Sep 282020
 


Dorothea Lange Abandoned cafe in Carey, Texas “Carey is fast becoming a ghost town of the Texas plains.” 1937

 

New York Times Mysteriously Obtains Trump Financial Records (RS)
New York Times Fails at Outlining President Trump’s Taxes Again (CT)
Project Veritas Uncovers ‘Ballot Harvesting Fraud’ In Minnesota (NYP)
Appellate Court Halts Wisconsin Ballot-Counting Extension (AP)
As Mueller Probe Fizzles, Anti-Trump Cabal Hatches New Collusion Tale (Smith)
COVID-19 Patients Who Get Enough Vitamin D Are 52% Less Likely To Die (DM)
New Covid Fines Of Up To £10,000 Come Into Force In England (G.)
Amy Coney Barrett: A New Feminist Icon (Pol.)
Federal Judge Gives Temporary Reprieve To TikTok (NBC)
Azerbaijan & Armenia Carry On Fighting Over Contested Nagorno-Karabakh (RT)

 

 

Will we ever find out who leaked Trump’s tax returns from Cyrus Vance’s offices? And does anyone still care that this is highly illegal?

 

 

 

 

 

 

ZeroHedge Nothing Illegal

Balding tax returns

 

 

The New York Times once upon a time had intelligent journalists with a lot of integrity working -hard- for it. Now they go an yet another fishing trip looking to catch something illegal, but they fail, and still try to dress it all up as something terrible. No pride, no integrity.

New York Times Mysteriously Obtains Trump Financial Records (RS)

The New York Times reports that it has obtained President Trump’s ‘tax information” going back “over two decades.” The leak is from New York County (Manhattan) District Attorney Cyrus Vance, Jr., or one of his underlings. We know Vance has obtained all of the financial records Trump had on file with Deutsche Bank, his primary lender. We know Deutsche Bank complied with the subpoena. And, via the New York Times, we know that these records go back into the 1990s or, in the parlance of the day, “over two decades.” If the New York Times is correct, Trump’s finances being something of a hot mess is not a shocker. Trump has been on the edge of bankruptcy before and has employed mighty financial kung fu to stay solvent.

[..] From the tenor of the article, they think the revelation that Trump was getting a $72.9 million tax refund and only paying $750 in federal income taxes will be damaging. I really doubt that will be the case. There are things in this story that lead me to believe that either the people writing it are stupid or they think you are stupid. For instance: “In fact, those public filings offer a distorted picture of his financial state, since they simply report revenue, not profit. In 2018, for example, Mr. Trump announced in his disclosure that he had made at least $434.9 million. The tax records deliver a very different portrait of his bottom line: $47.4 million in losses.” These two things are not incompatible, and the fact that you declare earnings on a report that asks for earnings and not profit is not deceptive. The technical term is “compliance.”

By far, the most notable thing about this story is the willingness of the New York Times to engage in election interference by timing their release within 60 days of the election (that’s the standard, right? 60 days?). That and the role that seems to have been played by the Manhattan DA’s office in leaking records ostensibly demanded from Deutsche Bank as part of a criminal investigation to facilitate a political hit. The fact that a district attorney’s office is using such records as part of a political attack on the President within 60 days of an election is unprecedented (that’s the word, right? unprecedented?). The actions by Vance or his office virtually guarantee that any tax returns released to that office will find similar use as political ammunition.

There is a good chance that this story was intended to launch much closer to the election had the scope and extent of Hunter Biden’s financial shenanigans and the degree to which the ChiComs have their tentacles sunk into Sundown Joe not come to light…and will get even more light, I suspect, on Tuesday night. When the dust settles on this, I think the story is going to be “very rich guy with a fascination for high-risk business ventures pays lots of brilliant tax lawyers and accountants a crap-load of money to minimize and avoid (but not evade) income taxes and says he makes more money than he really does to golf partners.”

Read more …

Excellent question from sundance: “Now let’s figure out how DC politicians making $200k/yr are able to become multi-millionaires while holding office..”

