institute for National and Global Health Law at Georgetown University. Gostin said he believes that the president may need congressional approval to terminate U.S. membership in the U.N. agency. “The only situation where he can do this is if Congress had agreed beforehand to give these powers to the president,” said Kelley Lee, a professor of public health at Simon Fraser University. “It is the role of legal advisers to inform the president on what authority he can exert. He is either not receiving good advice or not listening to it.”

Read more …

Thugs, huh?

Twitter Targets Trump Again, Flagging Tweet After Executive Order (SAC)

Twitter flagged and hid a tweet posted by President Donald Trump’s early Friday morning after the president signed an Executive Order challenging the growing political bias in tech companies, whose platforms are meant to be neutral. Trump’s tweet was in response to the growing unrest and rioting in Minnesota, in response to the horrific death of George Floyd while in police custody. Thursday night the situation in Minneapolis escalated again when rioters overran a police precinct, forcing police officers, who were told not to respond by city officials, to evacuate before it was burned to the ground.

Trump signed the Executive Order Thursday aimed at social media giants he says, have been operating as biased publishers rather than platforms for free speech. Trump tweeted that these “THUGS are dishonoring the memory of George Floyd, and I won’t let that happen. Just spoke to Governor Tim Walz and told him that the Military is with him all the way. Any difficulty and we will assume control but, when the looting starts, the shooting starts. Thank you!”

The National Guard was sent to assist local authorities in containing the rioting. Earlier the president criticized the city’s mayor, who ordered the evacuation of the precinct saying, “the very weak radical left mayor Jacob Frey” if he didn’t bring the city under control. In response, Twitter flagged the President’s tweet and attached a notice saying “we have placed a public interest notice on this Tweet from @realDonaldTrump.” The tweet is actually hidden from public view but can be viewed if the reader so chooses to click on it. “This Tweet violated the Twitter Rules about glorifying violence,” said Twitter. “However, Twitter has determined that it may be in the public’s interest for the Tweet to remain accessible.”

Read more …

Consumer spending is way down. Therefore, savings must be way up? is that so?

Coronavirus Sinks US Consumer Spending As Savings Hit Record High (R.)

U.S. consumers cut spending by the most on record for the second straight month in April while boosting savings to an all-time high, and the growing frugality reinforced expectations the economy could take years to recover from the COVID-19 pandemic. The report from the Commerce Department on Friday also showed an economy highly reliant on the government, with financial aid checks from a historic fiscal package worth nearly $3 trillion driving a record surge in personal income. Together with news that monthly exports collapsed, the report left economists anticipating the largest contraction in gross domestic product in the second quarter since the Great Depression. Data has also been dismal this month on the labor market, manufacturing production and homebuilding.

“Right now, the economy is totally dependent upon the largesse of the government,” said Joel Naroff, chief economist at Naroff Economics in Holland, Pennsylvania. “Will the federal government keep sending out checks or will the household and business welfare payments dry up?” The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, plunged 13.6% last month, the biggest drop since the government started tracking the series in 1959. It eclipsed the previous all-time decrease of 6.9% in March.

[..] Personal income surged a record 10.5% last month. Without the government money, income would have declined 6.3% with business closures pushing wages down 8.0%. The unprecedented economic upheaval saw the saving rate hitting a record 33%. “If the economy reopens quickly without consequence, the millions who lost jobs are hired back and have no reason to fear they will lose their jobs again, these savings represent considerable spending power in the second half,” said Chris Low, chief economist at FHN in New York. “If it takes longer to reopen the economy, these savings will be used for sustenance over the next few months. They will limit the decline, but not fuel a sharp rebound.”

[..] In a second report on Friday, the Commerce Department said goods exports tumbled 25.2% to $95.4 billion in April, a 10-year low. The broad decline in exports was led by a 65.9% collapse in shipments of motor vehicles and parts. That outpaced a 14.3% tumble in imports. As a result, the goods trade deficit widened 7.2% to 69.7 billion last month. The larger goods trade deficit is likely a drag on second GDP, which economists expect could drop at as much as a 40% rate, a pace not seen since the 1930s. The economy contracted at a 5.0% annualized rate last quarter, the deepest pace of decline in GDP since the 2007-09 recession. Consumer spending tumbled at a 6.8% rate, the sharpest drop since the second quarter of 1980.

Read more …

Everyone buys Amazon, consumers and investors.

Investors Eye Consumer Discretionary Stocks As US Reopens (R.)

Investors are taking a closer look at the market’s consumer discretionary companies as a reopening U.S. economy fuels hopes of a turnaround for some of the sector’s hardest-hit names. Many companies in the sector have been battered by the country-wide coronavirus-fueled lockdowns that have weighed on growth and damaged retail spending over the last several months, though the stocks of a few, like Amazon, have soared. A gradual lifting of lockdowns in some states has stirred hopes for a bounce back for the retailers that make up much of the sector.Some investors, however, say it may be months before consumers return to their previous shopping habits, making it unlikely that the companies will see a pickup in revenues in the near term.

Firms ranging from middle-income retailers such as Gap Iand American Eagle Outfitters to high-end destinations like Tiffany & Co and Vail Resorts Inc are expected to report results in the week ahead. “This particular group is full of landmines,” said Jamie Cox, managing partner for Harris Financial Group. “There is not going to be a lot of investor follow-through until we get some certainty with what future revenue prospects are going to be.” Shares of the Gap, for instance, are down 43% for the year to date. A recession that persists through the fourth quarter of this year would reduce the company’s revenues by 40%, according to a note by research firm Trefis.

Next Friday’s U.S. jobs report is expected to show that the unemployment rate rose to 19.8% in May, smashing April’s record 14.7%, according to a Reuters poll. Non-farm payrolls are expected to drop by 7.4 million, adding to the 20.5 million jobs lost the previous month. Cox is focusing on dominant players such as Amazon.com Inc, Walmart Inc and Target Corp, which have a mix of essential items such as groceries as well as electronics and games that can appeal to customers who may face extended lockdowns during a potential second wave of the virus. Overall, retail companies in the S&P 500 are up 12.9% for the year to date, a gain powered largely by Amazon’s 31% rally. Apparel companies, by comparison, are down 16.2% over the same time.

Read more …

Yanis doesn’t want separate countries, though they are likely the best format in a pandemic. No, he wants globalization, just not the one we know. How practical is that?

A Chronicle of a Lost Decade Foretold (Varoufakis )

To exorcise my worst fears about the coming decade, I chose to write a bleak chronicle of it. If, by December 2030, developments have invalidated it, I hope such dreary prognoses will have played a part by spurring us to appropriate action. Before our pandemic-induced lockdowns, politics seemed to be a game. Political parties behaved like sports teams having good or bad days, scoring points that propelled them up a league table that, at season’s end, determined who would form a government and then do next to nothing. Then, the COVID-19 pandemic stripped away the veneer of indifference to reveal the political reality: some people do have the power to tell the rest of us what to do. Lenin’s description of politics as “who does what to whom” seemed more apt than ever.

By June 2020, as lockdowns began to ease, left-wing optimism that the pandemic would revive state power on behalf of the powerless remained, leading friends to fantasize about a renaissance of the commons and a capacious definition of public goods. Margaret Thatcher, I would remind them, left the British state larger, more powerful, and more concentrated than she had found it. An authoritarian state was necessary to support markets controlled by corporations and banks. Those in authority have never hesitated to harness massive government intervention to the preservation of oligarchic power. Why should a pandemic change that? As a result of COVID-19, the grim reaper almost claimed both the British prime minister and the Prince of Wales, and even Hollywood’s nicest star. But it was the poorer and the browner that the reaper actually did claim. They were easy pickings.

[..] Just as cathedrals were the Middle Ages’ architectural legacy, the 2020s left us tall walls, electrified fences, and flocks of surveillance drones. The nation-state’s revival made the world less open, less prosperous, and less free precisely for those who had always found it hard to travel, to make ends meet, and to speak their minds. For the oligarchs and functionaries of Big Tech, Big Pharma, and other megafirms, who got on famously with the strongmen in authority, globalization proceeded apace.

The myth of the global village gave way to an equilibrium between great-power blocs, each sporting burgeoning militaries, separate supply chains, idiosyncratic autocracies, and class divisions reinforced by new forms of nativism. The new socioeconomic cleavages threw the prevailing features of each country’s politics into sharp relief. Like people who become caricatures of themselves in a crisis, whole countries focused on their collective illusions, exaggerating and cementing pre-existing prejudices.

Read more …

Your daily dose of anti-remdesivir.

Malaria Drug And Zinc, The Missing Link (Berry)

Mystery surrounds why an anti-malaria drug is not being tested as a Covid-19 treatment in combination with zinc, which doctors say is crucial for efficacy. As we reported recently, President Trump revealed he was taking hydroxychloroquine (HCQ) alongside zinc after reports that many doctors are doing the same to help ward off Covid-19. Criticism of the President rose sharply after a non-randomised study published in the Lancet said that HCQ provided no benefit to hospitalised Covid-19 patients while being linked to increased deaths. What the mainstream media did not point out is that the Lancet study failed to test HCQ with zinc. Other experts have found zinc to be vital for efficacy in this context.

Zinc, available as an over-the-counter supplement, has long been seen as an immune-system booster that helps develop immune cells, or antibodies, and can strengthen the body’s response to a virus. American infectious disease specialist Joseph Rahimian explained that, in relation to Covid-19, zinc ‘does the heavy lifting and is the primary substance attacking the pathogen’. HCQ is said to work as a delivery systemfor zinc in fighting coronavirus. Ironically, the Lancet study came out at the same time as it was reported that India’s premier health body had expanded use of HCQ as a preventive for key workers following three studies showing positive results.

[..] ..a study by the New York University Grossman School of Medicine published this month [..] found that those receiving the triple-drug combination (HCQ, with azithromycin and, crucially, zinc) ‘were 44 per cent less likely to die, compared with the double-drug combination (i.e. without zinc)’. As the study notes:‘This study provides the first in vivo evidence that zinc sulfate in combination with hydroxychloroquine may play a role in therapeutic management for Covid-19.’ The above makes the question of why zinc was not used in the Lancet study more baffling. And why don’t the media note that the combination of zinc and HCQ is crucial?

Read more …

This sounds quite confused. “5G = communism”? Where do we start?

Yeah, 5G should be researched much more before it’s lanuched. But how can it turn COVID19 into a scam?

Australian Anti-Vaxxers Label COVID19 a ‘Scam’ At Anti-5G Protests (AAP)

Hundreds of anti-vaccination protesters have defied social distancing measures at rallies in Sydney, Brisbane and Melbourne. Protesters claiming the Covid-19 pandemic was a “scam” gathered at the Royal Botanic Gardens in Melbourne on Saturday, and carried signs declaring they were against vaccines and 5G technology. Their placards claimed “5G = communism”, “Covid 1984” and “our ignorance is their strength”. They booed police – clad in gloves and face masks – who warned the crowd that they were breaching social distancing rules designed to slow the spread of coronavirus. In a statement, police said those found in breach of Covid-19 directions faced fines of $1,652 each.


In Sydney, up to 500 protesters voiced conspiracy theories regarding not only vaccination but also 5G telecommunication networks, fluoride and large pharmaceutical corporations. The group convened at Hyde Park in the CBD before holding a singalong of anti-vaccination songs and walking to NSW Parliament House. They chanted “freedom of choice” and “my body, my choice” on the march, with some attempting to raise the spectre of a “new world order”. The walk passed without incident or police intervention. When asked about the protest, Victoria’s chief health officer, Brett Sutton, said “there’s no message that can get through to people who have no belief in science”. “There’s probably no reaching them,” he earlier told reporters.

Read more …

Hey, you wanted a for-profit medical system.

States Are Copying & Pasting Immunity Laws For Nursing Home Execs (Sirota)

To date, 19 states have enacted some form of immunity for the hospital and nursing home industries during the pandemic. In general, these new policies shield nurses, doctors and other frontline health care workers from liability when they are treating COVID patients. However, New York, Massachusetts and North Carolina go further: unlike other states, the identical language added to their laws explicitly define health care providers as including “a health care facility administrator, executive, supervisor, board member, trustee” or other corporate managers. That exact word-for-word clause appears in emergency legislation in all three states. In practice, it extends immunity to corporate officials who are not on the medical frontlines, but who are making life-and-death decisions across their companies.


“The new measures granting immunity to health care providers and professionals go well beyond protecting front-line workers from lawsuits — many also provide immunity to administrators who make unreasonable and dangerous, even lethal, decisions,” said Syracuse University law professor Nina Kohn. “New York, Massachusetts, and North Carolina take protection for corporate owners and executives to a whole new level by explicitly granting immunity to board members, trustees, and directors.” “This is extraordinary protection which is in no way in the public interest,” Kohn said. “These states are explicitly and unabashedly giving for-profit corporations and corporate executives the green light to make unreasonable decisions that put vulnerable people in imminent danger, and letting them know that they don’t have to worry about being held legally accountable for the avoidable human damage that results.”

Read more …

Teaching the poor another lesson will always trump the pandemic.

