Feb 212024
 
 February 21, 2024  Posted by at 9:46 am Finance Tagged with: , , , , , , , , , ,  42 Responses »


Vincent van Gogh Landscape with House and Ploughman 1889

 

Assange ‘Too Ill’ To Attend Last Chance UK Appeal Against US Extradition (RT)
President Trump’s Kafkaesque Civil Trial in New York State (Calabresi)
Pay to Play: Trump Faces a Staggering Cost for Appeal (Turley)
US ‘in Decline’ Today Due to ‘Ignorance, Arrogance’ – Pakistani Senator (Sp.)
What Happened To Alexei Navalny This Time Round (Helmer)
The US Is Planning for the Aftermath of Ukraine War (van den Ende)
How The Rosneft Refinery In Germany Is Being Expropriated (Helmer)
Germany Nationalizes Rosneft Deutschland, Poland Will Help (Andrei Gurkov)
As Ramadan Approaches, Israel Threatens War On Lebanon (Harb)
The Resistance Has a Plan for Israel (Alastair Crooke)
The Ever Expanding War (Paul Craig Roberts)
10 Million Illegals Have Entered The US Under Biden (ZH)
Germany Retreats Into The Middle Ages As Its Economy Declines (Henry Johnston)
Fixation on CO2 Ignores Real Driver of Temperature (ET)

 

 


MattOBranain: My rough sketch while trying to listen on a difficult audio feed. At front two Counsels for #Assange, to right behind them Gareth Perice, then from right John Shipton, @GabrielShipton, @Stella_Assange, behind them @ChrisLynnHedges. Also saw @CraigMurrayOrg and @suigenerisjen.

 

 

Trump Haley

 

 

Mike Benz
https://twitter.com/i/status/1759722356975530158

 

 

 

 

Thomas

 

 

Tucker Boris

 

 

Rogan Phil
https://twitter.com/i/status/1760025164677558690

 

 

 

 

“..the victim of his ‘crime’ (journalism) is a state rather than a person–the definition of a political offense, which the US-UK extradition treaty explicitly forbid..”

Assange ‘Too Ill’ To Attend Last Chance UK Appeal Against US Extradition (RT)

Wikileaks founder Julian Assange is “too ill” to attend his appeal against the UK’s decision to extradite him to the US, his lawyers have said. The US wants him on 17 charges of espionage tied to WikiLeaks’ publication of State Department and Pentagon files in 2010. Assange, 52, has been held largely in solitary confinement in the Belmarsh maximum security prison in England since 2019, when Ecuador revoked his asylum at American insistence. The Australian-born publisher had requested to appear in court personally, but was unable to do so due to poor health, according to his lawyers. “The world is watching,” Assange’s wife Stella said outside the court house. She accused the US of abusing the legal system to “hound, prosecute and intimidate” and argued that the US “plotted to murder” her husband – referring to revelations that the CIA sought to kill Assange in 2017, when he sheltered in the Ecuadorian embassy in London.

“What’s at stake is the ability to publish the truth and expose crimes when they’re committed by states,” Stella Assange told the dozens of demonstrators gathered outside the Royal Courts of Justice in London on Tuesday. Protesters carried Australian flags and signs that said “Free Julian Assange” and “drop the charges.” The Australian parliament passed a motion, supported by the country’s Prime Minister Anthony Albanese, calling for Assange’s release from British captivity in the run up to the appeal. “The outrageous part of the UK’s years-long ‘trial’ to condemn Julian Assange to die in an American dungeon is that the victim of his ‘crime’ (journalism) is a state rather than a person–the definition of a political offense, which the US-UK extradition treaty explicitly forbid,” NSA whistleblower Edward Snowden said on X (formerly Twitter).

Activists outside the court chanted “US, UK, hands off Assange” and “There is only one decision – no extradition,” among other slogans. This week’s hearing will decide whether Assange will be allowed to appeal the 2022 decision by the UK government to extradite him to the US. His attorneys have argued that the extradition would amount to punishment for political opinions and violate the European Convention on Human Rights.

If the appeal fails, Assange will apply to the European Court of Human Rights and seek a Rule 39 order to stop the extradition while it considers the case, Stella Assange has said. In 2010, WikiLeaks published the US military’s Iraq and Afghanistan “war diaries,” as well as a trove of State Department cables. One of the videos, later known as “collateral murder,” showed a US helicopter killing 11 people in Iraq, including two Reuters journalists. Suspecting the Swedish “sexual assault” case was a pretext for the US to arrest him – correctly, as it later emerged – Assange sought asylum in Ecuador, which has no extradition treaty with Washington. He spent the next seven years in the country’s embassy in London, blocked from leaving by the British authorities.

Read more …

Kafla indeed.

President Trump’s Kafkaesque Civil Trial in New York State (Calabresi)

Donald Trump has been ordered to pay a $355 million fine and has been barred from doing business in New York State for three years. Judge Arthur Engoron ordered Trump to pay essentially all of his cash reserves of $400 million, which fine if upheld would force Trump to sell some of his real estate holdings to raise cash to live on. Once interest is added on the total fine will rise to $450 million. This is all on top of an $83.3 million fine Trump must pay for allegedly defaming the writer E. Jean Carroll. The fines in total could deprive Trump of between 11% and 13% of his wealth. Trump’s adult sons Donald Jr. and Eric have also been fined, and they are barred from doing business in New York State for two years. Ivanka or Melania Trump could legally run the Trump businesses for the next two years, but Judge Engoron appointed retired U.S. District Judge Barbara Jones to continue in her role as an “independent monitor” of the Trump business empire but expanded her authority to review financial disclosures before they are submitted to third parties.

Judge Jones can hire an independent director of compliance, and she has the authority to compel Trump to sell some or even all of his businesses down the road. This is all punishment for Trump allegedly committing fraud by falsely inflating and deflating the value of his real estate assets to pay lower state taxes and to receive more favorable loans from banks. The New York State laws used to go after Trump have NEVER been used in this way, historically, and while Trump may owe some back state taxes, if Judge Engoron is right, not a single bank claimed that it had been defrauded by Trump in the loans it had made to him. This is truly a victimless crime. Bankers took the stand at Trump’s civil trial testifying that they would have gladly made loans to Donald Trump given his extraordinary success as a businessman. It must also be noted that the banks that made loans to Trump did not take his assessment of the net worth of his assets at face value but made their own independent assessments of the value of Trump’s assets.

This is apparently standard practice in the New York State real estate market where borrowers often overstate the value of their assets. The bottom line is that a never before used New York State penalty has been twisted into a tool for a grossly excessive fine and more seriously the completely inappropriate appointment of Judge Jones as an “independent monitor” who can micromanage the Trump business, which she is not competent to do, and to even order the dissolution of the Trump Business in New York State. This outcome was pursued by Letitia James, a politically ambition Democrat, who is the Attorney General of New York State, and who hopes to win a future Democratic primary for Governor of or Senator from New York State.

Ms. James and Judge Engeron have essentially turned a vaguely worded New York State law into a modern day Bill of Attainder targeted at Donald Trump both for political gain and because they despise his political views and desperately want to call his truthfulness into question as he runs for President of the United States in 2024. In doing this, the have violated Trump’s First Amendment right to freedom of speech and of the press; his Fifth Amendment right not to be deprived of liberty or property without due process of law; his Fifth Amendment right not to have property taken away from him except for a pubic use with just compensation being paid; his Eighth Amendment right not to be made to pay an excessive fine; his Article IV, Section 2 right as a citizen of Florida to do make and enforce contracts in New York on the same terms as are other New Yorkers; and his Fourteenth Amendment right to be free to pursue an occupation without unnecessary and burdensome regulation.

The civil fraud judgment against Donald Trump is a travesty and an unjust political act rivaled only in American politics by the killing of former Treasury Secretary Alexander Hamilton by Vice President Aaron Burr. If the New York State appellate courts do not reverse this judgment, the U.S. Supreme Court MUST grant cert on this case and reverse Judge Engeron’s outrageous decisions. National, presidential politics will be permanently altered if a local State’s legal system can be used in this way against candidates for President of the United States. This case raises a national issue of profound importance and if the New York State appellate courts do not address it, the U.S. Supreme Court MUST!

O’Leary
https://twitter.com/i/status/1759969359282463085

Read more …

“..every day, Trump is being hit by roughly $90,000 in just interest increases.”

Pay to Play: Trump Faces a Staggering Cost for Appeal (Turley)

In the wake of the massive judgment against Donald Trump, many in New York are celebrating the prospect that the former president could be forced to sell off his property just to be able to appeal the $355 million judgment against him. While Trump has good grounds to object to this excessive fine, he still has to come up with close to a half billion dollars just to make his arguments to the New York Court of Appeals. In order to file an appeal, the courts require a deposit for the full amount of the damages or a bond covering the full amount. Even with escrow options, the call for cash or collateral can be enough to put some executives in a fetal position. It can be challenging enough for many companies drained from years of litigation. For Donald Trump, the demand for $355 million plus $100 milion in interest could force a fire sale on properties to pony up just the deposit.

Many of us have been critical of the ruling of Manhattan Supreme Court Justice Arthur Engoron who imposed the astronomical fine despite finding that Trump’s “victims” not only did not lose a single dollar but made handsome profits. Indeed, these banks testified that they wanted to continue to do business with Trump as a “whale” client, but Engoron is now barring them from doing so. Putting aside the merits of this judgment, the threshold deposit rule magnifies the unfairness of this New York law that does not require that anyone actually lose money to claim hundreds of millions from a company. One can argue that, if upheld, any insolvency is the fault of the company. However, this rule can force insolvency just to seek review of a judgment. For Trump, even this fine would only amount to roughly 14-17% of his wealth. The addition of the recent $83.3 million in damages imposed in a separate New York courtroom for defamation would bring the demand to over half a billion dollars in deposits with interest.

So, by making the fine so large, Engoron not only makes an appeal difficult, but could guarantee that Trump will lose tens of millions even if his judgment is dramatically reduced or tossed out. On top of this looming penalty, however, he already owes the writer E. Jean Carroll $83.3 million in damages from a separate defamation case that concluded in January. His legal fees are also mounting as he battles four criminal cases at the federal and state level. There is already speculation of whether Trump will have to leverage or sell his iconic properties at distressed prices. He has 30-days to ante up with the court and buyers could use that deadline to their advantage. The added amount is due to another New York provision imposing a massive 9 percent interest rate on judgments. That means that every day, Trump is being hit by roughly $90,000 in just interest increases.

Trump could secure a bond, but such a guaranty would come at its own premium price. However, a bonding company requires a defendant to put up 10% for the total and would lose that amount even if he prevailed. That is a roughly $45 million cost just to secure the right to an appeal. In this case, the cost could be higher given the judgment and the bar on Trump doing business for three years in New York. The expectation is that Trump can make the deposit or secure a bond to avoid what some gleefully called a “fire sale” on this properties. The deposit is now being celebrated as an added indignity and penalty. However, as New Yorkers cheer this moment, many business are likely wondering “but for the grace of God go I.” Undervaluing or overvaluing property is a common practice, particularly in real estate. That is why representations, like the one made by the Trump Corporation, come with a warning that estimates are their own and that the banks need to make their assessments.

Faced with high crime and high taxes, the spectacle in Manhattan is only likely to accelerate the exodus of businesses and high-earners from the city. That prospect has already alarmed Gov. Kathy Hochul who declared “business people have nothing to worry about, because they’re very different than Donald Trump and his behavior.” That sounds a lot like “you are fine so long as you are not Trump.” Yet, that is not reassuring to businesses who want a legal system that is based on something other than selective and arbitrary enforcement. Attorney General Letitia James campaigned on bagging Trump without even bothering to name the offense. She also sought to dissolve the National Rifle Association. The line between doing business and a public execution appears to be the dubious discretion of Letitia James. That is not the type of assurance that most businesses would accept in risking billions in investment. Despite the high taxes and falling services in New York, the city remained a draw for business as a commercial and legal center. The experience and objectivity of courts in dealing with business disputes was a selling point for companies.

That has been shattered by the James campaign and the Engoron ruling. Telling business to just “don’t be like Trump” is more menacing than consoling. Letitia James is now the face of New York corporate law — it is the “face that launched a thousand ships” . . . toward Florida. Businesses can get lower taxes, lower crime, better schools, and a better regulatory environment in virtually any other state. Fewer are likely to want to come for the shows, but stay for the disgorgement. Shark Tank’s Kevin O’Leary said Monday that he would “never” invest in New York after this absurd judgment. Creating an ad hoc business code for Trump undermines the city’s reputation as a premier jurisdiction for corporate and tax law. If the rate of exit increases, it will impact not just employees working for these companies (like the Trump companies) but the vast network of supporting businesses, including law firms. As New York politicians campaigning on “eat the rich” platforms, the confiscatory Trump judgment leaves many in the city wondering if they could be the next course.

Read more …

“The US I knew was a very strong and inclusive society, welcoming towards foreigners. They used to be multicultural and multireligious. Now I see a lot of paranoia and a lot of xenophobia in the US..”

US ‘in Decline’ Today Due to ‘Ignorance, Arrogance’ – Pakistani Senator (Sp.)

The reasons why the United States failed in Afghanistan and Iraq and is “in decline” today are its “ignorance and arrogance,” the chairman of the defense committee of the Senate of Pakistan, Mushahid Hussain Sayed, told Sputnik. “The US policy towards certain countries in Asia is sometimes based on the combination of ignorance and arrogance. Arrogance, because they are a big country, because they think of themselves as a superpower, they think they know it all. But they don’t. They don’t know the culture and the values of other countries. And also ignorance, because they don’t understand the people of these places. This is why they failed in Afghanistan, this is why they failed in Iraq,” Sayed said in an interview.

These are the same reasons why the US is “in decline” now and has been like that for some time, he added. The senator explained that he used to live in the US, received a masters degree from one of the most respected US universities in Washington — Georgetown, and worked in the US Congress as an intern. However, the country had changed a lot since then and the US he knew “was different.” “The US I knew was a very strong and inclusive society, welcoming towards foreigners. They used to be multicultural and multireligious. Now I see a lot of paranoia and a lot of xenophobia in the US. They call the Chinese threat, the Russian threat, the Islamic threat … That’s nonsense. They are returning to the 50s. So for me the modern US is a very strange, exclusive and divisive America,” the senator said.

In October 2001, a US-led coalition launched an invasion of Afghanistan. However, the Taliban took power in Afghanistan in August 2021, triggering the collapse of the US-backed government and accelerating Washington’s troop pullout. On August 31 of the same year, US forces completed their withdrawal from the country, ending the 20-year-long military presence. In March 2003, the US-led coalition invaded Iraq without a UN Security Council resolution. Consequently, the total of excess deaths related to the war amounted to 654,965 as of October 2006, according to The Lancet journal’s survey. The US troops withdrew from Iraq in December 2011. Despite that, to date, the US and coalition forces remain a notable military presence in the country, with military bases.

Read more …

“Inside Russia, it has been obvious for a long time that in or out of prison, Navalny alive was politically insignificant; now even less. The new western propaganda is as ineffectual for Russians as Navalny was himself.”

What Happened To Alexei Navalny This Time Round (Helmer)

Since a pack of lies about Alexei Navalny won last year’s Oscar for the best documentary film of the year when he was alive, there’s no doubt he can win another Oscar when he’s dead. But alive or dead, the prize-winning propaganda of Navalny’s story bears no resemblance to the truth. This is what happens in wartime, especially when the side which is losing the war on the battlefield – that’s the US, NATO and the Ukraine – claims to be winning the war of words against Russia. The Navalny story is now in two parts: Part 1, the Novichok in his airport cup of tea, in his hotel water bottle, and then in his underpants which causes Navalny’s collapse, but fails to be detected by Russian doctors in Omsk, by German doctors in Berlin and Munich, and then by Swedish and French state laboratories. Part 2, Navalny’s sudden death after he had taken a walk in the IK-3 penal colony in the village of Kharp, in the Russian Arctic region of Yamalo-Nenets.