New York Times Fails at Outlining President Trump’s Taxes Again (CT)

Once again the New York Times attempts to make an issue out of President Trump’s real estate holdings working as a tax shelter and reducing income taxes. In the article the Times completely obfuscates the way income taxes are strategically offset by depreciation, mortgage interest and the entire reason why real estate ownership is viewed as a business. John Carney writing for Breitbart gets it: […] So imagine our guy took out an $8 million mortgage at five percent, paying $2 million cash. Now he’s got to pay $400,000 in mortgage payments. He wants to make at least that much so he charges tenants an aggregate of $425,000, which after upkeep comes out to $410,000 of net income. (Remember, if the bank didn’t think he could make more in rent than the mortgage payment, it probably wouldn’t have lent him the money.)

“The interest payment on the loan–let’s call it $390,000–is deductible from his income, leaving him with $20,000 in net income. He gets to keep that and pay no taxes on it, however, because he still gets to apply the $370,000 depreciation charge. He tells the IRS he lost $350,000. Under our tax code, ordinary business expenses can be deducted in the year they are incurred. But when a business pays for a long-lasting item expected to produce income–like machinery, vehicles, or an apartment building–it is considered a capital investment. Instead of getting to write-off the cost all at once, the business is required to write it off over the course of decades. After the 1986 tax code, this was set at 27.5 years for residential real estate.” d

Anyone who has ever operated a business knows that offsetting income is one of the primary reasons to be self-employed. Additionally, the Times completely skips over the tens-of-millions in payroll taxes paid by the Trump organization and tens-of-millions in property and sales taxes paid by all of the various Trump properties. In the commercial real estate market it is common sense to offset income tax liabilities with a host of valid annual expenses, long-term capital depreciation and mortgage interest payments. With over 500 individual business entities within the Trump organization the ability to offset income in one asset with expenses in another is simply good accounting.

Additionally, President Trump donates his $400,000 government salary back to the U.S. government. So to accuse President Trump of only paying $750 in income taxes totally ignores all of the other donations and tax payments he makes. In practical terms no President before Trump has ever had his actual business portfolio so deeply connected to the success of the American economy. It doesn’t cost the American taxpayer a dime to have President Trump in office…. Now let’s figure out how DC politicians making $200k/yr are able to become multi-millionaires while holding office. Anyone?

Read more …

It’s getting serious. O’Keefe says they have been filming this for months.

Project Veritas Uncovers ‘Ballot Harvesting Fraud’ In Minnesota (NYP)

A ballot-harvesting racket in Democratic Rep. Ilhan Omar’s Minneapolis district — where paid workers illegally gather absentee ballots from elderly Somali immigrants — appears to have been busted by undercover news organization Project Veritas. One alleged ballot harvester, Liban Mohamed, the brother of Minneapolis city council member Jamal Osman, is shown in a bombshell Snapchat video rifling through piles of ballots strewn across his dashboard. “Just today we got 300 for Jamal Osman,” says Mohamed, aka KingLiban1, in the video. “I have 300 ballots in my car right now . . . “Numbers don’t lie. You can see my car is full. All these here are absentee ballots. . . . Look, all these are for Jamal Osman,” he says, displaying the white envelopes.

“Money is the king in this world . . . and a campaign is driven by money.” The video, posted on July 1, was obtained by Project Veritas and included in a 17-minute video expose released Sunday night. Under Minnesota law no individual can be the “designated agent” for more than three absentee voters. The allegations come just five weeks before a presidential election plagued with predictions of voter fraud. Both President Trump and Attorney General Bill Barr have warned that the increased use of mail-in ballots, due to COVID-19 concerns about in-person voting, are vulnerable to fraud, especially when unsolicited ballots are mailed to all voters in certain states.

Project Veritas’ investigation in Minneapolis will pour gasoline on the fire, only 48 hours before Trump debates Joe Biden in the first presidential debate Tuesday, addressing topics including election security. “Our investigation into this ballot harvesting ring demonstrates clearly how these unscrupulous operators exploit the elderly and immigrant communities” said James O’Keefe, founder and CEO of Project Veritas. The alleged involvement of Ilhan Omar, a controversial member of the Squad, and frequent Trump target, is claimed on camera by two people in Veritas’ investigation, including whistleblower Omar Jamal, a Minneapolis community leader and chair of the city’s Somali Watchdog Group.