De Blasio Ramps Up Destruction Of Homeless Encampments (Gothamist)

Trudi and Rickey Reppi live in a tent on a triangular stretch of sidewalk between three lanes of traffic by the entrance to the Lincoln Tunnel. The tent serves as a headquarters of sorts for a community of homeless people and panhandlers. Dave, Rob, Richard, Russia, and Seven all often sleep outside, some on mattresses or chairs, some on cardboard and bundled-up clothing. Others drop by frequently throughout the day, accepting packaged meals Trudi and Rickey had picked up from an aid organization (“Homeless people help each other way more than anyone in these hundred thousand dollar cars ever help us,” Trudi says) or fanning out, cardboard signs in hand, to ask passing drivers for money for hours on end.

The police arrive at about 9 a.m, flanked by outreach and Sanitation workers forming a team of around a dozen city employees. Trudi and Rickey wearily begin the weekly routine of taking down their tent, bundling up all the possessions they can carry, and leaving everything else on the side of the street for the Sanitation workers to throw away. For years, Mayor Bill de Blasio’s administration has been sending joint teams of NYPD officers, Sanitation workers, and Department of Homeless Services staff to require that homeless people move from locations where they’ve set up shelter. The number of sweeps (also called “clean-ups”) per week has risen dramatically in the last six months, according to homeless people, advocates and case workers.

A DHS employee, who was not authorized to speak publicly, said that the team implementing the sweeps had increased last November from about 3 to about 40. The employee said that the clean-ups would be increasing to twice a week at most encampments; eventually, he suggested, homeless people would give in and accept shelter. Trudi says that she’s been subject to ten to fifteen sweeps in just the last three months. This count doesn’t include the nightly visits the NYPD has paid her in May, sending as many as nine police officers at 3 a.m. to demand that she take down her tent. “In my administration, we made a decision that from our point of view, it was unacceptable to have [a] single encampment anywhere in New York City and they had to be dismantled anytime they’re identified,” Mayor de Blasio said at a press conference earlier this month.

“And we’ve been doing that now for years and it’s really caused the encampments to become a rarity, but whenever we see a new one, we immediately take it down.” But the Center for Disease Control and Prevention has explicitly recommended against clearing encampments or displacing unsheltered homeless people during the pandemic. “If individual housing options are not available, allow people who are living unsheltered or in encampments to remain where they are,” the guidelines read. “Clearing encampments can cause people to disperse throughout the community and break connections with service providers. This increases the potential for infectious disease spread.”

Read more …

The Netflix series on Epstein brings her to our attention again.

Still No One Knows Where Ghislaine Maxwell Is (Esq.)

Though multiple survivors have alleged that Maxwell participated in Epstein’s alleged crimes, she’s never been criminally charged. One thing that could stymie potential efforts to level charges against Maxwell is the infamous 2008 plea deal that Epstein struck with the US Attorney for Miami, Alexander Acosta, which found him serving just 13 months in prison after initially facing charges that could have garnered him a life sentence. Jeffrey Epstein: Filthy Rich producer Joe Berlinger described the deal to Esquire as “unprecedented, unheard of sweetheart deal” that “included a non-prosecution agreement for named and unnamed co-conspirators.”

In April, an appeals court upheld the 2007 deal, writing in its opinion that the decision was “not a result we like, but it’s the result we think the law requires.” Maxwell is currently suing Epstein’s estate for money for her legal fees, and for the price of private security, alleging that her “prior employment relationship” with Epstein has caused to her be subjected to death threats. Though once a fixture of the global high-society, Maxwell has been spotted rarely in recent years. Last summer, she was photographed at a Los Angeles In-N-Out Burger, though the authenticity of the photo has been disputed. Her New York townhouse was sold in 2016.

This month, it was reported that lawyers for accusers seeking to file a civil suit against Maxwell have been unable to locate her. According to ABC news, one alleged victim’s “legal team dispatched process servers to five addresses previously connected to Maxwell, including a multi-million dollar brownstone on Manhattan’s Upper East Side, an apartment building in Miami Beach and Epstein’s mansion on Palm Beach Island.” Maxwell is also contending with other civil lawsuits filed by alleged survivors. Just this month, she won the right to delay her questioning in a suit filed by Annie Farmer, the sister of fellow Epstein accuser Maria Farmer, on the grounds that her testimony could be used against her in a current criminal investigation. But with the FBI allegedly investigating Maxwell, her story could be far from over.

Read more …

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Support the Automatic Earth in virustime.

 

Apr 192020
 


Unknown A couple wearing smog masks, London 1953

 

Did COVID19 Outbreak Start Months Earlier And Not In Wuhan? (RT)
New Wave Of Infections Threatens To Collapse Japan Hospitals (AP)
Florida Prison System Begins To Reveal Ravages Of Coronavirus (MH)
UK Care Home Deaths ‘Far Higher’ Than Official Figures (BBC)
Anger In Sweden As Elderly Pay Price For Coronavirus Strategy (O.)
A Scam To Enrich Execs: COVID19 Bailouts Fuel More Share Buybacks (Feierstein)
The Trickle-Up Bailout (Matt Taibbi)
Russia Reports Record Daily Rise In Coronavirus Cases (R.)
Spain To Allow Children Outside After Six Weeks (BBC)
CDC Reviewing ‘Stunning’ Testing Results From Boston Homeless Shelter (B25)
38 Days When Britain Sleepwalked Into Disaster (Times)
UK Medical Staff Face Weeks Without Protective Gowns (O.)
Lockdown Puts Increasing Strain On Britain’s Food System (Ind.)
Pandemics Have Reshaped The World In Unpredictable Ways Throughout History (ProsM)

 

 

“The curve is flattening; we can end lockdown now”

=

“This parachute has slowed my rate of descent; I can take it off now”

 

 

 

 

 

Cases 2,345,476 (+ 84,051 from yesterday’s 2,261,425)

Deaths 161,196 (+ 6,462 from yesterday’s 147,378)

 

 

 

From Worldometer yesterday evening -before their day’s close-

 

 

From Worldometer – NOTE: among Active Cases, Serious or Critical fell to 3%

 

 

From SCMP:

 

 

From COVID19Info.live:

 

 

 

 

Just as everyone says it was the lab.

Did COVID19 Outbreak Start Months Earlier And Not In Wuhan? (RT)

The novel coronavirus may have first passed to humans somewhere in southern China months before the outbreak in the city of Wuhan, a new study found, cutting against widely held theories about the origins of the pandemic. Mapping a “network” of coronavirus genomes and tracing mutations over time, a team of researchers led by a Cambridge University geneticist determined the first Covid-19 infection may have come as early as September in a region south of Wuhan, noting the pathogen could have been carried by humans well before it mutated into a more lethal form. “The virus may have mutated into its final ‘human-efficient’ form months ago, but stayed inside a bat or other animal or even human for several months without infecting other individuals,” geneticist Peter Forster told the South China Morning Post.


Phylogenetic network of 160 SARS-CoV-2 genomes © PNAS / Peter Forster

He leads the ongoing yet to be peer-reviewed research, recently published in the Proceedings of the National Academy of Sciences journal. “Then, it started infecting and spreading among humans between September 13 and December 7, generating the network we present in [the study]”. Though the virus is thought to have transmitted from bats to another host animal – pangolins are a popular candidate – and finally to humans, the new findings could overturn prevailing ideas as to precisely how, when and where it made the interspecies leap. Initial theories posited the jump to humans took place at a wet market in Wuhan, but the new study has called that into question, suggesting Covid-19 might have originated south of the central-Chinese city.


“If I am pressed for an answer, I would say the original spread started more likely in southern China than in Wuhan.” Any solid conclusions, however, could only be made after analyzing more bats and other potential host animals, as well as tissue samples from early patients, Forster cautioned. “But it is the best assumption we can make at the moment, pending analysis of further patient samples stored in hospitals during 2019,” the researcher told Newsweek in a separate interview.

Read more …

For two whole months, Shinzo Abe had just one thing in mind: the Olympics. Everything else had to be pushed aside.

New Wave Of Infections Threatens To Collapse Japan Hospitals (AP)

Hospitals in Japan are increasingly turning away sick people as the country struggles with surging coronavirus infections and its emergency medical system collapses. In one recent case, an ambulance carrying a man with a fever and difficulty breathing was rejected by 80 hospitals and forced to search for hours for a hospital in downtown Tokyo that would treat him. Another feverish man finally reached a hospital after paramedics unsuccessfully contacted 40 clinics. The Japanese Association for Acute Medicine and the Japanese Society for Emergency Medicine say many hospital emergency rooms are refusing to treat people including those suffering strokes, heart attacks and external injuries.

Japan initially seemed to have controlled the outbreak by going after clusters of infections in specific places, usually enclosed spaces such as clubs, gyms and meeting venues. But the spread of virus outpaced this approach and most new cases are untraceable. The outbreak has highlighted underlying weaknesses in medical care in Japan, which has long been praised for its high quality insurance system and reasonable costs. Apart from a general unwillingness to embrace social distancing, experts fault government incompetence and a widespread shortage of the protective gear and equipment medical workers need to do their jobs. Japan lacks enough hospital beds, medical workers or equipment. Forcing hospitalization of anyone with the virus, even those with mild symptoms, has left hospitals overcrowded and understaffed.

[..] Medical workers are now reusing N95 masks and making their own face shields. The major city of Osaka has sought contributions of unused plastic raincoats for use as hazmat gowns. Abe has appealed to manufacturers to step up production of masks and gowns, ventilators and other supplies. A government virus task force has warned that, in a worst-case scenario where no preventive measures were taken, more than 400,000 could die due to shortages of ventilators and other intensive care equipment. Prime Minister Shinzo Abe has said the government has secured 15,000 ventilators and is getting support of Sony and Toyota Motor Corp. to produce more.

Japanese hospitals also lack ICUs, with only five per 100,000 people, compared to about 30 in Germany, 35 in the U.S. and 12 in Italy, said Osamu Nishida, head of the Japanese Society of Intensive Care Medicine. Italy’s 10% mortality rate, compared to Germany’s 1%, is partly due to the shortage of ICU facilities, Nishida said. “Japan, with ICUs not even half of Italy’s, is expected to face a fatality overshoot very quickly,” he said. Japan has been limiting testing for the coronavirus mainly because of rules requiring any patients to be hospitalized. Surging infections have prompted the Health Ministry to loosen those rules and move patients with milder symptoms to hotels to free up beds for those requiring more care.

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Wherever you put large groups of people together, this happens with a highly contagious virus.

Florida Prison System Begins To Reveal Ravages Of Coronavirus (MH)

For weeks the Florida Department of Corrections refused to address rumors that inmates with coronavirus-like symptoms — or those who had come into contact with symptomatic inmates or staff — were being segregated by the hundreds from the general population. That changed on Friday, when the agency acknowledged that more than 4,500 inmates are being isolated in one way or another as COVID-19, the highly infectious disease caused by the novel coronavirus, has spread throughout the third-largest prison system in the country. As of Friday evening, 45 inmates and 71 staff members had tested positive for COVID-19, according to the FDC. Four inmates had died, all of whom had been incarcerated at Blackwater River Correctional Facility, a compound near Pensacola run under contract by the Geo Group.


The medical examiner in Santa Rosa County revealed the deaths. The new data was made public amid a growing chorus of criticism by a handful of lawmakers, including an influential Republican, state Sen. Jeff Brandes, who is vice chairman of the Senate Criminal Justice Committee. The department found itself on the defensive this week when those four deaths were revealed not by prison administrators — including its communication staff, which has ignored questions from reporters for several weeks — but by journalists who sought out information from the Santa Rosa County medical examiner. After the first two deaths were reported by the News Service of Florida, confirmation was hastily posted on the department’s website.

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About 20 times higher.

UK Care Home Deaths ‘Far Higher’ Than Official Figures (BBC)

New data has added to growing evidence that the number of deaths linked to coronavirus in UK care homes may be far higher than those recorded so far. The National Care Forum (NCF) estimates that more than 4,000 elderly and disabled people have died across all residential and nursing homes. Its report comes amid calls for accurate data on virus-linked deaths. Only 217 such care home deaths have been officially recorded in England and Wales up to 3 April. The NCF, which represents not-for-profit care providers, said its findings highlight significant flaws in the official reporting of coronavirus-related death statistics.


It collected data from care homes looking after more than 30,000 people in the UK, representing 7.4% of those people living in one of the country’s thousands of care settings. It said that, across those specific homes, in the week between 7 April and 13 April, there had been 299 deaths linked to coronavirus. That was treble the figure for the previous week and double that in the whole of the preceding month. If that number was reflected across all residential and nursing homes, NCF estimated there have been 4,040 coronavirus-related deaths in care homes which are not yet included in official figures.

Read more …

And then the nurses start dying too.

Anger In Sweden As Elderly Pay Price For Coronavirus Strategy (O.)