The first part took 62 reports in this archive to expose the faking; the most telling evidence of this came from Navalny himself in the documented tests of his blood, urine and hair. According to these data, Navalny’s collapse was the outcome of an overdose of lithium, benzodiazepines, and other drugs. Part 2 of the Navalny story began last Friday, February 16, with the Federal Penitentiary Service (FSIN) announcement, followed by an official telegramme to his mother in Moscow, that he had died just after two in the afternoon, Yamalo-Nenets time; that was just after noon Moscow time. Two hours later the Russian media began carrying the official announcement. The wording of the last line of the announcement is significant. “The causes of death are being established”, the FSIN statement said. Causes — plural.

In the UK coroner’s court practice, what this means is that there is likely to have been a sequence of causation, medically speaking, with the first or proximate cause of death identified as heart, brain, or lung injury or failure; and the second, intervening or contributory cause of death such as biochemical factors, including prescription drugs in lethal combination; mRNA anti-Covid vaccination triggering fatal blood clots; or homicidal poisons. For example, in the case of the alleged Russian Novichok death of Dawn Sturgess in England in 2018, the evidence is of British government tampering with the post-mortem reports to add Novichok when it wasn’t identified at first. In Navalny’s case, poisoning on the order of President Vladimir Putin has already been announced as the cause of Navalny’s death without evidence at all. The delay time required for the complicated processes of forensic pathology and toxicology to establish the evidence has been reported in the Anglo-American media to signify cover-up and body snatching. Meduza, an oppositionist publication in Riga, reports that “a doctor who advised Navalny’s associates” has said that blood clotting was “an unlikely cause of death” – this is medically false.

In speculation of poisoning as cause of death, there is at least as much likelihood that Navalny, his team, and their CIA and MI6 handlers devised a repeat of the August 2020 Tomsk operation; decided when Navalny met with his lawyer at the prison on February 14; but implemented two days later without the resuscitation Navalny himself was expecting. The Anglo-American propaganda warfare army is already pronouncing the contributory Cause 2– Putin did it — as the cause of Navalny’s death. If the Russians announce the proximate Cause 1 as cardiac arrest or brain aneurism, without a Cause 2, they won’t be believed. In the short term, Cause 2 cannot be established with credibility in Russia since it took the British government ten years, 2006-2016, to fabricate their story of Russian polonium poisoning in the Alexander Litvinenko case. In the Russian Novichok cases in England, it has so far taken six years of court, police and pathologist proceedings, 2018-2024, without outcome, and another two years will follow.

The problem for readers to interpret what has happened is that the Anglo-American propaganda warfare machine is better at what it does than the Russian side. But then when it comes to war with guns, not words, the Russian side is far superior, as can be seen in the Ukraine right now. Accordingly, the Kremlin has decided to concentrate on the main fight. Inside Russia, it has been obvious for a long time that in or out of prison, Navalny alive was politically insignificant; now even less. The new western propaganda is as ineffectual for Russians as Navalny was himself.

Nap Navalny
https://twitter.com/i/status/1760094451521970418

Read more …

“Nowhere outside the U.S. can you find as many American politicians in one place as at the Munich Security Conference this year.”

The US Is Planning for the Aftermath of Ukraine War (van den Ende)

According to the Rand Corporation, there are two scenarios for the United States: “after” the less favorable war or “after” the more favorable war. The prominent think tank for U.S. policymaking recently published a long report on the so-called aftermath of the war in Ukraine. Washington and its NATO allies have to admit that the U.S. is losing another proxy war together with its satellite states of Europe. Previously they lost in Afghanistan (after more than 20 years, a second Vietnam), also recently in Syria and Iraq, and now in Ukraine. Even so-called “Russia experts” in Europe admit that Ukraine is losing. “I do not rule out that Ukraine will lose the war this year. Europe has misjudged the Russian army,” says Belgian “Russia expert” Joris van Blade to De Standaard. Russia has the initiative again and the Russian people are not going to stop the war, he thinks. “We have missed historic opportunities to make Europe safer.”

According to the Rand study, two scenarios are possible: a so-called “hardline” or a “softline” postwar. Of course, the U.S. prefers a softline postwar outcome, where they still have room for manipulation and possible coup d’état and Balkanization (partition) of Russia just like they did in former Yugoslavia. According to Rand, the U.S. military presence in Europe has increased to around 100,000 personnel since the start of Russia’s Special Military Operation in February 2022. The United States deployed attack aviation from Germany to Lithuania; Patriot air defense systems from Germany to Slovakia and Poland; and F-15 tactical fighters from the United Kingdom to Poland. In addition, European countries are sending F-16s to Romania, as the Netherlands recently indicated. These F-16s are capable of attacking Russian cities. Washington characterized these deployments as part of a wartime surge to deter Russia from expanding its aggression beyond Ukraine to attack U.S. allies in Europe.

Leaders in Europe are almost hysterical. One after another, they proclaim that Russia is going to invade Europe, starting with Moldova, the Baltic States, and Poland. The Netherlands, Germany, and France are warning their people to expect an attack from Russia, as is Sweden, which recently joined NATO. The population is being frightened by the unhinged rhetoric of their politicians. Conscription must be reactivated and Germany even has a concept ready to recruit migrants (about 1.5 million serviceable men) and entice them to get a passport. European leaders are also concerned about the upcoming elections in the U.S. after Republican contender Donald Trump made comments suggesting he would quit NATO and let Europe fend for itself. They are worried that the U.S. might abandon them. During a recent NATO conference in Brussels, a lot of war rhetoric was spoken. “We live in an era where we have to expect the unexpected,” said Dutch NATO Admiral Rob Bauer. Meanwhile, the Danish and German defense ministers have warned of a potential war with Russia within five years.

The U.S. and European leaders assume the “hardline” scenario is likely in the next few years. They proclaim through their mouthpieces in the corporate-controlled news media that Russia is becoming much more “risk-acceptant”. Therefore, it is calculated that a hardline approach may increase NATO’s ability to deter purported Russian aggression. It’s that time of year again for the hawkish Munich Security Conference, in Bavaria, Germany. This is the forum where President Putin provoked alarm when he gave his famous speech in 2007, making it clear that the unipolar world was over and a multipolar world would emerge in the foreseeable future. Putin’s prognosis caused much chagrin for Western leaders. This year’s theme at Munich is animated by Trump’s supposed undermining of NATO.

The appeal for support from the U.S. has become more urgent among some European politicians. Ukraine lacks weapons and ammunition, they openly say. Russia is sometimes five times superior on the battlefield. In addition, a U.S. support package worth around $60 billion was approved by the Senate last week but the Republican-dominated House of Representatives could reject it – and so far it looks like it will. Europe, in turn, would not be able to fill this gap and, therefore, Ukraine will lose the proxy war for the U.S. and the West. In addition to the presence of Ukrainian President Vladimir Zelensky, the European leaders and lobbyists will also use the opportunity in Munich to lobby Republican Senators and Representatives to support Ukraine (with money). Nowhere outside the U.S. can you find as many American politicians in one place as at the Munich Security Conference this year.

Read more …

2 articles, one topic. Germany steals a Russian company.

How The Rosneft Refinery In Germany Is Being Expropriated (Helmer)

This is how the war in the Ukraine doesn’t end, not for the Germans and the Poles. So long as they can, they plan to steal or destroy Russian assets west of what used to be Kievan Ukraine; and mobilize the US military bases in both countries to reinforce and defend their larcenies. The German political party which promises to continue this war for the employment of German workers and the enrichment of German executives and shareholders will win the next election, replacing the Social Democratic Party and the Greens as the party of war. The post-Ukraine strategy of the Stavka starts here — To Berlin! On Friday last, the Russian language edition of the German state medium Deutsche Welle (DW) published a report of German and Polish government plans for the expropriation of PCK, the Rosneft crude oil refinery at Schwedt in northern Germany, and the Rosneft network of operating assets in Germany, Poland, and Austria.

The German assets of Rosneft, the Russian state oil production company under worldwide sanctions, had been placed under what the German government called “fiduciary management” by an “independent” state regulator in September 2022. This was announced at the time as a temporary arrangement to comply with the sanctions, renewable every six months, but leaving undisturbed the Russian ownership of the assets. This scheme was renewed at six monthly intervals, as Rosneft has reported. There was nothing independent about the BNA or what it has been doing every six months. BNA stands for the Federal Network Agency — Bundesnetzagentur für Elektrizität, Gas, Telekommunikation, Post und Eisenbahnen. It claims to be “an independent higher federal authority with its main office in Bonn operating within the scope of business of the Federal Ministry for Economic Affairs and Climate Action (BMWK) and the Federal Ministry for Digital and Transport (BMDV). We have been responsible for Germany’s essential electricity, gas, telecommunications and postal infrastructures for over 20 years.”

“Within the scope of” is a German fig leaf for “under control”. “Our task,” BNA says, is “to ensure fair and non-discriminatory competition for all market participants. Our success and our expertise in regulation led to the energy and rail sectors also being placed under our responsibility.” This was not what the government of Chancellor Olaf Scholz intended when it commenced its takeover of Rosneft and assigned BNA the role of camp guard. BNA described what it was doing to “safeguard security of supply in Germany…on the basis of the Energy Security of Supply Act (section 17 EnSiG) until 15 March 2023. This basis enables the fiduciary to take action to keep the business running in accordance with its importance for the functioning of society in the energy sector. The fiduciary management may be extended under certain conditions… The decision to introduce fiduciary management was prompted by…by the sanctions imposed on Russia…The fiduciary management means that the original owner no longer has authority to issue instructions.”

Read more …

“The German government is running out of time: on March 10, when the next decision on the transfer of Rosneft Deutschland under the so-called trust management of the state expires..”

Germany Nationalizes Rosneft Deutschland, Poland Will Help (Andrei Gurkov)

Expropriation of Rosneft’s German assets is becoming increasingly likely. Warsaw is ready to provide oil to the Schwedt refinery and replace supplies from Kazakhstan. But what about compensation? The nationalization of Rosneft’s German assets is becoming more and more likely, and new signals from Poland reinforce this impression. The German government is running out of time: on March 10, when the next decision on the transfer of Rosneft Deutschland under the so-called trust management of the state expires. Berlin, apparently, no longer wants to extend this regime introduced in September 2022 for six months, because they seek a stable, not temporary, solution to the fate of the oil refinery in Schwedt — PCK Raffinerie Schwedt. This is exactly the case, although Rosneft has other assets in Germany.

But in this refinery, the state-owned Russian concern actually owns 54%, and maintaining Moscow’s control over a strategically important enterprise seems to the German authorities to be too much of a risk, especially against the background of the growing threat from Russia. After all, PCK Raffinerie Schwedt provides petroleum products to a significant part of East Germany and, above all, to the capital of the country, Berlin, with its approximately four million inhabitants. The intention of the German government to put an end to the legally suspended state of the plant has clearly strengthened after the recent elections in Poland. They brought to power a pro-European coalition, which German politicians trust much more than the previous Polish government. Relations between the two countries are currently warming rapidly, as evidenced by the talks between the new Polish Prime Minister Donald Tusk and German Chancellor Olaf Scholz in Berlin on February 12.

Therefore, the visit of Vice Chancellor and Minister of Economy of Germany Robert Habeck to Warsaw the next day, February 13, played an important, and perhaps decisive role in determining the next concrete steps with regard to Rosneft Deutschland. “Poland has helped a lot in the past to provide oil to the east of Germany,” the German minister recalled after the talks and made it clear that in the event of the expropriation of Rosneft, the supply of the plant in Schwedt would improve, since the Polish side is ready to significantly increase the pumping of oil through its territory towards Germany from the port of Gdansk. According to the Reuters news agency, citing an informed source, Warsaw assured Berlin even before Habeck’s arrival that it would be able, if necessary, to completely replace the volumes of Kazakh oil currently flowing to Schwedt.

Some explanations are needed here. Until 2023, this refinery, built six decades ago in the GDR on the border with Poland, operated exclusively on oil coming from the USSR and then from Russia via the Druzhba oil pipeline. In response to the full-scale Russian aggression against Ukraine, the European Union imposed an embargo on Russian oil transported by tankers, but not on supplies via the Druzhba pipeline system, since several Eastern European EU members are still heavily dependent on them. However, the German government decided for its part to completely abandon Russian oil. Since last year, the Schwedt plant has been supplied with oil purchased on the world market in three ways. From the German Baltic port of Rostock via a longstanding and not very powerful pipeline that was originally laid down as a backup — through the Polish port of Gdansk, from where oil is pumped through Poland using the westernmost segment of the Druzhba, and from Kazakhstan in transit through the Russian territory on the same Druzhba.

Germany strongly emphasizes its desire to increase oil purchases in Kazakhstan, cooperation with which is becoming more intensive. However, there are fears that in the event of the nationalization of Rosneft’s German assets, Moscow will block the Druzhba oil pipeline as a retaliatory measure and thereby [stop] the supply of Kazakh oil. [..] It is noteworthy that articles in the German media about Robert Habeck’s negotiations in Warsaw, and in general about the future of Rosneft Deutschland, in effect do not consider the option of Rosneft selling this company and its assets. This is despite the letter with such a proposal, as the economic newspaper Handelsblatt wrote in early February, from the head of the Russian concern Igor Sechin to the German government. But Berlin, the publication concluded, “has placed its bet on expropriation.”

Read more …

“..the regional backlash threatens to undermine US diplomacy, unravel Arab normalization deals with Israel, and jeopardize US business interests throughout West Asia..”

As Ramadan Approaches, Israel Threatens War On Lebanon (Harb)

Tel Aviv’s mounting threats to destroy Beirut as it has done to Gaza, coupled with growing Israeli public support for aggressive military action against Lebanon, have spiked tensions on the northern battlefront in recent days. Furthermore, the precarious game at play in Washington – which has done absolutely nothing to impede Israeli occupation forces from launching an assault on Rafah and uprooting more than a million Palestinians from their last refuge on the Egyptian border – is driving the war to a volatile, dangerous brink. Adding fuel to this already incendiary mix are two critical factors. First, Israel’s targeted strikes on Lebanese civilians, exemplified by the recent attacks in Nabatiyeh and Al-Sowanah, have provoked a stern response from Hezbollah Secretary-General Hassan Nasrallah, who vowed retribution, declaring that “the price of civilian blood will be blood.”

Second is the approaching month of Ramadan, a sacred period observed by hundreds of millions of Muslims worldwide, which adds a transnational dimension to these developments. Fasting Muslims from Indonesia to Morocco will grow increasingly frustrated with Washington’s inaction in preventing genocide and the displacement of over two million Palestinians in Gaza, many of whom are on the brink of starvation. Despite US assurances that it is pressuring Israel to mitigate casualties, the relentless onslaught has resulted in an appalling daily death toll of around 300, with nearly 29,000 lives lost, and over 60 percent of homes and infrastructure decimated. When Nasrallah declared that “for every drop of blood shed in Gaza and the entire region, the primary responsibility falls on [US President Joe] Biden, [US Secretary of State Antony] Blinken, and [US Secretary of Defense Lloyd] Austin,” his words resonated deeply – not only within the Islamic world but with millions globally – calling for an end to the war by halting the influx of American weapons to the Israeli military.

The US State Department has received multiple warnings from diplomats in the region of the growing resentment toward Washington for its complicity in Israel’s genocidal campaign. Despite its tone-deaf attempts to adjust its stance and emphasize a need to protect Palestinian civilians, the regional backlash threatens to undermine US diplomacy, unravel Arab normalization deals with Israel, and jeopardize US business interests throughout West Asia. Speaking to The Cradle, sources close to the Axis of Resistance in Lebanon said the next fortnight carries the potential for a catastrophic escalation, particularly if Israel intensifies its military aggression during Ramadan and advances its plans to displace Palestinians from Rafah.

Additionally, the discontent among Israeli settlers displaced by Lebanese resistance operations along the northern border poses further risks, with officials in Tel Aviv contemplating drastic measures to ensure calm, including potential military action – a preview of which southern Lebanese civilians have recently witnessed. The discontent among northern settlers grows as they grapple with the new security dynamics in the aftermath of the Hamas-led Al-Aqsa Flood operation on 7 October. Extending over 100 kilometers from Naqoura to the Shebaa Farms and penetrating 5 to 10 kilometers deep, this border strip has seen the displacement of thousands of settler families.