Read more …

First of how many?

Appellate Court Halts Wisconsin Ballot-Counting Extension (AP)

A federal appeals court on Sunday temporarily halted a six-day extension for counting absentee ballots in Wisconsin’s presidential election, a momentary victory for Republicans and President Donald Trump in the key presidential battleground state. As it stands, ballots will now be due by 8 p.m. on Election Day. A lower court judge had sided with Democrats and their allies to extend the deadline until Nov. 9. Democrats sought more time as a way to help deal with an expected historic high number of absentee ballots. The Democratic National Committee, the state Democratic Party and allied groups including the League of Women Voters sued to extend the deadline for counting absentee ballots after the April presidential primary saw long lines, fewer polling places, a shortage of workers and thousands of ballots mailed days after the election.


U.S. District Judge William Conley ruled Sept. 21 that ballots that arrive up to six days after Election Day will count as long as they’re postmarked by Election Day. Sunday’s action puts Conley’s order on hold until the 7th Circuit U.S. Court of Appeals or U.S. Supreme Court issues any further action. [..] State election officials anticipate as many as 2 million people will cast absentee ballots to avoid catching the coronavirus at the polls. That would be three times more absentee ballots than any other previous election and could overwhelm both election officials and the postal service, Conley wrote. If the decision had stood it could have delayed knowing the winner of Wisconsin for days. The Republican National Committee, the state GOP and Wisconsin’s Republican legislators argued that current absentee voting rules be left in place, saying people have plenty of time to obtain and return their ballots.

Read more …

Second installment of a two-part excerpt from Lee Smith’s book “The Permanent Coup: How Enemies Foreign and Domestic Targeted the American President”.

“According to the story the CIA officer and his colleagues would tell, Trump was again in league with a foreign power to defeat a rival candidate. They rotated Ukraine in for Russia and Biden for Clinton.”

As Mueller Probe Fizzles, Anti-Trump Cabal Hatches New Collusion Tale (Smith)

Just two days after the curtain dropped on the Mueller investigation, Ciaramella was rebooting the collusion narrative. According to the story the CIA officer and his colleagues would tell, Trump was again in league with a foreign power to defeat a rival candidate. They rotated Ukraine in for Russia and Biden for Clinton. The operation’s personnel drew from the same sources as the Russia collusion operation — serving officials from powerful government bureaucracies, the CIA, Pentagon, and State Department, as well as elected officials, political operatives, and the press. Therefore, the process was also the same: The actors would work the operation through the intelligence bureaucracy and the media to start an official proceeding, in this case an impeachment process. The play was set to begin.

Ciaramella first expressed his concern to a CIA lawyer. Frustrated that his action wasn’t moving quickly enough, he turned to the intelligence community inspector general responsible for oversight of all 17 of the nation’s agencies. On August 12, he filed a whistleblower’s report with ICIG Michael Atkinson. It was a version of the dossier, allegations based on second- and thirdhand sources. Steele said that his information came from anonymous Russians; Ciaramella claimed his came from unnamed Americans. “In the course of my official duties,” wrote Ciaramella, “I have received information from multiple U.S. Government officials that the President of the United States is using the power of his office to solicit interference from a foreign country in the 2020 U.S. elections.”