It was just a few days after the ban on visits to his mother’s nursing home in the Swedish city of Uppsala, on 3 April, that Magnus Bondesson started to get worried. “They [the home] opened up for Skype calls and that’s when I saw two employees. I didn’t see any masks and they didn’t have gloves on,” says Bondesson, a start-up founder and app developer. “When I called again a few days later I questioned the person helping out, asking why they didn’t use face masks, and he said they were just following the guidelines.” That same week there were numerous reports in Sweden’s national news media about just how badly the country’s nursing homes were starting to be hit by the coronavirus, with hundreds of cases confirmed at homes in Stockholm, the worst affected region, and infections in homes across the country.

Since then pressure has mounted on the government to explain how, despite a stated aim of protecting the elderly from the risks of Covid-19, a third of fatalities have been people living in care homes. Last week, as figures released by the Public Health Agency of Sweden indicated that 1,333 people had now died of coronavirus, the country’s normally unflappable state epidemiologist Anders Tegnell admitted that the situation in care homes was worrying. “This is our big problem area,” said Tegnell, the brains behind the government’s relatively light-touch strategy, which has seen it ask, rather than order, people to avoid non-essential travel, work from home and stay indoors if they are over 70 or are feeling ill.

The same day prime minister Stefan Löfven said that the country faced a “serious situation” in its old people’s homes, announced efforts to step up protections, and ordered the country’s health inspectorate to investigate. Lena Einhorn, a virologist who has been one of the leading domestic critics of Sweden’s coronavirus policy, told the Observer that the government and the health agency were still resisting the most obvious explanations. “They have to admit that it’s a huge failure, since they have said the whole time that their main aim has been to protect the elderly,” she said. “But what is really strange is that they still do not acknowledge the likely route. They say it’s very unfortunate, that they are investigating, and that it’s a matter of the training personnel, but they will not acknowledge that presymptomatic or asymptomatic spread is a factor.”

The agency’s advice to those managing and working at nursing homes [..] is that they should not wear protective masks or use other protective equipment unless they are dealing with a resident in the home they have reason to suspect is infected. Otherwise the central protective measure in place is that staff should stay home if they detect any symptoms in themselves. “Where I’m working we don’t have face masks at all, and we are working with the most vulnerable people of all,” said one care home worker, who wanted to remain anonymous. “We don’t have hand sanitiser, just soap. That’s it. Everybody’s concerned about it. We are all worried.” “The worst thing is that it is us, the staff, who are taking the infection in to the elderly,” complained one nurse to Swedish public broadcaster SVT. “It’s unbelievable that more of them haven’t been infected.”

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No more of this.

A Scam To Enrich Execs: COVID19 Bailouts Fuel More Share Buybacks (Feierstein)

To anyone doubting the Covid-19 bailouts will line executives’ pockets, American Airlines CEO Doug Parker says he’ll “find a way around” the rules against it. This after making $150 million while AAL’s stock plummeted 70%. Stock buybacks are the ultimate vehicle of self-enrichment. Consider the following as a ‘case study’ of Wall Street’s legal fraud. Under CEO Doug Parker’s leadership from 2013-2020, American Airlines has seen its stock plummet 70%. When one looks at Parker’s pay awarded vs the company’s three-year average economic profits, his pay-for-performance metrics are abominable. The media worships Parker for his stewardship of AAL during this crisis and reports that, for the past three years, Parker’s salary and bonus were zero.

However, they fail to mention that AAL’s legal Ponzi stock-buyback scheme saw Parker’s 2016-2018 take-home pay rocket to $70.2 million. (According to the FT, Parker’s total award from selling stock since 2013 is $150 million). It’s not bad for Parker, but it’s horrendous for AAL employees, shareholders and American taxpayers who will be stuffed with a $20 billion bailout. Fair? Not on your life. Debt-fuelled stock buybacks and dividend payments are engineered to artificially increase stock prices so that self-interested CEOs like Parker can “earn” higher compensation. Increasing debt creates an illusion of better earnings. However, buybacks cannibalize corporate balance sheets, leaving taxpayers exposed to unlimited “bailouts” when these leveraged bets go wrong.

What’s the difference between rogue hedge fund managers and airline CEOs? Not much, except some airline CEOs have been given golden parachutes to the tune of nearly $17.5 million. So who is enabling these CEOs to line their pockets with taxpayer money? Last summer, the US Federal Reserve released the results of its annual Comprehensive Capital Analysis and Review (CCAR). The CCAR is a bank stress test, which all the banks passed, and after passing the stress test, the Federal Reserve approved $125 billion in share buybacks! Yet, even though the banks all passed the stress test, the Financial Times recently reported that the president and chief executive of the Federal Reserve Bank of Minneapolis (who oversaw TARP during the GFC of 2008) is recommending big US banks raise $200 billion in capital now to act as a buffer against economic shock from the “coronavirus pandemic.” This is a bit like putting on your seatbelt after your airbag has already deployed.

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“..80% of the benefit of the bill went to just 43,000 taxpayers each earning over $1 million a year. The average tax break for those 43,000 individuals was $1.6 million..”

The Trickle-Up Bailout (Matt Taibbi)

Because the CARES Act was rushed to the floor, members didn’t have all of the information they might have wanted before the vote. After the bill passed, Democratic staffers sent these tax provisions in the CARES Act, sections 2303 and 2304, to the Joint Committee on Taxation, to be scored. They were stunned to learn they would cost $195 billion over ten years. In other words, what seemed like a run-of-the-mill offhand legislative pork provision ended up dwarfing the airline bailout and other main parts of the bill. “The cost of caring for this small slice of the wealthiest one percent is greater than the CARES Act funded for all hospitals in America,” says Texas Democrat Lloyd Doggett. “It’s greater than CARES provided for all state and local governments.”

The JCT analysis found that 80% of the benefit of the bill went to just 43,000 taxpayers each earning over $1 million a year. The average tax break for those 43,000 individuals was $1.6 million, an interesting number when one considers the loudness of the controversy over $1,200 relief checks for everyone else. Doggett joined Rhode Island Senator Sheldon Whitehouse in sending a letter to the Trump administration, demanding to know the provenance of these tax breaks. “This irresponsible provision must be repealed,” he says. It’s possible we’ll find out someday whose idea it was to insert those breaks. By then, however, other windfalls from the Covid-19 rescue might have rendered the $195 billion bailout appetizer quaint.

With the Fed’s announcement on April 9th of a $2.3 trillion program that includes purchases of junk bonds, the toolkit for support of the financial economy now encompasses nearly every conceivable official response apart from subsidy of stock markets. The sheer quantity of money raining down on the finance sector appears transformational, a “joyful noise” heard around the world.

Read more …

Russia has done something very wrong.

Russia Reports Record Daily Rise In Coronavirus Cases (R.)

Russia on Sunday reported a record rise of 6,060 new coronavirus cases over the previous 24 hours, bringing its nationwide tally to 42,853, the Russian coronavirus crisis response center said. The number of coronavirus cases in Russia began rising sharply this month, although it had reported far fewer infections than many western European countries in the outbreak’s early stages.

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There should be different ways.

Spain To Allow Children Outside After Six Weeks (BBC)

Spanish children have been kept indoors since 14 March, under strict measures to curb the spread of Covid-19. Now Prime Minister Pedro Sánchez aims to relax the rule on 27 April so they can “get some fresh air”. Barcelona Mayor Ada Colau, who has young children herself, this week pleaded with the government to allow children outside. Spain has seen more than 20,000 deaths since the start of the pandemic and almost 200,000 reported cases. In a televised briefing on Saturday evening, Mr Sánchez said Spain had left behind “the most extreme moments and contained the brutal onslaught of the pandemic”.


But he said he would ask parliament to extend Spain’s state of alarm to 9 May as the achievements made were “still insufficient and above all fragile” and could not be jeopardised by “hasty decisions”. Another 565 deaths were reported on Saturday, well down from the peak of the pandemic, and the government allowed some non-essential workers to resume construction and manufacturing last Monday. However, the main lockdown measures remain in place, with adults only allowed out to visit food shops and pharmacies or work considered essential. Children have been barred from leaving their homes completely.

Read more …

“The number of positives was shocking, but the fact that 100 percent of the positives had no symptoms was equally shocking..”

CDC Reviewing ‘Stunning’ Testing Results From Boston Homeless Shelter (B25)

The Centers for Disease Control and Prevention is now “actively looking into” results from universal COVID-19 testing at Pine Street Inn homeless shelter. The broad-scale testing took place at the shelter in Boston’s South End a week and a half ago because of a small cluster of cases there. “It was like a double knockout punch. The number of positives was shocking, but the fact that 100 percent of the positives had no symptoms was equally shocking,” said Dr. Jim O’Connell, president of Boston Health Care for the Homeless Program, which provides medical care at the city’s shelters. O’Connell said that the findings have changed the future of COVID-19 screenings at Boston’s homeless shelters.

“All the screening we were doing before this was based on whether you had a fever above 100.4 and whether you had symptoms,” said O’Connell. “How much of the COVID virus is being passed by people who don’t even know they have it?” The 146 people who tested positive were immediately moved to two different temporary isolation facilities in Boston. According to O’Connell, only one of those patients needed hospital care, and many continue to show no symptoms. “If we did universal testing among the general population, would these numbers be similar?” said Lyndia Downie, president and executive director at the Pine Street Inn.

“I think there are no many asymptomatic people right now. We just don’t know. We don’t have enough data on universal testing to understand how many asymptomatic people are contagious.” Hundreds of tests are now set to be conducted at additional Boston homeless shelters in the coming days. “It tells you, you don’t know who’s at risk. You don’t know what you need to do to contain the virus if you don’t actually have the details or facts,” said Marty Martinez, Boston’s chief of Health and Human Services.

Read more …

His own party appears to be after his head.

38 Days When Britain Sleepwalked Into Disaster (Times)

On the third Friday of January a silent and stealthy killer was creeping across the world. Passing from person to person and borne on ships and planes, the coronavirus was already leaving a trail of bodies. The virus had spread from China to six countries and was almost certainly in many others. Sensing the coming danger, the British government briefly went into wartime mode that day, holding a meeting of Cobra, its national crisis committee. But it took just an hour that January 24 lunchtime to brush aside the coronavirus threat. Matt Hancock, the health secretary, bounced out of Whitehall after chairing the meeting and breezily told reporters the risk to the UK public was “low”.

This was despite the publication that day of an alarming study by Chinese doctors in the medical journal, The Lancet. It assessed the lethal potential of the virus, for the first time suggesting it was comparable to the 1918 Spanish flu pandemic, which killed up to 50 million people. Unusually, Boris Johnson had been absent from Cobra. The committee — which includes ministers, intelligence chiefs and military generals — gathers at moments of great peril such as terrorist attacks, natural disasters and other threats to the nation and is normally chaired by the prime minister. Johnson had found time that day, however, to join in a lunar new year dragon eyes ritual as part of Downing Street’s reception for the Chinese community, led by the country’s ambassador.

It was a big day for Johnson and there was a triumphal mood in Downing Street because the withdrawal treaty from the European Union was being signed in the late afternoon. It could have been the defining moment of his premiership — but that was before the world changed. That afternoon his spokesman played down the looming threat from the east and reassured the nation that we were “well prepared for any new diseases”. The confident, almost nonchalant, attitude displayed that day in January would continue for more than a month. Johnson went on to miss four further Cobra meetings on the virus.

As Britain was hit by unprecedented flooding, he completed the EU withdrawal, reshuffled his cabinet and then went away to the grace-and-favour country retreat at Chevening where he spent most of the two weeks over half-term with his pregnant fiancée, Carrie Symonds. It would not be until March 2 — another five weeks — that Johnson would attend a Cobra meeting about the coronavirus. But by then it was almost certainly too late. The virus had sneaked into our airports, our trains, our workplaces and our homes. Britain was on course for one of the worst infections of the most deadly virus to have hit the world in more than a century. Last week, a senior adviser to Downing Street broke ranks and blamed the weeks of complacency on a failure of leadership in cabinet. In particular, the prime minister was singled out. “There’s no way you’re at war if your PM isn’t there,” the adviser said.

Read more …

If Osaka can ask for raincoats to be donated as hazmat suits, so can Britain. No shortage of raincoats.

UK Medical Staff Face Weeks Without Protective Gowns (O.)

Doctors and nurses treating Covid-19 patients face shortages of protective full-length gowns for weeks to come, it has emerged, as anger builds over the failure to stockpile the garments. Critical shortages of the gowns have meant that some trusts have already had to make do with the best available alternatives as a result of the shortages, which forced a sudden change in Public Health England (PHE) guidelines on the use of gowns on Friday. Concerns are being raised within the NHS over why the gowns did not form part of the government’s pandemic stockpile. It is understood shortages are already forcing some NHS workers to use the controversial new guidelines, which tell them to wear a plastic apron with coveralls should the specialist fluid-repellent gowns run out. Workers are also advised to reuse washed aprons.

Meanwhile, surgeons are being told by senior colleagues not to put themselves at risk should they be unable to wear a protective gown. Professor Neil Mortensen, from the Royal College of Surgeons of England, said surgeons should not risk their health if fluid-repellent gowns or coveralls could not be used. “We are deeply disturbed by this latest change to personal protective equipment (PPE) guidance, which was issued without consulting expert medical bodies,” he said. “After weeks of working with PHE and our sister medical royal colleges to get PPE guidance right, this risks confusion and variation in practice across the country.”