Read more …

“..They want us to pay a price without Israel committing to a thing..”

The Resistance Has a Plan for Israel (Alastair Crooke)

In a speech on Tuesday, Hizbullah leader Seyed Nasrallah said that the Party will continue the border offensive until at least the Gaza massacre stops. The war in Gaza however, is far from over. And Nasrallah warned that even were a ceasefire to be reached in Gaza, “should the enemy perform any action, we will return to operating according to the rules and formulas that existed before. The purpose of the resistance is to deter the enemy, and we will react accordingly”. Israel’s Defence Secretary Gallant has underlined that contrary to international consensus expectations, he too expects the war in Lebanon to continue. Gallant said the military has stepped up its attacks against Hizbullah by one level out of ten: “The Air Force planes flying currently in the skies of Lebanon have heavier bombs for more distant targets. Hizbullah went up half a step, whilst we, a full one … We can attack not only at 20 kilometres [from the border], but also at 50 kilometres, and in Beirut and anywhere else”.

It is not clear what ‘red line’ Hizbullah would have to cross for Israel to significantly escalate its response to much higher levels; Israeli leaders have suggested that an attack on a strategic site; or an attack leading to major civilian casualties; or a substantive barrage on Haifa might constitute the breaking point. Nonetheless, with three military divisions rather than the usual one now deployed in the north of Israel, the IDF has more forces poised for action on the northern border than it has preparing for an incursion into Rafah – at this point. It is clear, as Chief of Staff Halevy has specified, that Israel is “preparing for war” against Hizbullah (more than preparing for Rafah). Is the threat to Rafah a bluff to put pressure on Hamas to concede on the deal and hostages? One way or another, both Israel’s political and military chiefs are adamant: The IDF will incurse into Rafah – ‘at some point’. The qualitatively different Hizbullah’s strike on Safed on Israel’s northern regional command HQ on Wednesday – which that resulted in 2 dead and 7 further casualties – is being treating in Israel as the gravest attack since the start of the war, with Ben Gvir calling it a “declaration of war”. Subsequent Israeli attacks killed 11 people, including six children, in a barrage of strikes on villages across southern Lebanon, in retribution for the Safed blitz – with the fierce exchange of fire still continuing.

The ‘Safed Strike’ deep into the Galilee very likely was intended to signal that Hizbullah is not about to capitulate to western demands that it provide Israel with a ceasefire that is intended to facilitate evacuated Israelis to return to their homes in the north. As Nasrallah confirmed in a scathing attack on those external (Western) mediators who serve only as Israel’s lawyers, and neglect to address the massacres in Gaza: “It is easier to move the Litani River forward to the borders, than to push back Hezbollah fighters from the borders, to behind the Litani River … They want us to pay a price without Israel committing to a thing”. In these circumstances, Nasrallah clarified that residents of northern Israel will not return to their homes – warning that even more Israelis risk being displaced: “‘Israel’ must prepare shelters, basements, hotels and schools to house two million settlers who will be evacuated from northern Palestine, [were Israel to expand the war zone].”

Read more …

“..The inaction of Putin, China, and Iran has steeled the American neoconservatives in their agenda of American hegemony..”

The Ever Expanding War (Paul Craig Roberts)

As I previously wrote, the Israeli/American intention is to expand the war against Hamas to Lebanon, Syria, and Iran. The expansion has begun. The latest news is that Israel has struck deep into Lebanon: “War Expands With Massive Israeli Airstrikes 60km Deep Into Lebanon.” The Arabs, likely restrained by Putin, have once again sat on their butts while Israel picks them off one by one. Only the Houthis but not a single Arab or Muslim country came to Hamas’ help. Consequently, the Arabs sat sucking their thumbs while Gaza and Hamas were destroyed. The arabs accepted Israel’s genocide of the Palestinian people. Evil prevails when it is left unopposed. If Hezbollah, Syria, the Iraqi militias, and Iran had joined Hamas’ attack, Israel today would not exist. Having missed their chance, they will now be knocked off one at a time by Israel and Washington.

Already before Israel is finished with Palestine, Israel has attacked with missiles and jet fighters deep into Lebanon. It appears that the Israeli-Washington strategy is to attack Lebanese cities to set off civil war between the Lebanese army and the Hezbollah militia so that Israel can take advantage of civil war in Lebanon to drive Hezbollah out of southern Lebanon and take possession of the water resources that Israel covets. When Hezbollah is finished, Washington and Israel will wipe out the Iraqi militias and attack Syria, a section of which containing the oil fields Washington already occupies. The Russians left the liberation of Syria unfinished. Syria has the Russian air defense system but apparently is not permitted to use it against Washington and Israel. Once Iraqi militias and Syria are out of the picture, Iran, sitting there on its huge number of missiles, doing nothing, will be next.

When Iran falls, the CIA’s Jihadists will be released into the Russian Federation, Central Asia, and China’a troublesome province. The inaction of Putin, China, and Iran has steeled the American neoconservatives in their agenda of American hegemony. As Putin, XI, and Iran seem determined to sit out conflicts that not only affect them but are directed against them, Washington will continue to run over red lines until a war is forced. Putin has been deceived, betrayed, demonized, and given the West’s cold shoulder for two decades, and he still wants to negotiate with those who have thrashed him? Negotiation with a government that has proven it doesn’t keep the agreements is a form of reality denial. As the evidence indicates, the Western world is in moral and social collapse, so its destruction will be no loss. The question is whether the values the Christian West once stood for will find expression elsewhere.

Read more …

Pretty crazy..

10 Million Illegals Have Entered The US Under Biden (ZH)

A record 7.3 million illegal aliens have crossed the southwest border under President Biden’s watch, a number which according to Fox News.is greater than the population of 36 individual states. That figure is sourced from the U.S. Customs and Border Protection, which has already reported 961,537 Southwest land border encounters in the current fiscal year, which runs from October through September, and if the current pace of illegal immigration does not slow down, fiscal year 2024 will break last year’s record of 2,475,669 southwest border encounters — a number that by itself exceeds the population of New Mexico. The total number of southwest land border encounters since Biden assumed office in 2021 is 7,298,486, CBP data shows.

That number is larger than the population of 36 U.S. states including: Alabama, Alaska, Arkansas, Colorado, Connecticut, Delaware, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Vermont, West Virginia, Wisconsin and Wyoming. In fact, the only states that are not in danger of being “replaced” are the blue ones. Compared to the largest U.S. states, the 7.3 million number is about 18.7% of California’s population of 39 million, 23.9% of the state of Texas and its 31 million residents, 32.3% of the population of Florida and 37.3% of New York. It’s more than half the size of Pennsylvania, Illinois and Ohio. As Fox News graphically describes, were the number of illegal immigrants who entered the United States under President Biden gathered together to found a city, it would be the second-largest city in America after New York.

Shockingly, that total does not include an estimated additional 1.6 million illegals who entered the US at other locations, nor 1.8 million known “gotaways” who evaded law enforcement, which would make the total bigger than the population of New York. Taken together, over 10 million migrants have crossed into the U.S. illegally during the Biden administration, a record Biden’s critics assert could only be achieved by intentionally refusing to enforce the law. “This unprecedented surge in illegal immigration isn’t an accident. It is the result of deliberate policy choices by the Biden administration,” said Eric Ruark, Director of Research for Numbers USA, a nonprofit that advocates for immigration restrictions.

Read more …

“..renewables can’t power modern civilization is because they were never meant to. One interesting question is why anybody ever thought they could.”

Germany Retreats Into The Middle Ages As Its Economy Declines (Henry Johnston)

Bloomberg recently foretold the end of Germany’s days as an industrial power in an article that begins with a depiction of the closing of a factory in Dusseldorf. Stone-faced workers preside with funereal solemnity over the final act – the fashioning of a steel pipe at a rolling mill – at the century-old plant. The “flickering of flares and torches” and “somber tones of a lone horn player” lend the scene a decidedly medieval atmosphere. Intentional or not in their inclusion of such evocative detail, the Bloomberg writers offer potent imagery for Germany – not only because the country is regressing economically but because its elites are increasingly guided by an atavistic force: the abandonment of reason. As hard economic realities lay bare the futility of its utopian energy plan and the consequences of numerous terrible decisions mount, Germany is experiencing what Swedish essayist Malcom Kyeyune calls “narrative collapse.”

The peculiar offspring of this, Kyeyune argues, is a turn toward ritual, superstition, and taboo. It is a malaise afflicting the entire West, but Germany is suffering a particularly acute case. Kyeyune defines this as an occurrence “when social and political circumstances change too rapidly for people to keep up, the result tends to be collective manias, social panics, and pseudo-religious revivalist millenarianism.” The abandonment of reason can be conceived of in various ways. Quite a lot of ink has already been spilled about the irrationality behind Germany’s fantastically improbable climate policy. Indeed, the quasi-religious verve with which this program has been rolled out speaks to something of a loosening of the country’s moorings. But as we will see shortly, the problem goes far beyond an attachment to unattainable policy goals. Prominent German business executive Wolfgang Reitzle argued that for the government to deliver on its climate and energy policy, capacities for wind and solar power would have to be more than quadrupled, while storage and back-up capacities would have to be massively increased.

Such a plan is “neither technically feasible nor affordable for a country like Germany,” Reitzle argues. What it is then, he concludes, “is simply insanity.” Michael Shellenberger, in a piece for Forbes magazine in 2019, points out that the initial impetus for seeking to transition to renewables emerged from the idea that human civilization should be scaled back to sustainable levels. He cites German philosopher Martin Heidegger’s 1954 landmark essay ‘The Question Concerning of Technology’ and subsequent work by the likes of Barry Commoner and Murray Bookchin as espousing what emerged in the 1960s as a much more austere vision for the future of civilization. Shellenberger concludes that the reason why “renewables can’t power modern civilization is because they were never meant to. One interesting question is why anybody ever thought they could.”

Read more …

“..temperature doesn’t follow CO2—instead, CO2 follows temperature, which, itself, is due to solar activity.”

Fixation on CO2 Ignores Real Driver of Temperature (ET)

Each year from 2023 to 2030, climate change sustainable development goals will cost every person in economies such as the United States $2,026, the U.N. Conference on Trade and Development estimates. In lower-income economies, the per-person annual cost ranges from $332 to $1,864. In total, the global price tag comes to about $5.5 trillion per year. Separately, a report from the left-aligned nonprofit Climate Policy Initiative found that in 2021 and 2022, the world’s taxpayers spent $1.3 trillion each year on climate-related projects. It also found that the “annual climate finance needed” from 2031 to 2050 is more than $10 trillion each year. “Anyone who willfully denies the impact of climate change is condemning the American people to a very dangerous future,” President Joe Biden said on Nov. 14, 2023, while announcing $6 billion in new investments through the Inflation Reduction Act (IRA). “The impacts we’re seeing are only going to get worse, more frequent, more ferocious, and more costly.”

At its signing in August 2022, President Biden said the IRA “invests $369 billion to take the most aggressive action ever—ever, ever, ever—in confronting the climate crisis and strengthening our economic—our energy security.” A report from Goldman Sachs put the dollar amount much higher, stating, “Critical funding for this next energy revolution is expected to come from the IRA, which will provide an estimated $1.2 trillion of incentives by 2032.” The trillions of dollars being poured into new initiatives stem from the goals set by the United Nations’ Paris Agreement’s legally binding international treaty to “substantially reduce global greenhouse gas emissions” in the hope of maintaining a temperature of no more than 1.5 degrees Celsius above pre-industrial levels.

But any decrease in carbon dioxide (CO2) emissions won’t have an effect for hundreds to thousands of years—even under the most restrictive circumstances, according to some experts. “If emissions of CO2 stopped altogether, it would take many thousands of years for atmospheric CO2 to return to ‘pre-industrial’ levels,” the Royal Society states in a report on its website. The organization describes itself as a “fellowship of many of the world’s most eminent scientists.” “Surface temperatures would stay elevated for at least a thousand years, implying a long-term commitment to a warmer planet due to past and current emissions,” the report states. “The current CO2-induced warming of Earth is therefore essentially irreversible on human timescales.”

A frequently asked questions page on NASA’s website holds the same position. “If we stopped emitting greenhouse gases today, the rise in global temperatures would begin to flatten within a few years. Temperatures would then plateau but remain well-elevated for many, many centuries,” NASA states. And, other scientists say, that’s because CO2 isn’t the culprit in the first place. “CO2 does not cause global warming. Global warming causes more CO2,” said Edwin Berry, a theoretical physicist and certified consulting meteorologist. He called Royal Society’s position on CO2 “pure junk science.” Ian Clark, emeritus professor for the Department of Earth and Environmental Sciences at the University of Ottawa, agreed that if all greenhouse gas emissions ceased today, the Earth would continue warming—but not because of CO2. He said that contrary to popular opinion, temperature doesn’t follow CO2—instead, CO2 follows temperature, which, itself, is due to solar activity.

Read more …

 

 

 

 

Vaxx
https://twitter.com/i/status/1760000991980593608

 

 

Cat perfume

 

 

Dinosaur Size
https://twitter.com/i/status/1760025082657706403

 

 

Blink an eye

 

 

 

 

Support the Automatic Earth in wartime with Paypal, Bitcoin and Patreon.

 

 

 

 

 

Apr 192022
 


Jean Metzinger The blue bird 1912-13

 

Thralldom and Its Uses (Jim Kunstler)
The Great Acquiescence — Glory to Ukraine (Patrick Lawrence)
The Importance of Ignorance in Info Wars (Lauria)
Ukraine and the Profits of War (TomD)
American Commissars (Chris Hedges)
Lockdown-Heavy States Had Some of the Worst Health Results (McMaken)
Second Global Covid-19 Summit Scheduled For May 12 (R.)
Hunter Biden’s China Business Deals Should Raise ‘Alarm Bells’ (ET)
Jack Dorsey Lashes Out At Twitter Board As Elon Musk Tries To Buy Company (DW)
Macron Should Prepare For A Brutal Shock After Latest Polls (Exp.)
EU’s 18 Year Old Embezzlement Charges to Derail Le Pen Presidential Bid (SN)
From Rachel Carson to Monsanto: The Silence of Spring (OffG)

 

 

Gonzalo
https://twitter.com/i/status/1515975497397661699

 

 

 

 

Maersheimer

 

 

Azov

 

 

 

 

“Collectively going crazy has been a luxury we can’t afford anymore.”

Thralldom and Its Uses (Jim Kunstler)

America has had enough of being in thrall, especially to figures and forces dedicated to our destruction. This spring is the beginning of a national life with less stuff, including, looks like, stuff to eat. That will sure enough put folks in touch with something real, and then they will naturally have to do something about it. Centralized control of the population via trackable digital money is the last thing that will avail in the face of hunger and desperation. In fact, that is just another set of empty wishes and promises. The reality is that centralized government, such as the one in Washington DC, is less and less in control of anything — except the manufactured pretense that it can fix the problems of less stuff and decaying money.

The federal government is increasingly impotent, unable to discharge its basic obligations to preserve public order and safety. Its previous attempt to fix something was the response to Covid-19, which has culminated in the fiasco of the mRNA vaccines, now pending and tending toward an astounding wave of early deaths among those in thrall to the transparently dishonest promises of officialdom (“safe and effective”). That’s the trouble with thrall. It narrows the field-of-vision so badly, you can’t see what’s coming at you indirectly, like: hardship and death. The country has been in serious trouble for more than a decade. Cavalcades of bad choices — and then lying to ourselves about these bad choices — has shoved us well over the edge of our cherished expectations. One way out, then, is to simply refuse to remain in thrall to officialdom and the manufactured bullshit that is its only product.