He even replicated a key feature from Steele’s memos that helped the FBI obtain the FISA warrant. The dossier alleged that the Trump campaign had agreed to two Ukraine-related quid pro quos. One, in exchange for the hack and release of DNC emails, the Trump team would sideline Ukraine as campaign issue. Two, in exchange for dropping Ukraine-related sanctions on Russia, a Putin ally promised Trump advisers energy deals. Ciaramella also alleged a Ukraine-related quid pro quo. His August 12 report added a detail missing from the July 26 memo. He claimed in his document he’d learned earlier in July that Trump had “issued instructions to suspend all security assistance to Ukraine.” With this, the CIA official had planted the seed that would grow into the basis of the impeachment charges brought against Trump:

The president had withheld foreign aid in exchange for something that would benefit him personally — an investigation of his political rival. Ciaramella and his confederates had simply taken the boastful blunder Biden made in front of the Manhattan audience and hung it on Trump. Now he was the one using U.S. aid to secure a favor from a Ukrainian president. It was an audacious move, but the Ciaramella dossier was also a defensive maneuver. “It was born out of desperation,” says one of his former colleagues. “He wasn’t just trying to protect Biden,” says the source, a former senior Obama administration intelligence official. [..] When he finds out Trump may get the Burisma investigation restarted, he’s worried for himself, too.”

Read more …

And 54 percent less likely to catch coronavirus in the first place. And if you do anyway, zinc hinders virus (RNA) replication in your cells. Two simple and cheap ways to protect yourselves and your loved ones.

COVID-19 Patients Who Get Enough Vitamin D Are 52% Less Likely To Die (DM)

People who get enough vitamin D are at a 52 percent lower risk of dying of COVID-19 than people who are deficient for the ‘sunshine vitamin,’ new research reveals. Vitamin D plays a crucial role in the immune system and may combat inflammation. These features may make it a key player in the body’s fight against coronavirus. Rates of vitamin D deficiency are also higher in some of the same groups who have been hardest hit by coronavirus: people of color and elderly people. It’s by no means a causal link, but suggests that vitamin D could play a role in who gets COVI-19, who gets sickest from it, and who is spared altogether.

Boston University’s Dr Michael Holick found in his previous research that people who have enough vitamin D are 54 percent less likely to catch coronavirus in the first place. Following on that work, he and his team have found that people who don’t get enough of the vitamin are far more likely to become severely ill, develop sepsis or even die after contracting coronavirus. Because vitamin D deficiency is common in people with other disease that raise coronavirus risks, it’s impossible to say exactly how many lives would be spared if we all got our daily dose of the sunshine vitamin. But we know that about 42 percent of the US population is vitamin D deficient. If that rate held true for the more 203,000 Americans who died of coronavirus, perhaps some 85,000 would have fared better with improved vitamin D levels.

In Britain 20 per cent of the population suffer from the deficiency, according to the British Nutrition Foundation. When the rate is applied to the UK’s 41,936 deaths from coronavirus, it suggests 8,387 of them could have been helped with improved levels of Vitamin D. ‘This study provides direct evidence that vitamin D sufficiency can reduce the complications, including the cytokine storm (release of too many proteins into the blood too quickly) and ultimately death from COVID-19,’ Dr Holick said. Dr Holick and his colleagues took blood samples from 235 patients admitted to hospitals in Tehran for COVID-19. Overall, 67 percent of the patients had vitamin D levels below 30 ng/mL.

There isn’t a clear marker for the ideal level of vitamin D, but 30 ng/mL is considered a sufficient. Anything below that is ‘insufficient,’ but won’t necessarily have broad-ranging health consequences, while levels below 20 ng/mL are considered ‘deficient.’ About 60 percent of elderly people living in nursing homes, for example, are thought to be vitamin D deficient. The most likely explanation is that they simply spend too much time indoors. Sunlight is our primary source of vitamin D. When we are exposed to ultraviolet (UV) radiation in rays of sunshine, it reacts with cholesterol in our skin, triggering the production of vitamin D. In an increasingly indoor world, rates of vitamin D deficiency have climbed.

Read more …

Behind a paywall, the Times reports pub curfew does not apply to bars in Parliament. Way to go.

New Covid Fines Of Up To £10,000 Come Into Force In England (G.)

A new, more robust chapter in English coronavirus regulations begins on Monday, with fines of up to £10,000 for people who refuse to self-isolate when asked, and enforcement including tip-offs from people who believe that others are breaching the rules. The changes come with the duty to self-isolate moving into law. It becomes a legal obligation if someone is told to do so by test-and-trace staff, but not for those simply using the Covid-19 phone app, which is anonymous. At the same time, the government is introducing a new system of payments of £500 for people on lower incomes who are unable to work because of the mandatory 14-day self-isolation, a system being implemented by councils.