Health unions warned that staff could begin to refuse to work if they felt the new guidelines put them at serious risk of contracting the coronavirus. Sara Gorton, Unison’s head of health, said: “Managers must be truly honest with health workers and their union reps over the weekend. If gowns run out, staff in high-risk areas may well decide that it’s no longer safe for them to work.” Last night, the British Medical Association (BMA) also warned that it would support doctors who refused to work with inadequate PPE. “There are limits to the level of risk staff can be expected to expose themselves and their patients to,” said Dr Chaand Nagpaul, BMA council chair.

Read more …

No kidding, there’s a video somewhere here entitled: “Flocks of chickens to be slaughtered over coronavirus.. “

Lockdown Puts Increasing Strain On Britain’s Food System (Ind.)

From a mosque in Banbury, taxi drivers left out of work during the lockdown are picking up an unusual fare: hundreds of doughballs and garlic dip that had been destined for local pizza restaurants and are now being diverted to people’s homes. Yasmin Kaduji, who runs Banbury Community Fridge is one of thousands of people working overtime across the UK to get meals to three million people thought to be going hungry due to the coronavirus pandemic. Yet, at the same time British farmers are warning they have been forced to throw millions of gallons of milk down the drain because it no longer has a buyer, cheesemakers are binning artisan cheese and meat processors have an overabundance of sirloin, rib-eye steaks and prime roasting joints. Supply and demand are severely misaligned.

While supermarket stocks have returned closer to normal after being plundered last month, more deep-rooted problems lay ahead for Britain’s food supplies which are set to come under increasing strain as lockdown is extended for at least another three weeks and could go on for much longer. The problem is not that there is not enough food but that the well-established routes that supply it have been upended so abruptly. When we saw empty shelves last month, the primary cause was not inconsiderate stockpilers, as some government ministers claimed, but the fact that a massive part of the food industry had been shut down overnight without a plan in place for how hundreds of millions of meals would be redirected.

Tim Lang, professor of food policy, at London’s City University, argues that the coronavirus pandemic has exposed the fragility of our food system; a system which stretches out over thousands of miles, dozens of countries, and is reliant on migrant labour and air freight. That system has been reshaped, according to Professor Lang’s analysis, largely to suit the interests of nine companies which sell 90 per cent of the food we buy. Supermarkets have been happy to rely on sprawling supply chains that are left exposed during a crisis, as long as the price is right and the product sells. This, along with a “dangerously complacent” government, has left the UK vulnerable in the current situation, Professor Lang argues.

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But the incumbent order always protests violently first.

Pandemics Have Reshaped The World In Unpredictable Ways Throughout History (ProsM)

In just four years—from 1347 to 1351—between a third and a half of the population of Europe died. That would be world-shaking enough in itself, but it also completely rewrote the social order. Before the Black Death, European society had for centuries been structured around what we’d later call feudalism: to over-simplify massively, the system by which poorer people would work for richer ones in exchange for access to their land, and put up with having no freedom of movement because otherwise they didn’t eat. But when plague caused the population to collapse, food and land prices plummeted, too. Land without workers turned out to be worthless, so the lords found themselves competing for labourers. Despite assorted ruling class efforts to overcome the laws of supply and demand, wages rose, and keeping peasants tied to particular scraps of land proved impossible.

The Black Death didn’t just kill people. It probably killed feudalism, too. It’s too early to know how coronavirus might reshape 21st-century society. But we can certainly speculate. Perhaps, as large chunks of the workforce simultaneously shift to working from home for the first time, it’ll kill the idea that you need to be in the office to get stuff done. If it turns out that employees will do their work even if they’re not literally in their managers’ line of sight, bosses could finally shake their addiction to presenteeism. That could have all sorts of unpredictable knock-on effects: less pressure on transport networks, lower emissions, even relief for overheated housing markets as people discover they can live further from work. Or perhaps it could drive an increase in mothers’ participation in the workforce: more flexible office culture, after all, would make it easier to combine work with caring responsibilities.

[..] Now that a fear of financial ruin might drive sick, contagious people to work when they should be in isolation, perhaps we can go back to talking about the state as the enabler of our freedoms rather than the barrier to them. Or perhaps it won’t: where this will take us, we just don’t know, and your guess is as good as mine. But pandemics have been reshaping the world in unpredictable ways throughout history. If this crisis is even a fraction as serious as it seems, don’t be surprised if the world afterwards looks very unlike the world before.

Read more …

 

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Arthur Rothstein Texas Panhandle Dust Bowl Mar 1936

 

There Is No More Accurate Way To Describe All That Than As A Coup (Kunstler)
Republicans Issue 123-Page Defense Of Trump (G.)
Barr Disputes Major Horowitz Finding Based On Durham, CIA Evidence (ZH)
Leaked NHS Papers ‘Put Online By Posters Using Russian Methods’ (G.)
As Trump Heads To London For NATO Summit, Warnings On British Election (R.)
Japan Preparing $120-$230 Billion Stimulus Package As Recession Risks Grow (R.)
Third Bond Default By Chinese Electronics Firm Within A Month (SCMP)
Virginia Giuffre In Plea To Public Over Prince Andrew Scandal (G.)
EU Leaders To Push For Climate Neutrality By 2050 (R.)
Small American Farmers Are Nearing Extinction (Time)
At Least 135,000 Children In Britain Will Be Homeless At Christmas (G.)

 

 

The discussions are about to heat up, with different sides drawing entirely different conclusions from the same “facts”. It’ll be a spectacle.

Jim Kunstler is not about to let up.

There Is No More Accurate Way To Describe All That Than As A Coup (Kunstler)

Then there is the “Whistleblower,” this would-be pimpernel of perfidy hiding behind Adam Schiff’s apron under the false assertion that he is entitled to everlasting anonymity. What an idea under our system of jurisprudence! In fact, contrary to Mr. Schiff’s public pronouncements, there is no law that states what he claims — one of several things Mr. Schiff can be called to account for. And that is even if you accept the dishonest proposition that the fugitive who started this fiasco even was a whistleblower, rather than a rogue CIA officer acting on explicitly illegal political motives to interfere in the 2020 election. The CIA, you must know, is forbidden by charter and statute from operating against American citizens in-country, including the president of the United States. Under the circumstances, the so-called “Whistleblower” might fairly be accused of treason.


Has anyone failed to notice that one of the “Whistleblower’s” attorneys, Mark Zaid, tweeted notoriously on January 30, 2017 that “Coup has started. First of many steps. #rebellion. #impeachment will follow ultimately. #lawyers.” Mr. Zaid later explained, “I was referring to a completely lawful process.” Yeah, sure. I think he meant a completely Lawfare process. Of course, the engineered “Whistleblower” escapade was only the latest (perhaps the last) chapter in the annals of nefarious events and actions carried out far-and-wide by several government agencies for three years, and by many officials working within them, and not a few freelance rogues in their service. There is no more accurate way to describe all that except as a coup. The authorities looking into all that have not been heard from yet. The portentous silence is making a lot of people in Washington edgy.

Read more …

View from the anti-Trump camp.

Republicans Issue 123-Page Defense Of Trump (G.)

Donald Trump’s actions towards Ukraine were “entirely prudent” and involved “no quid pro quo, bribery, extortion, or abuse of power”, according to a draft Republican report on last month’s impeachment inquiry hearings. Designed as a pre-emptive strike on an imminent report from the Democratic majority, the GOP document underlines how evidence presented at the hearings failed to shatter Republicans’ united front. It also provides a blueprint for House Republicans to defend the US president at Wednesday’s judiciary committee hearing and for their Senate counterparts to acquit him in a trial.

Democrats accuse Trump of attempting to bribe the Ukrainian president, Volodymyr Zelenskiy, by making a White House meeting and nearly $400m in military aid conditional on Ukraine announcing two investigations that would boost Trump politically. The 123-page Republican report was prepared for Devin Nunes, Jim Jordan and Michael McCaul, the ranking members on the House intelligence, oversight and foreign affairs committees, respectively. It directly contradicts the testimony of career diplomats and makes little attempt to get to grips with the devastating evidence of Gordon Sondland, the US ambassador to the European Union, who spoke about the existence of a quid pro quo, or Fiona Hill, former top Russia expert at the White House, who warned against falling for Moscow’s propaganda about Ukraine’s role in the 2016 election.

Instead it spins the affair as a Democratic plot. Its executive summary begins with the premise that nearly 63 million Americans from around the country elected Trump in 2016 but now 231 House Democrats in Washington are “trying to undo the will of the American people”. It accuses the party of seeking to impeach the president from day one. “They are trying to impeach President Trump because some unelected bureaucrats chafed at an elected President’s ‘outside the beltway’ approach to diplomacy,” it says.

Read more …

Durham knows things that Horowitz doesn’t. Expect an anti-Barr campaign.

Barr Disputes Major Horowitz Finding Based On Durham, CIA Evidence (ZH)

Attorney General William Barr will dispute a fundamental finding in the upcoming Inspector General report – namely that the FBI was justified in launching an operation Crossfire Hurricane, the agency’s official covert counterintelligence investigation into links between the Trump campaign and Russian officials, according to the Washington Post. While IG Michael Horowitz is said to have concluded that the agency had enough information to launch the probe on July 31, 2016 after Trump campaign aide George Papadopoulos repeated a rumor that Russia had dirt on Hillary Clinton, Barr has reportedly told associates that Horowitz does not know about – or did not include – potentially exculpatory evidence held by other US agencies such as the CIA, which could alter his report’s conclusion.

In July, Fox News reported that exculpatory evidence existed which the FBI failed to include in surveillance warrant applications in which Papadopoulos denies having any contact with the Russians, when he was in fact told about the ‘Clinton dirt’ byJoseph Mifsud, a mysterious Maltese professor (and self-professed member of the Clinton foundation) who has ties to George Soros’ Open Society Foundation. Many believe Papadopoulos was the victim of an entrapment scheme, by which Mifsud would seed him with information that Australian diplomat would later extract from him in a London bar, which made its way to the FBI – officially leading to the launch of Operation Crossfire Hurricane. And the exculpatory evidence? Downer – a Clinton ally – likely recorded Papadopoulos saying he had no Russian contacts.

Barr’s information also comes from a concurrent, ongoing investigation into the Obama DOJ conducted by Connecticut US Attorney John Durham. Part of Barr’s reluctance to accept that finding is related to another investigation, one being conducted by Connecticut U.S. Attorney John Durham, into how intelligence agencies pursued allegations of Russian election tampering in 2016. Barr has traveled abroad to personally ask foreign officials to assist Durham in that work. Even as the inspector general’s review is ending, Durham’s investigation continues. -Washington Post

Barr, through Durham, has been investigating Mifsud – who told Italian media “I never got any money from the Russians: my conscience is clear,” adding “I am not a secret agent.” The Maltese professor is currently MIA. As the Post’s Devlin Barrett (who spoke with former FBI lawyer Lisa Page) notes, Barr’s disagreement with Horowitz not only sets the stage for a showdown within the DOJ, it will spark partisan outrage among Democrats who have already accused the AG of being Trump’s personal lawyer.

Read more …

The anti-Trump camp, are we surprised?, is also the anti-Corbyn camp. But this is quite the stretch. Putting Russia in the headline of an article that says there is no proof that Russia is involved.

Leaked NHS Papers ‘Put Online By Posters Using Russian Methods’ (G.)

Leaked documents said by Labour to prove that the NHS was “on the table” in trade talks with the US were initially disseminated online by anonymous posters operating in a way similar to a Russian information operation known as Secondary Infektion, according to a social media research firm. A 19-page report published on Monday by the consultancy Graphika said that while it could not conclusively prove a Russian origin to the leak, the early distribution of the cache of files via Reddit, three German-language websites and an anonymous Twitter account reflected a method of operation seen repeatedly over recent years.


There is no suggestion either that the NHS documents, produced by Jeremy Corbyn at a dramatic press conference last week, were fake, but the Graphika investigation highlights an intriguing series of efforts to get the leak picked up more widely at the end of October and beginning of November. Ben Nimmo, the head of investigations at Graphika, said: “What we are saying is that the initial efforts to amplify the NHS leak closely resembles techniques used by Secondary Infektion in the past, a known Russian operation. But we do not have all the data that allows us to make a final determination in this case.”

Read more …

Can Trump damage Boris?

As Trump Heads To London For NATO Summit, Warnings On British Election (R.)

U.S. President Donald Trump leaves on Monday for a NATO summit in London, where he is under pressure from British Prime Minister Boris Johnson to resist the temptation to wade into the looming British election. As a presidential candidate in 2016 and then as president since early 2017, Trump has shown no restraint in pushing for Britain’s exit from the European Union and critiquing the politicians involved in the country’s long-running Brexit debate. But with Johnson leading polls as he faces Dec. 12 elections, the prime minister who is hosting the London NATO summit wants Trump to mind the guard-rails, putting Trump in the unusual position of being asked to avoid his normal impulse to comment on whatever he wishes.