We are lately in thrall to the melodrama in Ukraine, largely engineered by figures and forces in our own government and for their own ends, which look suspiciously at odds with the nation’s actual interests (the nation being us, its people). Perhaps this illustrates the widening gulf between the slouching beast government has become and the people trying to operate their lives and destinies under it. No food for you, no fertilizers for future food for you, no spare parts for you, no free speech for you, no social or economic role for you, no health for you, and (watch it, now!) soon no life for you. Collectively going crazy has been a luxury we can’t afford anymore. You fell for RussiaGate and it kept you in thrall for years. You fell for the Adam Schiff orchestrated Ukraine phone call impeachment gambit. You fell for the Covid scare and the dangerously defective vaccines forced on you. You fell for the fraud-drenched election of the empty vessel known as “Joe Biden.” Don’t fall for the invitation to World War Three.

Read more …

“Whoever wins the war in Ukraine, the non–West will win. Whoever wins, the 21st century will win, burying the mostly awful 20th at last. As for Americans, we have already lost.”

The Great Acquiescence — Glory to Ukraine (Patrick Lawrence)

Since the Russiagate farrago overcame liberal America in 2016, there has been much debate as to whether our McCarthyesque circumstances are as bad as, similar to, or not as bad as things got during the Cold War decades. This no longer seems to me the useful question. In various important ways we have passed beyond even the worst of the Cold War’s many dreadful features. Our better reference is Aldous Huxley’s Brave New World, wherein the English novelist pictured a society of incubated beings — programmed from birth, hooked on a happiness-inducing drug called soma, devoid of everything we now consider human, wholly incapable of connection, of responsibility, and, indeed, desiring neither.

Infantile gratification is all that matters to those populating the World State Huxley imagined — such as anything matters. We are not there yet, let’s not exaggerate. But we ought to honor Huxley for his prescience, for we are heading in the direction of his unlivable world of mind-deprived children watched over by a small, chosen, diabolic elite. I am not surprised that it is Ukraine that brings us to what I consider a collective psychological crisis. After 30 years of post–Cold War triumphalism, Washington has decided to use Ukraine and its people in a go-for-broke attempt finally to subvert Russia. Stepping back for a better look, this is the decisive event in the imperium’s confrontation with the 21st century — its grand roll of the dice, its now-or-never moment.

Broke it will be when all this is over, however far in the future that will prove. A little like Cú Chulainn, the Irish hero who drowned swinging his sword in a rage against the incoming tide, we cannot win this one. And we are falling apart as the realization of our loss arrives subliminally among us. Whoever wins the war in Ukraine, the non–West will win. Whoever wins, the 21st century will win, burying the mostly awful 20th at last. As for Americans, we have already lost.

Putin on Ukraine

Read more …

“..the Soviet Union destroyed 80 percent of the Wehrmacht in WWII..”

“They do not know what a revival of Nazism means to the Russian people or even that there is a revival of Nazism in Ukraine..”

The Importance of Ignorance in Info Wars (Lauria)

There is fertile ground to wage information warfare in the U.S. on Ukraine. In all of America’s wars, ignorance of foreign affairs plays a big role. Americans’ lack of knowledge of other countries is compounded by the fact that the U.S. has never been invaded, except briefly by the British in 1812, and that the U.S. itself began as an invasion by Europeans in which they wiped out the indigenous population, and then later invaded Mexico and then Spanish possessions and frankly, have never stopped invading other nations. The lack of knowledge of this history makes Americans vulnerable to propaganda cloaking American expansionism. In the context of the Ukraine war this ignorance plays an important part in the susceptibility of the American public to war propaganda.

Americans generally don’t understand the psyche of Russia, which was invaded numerous times, particularly by the biggest European powers in the 19th and 20th centuries. They generally do not know, because they are never told, that the Soviet Union destroyed 80 percent of the Wehrmacht in WWII. They do not know what a revival of Nazism means to the Russian people or even that there is a revival of Nazism in Ukraine because it is whitewashed out of the corporate media story. Under the guise of respectability and objectivity, the news media of the U.S. and Europe, which is closely aligned with their governments, has played an important role in the information war by deliberately omitting three crucial facts from their Ukraine war narrative, which completely changes the picture.

Media is leaving out the role of U.S. in the 2014 coup in Kiev; that an 8-year civil war has been fought in the eastern Donbass region against Russian-speaking Ukrainians who resisted the coup (Russia’s help at the time was falsely portrayed as an invasion); and that Neo-Nazi fighters, now incorporated into the Ukrainian state military, played a big role in the coup, in the civil war and in the current fighting in the Russian invasion. There is abundant evidence that the U.S. was behind the violent overthrow of Ukraine’s democratically-elected president in 2014, especially a leaked phone conversation between a high-ranking State Dept. official and the American ambassador in Kiev discussing weeks before the coup who would make up the new government. There is more than abundant evidence about the influence of neo-Nazis in Ukraine.

There was also little emphasis in the media’s information war on diplomatic moves that could have prevented the Russian invasion: namely the seven-year-old Minsk accords that could have ended the civil war if the U.S., Germany and France pressured Kiev to implement it.

Volnovakh
https://twitter.com/i/status/1516110852872679428

Read more …

Lucrative.

Ukraine and the Profits of War (TomD)

The war in Ukraine will indeed be a bonanza for the likes of Raytheon and Lockheed Martin. First of all, there will be the contracts to resupply weapons like Raytheon’s Stinger anti-aircraft missile and the Raytheon/Lockheed Martin-produced Javelin anti-tank missile that Washington has already provided to Ukraine by the thousands. The bigger stream of profits, however, will come from assured post-conflict increases in national-security spending here and in Europe justified, at least in part, by the Russian invasion and the disaster that’s followed. Indeed, direct arms transfers to Ukraine already reflect only part of the extra money going to U.S. military contractors. This fiscal year alone, they are guaranteed to also reap significant benefits from the Pentagon’s Ukraine Security Assistance Initiative (USAI) and the State Department’s Foreign Military Financing (FMF) program, both of which finance the acquisition of American weaponry and other equipment, as well as military training.

These have, in fact, been the two primary channels for military aid to Ukraine from the moment the Russians invaded and seized Crimea in 2014. Since then, the United States has committed around $5 billion in security assistance to that country. According to the State Department, the United States has provided such military aid to help Ukraine “preserve its territorial integrity, secure its borders, and improve interoperability with NATO.” So, when Russian troops began to mass on the Ukrainian border last year, Washington quickly upped the ante. On March 31, 2021, the U.S. European Command declared a “potential imminent crisis,” given the estimated 100,000 Russian troops already along that border and within Crimea. As last year ended, the Biden administration had committed $650 million in weaponry to Ukraine, including anti-aircraft and anti-armor equipment like the Raytheon/Lockheed Martin Javelin anti-tank missile.

Despite such elevated levels of American military assistance, Russian troops did indeed invade Ukraine in February. Since then, according to Pentagon reports, the U.S. has committed to giving approximately $2.6 billion in military aid to that country, bringing the Biden administration total to more than $3.2 billion and still rising. Some of this assistance was included in a March emergency-spending package for Ukraine, which required the direct procurement of weapons from the defense industry, including drones, laser-guided rocket systems, machine guns, ammunition, and other supplies. The major military-industrial corporations will now seek Pentagon contracts to deliver that extra weaponry, even as they are gearing up to replenish Pentagon stocks already delivered to the Ukrainians.

On that front, in fact, military contractors have much to look forward to. More than half of the Pentagon’s $6.5 billion portion of the emergency-spending package for Ukraine is designated simply to replenish DoD inventories. In all, lawmakers allocated $3.5 billion to that effort, $1.75 billion more than the president even requested. They also boosted funding by $150 million for the State Department’s FMF program for Ukraine. And keep in mind that those figures don’t even include emergency financing for the Pentagon’s acquisition and maintenance costs, which are guaranteed to provide more revenue streams for the major weapons makers.

Read more …

Character assassination. Algorithms. Shadow banning. De-platforming.

American Commissars (Chris Hedges)

The ruling class, made up of the traditional elites that run the Republican Party and the Democratic Party, is employing draconian forms of censorship on its right-wing and left-wing critics in a desperate effort to cling to power. The traditional elites were discredited for pushing through a series of corporate assaults on workers, from deindustrialization to trade deals. They were unable to stem rising inflation, the looming economic crisis and the ecological emergency. They were incapable of carrying out significant social and political reform to ameliorate widespread suffering and refused to accept responsibility for two decades of military fiascos in the Middle East. And now they have launched a new and sophisticated McCarthyism. Character assassination. Algorithms. Shadow banning. De-platforming.

Censorship is the last resort of desperate and unpopular regimes. It magically appears to make a crisis go away. It comforts the powerful with the narrative they want to hear, one fed back to them by courtiers in the media, government agencies, think tanks and academia. The problem of Donald Trump is solved by censoring Donald Trump. The problem of left-wing critics, such as myself, is solved by censoring us. The result is a world of make-believe. YouTube disappeared six years of my RT show, “On Contact,” although not one episode dealt with Russia. It is not a secret as to why my show vanished. It gave a voice to writers and dissidents, including Noam Chomsky and Cornel West, as well as activists from Extinction Rebellion, Black Lives Matter, third parties and the prison abolitionist movement.

It called out the Democratic Party for its subservience to corporate power. It excoriated the crimes of the apartheid state of Israel. It covered Julian Assange in numerous episodes. It gave a voice to military critics, many of them combat veterans, who condemned US war crimes. It no longer matters how prominent you are or how big a following you have. If you challenge power, you are at risk of being censored. Former British MP George Galloway detailed a similar experience during an April 15 panel organized by Consortium News in which I took part: “I have been threatened with travel restrictions were I to continue the television broadcast I had been doing for almost an entire decade. I have been stamped by the false label ‘Russian State Media,’ which I never had, by the way, when I was presenting a show on Russian state media. It was only given after I ceased to have a show on Russian state media, ceased because the government made it a crime for me to do so.”

Read more …

As will the most vaxxed states.

Lockdown-Heavy States Had Some of the Worst Health Results (McMaken)

As hard as it is to believe, the Chinese regime is still employing a “zero covid” strategy and claims it can eradicate covid entirely through lockdowns and vaccinations. China’s draconian, nightmarish, near-total lockdown policy—which is notably still “necessary” in spite of widespread vaccination—has recently been revived in Shanghai where residents are now struggling to find food. But the regime has only doubled down on the policy, with Chinese President Xi Jinping declaring that “persistence is victory.” This approach has no basis in any actual science, however, and contradicts decades of epidemiological research condemning lockdowns. Moreover, a 2021 joint study from USC and the Rand Corporation concluded “excess mortality increases” following “the implementation of SIP [shelter-in-place] policies.”

This week, a new study published by the National Bureau of Economic Research found that the states with the harshest lockdowns tended to perform the worst in a composite measure of mortality, economic performance, and education. The states that performed the best were in many cases states where lockdowns were weak or nonexistent, with Utah and Nebraska at the top of the list. The study, authored by Phil Kerpen, Stephen Moore, and Casey B. Mulligan, also concluded that antilockdown Florida, Arkansas, West Virginia, and Utah “were outliers” that performed unexpectedly well compared to their neighbors. Prolockdown California, Illinois, New Mexico, and Colorado, on the other hand, performed more poorly than their neighbors.

The chief value of the report is that it takes economic, educational, and health variables and normalizes them across states. For example, it’s difficult to meaningfully compare economies when some states are far more reliant on service industries than others. In this case, the authors find the “combined economic performance” for states taking the nature of each state’s economy into account. By this metric, the states that performed the best during the pandemic were lockdown-light states Montana, South Dakota, Nebraska, Idaho, and Utah. The states with the worst outcomes were lockdown-heavy Hawaii, New Jersey, Connecticut, New York, and Illinois.

On the matter of education—which the authors note is closely tied to both economic performance and mortality in the longer term—the authors look at bans on in-person education, state by state, and presumed resulting “learning loss.” In this case, the best performers were Wyoming, Arkansas, Florida, South Dakota, and Utah. The worst performers were California, Oregon, Maryland, Washington, and Hawaii. Of course, if faced with statistics such as these, lockdown advocates are likely to admit that lost educational opportunities and lost economic prosperity are unfortunate. But, they will say education and property rights had to limited in the name of preventing mortality and protecting “public health.”

Read more …

Where the WHO will be awarded dictatorial powers.

Second Global Covid-19 Summit Scheduled For May 12 (R.)

A second Global Covid-19 Summit will be held virtually next month for countries to discuss efforts to end the pandemic and prepare for future health threats, according to a joint statement on Monday. “The emergence and spread of new variants, like Omicron, have reinforced the need for a strategy aimed at controlling Covid-19 worldwide,” the White House said in a news release with the Group of Seven and Group of 20 nations. The announcement comes amid a surge of Covid-19 cases in parts of the United States and around the world prompted by easily transmissible variants of the virus.


China’s most populous city, Shanghai, is trying to return to normal after a nearly three-week shutdown, which, along with wider China curbs, are taking a toll on the world’s No 2 economy. The summit will build on efforts and commitments made at the first global summit in September, including getting more people vaccinated, sending tests and treatments to highest-risk populations, expanding protections to health care workers and generating financing for pandemic preparedness, the statement said. “We know we must prepare now to build, sustain, and finance the global capacity we need, not only for emerging COVID-19 variants, but also future health crises,” it said.

Read more …

“We’re very clear that the Bidens got some $31 million..”

Hunter Biden’s China Business Deals Should Raise ‘Alarm Bells’ (ET)

“We’re very clear that the Bidens got some $31 million, based on the laptop, from a series of deals that happened beginning when Joe Biden was vice president of the United States. And those deals happened courtesy of four Chinese businessmen,” Schweizer said. All four Chinese businessmen were “directly linked” to the highest levels of Chinese intelligence, he added. The fact that these Chinese businessmen would want to talk to the Bidens was interesting, Schweizer said, since the latter did not bring any capital or investors to the table, something financial investment firms would do. Surely, the Chinese businessmen weren’t philanthropies either, he added, the question then became what they wanted in return.

“When you look at the cluster of who provided the funds to the Bidens, and the fact that the Bidens did not really provide anything tangible in return, this has all the markings of elite capture and of a Chinese intelligence operation,” he said. According to his book, one of the Chinese businessmen was a Chinese tycoon named Che Feng, who helped Hunter Biden and his associates secure a deal involving a Chinese investment fund called Bohai Harvest RST (BHR). Schweizer said the deal netted him about $20 million. Rosemont Seneca Partners, a U.S. investment and advisory firm Hunter Biden co-founded, became one of the shareholders of BHR, which was incorporated in Shanghai in 2013. Hunter gained an unpaid board seat on BHR as a result. In October 2019, George Mesires, Hunter Biden’s attorney, issued a statement saying that the younger Biden had decided to resign from his seat on the BHR board of directors.

Hunter Biden held a 10 percent stake in BHR but divested as of November last year, his lawyer told The New York Times. Che was business partners with Ma Jian, who was then-vice minister of China’s MSS and was reportedly headed the ministry’s No. 8 bureau, which targeted foreigners with its counterintelligence apparatus, according to the book. Ma was vice minister of state security from 2006 until January 2015, when he was placed under Party investigation for corruption, amid a sweeping anti-corruption campaign initiated by Chinese leader Xi Jinping in 2012. He was sentenced to life imprisonment in December 2018, after being found guilty of accepting bribes, insider trading, and making “coercive” business deals.

Before his political downfall, Ma was a key member of a political faction loyal to former Chinese regime leader Jiang Zemin. The so-called Jiang faction is known for opposing Xi’s leadership. Che, who is also the son-in-law of Dai Xianlong, the former governor of China’s central bank, was also named in the 2017 Paradise Papers for making about $14.6 million in preferred stocks through his offshore company registered in the British Virgin Islands between 2009 and 2013. According to Chinese media, Che was placed under investigation in June 2015. “[Che] would fade from the [BHR] deal after both he and Ma were arrested and charged with money laundering and bribery, respectively. But the partnership between Hunter and Chinese officials was off and running,” according to his book.

Read more …

“It’s a doomsday machine, it’s the atomic bomb, everyone gets wiped out — that’s the key.”