The two-pronged approach, intended to create better compliance with self-isolation rules, was described by the health secretary, Matt Hancock, as “imperative” in helping keep down coronavirus infection rates. According to a health department statement setting out the new system, local authorities are expected to have their test-and-trace support schemes up and running within two weeks, with those self-isolating before then given backdated payments as needed. However, the Local Government Association, which represents councils, has warned it will be “challenging” for these to be set up at speed, adding that “urgent clarity is needed about how councils will be reimbursed for costs of setting up these schemes and the payments themselves”.

To be eligible for the payment, people must have been told to self-isolate by test and trace – having tested positive for coronavirus or being in close contact with someone who has – as well as having lost income as a result, and be recipients of one or more of a series of benefits, including universal credit, income support and housing benefit. Those who do not self-isolate when told to could face fines, which start at £1,000 and rise to £10,000 for repeat offences, or those who instigate breaches of the law, such as an employer who orders or permits people to come to work when they should not. Test-and-trace call handlers will check on those told to self-isolate, with police taking a role in areas or groups seen as high risk, as well as acting on tip-offs from neighbours or others who spot suspected breaches, the government announcement said.

Read more …

We need tolerance of people who do not think exactly like we do.

Amy Coney Barrett: A New Feminist Icon (Pol.)

Amy Coney Barrett has been praised for her topflight legal mind, even by those who disagree with her. At 48 years old, she is poised to help shape the court for a generation or more. But that’s not all her elevation to the high court has the potential to accomplish. Barrett’s expected confirmation should serve as a catalyst for rethinking the most powerful social movement in the last half century: feminism. Over the last week, as Justice Ginsburg’s body laid in repose outside the Supreme Court, the nation has rightly celebrated Ginsburg’s trailblazing 1970s legal advocacy, one which pushed both law and culture to reexamine the ways in which women had been pigeonholed as caregivers and men as providers. The late justice’s antidiscrimination wins opened up a new era in which both men and women could respectably and responsibly engage in both avenues of fulfillment, according to their personal talents and circumstances.

But Ginsburg also viewed abortion rights as central to sexual equality, and her leadership helped give rise to a movement that remains laser focused on abortion to this day. Yet rather than make women more equal to men, constitutionalizing the right to abortion as the court did in Roe has relieved men of the mutual responsibilities that accompany sex, and so has upended the duties of care for dependent children that fathers ought equally to share. Barrett embodies a new kind of feminism, a feminism that builds upon the praiseworthy antidiscrimination work of Ginsburg but then goes further. It insists not just on the equal rights of men and women, but also on their common responsibilities, particularly in the realm of family life. In this new feminism, sexual equality is found not in imitating men’s capacity to walk away from an unexpected pregnancy through abortion, but rather in asking men to meet women at a high standard of mutual responsibility, reciprocity and care.

At Barrett’s Senate confirmation hearing in 2017, Sen. Dianne Feinstein tellingly remarked, “You are controversial because many of us that have lived lives as women really recognize the value of finally being able to control our reproductive systems, and Roe entered into that, obviously.” Barrett’s life story puzzles older feminists like Feinstein because bearing and raising a bevy of children has long implied retaining a traditional life script — like staying home with the children — that Barrett has obviously not heeded. To be sure, few mothers of seven could become federal judges, never mind Supreme Court justices. Barrett – “generationally brilliant,” according to her Notre Dame colleague, O. Carter Snead — is likely alone in this set.

It all seems so unlikely: She has risen to the pinnacle of her profession while at once being “radically hospitable” to children, as Snead has described her. An enigma to many, she doesn’t easily fit into any ideological box. If we’re really intent as a country on seeing women flourish in their professions and serve in greater numbers of leadership positions too, it would be worthwhile to interrupt the abortion rights sloganeering for a beat and ask just how this mother of many has achieved so much.