Trump waded into the election in October by saying opposition Labour Party leader Jeremy Corbyn would be “so bad” for Britain and that Johnson should agree on a pact with Brexit Party leader Nigel Farage. Johnson’s pressure prompted the White House to stress, as a senior administration official said, that Trump “is absolutely cognizant of not, again, wading into other country’s elections.” That strategy could be put to the test as Trump faces reporters a number of times on the trip, including at a news conference on Wednesday.

Read more …

Abenomics continues unabated.

Japan Preparing $120-$230 Billion Stimulus Package As Recession Risks Grow (R.)

Japan is preparing an economic stimulus package worth $120 billion to support fragile economic growth, two government officials with direct knowledge of the matter said on Tuesday, complicating government efforts to fix public finances. The spending would be earmarked in a supplementary budget for this fiscal year to next March and an annual budget for the coming fiscal year from April. Both budgets will be compiled later this month, the sources told Reuters, declining to be identified because the package has not been finalised. While the package would come to around 13 trillion yen ($120 billion), that would rise to 25 trillion yen ($230 billion) when private-sector and other spending are included.


However, the spending could strain the industrial world’s heaviest public debt burden, which tops more than twice the size of Japan’s $5 trillion economy. And despite the headline size of the stimulus, actual spending would be smaller in the current fiscal year, and economists are not expecting much of a boost. “We expect this fiscal year’s extra budget to total around 3-4 trillion yen. We should not expect it to substantially push up the GDP growth rate,” said Takuya Hoshino, senior economist at Dai-ichi Life Research Institute. The 13 trillion yen includes more than 3 trillion yen from fiscal investment and loan programmes, as the heavily indebted government seeks to take advantage of low borrowing costs under the Bank of Japan’s negative interest rate policy.

Read more …

Just 2 weeks ago they announced a plan to sell a majority stake to the local government. How did that work out?

Third Bond Default By Chinese Electronics Firm Within A Month (SCMP)

Tunghsu Optoelectronic Technology has failed to make good on a bond – its third in less than a month – as the struggles point to poor corporate governance among Chinese companies. The maker of electronic display panels, which reported ample cash holdings of more than 18 billion yuan as of September, missed an interest payment on its 1.7 billion yuan (US$241 million) onshore bond due on Monday, according to an exchange filing. The latest default has cast doubt on whether Tunghsu could meet its obligations on a US$44 million bond maturing in June 2020, after it defaulted two notes totalling 3 billion yuan on November 18.


Tunghsu is the latest in a growing list of Chinese defaulters this year, as banks have tightened their funding to private companies amid China’s slowest economic growth rate in nearly three decades. As of November 12, 45 Chinese corporate issuers had defaulted on interest or principal payments on bonds totalling 85.16 billion yuan, compared with 39 defaults on bonds worth 102.48 billion yuan for all of 2018, according to Reuters. Falling export orders as a result of the US-China trade war has strained the cash flow of manufacturers, while Beijing’s crackdown on shadow banking has also cut off alternative sources of capital for many small companies.

Read more …

Charles to the rescue?

Virginia Giuffre In Plea To Public Over Prince Andrew Scandal (G.)

A beleaguered Prince Andrew faced fresh embarrassment after his accuser Virginia Giuffre, who claims she was trafficked as a teenager to have sex with him, appeared on television to implore the British public to “not accept this as being OK”. In her first UK broadcast interview, Giuffre repeated allegations she had sex with the prince when she was aged 17 on the instructions of Ghislaine Maxwell, a socialite and close friend of the US financier and sex offender, Jeffrey Epstein, who killed himself in August. The prince, 59, whose relationship with Epstein has led to him standing down from public duties, has consistently and categorically denied the allegations, which Buckingham Palace said were “false and without foundation”.


BBC Panorama said it had uncovered a 2015 email from Andrew to Maxwell asking for help dealing with the allegations by Giuffre, previously Virginia Roberts. He wrote: “Let me know when we can talk. Got some specific questions to ask you about Virginia Roberts,” to which Maxwell replied: “Have some info. Call me when you have a moment.” In the interview that was broadcast on Monday, Giuffre said: “I implore the people in the UK to stand up beside me, to help me fight this fight, to not accept this as being OK. “This is not some sordid sex story. This is a story of being trafficked. This is a story of abuse and this is a story of your guy’s royalty.”

Read more …

When someone says 2050, ignore them.

EU Leaders To Push For Climate Neutrality By 2050 (R.)

European Union leaders meeting in Brussels next week will push to agree to put the bloc on net-zero greenhouse gas emissions by 2050, their draft joint statement showed on Monday, heralding a bitter fight looming at their gathering. The Dec. 12-13 summit of the bloc’s national leaders will aim to endorse “the objective of achieving a climate-neutral EU by 2050”, according to the document seen by Reuters. Previous attempts, however, were blocked by Poland, Hungary and the Czech Republic, who rely on highly polluting coal. They have previously said they oppose climate neutrality by 2050 for fear cutting greenhouse emissions will stifle their economies.


To convince the reluctant camp, the draft summit conclusions refer to “just and socially balanced transition”, the European Investment Bank’s announcement to unlock 1 trillion euros worth of green investment until 2030, the need to ensure energy security and competitiveness vis-à-vis foreign powers not pursuing such climate goals. The draft, prepared in advance of the leaders’ discussions, may still change. But it will eventually need unanimous backing of all EU national leaders for there to be agreement at the summit. The bloc’s new executive European Commission also aims to push for climate neutrality by mid-century and wants to make the EU’s 2030 climate targets more ambitious.

Read more …

You want your food good or cheap?

Small American Farmers Are Nearing Extinction (Time)

In the American imagination, at least, the family farm still exists as it does on holiday greeting cards: as a picturesque, modestly prosperous expanse that wholesomely fills the space between the urban centers where most of us live. But it has been declining for generations, and the closing days of 2019 find small farms pummeled from every side: a trade war, severe weather associated with climate change, tanking commodity prices related to globalization, political polarization, and corporate farming defined not by a silo and a red barn but technology and the efficiencies of scale. It is the worst crisis in decades. Chapter 12 farm bankruptcies were up 12 percent in the Midwest from July of 2018 to June of 2019; they’re up 50 percent in the Northwest. Tens of thousands have simply stopped farming, knowing that reorganization through bankruptcy won’t save them. The nation lost more than 100,000 farms between 2011 and 2018; 12,000 of those between 2017 and 2018 alone.


Farm debt, at $416 billion, is at an all-time high. More than half of all farmers have lost money every year since since 2013, and lost more than $1,644 this year. Farm loan delinquencies are rising. Suicides in farm communities are happening with alarming frequency. Farmers aren’t the only workers in the American economy being displaced by technology, but when they lose their jobs, they also ejected from their homes and the land that’s been in their family for generations. “It hits you so hard when you feel like you’re the one who is losing the legacy that your great-grandparents started,” said Randy Roecker, a Wisconsin dairy farmer who has struggled with depression and whose neighbor Leon Statz committed suicide last year after financial struggles forced him to sell his 50 dairy cows. Roecker estimates he’s losing $30,000 a month.

Read more …

Third world. Rich ruling class, and then the rest.

At Least 135,000 Children In Britain Will Be Homeless At Christmas (G.)

At least 135,000 children will be homeless and living in temporary accommodation across Britain on Christmas day – the highest number for 12 years – according to the housing charity Shelter. It estimates that a child loses their home every eight minutes – 183 children per day. At this rate, 1,647 children will become homeless between now and the general election on 12 December, and more than 4,000 by 25 December. London has the highest concentration of homeless youngsters, up 33% since 2014. About 88,000 children were homeless and in temporary accommodation in the capital at the beginning of 2019 – equivalent to one in every 24 children.


The capital has 26 of the 30 British local authorities with the highest rates of homeless children. Four councils – Haringey, Newham, Westminster and Kensington & Chelsea – had homeless rates of one in every 12 children. Outside London, the places worst affected were: Luton (one in 22 children); Brighton & Hove (one in 30); Manchester (one in 47); and Slough (one in 53). In Wales, one in 412 children are homeless, up 28% since 2015, while in Scotland one in 160 children were homeless, up 64% since 2014.

Read more …

 

 

 

 

 

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Nov 032019
 
 November 3, 2019  Posted by at 6:43 pm Finance, Primers Tagged with: , , , , ,  5 Responses »


Nelly’s Tzistarakis Mosque in Monastiraki Square, Athens c1930

 

It’s been too long, way too long since I wrote about our Athens fund, I know, and I apologize. It’s just that for the longest time, things were too unclear and changing too fast for me to write an article. I was waiting for things to settle down to a point where I could have faith they weren’t going to turn upside down again within days or weeks. Well, we finally seem to have reached such a point. But again, I know it has taken too long.

 

In -mostly- chronological order, here’s what happened. In early 2017, I had a meeting with Konstantinos Polychronopoulos, the man I -and the very generous Automatic Earth readers- had been financially supporting since 2015 in his O Allos Anthropos organization to feed homeless and refugees in Greece.

At that meeting, Konstantinos had promised to bring the administration he said he had kept about what the money had been spent on. But instead, he started rattling off what he could remember off the top of his head. Which was impressive, but that was not the issue. He had told me numerous times he had it all on paper, but it was not true. And I knew it was not something lost in translation either.

It wasn’t that he had spent it on himself or kept it in a box, I checked that with as many people as I could, and I could see how he lived. That wasn’t it. He was simply disorganized. And he somehow thought he had the right to be. Because after all, he was the boss. And that’s true enough, it was his idea and organization. But being the boss doesn’t give you the right to say things that are not true, when tens of thousands of euros have been donated to you and your project.

Being the boss comes with obligations attached, and he apparently didn’t like those. A boss needs to look ahead, organize, delegate, make sure there’s continuity, be careful of how he treats employees, who in his case were all volunteers to boot. He did none of that, not structurally. It’s one thing that all that money lands where it is needed, but it’s another where tomorrow’s money will come from. Things a boss must have his eye on.

I had said many times that he could not continue to count on my readers for that money, that I thought at some point it would be enough. I drew up a plan to address the Greek diaspora in New York, Boston, Melbourne, Sidney etc., for financial help, for instance through their Chambers of Commerce. And I said I would always be there to help, but that I was not going to do it alone. Not speaking Greek would have disqualified me anyway.

But nothing came of that. There was never a serious effort. I had not expected that. In hindsight I think maybe it was because he saw it as a challenge to his authority, to have to communicate in a language he didn’t speak. That he couldn’t play the boss over that.

Long story short, as 2017 went on, I didn’t see how I could continue my involvement with the project. I couldn’t ask for donations to someone who rejected all accountability. But then just as I was about to say I quit, two things happened.

 


Monastiraki Sqaure. The same mosque as in the 1930s picture above. It hasn’t been used as a mosque for a very long time. In the background on the hill, the Akropolis.

 

The first was that I increasingly heard about dissatisfaction among the people who worked with/for Konstantinos, with the way he ran things. They didn’t want to continue any more than I did. That led the people who run the ‘kitchen’ in Monastiraki Square, which had always been my main meeting point with everyone, to declare themselves independent of O Allos Anthropos (it took quite some time, but they did).

Monastiraki had always been part of the entire set-up, but also separate. It was run by my friend Tassos -longtime translator between Konstantinos and I- and his friend Filothee, partner of famed Greek singer Antonis Vardis, who died of cancer in 2014 but had always supported Konstantinos. By the end of 2017, I decided I would try and continue to support at least them.

They insisted from the start on not ever having to handle money, because they didn’t like the way Konstantinos had. And they came up with a clever plan for it; more on that in a minute.

The second thing that happened in late 2017 was that I received an email from a Greek man -let’s call him ‘Mark’- who said he was living abroad with his wife and young children but planning to move -back- to Greece, and he wanted to help me with a lot of money. We mailed to and fro for a bit, he sounded credible, and in March 2018 I went back to Athens to meet him (a few days before he was bound to leave again for 6 weeks).

The meeting went fine, we kept mailing, and in June 2018 we took the first step in that ‘clever plan’. Tassos and Filothee had set up a deal with a local supermarket chain in which they would receive ‘coupons’, or ‘checks’ for an amount I would pay to the supermarket. No cash. Mark chipped in some money as well. This still works fine to this day, and everyone’s happy with it. When Filothee needs food, she gets it in bulk and pays with coupons. This is what they look like:

 

 

But then the strangest thing happened. ‘Mark’ disappeared, I think it was August. I’ve never seen him again. And I’m still thinking today: why would you do such a thing? Why all the time spent on the mails and meetings and promises and then nothing anymore? Why not just say: sorry, I don’t have the money, or I don’t want to any longer, or well, anything? Why just vanish? Just a few words would have been enough.

Other than that, though, things appear to be running well right now. I paid for another €1,000 worth of coupons this July and handed them to Filothee, and she still has quite a few left. Less fun is that Tassos last year moved to Shanghai. His wife is from there and his construction business for large projects went belly up in Athens, where there are no large building projects. He was over in August, but left again. Plenty big projects in China.