Jack Dorsey Lashes Out At Twitter Board As Elon Musk Tries To Buy Company (DW)

Former Twitter CEO and co-founder Jack Dorsey slammed the company’s board of directors in a tweet over the weekend which comes as entrepreneur Elon Musk, the world’s richest man, offered $43 billion to buy the company outright last week. Dorsey was responding to the following tweet when he made his remark, “If look into the history of Twitter board, it’s intriguing as I was a witness on its early beginnings, mired in plots and coups, and particularly amongst Twitter’s founding members. I wish if it could be made into a Hollywood thriller one day.” Dorsey responded, “It’s consistently been the dysfunction of the company.”

Dorsey also said “big facts” in response to the following statement from venture capitalist Fred Destin: “What I do know for sure is that this old Silicon Valley proverb is grounded in age-old wisdom that still applies today: Good boards don’t create good companies, but a bad board will kill a company every time.” When later asked if he was allowed to speak like this publicly given the fact that he is still on the company’s board, Dorsey responded, “No.” Twitter has attempted to stop Musk from taking over the company by adopting a so-called “poison pill” that effectively allows all shareholders, except those trying to buy out the company, to purchase newly offered shares at a discounted price.

Musk would have to purchase the new shares at a higher price, which could end up being too much for him to afford, if he wanted to take over the company. Despite throwing a massive roadblock in Musk’s way, the adoption of the poison pill would not bar Musk from being able to buy the company, it would only make it harder. “A poison pill is a way to stave off someone until you can get a higher price. It makes it outrageously expensive for the person to buy it,” said Charles Elson, the founding director of the University of Delaware’s Weinberg Center for Corporate Governance. “It’s a doomsday machine, it’s the atomic bomb, everyone gets wiped out — that’s the key.”

Mr. Wonderful

Read more …

Still can’t see him lose.

Macron Should Prepare For A Brutal Shock After Latest Polls (Exp.)

In 2017, Macron turned a comfortable second-round victory over Le Pen into an electoral route once he bested her on economic policy during their candidates’ debate. Five years ago, Macron was the pro-change candidate and his televised mastery of policy detail, in concert with his seemingly non-ideological, moderate prescriptions for French economic ills, ended Le Pen’s slim hopes. Ironically, perhaps, it is Macron’s stewardship of the economy that yet could see Le Pen victorious. Macron is seen by many as “the president of the rich,” and most say his economic reforms favour the affluent to the neglect of those on modest incomes. Hence, Le Pen’s healthy leads on issues such as inflation, jobs, and the economy. If most voters prioritise these issues when casting their ballots, Macron will be lucky to eke out a victory.


In a different political climate, Macron could have coasted home upon the support of those who care most about health care, climate change, education, and, of course, Ukraine. Unfortunately for Macron, only health policy matters a great deal to a good number of voters. Instead, a Macron victory will mirror Biden’s 2020 election over Donald Trump in one crucial aspect. It will be more about his opponent’s perceived failings than his own qualities as a candidate and officeholder. Just as most Biden voters cast a negative ballot – their vote was more against Trump than for Biden, himself – our poll finds that more Macron voters will be voting against Le Pen’s “far right” image than for Macron. And, there are certainly enough anti-Le Pen voters across France to hand Macron a second term. He may be the latest beneficiary of the cordon sanitaire, the convention that those on the moderate Left and the moderate Right vote for whichever mainstream candidate prevents the far-right candidate from winning.

Read more …

Her last name will seal her loss.

EU Uses 18 Year Old Embezzlement Charges to Derail Le Pen Presidential Bid (SN)

Presumably as part of a deliberate effort to derail her presidential chances, the European Union has exhumed 18-year-old embezzlement charges against Marine Le Pen. “The EU’s anti-fraud body has accused French far-right leader Marine Le Pen and associates of embezzling around 600,000 euros during their time as MEPs,” reports AFP. The National Rally leader is personally accused of embezzling “around 137,000 euros ($150,000) worth of public money from the Strasbourg parliament when she was an MEP between 2004 and 2017.” Le Pen’s lawyer Rodolphe Bosselut dismissed the charges, adding that the “timing” of them was suspicious. Noting that the report relates to “old facts more than ten years old,” Bosselut highlighted how Le Pen “has not been summoned by any French judicial authority” to answer the charges.


“I’m surprised by the timing of such a strong disclosure and the instrumentalisation,” said Bosselut. The EU has chosen to resurrect the old claims just days before the final round of the French presidential election, in which Le Pen will face off against incumbent Emmanuel Macron. Although still a long shot, recent polls had shown Le Pen closing the gap on Macron, causing consternation amongst globalist technocrats. Given the context, the EU dragging up old charges is clearly an act of election interference intended to tarnish Le Pen before this weekend’s vote. As we previously highlighted, after Hungary’s Viktor Orban won re-election in a landslide, the EU responded by slapping sanctions on the country as a form of punishment for the electorate exercising their democratic will.

Read more …

“After all, they were ‘just doing their job’ – and they would not want to feel harassed or burdened, would they?”

From Rachel Carson to Monsanto: The Silence of Spring (OffG)

In 2016, Rosemary Mason wrote an open letter to European Chemicals Agency Executive Director Geert Dancet: Open Letter to the ECHA about Scientific Fraud and Ecocide. More of an in-depth report than a letter, it can be accessed on the academia.edu site. In it, she explained how current EU legislation was originally set up to protect the pesticides industry and Monsanto and other agrochemical corporations helped the EU design the regulatory systems for their own products. She also drew Dancet’s attention to the journal Critical Reviews in Toxicology and how, in 2016 Volume 46, Monsanto commissioned five reviews published in a supplement to the journal. Monsanto also funded them. Mason argues the aim was to cast serious doubts about the adverse effects of glyphosate by using junk science. Straight out of the Big Tobacco playbook.


Mason told Dancet: CEO Hugh Grant and the US EPA knew that glyphosate caused all of these problems. The corporation concealed the carcinogenic effects of PCBs on humans and animals for seven years. They have no plans to protect you and your families from the tsunami of sickness that is affecting us all in the UK and the US.” Meanwhile, on the US Right to Know site, the article Roundup Cancer Cases – Key Documents and Analysis sets out just why more than 100,000 cancer sufferers are attempting to hold Monsanto to account in US courts. In a just (and sane) world, CEOs would be held personally responsible for the products they peddle and earn millions from. But no doubt they would do their utmost to dodge culpability. After all, they were ‘just doing their job’ – and they would not want to feel harassed or burdened, would they?

Read more …

 

 

 

 

 

 

 

Australian pelican

 

 

Support the Automatic Earth in virustime with Paypal, Bitcoin and Patreon.

 

 

 

Mar 212018
 
 March 21, 2018  Posted by at 9:24 am Finance Tagged with: , , , , , , , , , , , ,  6 Responses »


Dirk de Herder Amstel Bridge, Amsterdam1946

 

Sign of Pending Recession? Total American Net Worth Ratio At New High (CNBC)
EU To Unveil Digital Tax Targeting Facebook, Google (AFP)
UK Tells Facebook’s Auditors Visiting Cambridge Analytica To Stand Down (CNBC)
Whatsapp Co-Founder Who Made Billions From Facebook Now Says To Delete It (MW)
The NSA Worked To “Track Down” Bitcoin Users – Snowden Documents (IC)
Bitcoin Bust Is Like Nasdaq Crash, But Faster (BBG)
German Prosecutors Launch New Enquiry Into VW Over Market Manipulation (R.)
Capitalism And The Veil Of Ignorance (Claire Connelly)
Libya: The True Face Of ‘Humanitarian Intervention’ (RT)
France’s Bird Population Collapses As Pesticides Kill Off Insects (AFP)

 

 

Net worth my ass.

Sign of Pending Recession? Total American Net Worth Ratio At New High (CNBC)

Nine years into the second-longest bull market run in history, the level of total net worth compared with income has reached a record, according to Joe LaVorgna, chief economist for the Americas at Natixis, citing Federal Reserve data. Since the Great Recession ended in June 2009, the disparity between net worth and income has soared, attributable in large part to the growth in financial assets, which have increased by $33.9 trillion, compared with $10.4 trillion in nonfinancial assets. Essentially, that means that American wallets have grown fatter from the accumulation of financial assets like stocks and mutual fund holdings than they have from gains in their homes and other physical assets like autos.

In all, total net worth of $98.75 trillion is now 6.79 times the $14.55 trillion in disposable income for households as of the fourth quarter, according to Fed financial accounts figures. That’s up from 6.71 times in the third quarter. The previous tops came in the first quarter of 2006, with 6.51, and the first quarter of 2000, at 6.12. Those two levels cast ominous signals over the U.S. economy. “A recession started four quarters from the peak of the former and eight quarters from the zenith in the latter,” LaVorgna said Tuesday in a note to clients. As a practical matter, the level should serve as a yellow flag for Fed officials, who are on a course of hiking rates gradually but steadily.

[..] The Fed is an important part of the equation in that it helped boost financial assets through historically low interest rates and an aggressive policy of monthly bond buying called quantitative easing. This is the first meeting for new Chairman Jerome Powell, who must navigate the Fed through rate increases aimed at controlling but not stopping growth. After years of mostly steady gains since the bull market run began in 2009, volatility has crept in 2018 and raised the specter that forward gains will be tougher to achieve. “Powell needs to be mindful of the current backdrop and not signal aggressive rate hikes to come,” LaVorgna said. “Otherwise, stock prices and the economy are in trouble.”

Read more …

Brussels and Facebook: they’re going to come for part of the loot of selling your data.

EU To Unveil Digital Tax Targeting Facebook, Google (AFP)

The EU will unveil proposals for a digital tax on US tech giants on Wednesday, bringing yet more turmoil to Facebook after revelations over misused data of 50 million users shocked the world. The special tax is the latest measure by the 28-nation European Union to rein in Silicon Valley giants and could further embitter the bad-tempered trade row pitting the EU against US President Donald Trump. EU Economics Affairs Commissioner Pierre Moscovici will present proposals aimed at recovering billions of euros from mainly US multinationals that shift earnings around Europe to pay lower tax rates.

The transatlantic blow has been championed by French President Emmanuel Macron and will be discussed over dinner at an EU leaders summit on Thursday. “This will be given top priority as tax file. There is a lot of political momentum on this issue,” an EU official said ahead of the announcement. The unprecedented tech tax follows major anti-trust decisions by the EU that have cost Apple and Google billions and also caught out Amazon. The commission’s tax, expected to be about 3% of sales, would affect revenue from digital advertising, paid subscriptions and the selling of personal data.

The EU tax plan will target mainly US companies with worldwide annual turnover above 750 million euros ($924 million), such as Facebook, Google, Twitter, Airbnb and Uber. Spared are smaller European start-ups that struggle to compete with them. Companies like Netflix, which depend on subscriptions, will also avoid the chop. Brussels is seeking to choke tax-avoidance strategies used by the tech giants that, although legal, deprive EU governments of billions of euros in revenue.

Read more …

Got to admit, hard to say who I’d trust least with this, Facebook or the UK deep state.

UK Tells Facebook’s Auditors Visiting Cambridge Analytica To Stand Down (CNBC)

The U.K.’s data protection watchdog ordered Facebook’s auditors to back down from a probe into a political analytics company accused of wrongly harvesting the data of millions of its users. The tech giant was planning to investigate Cambridge Analytica’s servers and systems, but the Information Commissioner’s Office told Facebook on Monday that it should withdraw from the research firm’s London premises. The ICO said it would seek to gain its own warrant to access the company’s computers and servers.

Facebook had said Monday that it was pursuing a forensic audit of Cambridge Analytica and had hired digital forensics firm Stroz Friedberg to determine whether the data analytics company still possessed Facebook user data. But in an updated statement later that day, Facebook said: “Independent forensic auditors from Stroz Friedberg were on site at Cambridge Analytica’s London office this evening. At the request of the U.K. Information Commissioner’s Office, which has announced it is pursuing a warrant to conduct its own on-site investigation, the Stroz Friedberg auditors stood down.”

Read more …

Sold his shares first?!

Whatsapp Co-Founder Who Made Billions From Facebook Now Says To Delete It (MW)

WhatsApp co-founder Brian Acton left Facebook last year. Now he’s saying others should do the same. In a tweet Tuesday, Action said: “It is time. #deletefacebook,” referencing the online movement that is gaining steam in the wake of revelations that the personal data of 50 million Facebook users was used without their permission by political data company Cambridge Analytica during the 2016 presidential campaign. He did not immediately expand on his comment. While his Facebook profile was still active for hours after his tweet, it appeared deactivated later Tuesday night.

Acton and fellow co-founder Jan Koum sold the messaging service WhatsApp to Facebook in 2014 for $22 billion. Acton received about $3 billion in the deal, and has a net worth of about $5.5 billion, according to Forbes. After staying on for three years, Acton quit Facebook in September, and is now a major backer of rival messaging service Signal, which boasts encryption to make its messages resistent to government surveillance. In February, he joined the newly launched nonprofit Signal Foundation as executive chairman, and invested $50 million into the app.

Read more …

Now connect this to the Facebook stories.

The NSA Worked To “Track Down” Bitcoin Users – Snowden Documents (IC)

Classified documents provided by whistleblower Edward Snowden show that the National Security Agency indeed worked urgently to target bitcoin users around the world — and wielded at least one mysterious source of information to “help track down senders and receivers of Bitcoins,” according to a top-secret passage in an internal NSA report dating to March 2013. The data source appears to have leveraged the NSA’s ability to harvest and analyze raw, global internet traffic while also exploiting an unnamed software program that purported to offer anonymity to users, according to other documents. Although the agency was interested in surveilling some competing cryptocurrencies, “Bitcoin is #1 priority,” a March 15, 2013 internal NSA report stated.

The documents indicate that “tracking down” bitcoin users went well beyond closely examining bitcoin’s public transaction ledger, known as the Blockchain, where users are typically referred to through anonymous identifiers; the tracking may also have involved gathering intimate details of these users’ computers. The NSA collected some bitcoin users’ password information, internet activity, and a type of unique device identification number known as a MAC address, a March 29, 2013 NSA memo suggested. In the same document, analysts also discussed tracking internet users’ internet addresses, network ports, and timestamps to identify “BITCOIN Targets.”

The agency appears to have wanted even more data: The March 29 memo raised the question of whether the data source validated its users, and suggested that the agency retained bitcoin information in a file named “Provider user full.csv.” It also suggested powerful search capabilities against bitcoin targets, hinting that the NSA may have been using its XKeyScore searching system, where the bitcoin information and wide range of other NSA data was cataloged, to enhance its information on bitcoin users. An NSA reference document indicated that the data source provided “user data such as billing information and Internet Protocol addresses.” With this sort of information in hand, putting a name to a given bitcoin user would be easy.

Read more …

One took 519 days, the other 35 days. That’s an actual compariosn?

Bitcoin Bust Is Like Nasdaq Crash, But Faster (BBG)

Bitcoin has long been compared to the dot-com bubble. Morgan Stanley says its recent moves are similar to the tech boom and bust, but on steroids. Bitcoin’s recent moves almost mirror that of the Nasdaq Composite Index in the lead-up to and aftermath of 2000, but at 15 times the speed, Morgan Stanley said. The Nasdaq climbed 278% in 519 days in the rally leading up to its high in March 2000, while Bitcoin soared 248% in 35 days in the last leg of the rally to its $19,511 high in December, according to the report. There have been three waves of weakness since Bitcoin peaked in December, with prices falling between 45% and 50% each time, before rebounding.

The Nasdaq’s bear market from 2000 had five price declines, averaging a similar 44%. The bear market also looks similar on the way up. There have been two Bitcoin bear market rallies of 43% on average, while the Nasdaq bear market rallies averaged 40%. Bear markets are nothing new for the first decentralized digital currency. Since the coin’s creation in 2009 there have been four bear markets with price declines ranging from 28% to 92%. From the December peak to the most recent low on February, Bitcoin’s price fell by 70%, “nothing out of the ordinary,” Morgan Stanley said.

Read more …

C’mon, close them down already. This movie’s getting boring.

German Prosecutors Launch New Enquiry Into VW Over Market Manipulation (R.)