Read more …

Much ado about an app. China’s worried about the source code.

Federal Judge Gives Temporary Reprieve To TikTok (NBC)

A federal judge granted a temporary reprieve Sunday to TikTok, the short-form video app that was facing a Trump administration-imposed midnight deadline that would have prevented users from downloading it. The order from U.S. District Judge Carl Nichols of Washington, D.C., allows U.S. app stores to continue offering downloads. Nichols did not rule on a second, more comprehensive ban that would halt U.S. companies from working with TikTok. In a statement, TikTok said that it was pleased with the ruling and that it “will continue defending our rights for the benefit of our community and employees.”


“At the same time, we will also maintain our ongoing dialogue with the government to turn our proposal, which the president gave his preliminary approval to last weekend, into an agreement,” it said. TikTok, which is owned by the Chinese company ByteDance, struck a deal with Oracle this month to move the company’s headquarters to the United States. The software giant would oversee its operations. Walmart is also involved in the deal. TikTok has been under scrutiny from the Trump administration for nearly a year over concerns that the Chinese government could gain access to American users’ data. President Donald Trump said in July that he would ban the app. Trump said this month that he had given his “blessing” to the deal and that he had approved it in concept.

Read more …

This is real war. Stop it.

Azerbaijan & Armenia Carry On Fighting Over Contested Nagorno-Karabakh (RT)

Intense hostilities between Armenian and Azeri forces continued overnight along the border of the disputed Nagorno-Karabakh region. Both sides claimed local victories and reported inflicting heavy casualties on one another. Azerbaijan and Armenia, two historical rivals, kept on fighting throughout Sunday night and Monday morning despite mounting calls from international leaders to hold fire and disengage troops. There have been skirmishes “of different intensity” overnight on the Nagorno-Karabakh border, a spokesperson for the Armenian Defense Ministry reported earlier on Monday. “The adversary resumed offensive using artillery and armor, including the heavy flamethrower system TOS,” the official revealed.

The Armenian military are deterring the attack, “inflicting significant losses on the enemy in manpower and equipment.” Baku, meanwhile, blamed its arch-nemesis for targeting civilian-populated areas. On Monday morning, Armenian forces have been shelling Terter, a border town of roughly 19,000 people, Azerbaijan’s Defense Ministry told the media. “Proper measures” will be taken if the bombardment doesn’t stop, the ministry warned. Previously, Baku suggested at least 550 Armenian soldiers were killed or injured in the Azeri “counteroffensive,” along with dozens of tanks, howitzers, and air defense systems lost in action. Yerevan promptly rebuked the claim as “unfounded.” Nagorno-Karabakh itself reported a loss of 31 Armenian soldiers in the fighting.

The lingering hostilities broke out previously on Sunday morning. Yerevan accused Baku of using combat aircraft and heavy artillery to bomb targets within Nagorno-Karabakh, a disputed region administered and populated by ethnic Armenians but claimed by Azerbaijan as part of its territory. Baku, in turn, said it had counter-attacked in response to Armenian “provocations.” Both sides – which have fought on numerous occasions since the Soviet Union’s demise – sent reinforcements to the frontline and blamed one another for targeting civilians.

Read more …

 

 

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“We are victims of the post-Enlightenment view that the world functions like a sophisticated machine, to be understood like a textbook engineering problem and run by wonks. In other words, like a home appliance, not like the human body.”
– Nassim Nicholas Taleb

 

 

 

 

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Jun 172015
 
 June 17, 2015  Posted by at 2:57 pm Finance Tagged with: , , , ,  8 Responses »


Jack Delano Street scene on a rainy day in Norwich, Connecticut 1940

For a while now, I’ve had a German saying floating around my files, that I didn’t really know what to do with. I know now. The saying is:

In der Not ist der Mittelweg der Tod.

Which loosely translates as:

In emergencies, the middle ground is lethal.

It seems like the Greek parliament thinks along just those lines. A preliminary report issued today declares all debt illegal. You can read the entire report behind the link. Here is chapter 8, Asessments of the Debt. I’d say this is somewhat inflammatory.