Not that we sit still, either. The gang has decided to start a second kitchen in the port of Piraeus, because they saw the need there. Filothee explained that in Monastiraki, most people who come for food have a roof over their head, but it’s often six to a single room without electricity or water. No amenities, they can’t cook their own food. In Piraeus, they feed ‘real’ homeless.

The new rightwing government has approved new asylum laws that make it much easier to evict refugees. They are also evicting squatters from buildings across the city, many of them refugees, who are now taken to camps, that are still beyond squalid. Some people face a six year waiting time for their asylum requests. Not that Greece can be blamed for too much, it’s the EU that is failing terribly. Greece is simply the outer border of the union.

Camps and islands are insanely overcrowded, Turkey sends more people across the Aegean again, and winter is coming. Nor is there much that anyone can do to help in that situation, because after 5 years that help has been fully institutionalized through the hanky-panky between Brussels, Athens and the NGOs, and very little of the money involved gets to where it belongs.

We gave it our shot, Konstantinos despite his shortcomings really tried, and we did manage to achieve lots of stuff, but some problems are just too big. We’re talking thousands, tens of thousands of people even, and more keep on coming all the time, and at some point that requires not a band of good willing folk but a society, a government, or something even bigger than that. And that’s where it all goes wrong. It always does.

But we still try, with all our faults. We don’t have millions or even billions, but we can still help people. And so that’s what we do. Filothee does, I do, and I’m sure Konstantinos does as well, though I haven’t seen him in a long time. It’s just what you do.

 

 

And now it’s time to move on to the part that I’m really bad at, and which has kept me for ages from writing this article: asking for donations. Not donations for Greece, I can do that, but those for the Automatic Earth itself, debanked and perhaps going under. I tried to explain that a few days ago already, that the way sites like this are funded has changed irrevocably in my view.

Google and Facebook take all the money and everyone else can take a hike. Unless the Automatic Earth disappears behind a paywall (which I don’t want) OR our readers start chipping in more than they have. Easily more than 5,000 people read the Automatic Earth each day, so at 5 cents a day -and what is 5 cents?- we’d be fine. But it doesn’t work that way. People are used to free.

Still, I don’t want to confuse the two, Greece and the site itself, too much. Then again, I have spent a lot of time here in Athens over the past years, and that isn’t free -I pay double rent for half the year-, and my personal presence here is greatly appreciated by the people who run the Monastiraki kitchen. As they expressed in the note you can see below. They appreciate that it’s not just a check being sent, but I go visit them all the time to see how things are going.

Anyway, I’m obviously still bad at this. So if you’re inclined to donate to either the Automatic Earth or the Monastiraki kitchen, or both, you figure it out. Put us on your Christmas charity list and be generous, be part of helping out those who have least. You may read raving pieces on Greece and Athens and tourism and Airbnb, but this is still a very challenging place for all but the rich.

What I would like to do is to hand Filothee another $1,000 in coupons before I leave for Christmas, that should be sufficient for both kitchens -Monastiraki and Piraeus- until I get back in spring. And I promise it won’t be this long again between articles.

Thank you so much for making this all possible.

 

 

 

 

For donations to the Monastiraki kitchen and the Automatic Earth, the Automatic Earth has a Paypal widget on our front page, top left hand corner, and a Patreon one top right hand corner. On our Sales and Donations page, there is an address to send money orders and checks if you don’t like Paypal. Our Bitcoin address is 1HYLLUR2JFs24X1zTS4XbNJidGo2XNHiTT. For other forms of payment, drop us a line at Contact • at • TheAutomaticEarth • com.

To tell donations for Monastiraki apart from those for the Automatic Earth (which badly needs them too!), any amounts that come in ending in either $0.99 or $0.37, will go to the social kitchen.

 

Please give generously.

 

 

A list of the articles I wrote before about our support for homeless and refugees in Athens.

June 16 2015

The Automatic Earth Moves To Athens

June 19 2015

Update: Automatic Earth for Athens Fund

June 25 2015

Off to Greece, and an Update on our Athens Fund

July 8 2015

Automatic Earth Fund for Athens Makes First Donation

July 11 2015

AE for Athens Fund 2nd Donation: The Man Who Cooks In The Street

July 22 2015

AE Fund for Athens: Update no. 3: Peristeri

Nov 24 2015

The Automatic Earth -Finally- Returns To Athens

Dec 25 2015

Help the Automatic Earth Help the Poorest Greeks and Refugees

Feb 1 2016

The Automatic Earth is Back in Athens, Again

Mar 2 2016

The Automatic Earth for Athens Fund Feeds Refugees (Too)

Aug 9 2016

Meanwhile in Greece..

Nov 28 2016

The Other Human Needs Your Help This Christmas

Dec 21 2016

The Automatic Earth in Greece: Big Dreams for 2017

Mar 23 2017

The Automatic Earth Still Helps Greeks and Refugees

Dec 24 2017

The Automatic Earth for Athens Fund – Christmas and 2018

 

 

 

 

 

 

 

Aug 262019
 
 August 26, 2019  Posted by at 9:10 am Finance Tagged with: , , , , , , , ,  11 Responses »


Marc Chagall The Smolensk newspaper 1914

 

Yield Curve Screams “Recession” as Trade War Picks Up Steam (Mish)
China’s Yuan Slumps To 11-Year Low, Stocks Fall As Trade War Escalates (R.)
Trump Says China Called Twice To Restart Trade Talks (MW)
China Willing To Resolve Trade Dispute With US Via Dialogue (R.)
Mnuchin: If China Agreed To Fair Relationship, We’d Sign ‘In A Second’ (CNBC)
Hong Kong Police Arrest 36 After Running Battles With Protesters (R.)
Australia’s Big Banks Gear Up For Capital Raising Rush (R.)
Why The Next ECB Stimulus Plan May Fail (Lacalle)
Britain Can ‘Easily Cope’ With No-Deal Brexit, Claims Boris Johnson (G.)
Has Anyone Loved Being Prime Minister As Much As Boris Johnson? (Peston)
England’s Homeless Children Problem (ZH)
English Police Could Patrol Northern Ireland Border After No-Deal Brexit (RT)

 

 

To think that until recently this was not considered possible at all.

Yield Curve Screams “Recession” as Trade War Picks Up Steam (Mish)

Futures pick up where they left off Friday with equity prices and bond yields lower. Sunday Evening Futures: • Equities Down • Gold Up • Treasury Yields Down As of 1:36 AM Central on Monday morning, the 30-year long bond is a record low 1.942%. It’s now inverted 17.8 basis points with the Fed Funds rate. The 5-year note is a whopping 78.4 basis points inverted. Few seem to believe it, but the yield curve is now screaming recession.

Read more …

“The impact of the new tariffs on China’s economic growth will be sizeable..”

China’s Yuan Slumps To 11-Year Low, Stocks Fall As Trade War Escalates (R.)

China’s yuan slumped to a fresh 11-year low against the dollar on Monday and stocks fell as the Sino-U.S. trade war sharply escalated, threatening to inflict more damage on the world’s largest economies and weigh further on global growth. In Hong Kong, a weekend flare-up in violence during anti-government protests added to pressure on share prices. The onshore yuan fell 0.6% in early trade to 7.15 per dollar, its weakest since February 2008 and its second biggest one-day drop of the month. The offshore yuan fell to a record low of 7.1850, before regaining some ground to around 7.1595.


The Chinese authorities have allowed the tightly-managed yuan to fall some 3.6% so far this month as trade tensions between Beijing and Washington worsened, sparking fears of a global currency war. It was trading around 7.1419 by 0330 GMT. On Friday, U.S. President Donald Trump announced an additional duty on some $550 billion of targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. goods. “This tit-for-tat escalation shows how unlikely a trade deal and de-escalation have become,” Louis Kuijs, of Oxford Economics, wrote in a note late on Sunday. “The impact of the new tariffs on China’s economic growth will be sizeable,” he said.

Read more …

China denies.

Trump Says China Called Twice To Restart Trade Talks (MW)

In a comment that moved financial markets, President Donald Trump on Monday said serious negotiations with China will begin after the U.S. received two “very good calls” from Beijing. “China called last night our top trade people and said let’s get back to the table,” the president said after meeting Egyptian President Abdel-Fattah el-Sissi. “I have great respect for it.” Trump said “we are going to start talking very seriously.” He says the Chinese want to make a deal and he thinks one will finally be reached. Trump says he’ll say more about China later Monday.


China’s foreign ministry meanwhile said it wasn’t aware of any such calls and that a U.S.-China decoupling will lead to market chaos, according to wire reports. After the Dow Jones Industrial Average DJIA, -2.37% dropped 623 points on Friday, U.S. stock futures were higher in the early hours of Monday morning. The dollar rose against the Japanese yen. Europe stocks were a bit weaker, with trading light with the U.K. market closed for a holiday.

Read more …

All has to be said in a way that avoids losing face.

China Willing To Resolve Trade Dispute With US Via Dialogue (R.)

Chinese Vice Premier Liu He said on Monday that China is willing to resolve its trade dispute with the United States through calm negotiations and resolutely opposes the escalation of the conflict, a state-backed newspaper reported. Liu, China’s top trade negotiator, was speaking at a tech conference in Chongqing in southwest China, the Chongqing Morning Post reported. The comments come after U.S. President Donald Trump last week announced an extra 5% duty on some $550 billion of Chinese goods, the latest tit-for-tat move announced hours after China unveiled its retaliatory tariffs on $75 billion worth of U.S. products.

Read more …

“They have free entrance into our markets, our investments, our companies and we do not have the same thing there. That’s the only reason why we are in this situation..”

Mnuchin: If China Agreed To Fair Relationship, We’d Sign ‘In A Second’ (CNBC)

American Treasury Secretary Steven Mnuchin doubled down on the White House’s latest punch in the U.S.-China trade war by calling out Beijing for unfair trade practices. “We do not have free trade with them,” Mnuchin said Sunday on the sidelines of the G-7 meeting in France. “It’s a one way street: They have free entrance into our markets, our investments, our companies and we do not have the same thing there. That’s the only reason why we are in this situation with China. If China would agree to a fair and balanced relationship, we would sign that deal in a second,” he added.


“Sometimes you’ve got to take stern measures,” White House economic advisor Larry Kudlow said alongside Mnuchin, adding that American companies should heed the president’s call to leave China. “Come home to America, we’ve got the best tax system, we’ve got the best regulatory system, it’s an easy place to make money, the best technology in the world. Come home. That’s what the president is saying,” Kudlow said. Before leaving for the G-7, U.S. President Donald Trump said he would raise existing duties on $250 billion in Chinese products to 30% from 25% on Oct. 1. Additionally, he said, tariffs on another $300 billion of Chinese goods, which start to take effect on Sept. 1, will now be 15% instead of 10%.

Read more …

Protesters are escalating because their demands are ignored.

Hong Kong Police Arrest 36 After Running Battles With Protesters (R.)

Hong Kong police said on Monday they arrested 36 people, the youngest aged 12, after violence during anti-government demonstrations escalated as protesters hurled Molotov cocktails at security forces who responded with water cannon and tear gas. Sunday’s protests saw some of the fiercest clashes yet between police and demonstrators since protests escalated in mid-June over a now-suspended extradition bill that would have allowed Hong Kong people to be sent to mainland China for trial. Police fired water cannon and volleys of tear gas in running battles with brick-throwing protesters on Sunday, the second day of violent clashes in the Chinese-ruled city.

Six officers drew their pistols and one officer fired a warning shot into the air, police said in a statement. “The escalating illegal and violent acts of radical protesters are not only outrageous, they also push Hong Kong to the verge of a very dangerous situation,” the government said in a statement.

More demonstrations are planned in the days and weeks ahead, including a rally at Hong Kong’s Cathay Pacific Airways headquarters on Wednesday to protest against perceived “white terror”, a common expression to describe anonymous acts that create a climate of fear. Cathay has emerged as the biggest corporate casualty of the protests after China demanded it suspend staff involved in, or who support, the anti-government demonstrations that have plunged the former British colony into a political crisis. The protests also pose the gravest popular challenge to Chinese President Xi Jinping since he took power in 2012, with Beijing eager to quell the unrest ahead of the 70th anniversary of the founding of the People’s Republic of China on Oct 1.

Read more …

Bubbling below the surface.

Australia’s Big Banks Gear Up For Capital Raising Rush (R.)

Australia’s biggest banks are expected to cut dividend payments and tap bond markets for more funding to cope with tougher capital requirements as regulators look to safeguard the sector from future market volatility, according to analysts and bankers. This week, Commonwealth Bank of Australia Chief Executive Matt Comyn and Chief Financial Officer Alan Docherty will finalise a roadshow with Australian equity investors before holding similar meetings in New York next month as well as London and Hong Kong. The bank traditionally meets with investors following its full-year results and the presentations have often preceded CBA tapping the bond markets. However, the meetings this year come as Australia’s banks are under increasing pressure to boost their capital.