German prosecutors said on Tuesday they had searched Volkswagen’s headquarters as part of a new investigation into whether the carmaker had overstated the fuel efficiency of more vehicles than previously disclosed. The news is the latest setback in the German company’s efforts to move on from a 2015 scandal in which it admitted to cheating U.S. emissions tests on diesel engines. Prosecutors from the city of Braunschweig searched 13 offices at Volkswagen’s (VW) headquarters in nearby Wolfsburg at the start of March, seizing documents and computer files that will now be reviewed, a spokesman for the prosecutor’s office said, confirming a report by German magazine WirtschaftsWoche.

They were checking a statement issued by VW on Dec. 9, 2015—about three months after its “dieselgate” scandal broke in the United States—over suspicions its contents were incorrect In that statement, VW said its own investigations found it had understated fuel consumption, and hence carbon dioxide (CO2) emissions, on no more than 36,000 vehicles. That was much lower than its preliminary estimate of around 800,000 diesel and gasoline vehicles produced five weeks earlier, which caused VW to warn it could face a 2 billion euro ($2.5 billion) hit to profits from the disclosure. VW also said in its December 2015 statement that it had found no evidence of unlawful alterations to CO2 emissions data.

Read more …

We might as well keep thinking as long as we still can.

Capitalism And The Veil Of Ignorance (Claire Connelly)

So our taxes don’t pay for spending, so what? So the government can’t run out of money. Big deal. Does that change anything? ‘We can’t afford it’ has been the proverbial comforter of opponents of the welfare state harking back to the Clinton / Blair days. Perhaps even earlier. And while it might make you feel good to believe that, it is simply untrue. This argument has been used as an emotional crutch for people who don’t want to admit that they’re comfortable with homelessness and unemployment if it keeps export prices low. Or the currency competitive. Or their bottom line stable. Ultimately, this comes down to what government is for, and what role markets should play in our lives. People are divided on this. And that is ok. Civil disagreements are a hallmark of a civilised society.

Economies and markets are complex beasts, that perform differently in different environments, under different conditions. Arguably across the duration of time, a range of potential solutions could apply at any given scenario. And the best solution is to pick and choose from a range of different economic schools of thought, and use them in combination. Unfortunately, across the world, the economists and historians that are seeking to gain greater clarity of how to do just that, by understanding the true function of economies and markets are being pushed out of universities and barred from institutions and organisations that would allow their research to come to fruition. This is not a mark of a civilised society, but corporate fascism that is actively suppressing research that threatens the dominance of late-stage capitalism.

If you feel comfortable convincing yourself that unemployment and homelessness is acceptable, if you think the fact that wages have not only stagnated but are in many countries actually going backwards somehow doesn’t affect you, that what most people earn in a lifetime will be insufficient to cover a modestly comfortable retirement should not concern you, that addressing any one of these things would be a detriment not only to your bottom line but to the economy itself, if you can justify that position without relying on arguments over deficits and balanced budgets, well, more power to you, I guess. But we should be honest about our disagreements. And our opinions should be informed by an as accurate understanding of how wealth is created as possible.

For many people, whether or not government can afford to address unemployment and social spending isn’t the issue, the question is whether it should. The argument over budgets, debt ceilings and deficits have been used as a national pacifier that would have us believe that the health of the economy and our ability to earn a living relies on a degree of human suffering. We have been convinced that the balancing of federal budgets somehow relates to our ability to put food on the table, when in fact the opposite is true. These lies have made us paranoid and competitive, where the well-being of everyone else is a direct threat to our own. It’s a pretty genius strategy, really.

Read more …

On the 15th anniversary of the invasion of Iraq.

“Libya had the highest GDP per capita and life expectancy on the continent. Less people lived below the poverty line than in the Netherlands.”

Libya: The True Face Of ‘Humanitarian Intervention’ (RT)

Seven years ago today, NATO began its “humanitarian bombing” of Libya. While “humanitarian bombing” is an oxymoron, many believe that a country is not truly advancing human rights if it’s not bombing another back to the Stone Age. As an initial matter, it must be said that while the UN had authorized a NATO fly-zone over Libya to protect civilians – all civilians, by the way – there was never authorization for the full-scale invasion which was carried out and which quickly became aimed at regime change. Therefore, the NATO operation which actually took place was illegal.

[..] the intervention was spearheaded by Hillary Clinton, Samantha Power and Susan Rice – three self-described warriors for human and women’s rights. Instead, they became three ushers of the Apocalypse. In addition, Italy and France, which also helped lead the charge for invasion, had their own reasons for intervening in Libya. For his part, French President Nicolas Sarkozy appeared to be singularly focused on killing Libyan leader Muammar Gaddafi, who allegedly gave him €50 million for his presidential campaign – a claim which was just coming to light and to which Gaddafi was the chief witness.

[..] Gaddafi had taken Libya from being the least prosperous country in Africa to the being the most prosperous by the time of the NATO operation. Thus, as one commentator explains, before the intervention, “Libya had the highest GDP per capita and life expectancy on the continent. Less people lived below the poverty line than in the Netherlands.” Moreover, one of the main reasons, we were told, that NATO needed to intervene in 2011 was to save Benghazi from imminent harm from the government forces of Gaddafi.

However, Hillary Clinton’s own internal emails show that her team recognized that any humanitarian problems confronting Benghazi had passed by the time of the NATO bombing. For example, Clinton’s assistant, Huma Abedin, in an email dated February 21, 2011 – that is, just a mere four days after the initial anti-government protests broke out in Libya – explains that the Gaddafi forces no longer controlled Benghazi and that the mood in the city was indeed “celebratory” by that time. Then, on March 2, just over two weeks before the bombing began, Harriet Spanos of USAID sent an email describing “[s]ecurity reports” which “confirm that Benghazi has been calm over the past couple of days.”

Read more …

Rhinos, insects, birds. You are next.

Bird populations in France have fallen by 33% in just 15 years.

France’s Bird Population Collapses As Pesticides Kill Off Insects (AFP)

Bird populations across the French countryside have fallen by a third over the last decade and a half, researchers have said. Dozens of species have seen their numbers decline, in some cases by two-thirds, the scientists said in a pair of studies – one national in scope and the other covering a large agricultural region in central France. “The situation is catastrophic,” said Benoit Fontaine, a conservation biologist at France’s National Museum of Natural History and co-author of one of the studies. “Our countryside is in the process of becoming a veritable desert,” he said in a communique released by the National Centre for Scientific Research (CNRS), which also contributed to the findings.

The common white throat, the ortolan bunting, the Eurasian skylark and other once-ubiquitous species have all fallen off by at least a third, according a detailed, annual census initiated at the start of the century. A migratory song bird, the meadow pipit, has declined by nearly 70%. The museum described the pace and extent of the wipe-out as “a level approaching an ecological catastrophe”. The primary culprit, researchers speculate, is the intensive use of pesticides on vast tracts of monoculture crops, especially wheat and corn. The problem is not that birds are being poisoned, but that the insects on which they depend for food have disappeared.

“There are hardly any insects left, that’s the number one problem,” said Vincent Bretagnolle, a CNRS ecologist at the Centre for Biological Studies in Chize. Recent research, he noted, has uncovered similar trends across Europe, estimating that flying insects have declined by 80%, and bird populations has dropped by more than 400m in 30 years. Despite a government plan to cut pesticide use in half by 2020, sales in France have climbed steadily, reaching more than 75,000 tonnes of active ingredient in 2014, according to EU figures. “What is really alarming, is that all the birds in an agricultural setting are declining at the same speed, even ’generalist’ birds,” which also thrive in other settings such as wooded areas, said Bretagnolle.

Read more …

Dec 162017
 
 December 16, 2017  Posted by at 10:32 am Finance Tagged with: , , , , , , , , , , ,  6 Responses »


Ann Rosener Salvage. Chicago automobile graveyard. 1942

 

A Journey Through A Land Of Extreme Poverty: Welcome To America (G.)
The Chart That Jeffrey Gundlach Calls “Must Watch” For 2018 (ZH)
Ignorance Is No Excuse (Roberts)
Uber Stole Trade Secrets, Bribed Foreign Officials And Spied On Rivals (G._
While Truth Puts On Its Shoes (W.Standard)
Taking Liberty (Jim Kunstler)
France, Germany To Unveil Eurozone Reforms In March (AFP)
EU To Force Firms To Reveal True Owners In Wake Of Panama Papers (G.)
EU Gives Itself June Deadline On Refugees (K.)
First Vulnerable Child Refugee Arrives In UK From Greece (G.)
Ovid’s Exile To The Remotest Margins Of The Roman Empire Revoked (G.)

 

 

“That way lies 50 blocks of concentrated human humiliation.”

A Journey Through A Land Of Extreme Poverty: Welcome To America (G.)

Los Angeles, California, 5 December “You got a choice to make, man. You could go straight on to heaven. Or you could turn right, into that.” We are in Los Angeles, in the heart of one of America’s wealthiest cities, and General Dogon, dressed in black, is our tour guide. Alongside him strolls another tall man, grey-haired and sprucely decked out in jeans and suit jacket. Professor Philip Alston is an Australian academic with a formal title: UN special rapporteur on extreme poverty and human rights. General Dogon, himself a veteran of these Skid Row streets, strides along, stepping over a dead rat without comment and skirting round a body wrapped in a worn orange blanket lying on the sidewalk. The two men carry on for block after block after block of tatty tents and improvised tarpaulin shelters. Men and women are gathered outside the structures, squatting or sleeping, some in groups, most alone like extras in a low-budget dystopian movie.

We come to an intersection, which is when General Dogon stops and presents his guest with the choice. He points straight ahead to the end of the street, where the glistening skyscrapers of downtown LA rise up in a promise of divine riches. Heaven. Then he turns to the right, revealing the “black power” tattoo on his neck, and leads our gaze back into Skid Row bang in the center of LA’s downtown. That way lies 50 blocks of concentrated human humiliation. A nightmare in plain view, in the city of dreams. Alston turns right. So begins a two-week journey into the dark side of the American Dream. The spotlight of the UN monitor, an independent arbiter of human rights standards across the globe, has fallen on this occasion on the US, culminating on Friday with the release of his initial report in Washington. His fact-finding mission into the richest nation the world has ever known has led him to investigate the tragedy at its core: the 41 million people who officially live in poverty. Of those, nine million have zero cash income – they do not receive a cent in sustenance.

Read more …

History is a poet.

The Chart That Jeffrey Gundlach Calls “Must Watch” For 2018 (ZH)

Having shown us his favorite trade of the year for 2018, DoubleLine CEO Jeffrey Gundlach tweeted last night his “must watch” chart for 2018. “Since Jan SPX up big & way above MA’s all year…” “…yet JNK unchanged and below 50, 100 & 200 MA’s with a death cross even… As Gundlach concludes: This is “unusual… Must Watch”

So, what happens next?

Read more …

“80% of Americans continue to live paycheck-to-paycheck” That’s an economy that doesn’t have much of a foundation left. It’s wobbly at best, prone to collapse.

Ignorance Is No Excuse (Roberts)

On Thursday, the retail sales report for November clicked up 0.8%. Good news, right? Not so fast. First, sales of gasoline, which directly impacts consumers ability to spend money on other stuff, rose sharply due to higher oil prices and comprised 1/3rd of the increase. Secondly, building products also rose sharply from the ongoing impact of rebuilding from recent hurricanes and fires. Again, this isn’t healthy longer-term either as replacing lost possessions drags forward future consumptive capacity. But what the headlines miss is the growth in the population. The chart below shows retails sales divided by those actually counted as part of the labor force. (You’ve got to have a job to buy stuff, right?)

As you can see, retail sales per labor force participant was on a 5% annualized growth trend beginning in 1992. However, after the financial crisis, the gap below that long-term trend has yet to be filled as there is a 22.7% deficit from the long-term trend. (If we included the entirety of the population, given the number of people outside of the labor force that are still consuming, the trajectory would be worse.) But wait, retail sales were really strong in November? Again, not so fast. The chart below shows the annual % change of retail sales per labor force participant. The trend has been weakening since the beginning of 2017 and shows little sign of increasing currently.

While tax cuts may provide a temporary boost to after-tax incomes, that income will simply be absorbed by higher energy, gasoline, health care and borrowing costs. This is why, 80% of Americans continue to live paycheck-to-paycheck and have little saved in the bank. It is also why, as wages have continued to stagnate, that the cost of living now exceeds what incomes and debt increases can sustain. Yes, corporations will do well under the “tax reform” plan, and while the average American may well see an increase in take-home pay, it will unlikely change their financial situation much. As a result, economic growth will likely remain weak as the deficit expands to $1 Trillion over the next couple of years and Federal debt marches toward $32 trillion.

Read more …

Anyone surprised?

Uber Stole Trade Secrets, Bribed Foreign Officials And Spied On Rivals (G._

Uber allegedly engaged in a range of “unethical and unlawful intelligence collections”, including the theft of competitive trade secrets, bribery of foreign officials and spying on competitors and politicians, according to an explosive legal document published on Friday. It’s the latest chapter in the discovery process for the company’s messy legal squabble with Waymo, Google’s driverless car spin-off, which has accused Uber of stealing trade secrets. The details were outlined in a 37-page demand letter filed by the ex-Uber security manager Richard Jacobs, who left the company earlier this year. The document paints a picture of a team of employees dedicated to spying on rivals and “impeding” legal investigations into the company.

Jacobs alleges that when he raised concerns over the techniques being used, he was given a poor performance review and demoted as “pure retaliation” for refusing to buy into the culture of “achieving business goals through illegal conduct even though equally aggressive legal means were available”. He had sent the letter to Uber’s in-house counsel with his allegations about possible criminal activity carried out by the special group in May this year, threatening to sue the company. Uber did not provide the letter to Waymo as part of legal discovery before the trial started. An Uber spokeswoman said in a statement: “While we haven’t substantiated all the claims in this letter – and, importantly, any related to Waymo – our new leadership has made clear that going forward we will compete honestly and fairly, on the strength of our ideas and technology.”

Read more …

MSM destroying its credibility more every day.

While Truth Puts On Its Shoes (W.Standard)

Covering the Trump presidency has not always been the media’s finest hour, but even grading on that curve, the month of December has brought astonishing screwups. Professor and venerable political observer Walter Russell Mead tweeted on December 8, “I remember Watergate pretty well, and I don’t remember anything like this level of journalistic carelessness back then. The constant stream of ‘bombshells’ that turn into duds is doing much more to damage the media than anything Trump could manage.” [..] Since October of last year, when Franklin Foer at Slate filed an erroneous report on a computer server in Trump Tower communicating with a Russian bank, there have been an unprecedented number of media faceplants, most of them directly related to the Russia-collusion theory. The errors always run in the same direction—they report or imply that the Trump campaign was in league with Moscow.

For a politicized and overwhelmingly liberal press corps, the wish that this story be true is obviously the father to the errors. Just as obviously, there are precedents for such high-profile embarrassments in the past. Editors at top news organizations once treated anonymous sourcing as a necessary evil, a tool to be used sparingly. Now anonymous sources dominate Trump coverage. It’s not just a problem for readers, who should rightly be skeptical of information someone isn’t willing to vouch for by name. It’s a problem for reporters, too, because anonymous sources are less likely to be cautious and diligent in providing information. According to CNN, the sources behind the busted report on Trump Jr.’s contact with WikiLeaks didn’t intend to deceive and had been reliable in the past. Maybe so, but given the network’s repeated errors it’s difficult to just take CNN’s word for it.

But it’s one thing to use anonymous sources; it’s quite another to be entirely trusting of them. CNN decided to report the contents of an email to Donald Trump Jr. based only on the say-so of two anonymous sources and without seeing the emails. [..] For their part, the media don’t seem to be coming to grips with the damage they’re doing to their own credibility. CNN, which calls itself “the most trusted name in news,” didn’t retract their WikiLeaks report but rewrote it in such a way as to render the story meaningless. They also came to the defense of Raju and Herb, saying the reporters acted in accordance with the network’s editorial policies. And of course they didn’t out their sources—the ultimate punishment news organizations can mete out to anonymous tipsters who steer them wrong.