Hellenic Parliament’s Debt Truth Committee Preliminary Findings – Executive Summary of the report

Chapter 8, Assessment of the Debts as regards illegtimacy, odiousness, illegality, and unsustainability, provides an assessment of the Greek public debt according to the definitions regarding illegitimate, odious, illegal, and unsustainable debt adopted by the Committee.

Chapter 8 concludes that the Greek public debt as of June 2015 is unsustainable, since Greece is currently unable to service its debt without seriously impairing its capacity to fulfill its basic human rights obligations. Furthermore, for each creditor, the report provides evidence of indicative cases of illegal, illegitimate and odious debts.

• Debt to the IMF should be considered illegal since its concession breached the IMF’s own statutes, and its conditions breached the Greek Constitution, international customary law, and treaties to which Greece is a party. It is also illegitimate, since conditions included policy prescriptions that infringed human rights obligations. Finally, it is odious since the IMF knew that the imposed measures were undemocratic, ineffective, and would lead to serious violations of socio-economic rights.

• Debts to the ECB should be considered illegal since the ECB over-stepped its mandate by imposing the application of macroeconomic adjustment programs (e.g. labour market deregulation) via its participation in the Troïka. Debts to the ECB are also illegitimate and odious, since the principal raison d’etre of the Securities Market Programme (SMP) was to serve the interests of the financial institutions, allowing the major European and Greek private banks to dispose of their Greek bonds.

• The EFSF engages in cash-less loans which should be considered illegal because Article 122(2) of the Treaty on the Functioning of the European Union (TFEU) was violated, and further they breach several socio-economic rights and civil liberties. Moreover, the EFSF Framework Agreement 2010 and the Master Financial Assistance Agreement of 2012 contain several abusive clauses revealing clear misconduct on the part of the lender. The EFSF also acts against democratic principles, rendering these particular debts illegitimate and odious.

• The bilateral loans should be considered illegal since they violate the procedure provided by the Greek constitution. The loans involved clear misconduct by the lenders, and had conditions that contravened law or public policy. Both EU law and international law were breached in order to sideline human rights in the design of the macroeconomic programmes. The bilateral loans are furthermore illegitimate, since they were not used for the benefit of the population, but merely enabled the private creditors of Greece to be bailed out. Finally, the bilateral loans are odious since the lender states and the European Commission knew of potential violations, but in 2010 and 2012 avoided to assess the human rights impacts of the macroeconomic adjustment and fiscal consolidation that were the conditions for the loans.

• The debt to private creditors should be considered illegal because private banks conducted themselves irresponsibly before the Troika came into being, failing to observe due diligence, while some private creditors such as hedge funds also acted in bad faith. Parts of the debts to private banks and hedge funds are illegitimate for the same reasons that they are illegal; furthermore, Greek banks were illegitimately recapitalized by tax-payers. Debts to private banks and hedge funds are odious, since major private creditors were aware that these debts were not incurred in the best interests of the population but rather for their own benefit.

The report concludes, fittingly, with a quote from Pericles’ funeral oration:

People’s dignity is worth more than illegal, illegitimate, odious and unsustainable debt

Having concluded a preliminary investigation, the Committee considers that Greece has been and still is the victim of an attack premeditated and organized by the International Monetary Fund, the European Central Bank, and the European Commission. This violent, illegal, and immoral mission aimed exclusively at shifting private debt onto the public sector.

Making this preliminary report available to the Greek authorities and the Greek people, the Committee considers to have fulfilled the first part of its mission as defined in the decision of the President of Parliament of 4 April 2015. The Committee hopes that the report will be a useful tool for those who want to exit the destructive logic of austerity and stand up for what is endangered today: human rights, democracy, peoples’ dignity, and the future of generations to come.

In response to those who impose unjust measures, the Greek people might invoke what Thucydides mentioned about the constitution of the Athenian people:

“As for the name, it is called a democracy, for the administration is run with a view to the interests of the many, not of the few”

(Pericles’ Funeral Oration, in the speech from Thucydides’ History of the Peloponnesian War).