Last week, the Australian Prudential Regulation Authority (APRA) said local banks would only be allowed to have 25% of their tier one capital – core funds held to help absorb losses – exposed to international operations or related parties from January 2021, down from the current 50%. That means banks such as Australia and New Zealand Banking Group face higher costs because they will have to fund each unit separately. The news came on top of another decision by APRA last month ruling that Australian banks would need to raise an extra A$50 billion ($33.8 billion) of so-called “tier two” bonds – riskier instruments that suffer losses before tier one capital is touched – by 2024 as part of its new total loss absorbing capital rules.

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“..all this happens amidst an unprecedented chained stimulus.”

Why The Next ECB Stimulus Plan May Fail (Lacalle)

When many analysts tell us that Europe “is not so bad” or that “it is only a slowdown,” they ignore that all this happens amidst an unprecedented chained stimulus. The results are not only extremely poor, but they are also deeply worrying. According to Morgan Stanley, the European Central Bank could be preparing a new repurchase program of between 2.2 and 3.3 billion euros. Not only buying back bonds from governments, but also from banks and companies. What for? Even Italy – in the midst of a political crisis – has negative real sovereign bond yields. The sovereign debt of all the eurozone countries shows negative yields in two-year maturity and negative as well going up to seven years. Germany has just launched a 30-year bond at -0.11%.

Is it really necessary to artificially depress yields even more? In the eurozone there are already fourteen junk bonds listed with negative yields and high-risk bonds of banks and companies are listed with ridiculous returns of 3-4%. The problem of the eurozone is not lack of liquidity, when excessive liquidity reaches 1.8 trillion euros, or low rates when they are already negative,. The eurozone problem is precisely the constant practice of using monetary policy as a perverse incentive to maintain structural imbalances. Monetary policy works as a huge transfer of wealth from savers and productive sectors of the eurozone to inefficient governments and unproductive sectors that are constantly refinanced, zombifying the economy, putting obstacles to productivity and technological change.

The stimulus chain described above can be summed up in the phrase: a huge subsidy to low productivity. Here is the debate. Why has it worked in the US and not in Europe? First, because it is not true that the United States owes its improvement to quantitative easing. In a report by Stephen Williamson for the Federal Reserve, he already warned that “there is no relationship between greater economic activity and quantitative easing.” The US economy is the most dynamic, open and least dependent on bank financing of the world’s leading countries. The Federal Reserve never accounted for 100% of the demand for government bonds, it always kept an eye on the secondary market. The ECB became seven times the bond supply, according to Deutsche Bank.

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Blaming the EU will not work.

Britain Can ‘Easily Cope’ With No-Deal Brexit, Claims Boris Johnson (G.)

Britain could “easily cope” with a no-deal Brexit, which would be the fault of EU leaders’ “obduracy”, Boris Johnson claimed at the summit of G7 countries in France, as he continued to resist mounting pressure to spell out his own plans for breaking the deadlock. “I think we can get through this, this is a great, great country, the UK, we can easily cope with a no-deal scenario,” Johnson insisted in Biarritz, as he made his debut on the international stage as prime minister with a series of bilateral meetings with world leaders including Donald Trump, the EU council president Donald Tusk and Indian prime minister Narendra Modi. Johnson said preparations for no deal were being ramped up to help secure an agreement, but also “so that if and when we are forced by the obduracy by our European friends to come out on 31 October without a deal that things are as smooth as they can possibly be”.


Johnson claimed food shortages – one of the risks outlined in the leaked Operation Yellowhammer documents on no-deal planning – were “highly unlikely”, and offered a “guarantee” that patients would be able to access medicines unhindered. The prime minister said that in the event of no deal the UK would withhold much of the £39bn financial settlement agreed by Theresa May – and insisted it was up to the EU27 to avert that eventuality. “If we come out without an agreement it is certainly true that the £39bn is no longer, strictly speaking, owed,” he said “There will be very substantial sums available to our country to spend on our priorities. It’s not a threat. It’s a simple fact of reality.”

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Robert Peston was once a serious journalist. What is this, the elites are closing ranks?

Has Anyone Loved Being Prime Minister As Much As Boris Johnson? (Peston)

I’ve learned only one thing at the G7 summit of big rich countries here in Biarritz: Boris Johnson absolutely loves being Prime Minister. There’s little of the conspicuous sense of duty that weighed on the shoulders of Theresa May, Gordon Brown and Sir John Major. Nor is there that unnerving claim to embody the spirit of a nation that Tony Blair and Margaret Thatcher perhaps made too often and believed too much. There’s a touch of David Cameron’s Old Etonian entitlement, the idea that it would be odd if he weren’t PM. But mostly Johnson simply seems to be having fun – whether by pointing a joshing finger at the imperious president of France or telling an incredulous President of the EU that they agree on absolutely everything.


Johnson’s bonhomie is all the more odd because the UK – as his advisers remind him continuously – is in the grips of the most acute peacetime crisis for generations, over how and even whether to leave the EU, and Johnson’s grip on power is almost non-existent, with no majority in Parliament and fratricide in his own Tory party as unremarkable as shaking hands. But in Johnson we have the clown prince of prime ministers, who – for the first time in years, or perhaps ever – plainly thinks he is home. His interlocutors – Emmanuel Macron, Donald Tusk, Justin Trudeau – all laugh. With him or at him? I am not sure that matters, in that he seems to cheer them up.

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Feel-good Boris.

England’s Homeless Children Problem (ZH)

New estimates from the Children’s Commissioner’s Office for England have revealed that, in addition to the official figure for child homelessness of 124 thousand, there are thought to be around 92 thousand children ‘sofa surfing’ in the country. Statista’s Martin Armstrong notes that the report, ‘Bleak Houses’ also found that the temporary accommodation of families and children is often not fit for human habitation with shipping containers, office blocks and B&Bs being re-purposed to house them.

Commenting on the findings, Children’s Commissioner Anne Longfield said: “It is a scandal that a country as prosperous as ours is leaving tens of thousands of families in temporary accommodation for long periods of time, or to sofa surf.” On the reasons for the current situation, Polly Neate, chief executive of charity Shelter blamed “a cocktail of punitive welfare policies, a woeful lack of social homes and wildly expensive private rents mean this is frighteningly commonplace.”

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Oh no.

English Police Could Patrol Northern Ireland Border After No-Deal Brexit (RT)

Despite a wealth of history suggesting that it’s a very bad idea, UK politicians have reportedly devised detailed plans to deploy English police officers in Northern Ireland in the event of a no-deal Brexit. According to a report in The Sunday Times, the plans would first see approximately 300 Scottish police drafted in to support the Police Service of Northern Ireland (PSNI) as a preliminary step. However, if tensions between the unionist and nationalist communities boil over or civil unrest erupts, officers from English forces will be deployed in the province.


A source at London’s City Hall told the newspaper: “All the police forces have agreed to give support to Northern Ireland. It is a concern. Thankfully it wouldn’t affect too many London officers, but we would be there. Imagine it: officers from the mainland in Northern Ireland. Bloody hell.” Unsurprisingly the report has triggered alarm bells in Northern Ireland and Ireland with many people worrying that it could incite anger among Irish nationalists and endanger the fragile peace in the region. “English police on the Irish border. What could go wrong? Don’t remember this on the referendum ballot paper or being debated in 2016? In the week we have remembered Mo Mowlam I despair at such a reckless attitude to hard-won peace,” Labour MP Anna Turley said.

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Jun 032019
 


Paul Ranson Apple tree with red fruit 1902

 

Global Recession Fears Mount As Manufacturing Shrinks Across Asia (R.)
How Many People Will Be Retiring in the Years to Come? (St.L.Fed)
Economic Growth Is An Unnecessary Evil (TLE)
Mueller Must Testify Publicly To Answer Three Critical Questions (Turley)
Alan Dershowitz: US ‘Overplayed Its Hand’ on Assange (NM)
The Intelligence Community Needs A House-Cleaning (Matt Taibbi)
Juncker: Not Enough Work To Keep 28 EU Commissioners Busy (EuA)
US Regulators Say Some Boeing 737 MAX Planes May Have Faulty Parts (R>)
Science institute That Advised EU and UN ‘Actually Industry Lobby Group’ (G.)
EU Candidate To Run UN Food Body Will ‘Not Defend’ EU Stance On GMO (G.)
Helsinki’s Radical Solution To Homelessness (G.)

 

 

One tool left: lower interest rates.

Global Recession Fears Mount As Manufacturing Shrinks Across Asia (R.)

Factory activity contracted in most Asian countries last month as an escalating trade war between Washington and Beijing raised fears of a global economic downturn and heaped pressure on policymakers in the region and beyond to roll out more stimulus. Such growth indicators are likely to deteriorate further in coming months as higher trade tariffs take their toll on global commerce and further dent business and consumer sentiment leading to job losses and delays in investment decisions. Some economists predict a world recession and a renewed race to the bottom on interest rates if trade tensions fail to ease at a Group of 20 summit in Osaka, Japan at the end of June, when presidents Donald Trump and Xi Jinping could meet.


In China, Asia’s economic heartbeat, the Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) showed modest expansion at 50.2, offering investors some near-term relief after an official gauge on Friday showed contraction. The outlook, however, remained grim as output growth slipped, factory prices stalled and businesses were the least optimistic on production since the survey series began in April 2012. PMIs were below the 50-point mark separating contraction from expansion in Japan, South Korea, Malaysia and Taiwan, came below expectations in Vietnam and improved slightly in the Philippines. “The additional shock from the escalated trade tensions is not going to be good for global trade and if demand in the U.S., China and Europe continues to soften, which is very likely, it will bode ill for Asia as a whole,” said Aidan Yao, senior emerging markets economist at AXA Investment Managers.

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And because of those lower interest rates, very few Americans will be able to retire, let alone at 65. Which makes this St. Louis Fed article outright insane, insulting even.

How Many People Will Be Retiring in the Years to Come? (St.L.Fed)

In this post, I will describe a preliminary estimate of the number of people retiring each month over the next 20 years. I started with the population of workers between the ages of 40 and 65 in 2018 using data gathered by IPUMS-USA. I then used age- and gender-specific mortality rates from the Human Mortality Database to compute how many people are expected to still be alive the next year (at only one year older). I continued iterating this procedure for a few years, assuming that the age-specific mortality rates remain constant over the years I specify. Finally, I counted the number of people reaching age 65 each year, further breaking it down to the averages of those reaching 65 each day and each month. The figure below shows the result of this calculation.

Initially, it is evident that there will be around 10,000 people (taking the total of retiring males and females) turning 65 each day for the next two decades. The right axis indicates the number of people turning 65 each month, which is an easier number to compare with the BLS monthly report on the current employment situation in the U.S. Not surprisingly, the peak corresponds to the retiring of the baby boomers. From 2025 onward, the trend is declining, which is likely because of the baby bust that followed the baby boom.

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Don’t worry, growth will soon be a thing of the past.

Economic Growth Is An Unnecessary Evil (TLE)

In 2012, writing as a lone economics blogger, I put forward a case for why countries should ditch economic growth as a political priority. Long revered as a stalwart of a capitalist society the need to grow has come to overshadow everything else. We prioritise it over our personal health, we prioritise it over the health of the planet and we prioritise it over our happiness. But given that the function of any economy is to provide an environment of subsistence, that could be little short-sighted. Economist Kenneth Boulding once said that we eat in order to achieve the state of being well-fed, and moving our jaws is simply the ‘cost’ of getting there.

We would therefore be mistaken to focus our attention on the act of chewing as the desired end-state when it is simply the price we pay to become fed. But as long as growth is the target of our economic systems people will continue to focus on chewing, which is neither a sustainable nor desirable trait of an economy. Which is why I welcomed news that New Zealand’s Prime Minister Jacinda Ardern has put out a national budget where spending is dictated by what best encourages the “well-being” of citizens, rather than focussing on traditional bottom-line measures like productivity and economic growth.

The government will put an emphasis on goals like community and cultural connection and equity in well-being across generations in what has been described as a “game-changing event” by LSE professor Richard Layard. As part of the framework Ardern has set aside more than $200 million to bolster services for victims of domestic and sexual violence and included a promise to provide housing for the homeless population. New guidance on policy suggests all new spending must advance one of five government priorities: improving mental health, reducing child poverty, addressing the inequalities faced by indigenous Maori and Pacific islands people, thriving in a digital age, and transitioning to a low-emission, sustainable economy.

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But he said he wouldn’t say another word…

Mueller Must Testify Publicly To Answer Three Critical Questions (Turley)

In that twinkling zone between man and myth, Robert Mueller transcends the mundane. Even in refusing to reach a conclusion on criminal conduct, he is excused. As Mueller himself declared, we are to ask him no questions or expect any answers beyond his report. But his motivations as special counsel can only be found within an approved range that starts at “selfless” and ends at “heroic.” Representative Mike Quigley defended Mueller’s refusal to reach a conclusion as simply “protecting” President Trump in a moment of “extreme fairness.” Yet, as I noted previously, Mueller’s position on the investigation has become increasingly conflicted and, at points, unintelligible.