It understandably infuriates the media that President Trump remains unwilling to own up to his own glaring errors and untruths, while news organizations run correction after correction. And it also understandably upsets the media to watch the president actively attack and seek to undermine their work, which remains vital to ensuring accountability in American governance. What they haven’t grasped is how perversely helpful to him they are being: On a very basic level, President Trump’s repeated salvos against “fake news” have resonance because, well, there does indeed appear to be a lot of fake news.

Read more …

“The desperation to get rid of Trump by the Democratic Party and its handmaidens in the media has an odor of reckless dishonesty..”

Taking Liberty (Jim Kunstler)

I’m not a Trump admirer, didn’t vote for the guy (nor Hillary, either), am not invested emotionally in his political survival, but I do have a pretty firm idea of what he represents: primitive maleness in all its lumbering vulgarity. I can see why he has a certain symbolic appeal in a society that increasingly shouts “men need not apply here.” He also represents the widespread disappointment with the poor job that the remaining men in charge of things have done in recent decades caretaking this polity. They’ve managed to dodge the repair of every broken institution and duck engagement with any of the really scary problems facing citizens of this republic, from the gross disparities of wealth, to pervasive racketeering in health care and education, to our rotting infrastructure, to the quandaries of race, immigration, climate change — you name it and they have done squat.

Men mostly in charge of the FBI are currently busy demonstrating that they can completely botch the wished-for Trump-ending investigation of Russian “meddling and collusion” — whatever that is as a legal matter — under special prosecutor Robert Mueller. The agency begins to look like the brotherhood depicted on The Sopranos TV show some years back. The congressional committees (mostly men) with oversight on the FBI (and its umbrella agency, the Department of Justice) can’t even get a few deputy Attorneys General to answer a subpoena. If ever there was a display of feckless impotence, this is it. The desperation to get rid of Trump by the Democratic Party and its handmaidens in the media has an odor of reckless dishonesty from a faction that succumbs more and more each day to the dangerous idea that the ends justify the means.

Despite the momentary jubilation over the defeat of Roy Moore in the Alabama special election for senator, the party is close to committing suicide via the collective fantasy that all romantic gambits by men are always and everywhere a prelude to rape. But then, the Republican Party ought to be on suicide watch, too, as it debates a stupendously mendacious tax reform bill that will only shove the country closer to financial meltdown.

Read more …

2018 is set to become a very divisive year for the EU.

France, Germany To Unveil Eurozone Reforms In March (AFP)

Germany and France will offer their joint vision for reforming the eurozone by March, German Chancellor Angela Merkel said on Friday, in an effort to bridge divisions over the future of the single currency. Meeting without departure-bound Britain, the bloc’s 27 leaders were tasked by EU President Donald Tusk to speak freely about their often clashing visions for the single currency’s future at a summit widely expected to be dominated by Brexit. Overhauling the eurozone and making it more resilient to economic shocks has been a top priority of French President Emmanuel Macron, as well as for European Commission head Jean-Claude Juncker.

But these ambitions have been stymied by political uncertainty in Germany, where Macron ally Merkel is still trying to form a government after the pro-business FDP party abandoned talks amid doubts about eurozone reform. “We will find a common position because it is necessary for Europe,” Merkel said at a news briefing, speaking alongside Macron after a summit focused mostly on Brexit. Merkel’s overture to France will rankle her conservative CDU party which toes an austerity-minded line on economic matters, but appeals to Social Democrats, with whom she must now build a coalition. Reform of the eurozone is often blocked by political divisions, with rich countries – such as Germany and the Netherlands – reticent to adopt policies that share risks with their heavily-indebted eurozone partners, such as France, Spain, Italy or Greece.

Read more …

EU needs to open up about Luxembourg, Netherlands et al as tax havens.

EU To Force Firms To Reveal True Owners In Wake Of Panama Papers (G.)

Companies across the EU will be forced to disclose their true owners under new legislation prompted by the release of the Panama Papers. Anti-corruption campaigners applauded the agreement as a major step in the fight against tax evasion and money laundering, but expressed disappointment that trusts will mostly escape scrutiny. The revised terms of the EU’s fourth anti-money laundering directive include: • A requirement for companies to disclose their beneficial, or true, owners in a publicly available register. • Data on the beneficial owners of trusts to be available to tax and law enforcement authorities, as well as sectors with an obligation to follow anti-money laundering rules, such as lawyers. • A requirement for member states to verify beneficial ownership information submitted to their registers. • Extending anti-money laundering and counter-terrorism regulations to apply to virtual currencies, provision of tax services and those dealing in works of art.

EU member states will have 18 months to transpose the new directive into domestic legislation. As a current member of the EU, the UK will implement the legislation. “This is a big breakthrough and confirms that full transparency of corporate ownership is now the global standard against which other countries will be judged,” said Laure Brillaud, the anti-money laundering policy officer at Transparency International EU. “The EU deserves credit for taking this bold leap to end the secrecy that facilitates corruption, tax evasion and other crimes.” Global Witness applauded the move “in the face of opposition from countries like the UK, Luxembourg, Ireland, Malta and Cyprus,” but criticised the failure to introduce the same requirements for trusts.

Read more …

All the time in the world. Who cares about the misery?

EU Gives Itself June Deadline On Refugees (K.)

EU leaders appealed for unity in a last-ditch effort to break their deadlock on sharing out refugees by June, telling reluctant eastern states they could otherwise be outvoted on a dispute that has shaken the bloc’s foundations. Coming out from a fraught discussion among 28 EU leaders that went into the small hours on Friday morning in Brussels, rivals in the two-year-old dispute all stuck to their guns, hemmed in by expectations they have raised with their own voters. The Mediterranean frontline states Italy and Greece, and the rich destination countries including Germany, Sweden, Belgium, France, Luxembourg and the Netherlands are demanding that all countries host some refugees as a way to demonstrate solidarity.

Their four ex-communist peers Poland, Slovakia, Hungary and the Czech Republic refuse to accept people from the mostly-Muslim Middle East and North Africa, saying that would threaten their security after a raft of Islamic attacks in Europe. “There are areas where there is no solidarity and this is something I find unacceptable,” German Chancellor Angela Merkel told reporters. At one point during the two days of talks in Brussels, cameras caught Merkel, the bloc’s paramount national leader, as she appeared to become agitated when talking with the leaders’ chairman, Donald Tusk, making her displeasure with him clear. That came after Tusk, a former prime minister of Poland, came out strongly against “ineffective” and “highly divisive” obligatory refugee quotas, ruffling the feathers of those states that back them as well as the executive European Commission.

“The manner in which the principle of solidarity was being questioned does not only undermine the discussion on the refugee issue, but the future of Europe,” Greek Prime Minister Alexis Tsipras told reporters after what he called “intense” talks. Tusk said the ineffectiveness of relocation schemes was demonstrated by the fact that only 35,000 asylum seekers had been transferred from Greece and Italy under a 2015 plan meant to move 160,000 people. “Mandatory quotas remain a contentious issue,” Tusk told a joint news conference with the Commission’s head Jean-Claude Juncker, the disagreement between the two playing out visibly despite their usually friendly rapport. “Relocation is not a solution to the issue of illegal migration.”

Read more …

Oh well, that only took a year and a half. Were they hoping his suicide attempts would be successful?

First Vulnerable Child Refugee Arrives In UK From Greece (G.)

The first vulnerable child refugee stranded in Greece who qualifies for sanctuary under the Dubs amendment has arrived in the UK, more than a year after the government pledged to bring over hundreds of children. The Home Office had accepted that the boy was vulnerable and eligible for transfer 16 months ago. The Dubs amendment, part of the 2016 Immigration Act, was passed after a campaign to transfer 3,000 unaccompanied child refugees stuck in camps to Britain. There are more than 3,300 unaccompanied children in Greece, 11,186 in France and 13,867 in Italy. The Home Office agreed to resettle 480 under the Dubs scheme. Conditions for lone children in Greece have been condemned by Human Rights Watch, which found filthy cells infested with bugs and vermin, sometimes without mattresses or access to showers.

Hammersmith and Fulham council in west London has stepped in to offer the boy a home and one of its social workers travelled to Greece to assess the child, who has lost contact with his family in Syria. The boy, who is said to be deeply traumatised, was detained until last month in a police cell with no access to medical professionals, and forced to sleep on an inch-thick mattress on the ground. Police said the boy had repeatedly self-harmed, tried to kill himself and was at “imminent risk” of doing this. According to Antonia Moustaka, a lawyer for the humanitarian agency Praksis, he spent more than 380 days in psychiatric clinics, 124 days in shelters for unaccompanied minors and six weeks in police detention.

[..] George Gabriel, the project lead at the charity Safe Passage, said: “There are more than 3,300 unaccompanied children in Greece and only 1,130 spaces in shelters. The winter is bitterly cold and conditions are getting worse. “Over a year and a half ago, the Dubs amendment brought hope that hundreds of these kids would be brought to safety. It has been appalling to watch these minors wait, month after month, on bureaucratic delays.”

Read more …

Only took 2,000 years. What were all other mayors of Rome during that time thinking?

Ovid’s Exile To The Remotest Margins Of The Roman Empire Revoked (G.)

More than 2,000 years after Augustus banished him to deepest Romania, the poet Ovid has been rehabilitated. Rome city council on Thursday unanimously approved a motion tabled by the populist M5S party to “repair the serious wrong” suffered by Ovid, thought of as one of the three canonical poets of Latin literature along with Virgil and Horace. Best known for his 15-book epic narrative poem Metamorphoses and the elegy Ars Amatoria, or the Art of Love, Publius Ovidius Naso was exiled in 8 AD to Tomis, the ancient but remote Black Sea settlement now known as the Romanian port city of Constanta. He remained there until his death a decade later. Although ordered directly by the emperor, scholars have long speculated over the motive for Ovid’s exile; the poet himself attributed it to “carmen et error”, a poem and a mistake.

Experts believe the cause was probably a combination of three factors: that Ovid’s erotic poetry was considered offensive, his attitude to Augustus was too disrespectful, and that he may have been involved in an unspecified plot or scandal. La Republicca reported that M5S, which holds a majority of the seats on the council, demanded that “necessary measures” be adopted to revoke the order in what the capital’s deputy mayor, Luca Bergamo, described as an important symbol. “It is about the fundamental right of artists to express themselves freely in societies in which, around the world, the freedom of artistic expression is increasingly constrained,” Bergamo told councillors.

Ovid was indisputably “one of the greatest poets in the history of humanity,” the deputy mayor said, and moreover the real reasons for his mysterious banishment by the emperor “were never placed on the historical record”. Sulmona, the Abruzzo town where the poet was born (then Sulmo), formally acquitted him of any wrongdoing. Dante, the great Renaissance poet, was similarly pardoned in 2008 by Florence – from where he was exiled on pain of death in 1302.

Read more …

Sep 012016
 
 September 1, 2016  Posted by at 9:31 am Finance Tagged with: , , , , , , , , , ,  1 Response »


F.A. Loumis, Independence (Bastille?!) Day 1906

Collapse of Hanjin, World’s 7th-Biggest Shipping Line, Upsets Global Trade (R.)
Investors Miss Out On $500 Billion As Global Bond Yields Plunge (CNBC)
In Case Of Recession, The Fed Might ‘Need’ To Cut Rates To Minus 2% (CNBC)
Eurozone Core Inflation Fall Raises Prospect Of ECB Stimulus Measures (G.)
Bank of Japan Has an $84 Billion Yen Gap in Balance Sheet (BBG)
Admitting Ignorance Is Better Than Groupthink For Central Bankers (BBG)
An 809% Debt Ratio And Investors Are Serene? It Must Be China (BBG)
Austria Says Will Start ‘Conflict’ In EU About Canada Trade Deal (R.)
Apple Travesty Is A Reminder Why Britain Must Leave The Lawless EU (AEP)
UK Defined Benefit Pension Fund Deficit Grows By £100 Billion In A Month (G.)
London’s Elite ‘Pushed Out Of Exclusive Postcodes By Super Rich’ (G.)
A Third Of Africa’s Elephants Were Wiped Out In Just 7 Years (CNN)

 

 

Excellent. We’re far too independent on the idiocy of 10,000 mile shipping lines. They’re heavily polluting (in more ways than one) and entirely unnecessary.

Collapse of Hanjin, World’s 7th-Biggest Shipping Line, Upsets Global Trade (R.)

The collapse of South Korea’s Hanjin Shipping sent ripples though global trade on Thursday, as the country’s largest port turned away its ships and as some manufacturers scrambled for freight alternatives. Hanjin on Wednesday filed for court receivership after its banks decided to end financial support, and ports from China to Spain, the United States and Canada have refused entry to Hanjin vessels in what is traditionally the industry’s busiest season ahead of the year-end holidays. An official with Hanjin Shipping in Busan confirmed that its vessels were not entering the southern city’s port as container lashing providers deny service on concerns that they will not be paid. The company was also worried that the ships may be seized by creditors.

LG Electronics, the world’s No.2 maker of TVs, told Reuters it was cancelling orders with Hanjin and was seeking alternatives to ship its freight. An executive at the Korea International Freight Forwarders Association said on Wednesday he had been inundated with calls from cargo owners worried about the fate of their shipments in transit to the United States and Europe. While mobile phones and semiconductors are carried by air, other electronics like home appliances are shipped by sea. “This will have an impact on the entire industry,” the official said.

South Korea’s maritime ministry said on Wednesday that Hanjin’s woes would affect cargo exports for two or three months, with about 540,000 TEU of cargo already loaded on Hanjin vessels and facing delays. It would be difficult to find alternative ships given high seasonal demand from August to October. The ministry said it would ask local rival Hyundai Merchant Marine to supply vessels to cover some of Hanjin’s routes to the United States and Europe, while also seeking help from overseas carriers.

Read more …

How central bankers kill pensions.

Investors Miss Out On $500 Billion As Global Bond Yields Plunge (CNBC)

Investors have seen their interest income squeezed as global bond yields plunge. On the flipside, governments aren’t complaining. Relative to yields in 2011, global investors are foregoing more than $500 billion in annual income on roughly $38 trillion in sovereign debt that is outstanding, Fitch Ratings said in a report on Wednesday. “Cash flow benefits have effectively been transferred from global investors to sovereign issuers, as sovereign borrowing costs have dropped in response to central bank monetary stimulus,” Fitch said in the report. “This has posed new challenges for income-reliant investors, such as insurers and pension funds, while enabling governments to borrow at increasingly attractive rates.”

Borrowers would realize benefits only slowly, however, as bonds with higher coupon rates matured and newer bonds with lower interest rates were issued, the rating agency said. According to Fitch, investors who tended to buy assets and hold them onto maturity would have to invest new cash in bonds that paid lower interest rates, blunting the money they earned from coupon payments. Government bond yields, which move inversely to prices, have plummeted around the world as central banks in many developed economies scooped up bonds in order to provide stimulus to their economies. These purchases have sparked a scramble for government debt, enabling many countries to flog bonds while cutting the interest rates they have to pay to lure investors.

Read more …

In itself a reasonable argumant re the history of spreads, but that does not make the conclusion alright, or logical.

In Case Of Recession, The Fed Might ‘Need’ To Cut Rates To Minus 2% (CNBC)

The U.S. Federal Reserve might need to cut interest rates to as low as negative 2%, far lower than levels other global central banks have tested, a former Fed economist said. That’s what would likely be needed to engineer a recovery if the U.S. economy were to fall into a recession in the next couple of years, Marvin Goodfriend, who was an economist and policy advisor at the Federal Reserve’s Bank of Richmond from 1993-2005, told CNBC’s “Squawk Box” on Thursday. Goodfriend, who is currently a professor of economics at Carnegie Mellon University, pointed to data on the eight recessions in the U.S. since 1960.

“In eight of those recessions, the Fed had to push the short rate 2.5 percentage points below the long term rate. Today, the 10-year rate in the U.S. is 1.5%,” he noted, saying that would indicate that during the next recession, the Fed would need to cut rates as low as minus 1% at a minimum. “In five of those recessions, the Fed had to push the federal funds rate 3.5 percentage points below the 10-year bond rate,” he said. “So if that happens this time around, we would have to push the federal funds rate to minus 2%.” That’s well below where any other central banks have ventured so far. Sweden’s central bank, an early adopter of negative rates, has set its benchmark at negative 0.5%.