As someone who defended Mueller’s motivations against the unrelenting attacks of Trump, I found his press conference to be baffling, and it raised serious concerns over whether some key decisions are easier to reconcile on a political rather than a legal basis. Three decisions stand out that are hard to square with Mueller’s image as an apolitical icon. If he ever deigns to answer questions, his legacy may depend on his explanations. One of the most surprising disclosures made by Attorney General William Barr was that he and Deputy Attorney General Rod Rosenstein expressly told Mueller to submit his report with grand jury material clearly marked to facilitate the release of a public version.

The Justice Department cannot release grand jury material without a court order. Mueller knew that. He also knew his people had to mark the material because they were in the grand jury proceedings. Thus, Barr and Rosenstein reportedly were dumbfounded to receive a report that did not contain these markings. It meant the public report would be delayed by weeks as the Justice Department waited for Mueller to perform this basic task. Mueller knew it would cause such a delay as many commentators were predicting Barr would postpone the release of the report or even bury it. It left Barr and the Justice Department in the worst possible position and created the false impression of a coverup.

Why would a special counsel directly disobey his superiors on such a demand? There is no legal or logical explanation. What is even more galling is that Mueller said in his press conference that he believed Barr acted in “good faith” in wanting to release the full report. Barr ultimately did so, releasing 98 percent of the report to select members of Congress and 92 percent to the public. However, then came the letter from Mueller.

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“..the Supreme Court. “I suspect that is where this case is headed as well..”

Alan Dershowitz: US ‘Overplayed Its Hand’ on Assange (NM)

Bringing charges against WikiLeaks founder Julian Assange under the Espionage Act is one thing, but legal extradition is going to be far more difficult for merely publishing stolen material, not actually stealing it, according to legal expert Alan Dershowitz. “I think the Trump administration has overplayed its hand, so did the Justice Department,” Dershowitz told “The Cats Roundtable” on 970 AM-N.Y.. “They had a very strong case for extradition when they initially accused him of breaking into a password [-protected machine] to try to get classified material, that’s a crime. “But publishing materials? That’s very different. That’s The New York Times and The Washington Post, and I think Great Britain is going to have a lot of difficulty extraditing Assange to the U.S. to face trial for merely publishing material stolen not by him but by others.”


The case will not be one of espionage but a case of free speech and the First Amendment, according to Dershowitz. I think we’re in for a very interesting First Amendment case, probably the most interesting First Amendment case involving national security since Pentagon Papers.” Dershowitz was one of the lawyers of the Pentagon Papers case related to Watergate and the ultimate impeachment proceedings and resignation of former President Richard Nixon, taking the case to the Supreme Court. “I suspect that is where this case is headed as well,” Dershowitz told host John Catsimatidis.

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“Schiff was gung-ho to declassify “as much as possible about Russia hacking our elections” back in the summer of 2016, but now describes attempts to declassify information about the reasons for the probe as an attempt to “weaponize law enforcement.”

The Intelligence Community Needs A House-Cleaning (Matt Taibbi)

CIA director Gina Haspel crowed to the Washington Post a year ago that disclosing the name of informant Stefan Halper “could risk lives.” It turned out Halper had been outed as a spook in the pages of the New York Times back in 1983, and openly traded on his intelligence past as a professor in England. Where were lives at risk, in the Cambridge University Botanical Garden? We also saw reports that revealing the name of former British spy Christopher Steele would imperil his life. When the Wall Street Journal outed him in January of 2017, Steele responded by telling British media that he was “terrified for his safety.” He added he was going into hiding because he feared a “potentially dangerous backlash against him from Moscow.”

We later found out Steele had more media contacts than the Kardashian family, meeting with (at minimum) the Times, Post, Yahoo!, The New Yorker, CNN and Mother Jones in the space of about seven weeks in September-October 2016. In the years since his report became public, Steele fought through his terror to keep commiserating with the media. He invited a sprawling, laudatory 2018 profile in The New Yorker that described him answering “one of his two phones” in Farnham, a Surrey town with a “beautiful Georgian high street,” where he and his four children live on “nearly an acre of land.” He’s given depositions, negotiated to testify before congress, and been a primary source in several bestselling books. Thanks to such elaborate precautions, he’s managed somehow to avoid assassination since 2016.

[..] The release of the Page warrant turned out to not to compromise anything but the reputation of the FBI and other agencies. The major revelation was the FBI had indeed used Steele, a “compensated” FBI informant as well as a private oppo researcher, as a source despite having “suspended its relationship” with him in October 2016, ostensibly over failure to disclose media contacts. House Intel committee ranking member Adam Schiff knew this information when he conducted his “bombshell” hearing” on March 20, 2017. That was the one in which he and other members questioned not-yet-fired FBI chief James Comey and Rogers, and read out information from the Steele report as if it were factual, not giving any hint that there might be issues with it.

Schiff was gung-ho to declassify “as much as possible about Russia hacking our elections” back in the summer of 2016, but now describes attempts to declassify information about the reasons for the probe as an attempt to “weaponize law enforcement.” The hemming and hawing about “sources and methods” is really a pre-emptive ass-covering campaign. A bunch of these people are about to be highlighted in the upcoming review by Justice IG Michael Horowitz, as well as the larger probe led by former Connecticut U.S. Attorney John Durham. This is why we’ve seen stories that essentially show James Comey and Brennan pointing fingers and blaming the other for using the Steele material.

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“..a million euro per Commissioner, for relocation, staff and the lifelong pension which every Commissioner gets, no matter how long he or she has been in office..”

Juncker: Not Enough Work To Keep 28 EU Commissioners Busy (EuA)

European Commission President Jean-Claude Juncker has urged member states not to name short-term replacements for the Commissioners that have been elected as MEPs, insisting there is not enough work for 28 Commissioners anyway. Five of Juncker’s Commissioners have been elected as MEPs: First Vice President Frans Timmermans, vice-presidents Andrus Ansip and Valdis Dombrovskis, and Commissioners Corina Cretu and Mariya Gabriel. In an interview with BILD am Sontag yesterday (2 June), Juncker made a strong appeal that the member states should not replace them until the end of the mandate in November.


The elected MEPs must decide whether to take their seats before 1 July. If some of the elected Commissioners take their MEP seats, their countries will be without a Commissioner for four months. “Each member state has the right to appoint a new Commissioner for the remaining four months,” Juncker said, adding that “this would cost the European taxpayer a million euro per Commissioner, for relocation, staff and the lifelong pension which every Commissioner gets, no matter how long he or she has been in office, because the member states have decided that this is so. I’m trying to stop this.”

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“If it is in the air by Christmas (Dec. 25) I’ll be surprised – my own view..”

US Regulators Say Some Boeing 737 MAX Planes May Have Faulty Parts (R>)

The U.S. Federal Aviation Administration on Sunday disclosed a new problem involving Boeing Co’s grounded 737 MAX, saying that more than 300 of that troubled plane and the prior generation 737 may contain improperly manufactured parts and that the agency will require these parts to be quickly replaced. The FAA said up to 148 of the part known as a leading-edge slat track that were manufactured by a Boeing supplier are affected, covering 179 MAX and 133 NG aircraft worldwide. Slats are movable panels that extend along the wing’s front during takeoffs and landings to provide additional lift. The tracks guide the slats and are built into the wing.

[..] In a statement issued after the FAA announcement, Boeing said it has not been informed of any in-service issues related to this batch of slat tracks. Boeing, the world’s largest plane maker, said it has identified 20 737 MAX airplanes most likely to have the faulty parts and that airlines will check an additional 159 MAXs for these parts. Boeing said it has identified 21 737 NGs most likely to have the suspect parts and is advising airlines to check an additional 112 NGs. The NG is the third-generation 737 that the company began building in 1997. The affected parts “may be susceptible to premature failure or cracks resulting from the improper manufacturing process,” the FAA said.

[..] Boeing in April said the two fatal crashes had cost it at least $1 billion as it abandoned its 2019 financial outlook, halted share buybacks and lowered production. The company’s shares have fallen by nearly 20 percent since the Ethiopian Airlines crash in March. Some international carriers are skeptical the plane will resume flying by August as some U.S. airlines have suggested. Tim Clark, president of Emirates, told reporters in Seoul that it could take six months to restore operations as other regulators re-examine the U.S. delegation practices. “If it is in the air by Christmas (Dec. 25) I’ll be surprised – my own view,” he said.

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And there’s Monsanto again.

Science Institute That Advised EU and UN ‘Actually Industry Lobby Group’ (G.)

An institute whose experts have occupied key positions on EU and UN regulatory panels is, in reality, an industry lobby group that masquerades as a scientific health charity, according to a peer-reviewed study. The Washington-based International Life Sciences Institute (ILSI) describes its mission as “pursuing objectivity, clarity and reproducibility” to “benefit the public good”. But researchers from the University of Cambridge, Bocconi University in Milan, and the US Right to Know campaign assessed over 17,000 pages of documents under US freedom of information laws to present evidence of influence-peddling.

The paper’s lead author, Dr Sarah Steele, a Cambridge university senior research associate, said: “Our findings add to the evidence that this nonprofit organisation has been used by its corporate backers for years to counter public health policies. ILSI should be regarded as an industry group – a private body – and regulated as such, not as a body acting for the greater good.” In a 2015 email copied to ILSI’s then director, Suzanne Harris, and executives from firms such as Coca-Cola and Monsanto, ILSI’s founder Alex Malaspina, a former Coca-Cola vice-president, complained bitterly about new US dietary guidelines for reducing sugar intake.

“These guidelines are a real disaster!” he wrote. “They could eventually affect us significantly in many ways; Soft drink taxations, modified school luncheon programs, a strong educational effort to educate children and adults to significanty [sic] limit their sugar intake,, curtail advertising of sugary foods and beverages and eventually a great pressure from CDC [the US Center for Disease Control and Prevention] and other agencies to force industry to start deducing [sic] drastically the sugar we add to processed foods and beverages.”

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And more Monsanto. Europe is losing.

EU Candidate To Run UN Food Body Will ‘Not Defend’ EU Stance On GMO (G.)

Europe’s candidate to run the UN’s Food and Agriculture Organisation (FAO), which guides policymakers around the world, has promised the US she will “not defend the EU position” in resisting the global spread of genetically modified organisms (GMOs). In a bid for US support, Catherine Geslain-Lanéelle told senior US officials at a meeting in Washington on 15 May that under her leadership the FAO would be more open to American interests and accepting of GMOs and gene editing, according to a US official record of the meeting seen by the Guardian. The issue has been a longstanding point of conflict in trade talks with the EU, which has adopted a far more cautious approach to biotechnology in food and agriculture.

All GMO imports are subject to strict safety assessments imposed on a case-by-case basis. Plants and animals whose genome has been manipulated through gene editing are deemed to be GMOs and are subject to similar restrictions. The US portrays such restrictions as trade barriers and has demanded they be dropped. In the meeting with officials from the US agriculture and state departments, Geslain-Lanéelle, a former director general of the French agriculture and food ministry who also ran the European Food Safety Authority, signalled she would veer to the US side if she ran the FAO. “She is proud to be European, who she is, and where she comes from; however, she will promote FAO from a global perspective rather than with European Union or French views,” said a US government internal memo.

“She will not defend the EU position on biotechnology and genetically modified organisms. This is not what agriculture needs. She will defend a global project that includes US interests.”

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“..you don’t need to solve your problems before you get a home. Instead, a home should be the secure foundation that makes it easier to solve your problems.”

Helsinki’s Radical Solution To Homelessness (G.)

As in many countries, homelessness in Finland had long been tackled using a staircase model: you were supposed to move through different stages of temporary accommodation as you got your life back on track, with an apartment as the ultimate reward. “We decided to make the housing unconditional,” says Kaakinen. “To say, look, you don’t need to solve your problems before you get a home. Instead, a home should be the secure foundation that makes it easier to solve your problems.” With state, municipal and NGO backing, flats were bought, new blocks built and old shelters converted into permanent, comfortable homes – among them the Rukkila homeless hostel in the Helsinki suburb of Malminkartano where Ainesmaa now lives.

Housing First’s early goal was to create 2,500 new homes. It has created 3,500. Since its launch in 2008, the number of long-term homeless people in Finland has fallen by more than 35%. Rough sleeping has been all but eradicated in Helsinki, where only one 50-bed night shelter remains, and where winter temperatures can plunge to -20C. The city’s deputy mayor Sanna Vesikansa says that in her childhood, “hundreds in the whole country slept in the parks and forests. We hardly have that any more. Street sleeping is very rare now.” In England, meanwhile, government figures show the number of rough sleepers – a small fraction of the total homeless population – climbed from 1,768 in 2010 to 4,677 last year (and since the official count is based on a single evening, charities say the real figure is far higher).

But Housing First is not just about housing. “Services have been crucial,” says Helsinki’s mayor, Jan Vapaavuori, who was housing minister when the original scheme was launched. “Many long-term homeless people have addictions, mental health issues, medical conditions that need ongoing care. The support has to be there.”

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It’s discouraging to think how many people are shocked by honesty and how few by deceit.
– Noel Coward