The Bank of Japan’s rate was set at minus 0.1% earlier this year, while the ECB, which first moved its rates into negative territory in 2014, currently has a deposit rate of negative 0.4%. The Fed funds rate has remained in positive territory, with the U.S. central bank last increasing interest rates in December of 2015, its first hike since 2006. That raised the Fed’s target rate to a range of 0.25 to 0.5%. To be sure, Goodfriend didn’t expect the Fed would be headed there anytime soon, noting that he believed the central bank should actually raise rates before the end of the year.

Read more …

More more more.

Eurozone Core Inflation Fall Raises Prospect Of ECB Stimulus Measures (G.)

Speculation is growing that the European Central Bank could take action to stimulate the eurozone economy after official figures showed an easing in underlying inflation last month. Pressure on the ECB increased when the European commission’s statistical agency, Eurostat, published figures that showed core inflation in July was lower than in same month last year, despite aggressive action by the Frankfurt-based bank over the past 18 months. With concerns that the eurozone recovery was losing momentum, Eurostat said the headline rate of inflation remained unchanged at 0.2% in August. Core, or underlying inflation, which excludes energy, goods, alcohol and tobacco, fell from 0.9% in July to 0.8%.

Separate Eurostat data showed that eurozone unemployment was unchanged at 10.1% in July, the latest month for which figures are available for all 19 countries that use the euro. The jobless rate in the eurozone has fallen from 10.8% over the past year, but financial markets had been expecting the reduction to continue to 10% last month. The ECB has been using negative interest rates and quantitative easing in an attempt to increase activity and push inflation back towards its target of just below 2%. Analysts said the inflation and unemployment figures would be discussed when the ECB meets to discuss policy options next week.

Stephen Brown of consultancy Capital Economics said: “The unchanged headline inflation rate in August highlights the fact that price pressures in the eurozone remain weak and boosts the case for more monetary easing from the ECB. “With [the] survey data also pointing to a marked slowdown in growth ahead, there is a strong case for the ECB to announce further policy easing. This could come as soon as the bank’s meeting next week.”

Read more …

Abe and Kuroda won’t even take it serious.

Bank of Japan Has an $84 Billion Yen Gap in Balance Sheet (BBG)

There’s an 8.7 trillion yen ($84 billion) gap between the value of government bond holdings on the Bank of Japan’s balance sheet and their face value. While not an immediate problem because the BOJ’s income can cover the losses, the widening gap raises questions about the sustainability of the central bank’s bond purchases, which Governor Haruhiko Kuroda has said could be expanded. The costs of the central bank’s record stimulus are mounting, while its chief goal – spurring inflation to 2% – appears as far away as it was when Kuroda took the helm in 2013. The BOJ is in the midst of reviewing its policy before a board meeting later this month, but the governor has said there will be no scaling back of his monetary program.

“These numbers show the distortions of the BOJ’s current policies,” said Sayuri Kawamura, a senior economist at the Japan Research Institute in Tokyo. “The annual amortization losses are going to increase and consume the BOJ’s profits, and the risk is increasing that the bank’s financial stability will be shaken.” The bonds the BOJ owns are worth almost 326.7 trillion yen when taken at face value, but were marked at almost 335.4 trillion yen on the balance sheet in August. That gap is 42% bigger than before the introduction of negative rates in January, according to an analysis of the balance sheet and list of the bonds the central bank owns. Tadaaki Kumagai, a spokesman for the central bank, said “the BOJ releases half-yearly and yearly accounts,” while declining to comment further.

The gap exists because, unlike the Federal Reserve, the BOJ counts its bond holdings at the purchase price, minus amortization costs. This number is diverging more from the face value because the central bank’s purchases and negative rate policy are pushing up prices. The face value is what the BOJ will receive when the bonds mature. At the end of the 2015 fiscal year on March 31, the gap between the two valuations was 6.4 trillion yen and the BOJ wrote down 874 billion yen, according to documents seen by Bloomberg. That was covered by the 1.29 trillion yen in coupon income the bank received that year, a situation that may not continue indefinitely.

Read more …

Groupthink is all they have.

Admitting Ignorance Is Better Than Groupthink For Central Bankers (BBG)

If the Fed’s objective last week was to put its September meeting back into play as the potential venue for a rate increase, it can claim a partial success. Prices in the futures market show traders now see about a 34% chance of a hike on Sept. 21, up from 22% two weeks ago. But you still have to go out to December before the likelihood rises above 50%. There’s a very good reason for that market skepticism. Raising rates at a time when inflation is dormant and miles away from the central bank’s 2% target seems somewhat perverse, especially when the forecast is for prices to remain subdued for many months to come:

The Jackson Hole Symposium (and let us note in passing what a great word symposium is, adding gravitas to what would otherwise be a mere conference) was an opportunity, as the event title said, to consider “Designing Resilient Monetary Policy Frameworks for the Future.” Instead, Fischer’s comment suggests it’s business as usual at the Federal Open Market Committee, with no room at present for such innovations as changing the inflation goal or targeting nominal GDP. That’s a shame. There’s a consensus that monetary policy is becoming impotent, and that governments need to step in with fiscal stimulus. But until central banks admit that their firepower is waning, politicians can continue to evade responsibility. “You can’t expect us to do the whole job,”

Christopher Sims, a Nobel Prize-winning economist from Princeton University, said at Jackson Hole last week. “Fiscal expansion can replace ineffective monetary policy at the zero lower bound. So long as the legislature has no clue of its role in these problems, nothing is going to get done. Of course, convincing them that they have a role and there is something they should be doing, especially in the U.S., may be a major task.” Finance – particularly in an era of fractional reserve banking – is essentially a confidence trick. Depositors have to be confident their money will be there when they try to withdraw it. Businesses have to be confident that the economy is on a sound footing otherwise they won’t invest and hire. Central bankers aren’t just economists and policy makers; they’re also salespeople, selling a story.

Read more …

China is a giant debt bubble.

An 809% Debt Ratio And Investors Are Serene? It Must Be China (BBG)

Prudence dictates that a compulsive shopper who runs up a hazardous amount of debt should think about cutting the credit card in half and staying home for a while. Try telling that to China’s acquisition-hungry companies.Two prime examples were on show this week when China Evergrande Group, one of the nation’s biggest developers, and Fosun International, an expanding Shanghai-based conglomerate, reported first-half earnings. The results show just how hard it is to kick the buying habit in an environment where compliant lenders stand ready to advance seemingly unlimited sums. Total borrowings at junk-rated Evergrande jumped by 28% from the end of December to 381 billion yuan ($57 billion).

That pushed the Guangzhou-based company’s ratio of net debt to shareholders’ equity to 142%, above the average 108% for China’s overleveraged property developers, according to data compiled by Bloomberg. Count Evergrande’s perpetual bonds as debt rather than equity and even that ratio starts to look benign. The total debt to common equity ratio rose to 809% at the end of June, from 582% six months earlier. The developer added about 40 billion yuan more perpetual notes during the period. So, time to rein things in somewhat?

Not a bit of it. Evergrande wants to acquire brokerage and trust companies as well as smaller rivals, Chief Executive Officer Xia Haijun told reporters in Hong Kong Tuesday. That would be on top of more than $5 billion of purchases so far this year, including building a stake in larger developer China Vanke and acquiring a chunk of Shenyang-based Shengjing Bank. First-half profit, meanwhile, fell 23% excluding property revaluations and foreign-exchange losses.The debt buildup wouldn’t be so striking if Evergrande were acquiring cash-generating assets that can help pay down borrowings. If anything, things seem to be moving in the opposite direction.

Read more …

Good. Kill that too.

Austria Says Will Start ‘Conflict’ In EU About Canada Trade Deal (R.)

Austria is ready to confront other European Union members states over its opposition to a free trade deal with Canada, Chancellor Christian Kern said, because it sees it containing many of the same problems as one being negotiated with the United States. “This will be difficult, this will be the next conflict in the EU that Austria will trigger… We must focus on making sure… we don’t shift the power balance in favor of global enterprises,” Kern told broadcaster ORF late on Wednesday. Austria opposes a proposed free trade deal with the United States, and Kern said the deal with Canada, called the Comprehensive Economic and Trade Agreement (CETA), bore many of the same problems.

Ministers from Germany and France have also called for a halt in negotitations on the EU-U.S. deal, the Transatlantic Trade and Investment Partnership (TTIP). “We will have to see where the weaknesses of (CETA) are. Many are the same as with TTIP,” Kern, a social-democrat, said, without elaborating. Kern is expected to address issues surrounding TTIP at a news conference on Friday. There are widespread concerns in Austria that the TTIP could compromise food safety standards. Kern also opposes the idea that the agreement could allow companies to challenge government policies if they feel regulations put them at a disadvantage.

Read more …

There are multiple truths in this case. In the end, though, this is about Brussels seeking to supersede member states’ sovereign law. For that, the constitutions of 27 nations should be held to the light. I would venture that what Brussels does here, and in many other fields, violates a fair number of these constitutions. And that is not legal no matter what their respective governments say or do. That’s an issue for their judicial systems. There’s a reason why the political and judicial systems have been made separate entities.

Apple Travesty Is A Reminder Why Britain Must Leave The Lawless EU (AEP)

Europe’s Competition Directorate commands the shock troops of the EU power structure. Ensconced in its fortress at Place Madou, it can dispatch swat teams on corporate dawn raids across Europe without a search warrant. It operates outside the normal judicial control that we take for granted in a developed democracy. The US Justice Department could never dream of acting in such a fashion. Known as ‘DG Comp’, it acts as judge, jury, and executioner, and can in effect impose fines large enough to constitute criminal sanctions, but without the due process protection of criminal law. It misused evidence so badly in pursuit of the US chipmaker Intel that the company alleged a violation of human rights. Apple is just the latest of the great US digital companies to face this Star Chamber.

It has vowed to appeal the monster €13bn fine handed down from Brussels this week for violation of EU state aid rules, but the only recourse is the European Court of Justice. This is usually a forlorn ritual. The ECJ is a political body, the enforcer of the EU’s teleological doctrines. It ratifies executive power. We can mostly agree that Apple, Google, Starbucks, and others have gamed the international system, finding legal loopholes to whittle down their tax liabilities and enrich shareholders at the expense of society. It is such moral conduct that has driven wealth inequality to alarming levels, and provoked a potent backlash against globalisation. But the ‘Double Irish’ or the ‘Dutch Sandwich’ and other such tax avoidance schemes are being phased out systematically by the G20 and by a series of tightening rules from the OECD.

The global machinery of “profit shifting” will face a new regime by 2018. We can agree too that Apple’s cosy EU arrangements should never have been permitted. It paid the standard 12.5pc corporate tax on its Irish earnings – and is the country biggest taxpayers – but the Commission alleges that its effective rate of tax on broader earnings in 2014 was 0.005pc, achieved by shuffling profits into a special ‘stateless company’ with its headquarters in Ireland. “The profits did not have any factual or economic justification. The “head office” had no employees, no premises and no real activities,” said Margrethe Vestager, the EU competition chief.

Read more …

Someone will find a way to blame this on Brexit.

UK Defined Benefit Pension Fund Deficit Grows By £100 Billion In A Month (G.)

The combined deficit of the UK’s 6,000 defined benefit pension funds has grown by £100bn in the last month, bringing the total deficit to £710bn, according to a new report. The research, by the accountants PricewaterhouseCooper, found that the pension schemes have total assets of £1,450bn but are liable to pay out about £2,160bn in contractual promises to existing and former workers. Pension deficits have worsened since the EU referendum because companies use the interest rate on gilts, otherwise known as the yield, as the main tool in estimating how much they will have to pay out in pensions in the future. The lower the gilt yield, the more that companies have to set aside to meet their future costs.

The scale of the problems facing companies offering final salary pension schemes was underlined on Wednesday by the Yorkshire-based manufacturer Carclo, which issued a statement to the stock exchange to say that the recent increase in its pension deficit meant that a dividend payout to shareholders announced in June and due to be paid in October could not now go ahead. Carclo, which is based near Leeds and employs about 1,300 people making plastics and LED products, said in its statement: “If the corporate bond yield remains at its current low level then this will result in a significant increase in the group’s pension deficit.” It said this would have the effect of “extinguishing the company’s available distributable reserves”. The announcement immediately wiped almost 15% off the company’s share price.

Read more …

How to kill a city, Chapter 826.

London’s Elite ‘Pushed Out Of Exclusive Postcodes By Super Rich’ (G.)

London’s traditional elite, such as lawyers, architects and academics, are being pushed out of their enclaves in Mayfair, Chelsea and Hampstead by an influx of global super rich investors, causing a chain reaction of gentrification across the capital, according to research by the London School of Economics. An influx of extremely wealthy overseas buyers is leading the old elite to sell up and move from London’s most exclusive postcodes and buy in areas they previously considered undesirable, said Dr Luna Glucksberg, of the LSE’s International Inequalities Institute. This displacement of old money and affluent middle class professionals is in turn pricing neighbourhoods in south and east London out of the reach of average Londoners and threatening to push those on low incomes to the margins of the city and beyond, she added.

“The changes happening at the top end of the market are real, and although they do not affect large numbers of people directly, the ripple effects they generate do resonate across London,” Glucksberg said. “In terms of the impact on London as a whole, this represents a very different kind of ‘trickle down’ effect from what politicians across the spectrum have long argued would be the benefit of the ‘super rich moving into our city’,” said Glucksberg. “Affordability for average Londoners in the rest of the city is likely to become an even more difficult issue to solve.” The trend was contributing to dramatic house price rises in areas ranging from Battersea and Clapham to Acton, as the old elite bought property there with the significant profits – usually in the millions – made from selling up to the global uber wealthy, the researcher found.

“The study shows that the wealthy individuals and families that live in London’s most exclusive areas no longer feel able to compete at the top end of the capital’s property market,” said the researcher. “Instead they feel like they are being pushed out of elite neighbourhoods. For the first time, this elite group are buying flats for their children in areas they never would have previously considered.”

Read more …

We need the death penalty for poachers and buyers, the entire chain, not just in Africa but everywhere, also in China and Japan. If they don’t comply, no more trade and full isolation.

A Third Of Africa’s Elephants Were Wiped Out In Just 7 Years (CNN)

Scanning Botswana’s remote Linyanti swamp from the low flying chopper, elephant ecologist Mike Chase can’t hide the anxiety and dread as he sees what he has seen too many times before. “I don’t think anybody in the world has seen the number of dead elephants that I’ve seen over the last two years,” he says. From above, we spot an elephant lying on its side in the cracked river mud. From a distance it could be mistaken for a resting animal. But the acrid stench of death hits us before we even land. Up close, it is a horror. He was a magnificent bull right in his prime, 45 to 50 years old. To get at his prized ivory tusks, poachers hacked off his face. Slaughtered for their ivory, the elephants are left to rot, their carcasses dotting the dry riverbed; in just two days, we counted the remains of more than 20 elephants in a small area.

Visitors and managers at the tourist camps here are frequently alarmed by the sound of gunshots nearby. And Chase worries that if Botswana can’t protect its elephants, there’s little hope for the species as a whole. Chase, the founder of Elephants Without Borders (EWB), is the lead scientist of the Great Elephant Census, (GEC) an ambitious project to count all of Africa’s savannah elephants – from the air. Before the GEC, total elephant numbers were largely guesswork. But over the past two years, 90 scientists and 286 crew have taken to the air above 18 African countries, flying the equivalent of the distance to the moon – and a quarter of the way back – in almost 10,000 hours.

Prior to European colonization, scientists believe that Africa may have held as many as 20 million elephants; by 1979 only 1.3 million remained – and the census reveals that things have gotten far worse. According to the GEC, released Thursday in the open-access journal PeerJ, Africa’s savannah elephant population has been devastated, with just 352,271 animals in the countries surveyed – far lower than previous estimates. Three countries with significant elephant populations were not included in the study. Namibia did not release figures to the GEC, and surveys in South Sudan and the Central African Republic were postponed due to armed conflict. In seven years between 2007 and 2014, numbers plummeted by at least 30%, or 144,000 elephants.

Read more …