May 032021
 
 May 3, 2021  Posted by at 8:35 am Finance Tagged with: , , , , , ,  45 Responses »


The marine and the kitten, Korean War, 1952

 

100 Million Americans Now Fully Vaccinated—But The Pandemic Might Continue (F.)
Decline In US Covid Vaccinations:, But How To Shrink Operations? (G.)
There Are THREE Studies; All Showing Serious Harms (Denninger)
Covid-19: Discrepancy Between ‘Cases’ And ‘Illness’ (P&L)
Factories Around The World Stand Ready To Manufacture Covid-19 Vaccines (IC)
Fake Covid-19 Vaccination Record Cards Are A Growing Problem, Says FBI (F.)
Powerful Teachers Union Influenced CDC On School Reopenings (NYP)
This Inflation Will Play Out Differently From Anything Before It (Peters)
NYT, Wapo, NBC Retract Reports About Giuliani’s Contact With FBI (Hill)
Court: EPA Delay “Exposed A Generation Of US Children” To Chlorpyrifos (IC)

 

 

The vaccination rollout is becoming tiresome, because it breaks too many laws to keep track of. There’s the Nuremberg code, and the Helsinki Declaration, and Unesco’s Universal Declaration on Bioethics and Human Rights. They all say the same thing: people can not be coerced, let alone mandated, into being part of a medical experiment. It’s highly illegal. Yet that is what’s happening with the so-called vaccines. And no, it’s not about the level of risk involved, it’s simply illegal. These codes and declarations were written to counter the acts of totalitarian regimes, remember that.

People can not be threatened with restrictions of any kind involving travel, or work, or anything else, if they don’t comply. They must be informed fully about the dangers inherent in the experiment, and only then perhaps agree to participate in the experiment. It’s called informed consent. Which of course precludes the participation of children in such an experiment, because they can’t be expected to fully understand the information offered, even if it is offered. But we are still talking about vaccinating children. It’s astonishing.

“The Nuremberg Code requires an individual’s informed consent before receiving experimental medical interventions. And that principle is in the 1964 Helsinki Declaration, which has been codified at Federal and State level in the USA [and many other countries].”

 

 

I agree with Nancy
https://twitter.com/i/status/1388639742674227201

 

 

Gottlieb kids vaccinations

 

 

Leigh Dundas: How an attorney stopped children being vaccinated

 

 

 

How many of the 100 million were jabbed after giving their informed consent?

100 Million Americans Now Fully Vaccinated—But The Pandemic Might Continue (F.)

More than 100 million Americans have now been fully vaccinated against Covid-19, according to the CDC—a major milestone for the U.S. that comes well ahead of schedule—but a sudden dropoff in the vaccination rate could mean a large number of people may not ever get the vaccination, making it impossible to eradicate the virus. Around 55% of U.S. adults have now received at least one shot, meaning the number of fully vaccinated will continue to steadily rise as second doses are administered. After an initial rush for shots, vaccine demand has waned—even though all U.S. adults are now eligible to receive a Covid vaccine. The 7-day rolling average for shots administered in the U.S. has dropped below 2.5 million, according to the CDC—down significantly from a high of more than 3.2 million on April 11.

47.7%. That’s the percentage of Americans who are still unvaccinated that said they’re likely to get a shot, according to the latest Household Pulse Survey from the Census Bureau. States and localities are moving ahead with easing restrictions and lifting mask mandates, despite warnings from federal health officials that it is far too early to do so. Officials like Dr. Anthony Fauci have especially emphasized mask wearing and social distancing need to continue while indoors, as contagious new variants keep spreading. President Joe Biden initially set a goal of having 100 million shots in Americans’ arms by his 100th day in office, but the U.S. blew by that mark—more than doubling it.

Over 237 million shots have now been administered, with “fully vaccinated” being defined as two weeks after someone receives a second dose of either Pfizer or Moderna or the single-dose of the Johnson & Johnson vaccine. With around 30% of the population fully vaccinated, the U.S. is ahead of most other major countries in terms of vaccinations, such as the U.K. (21% fully vaccinated) and France (10% fully vaccinated). Only a handful of countries are ahead, like Israel (56%) and Chile (34%). But health experts have repeatedly emphasized widespread vaccinations are the only way to end the pandemic because it will create a level of herd immunity that will end Covid’s ability to spread widely.

Read more …

“Reaching the final percentage of herd immunity,” believed to be at least 70% of all adults, “is going to be dependent on outreach and addressing any vaccine hesitancy..”

Decline In US Covid Vaccinations:, But How To Shrink Operations? (G.)

A decline in daily Covid-19 vaccination rates has left US public health authorities with a new problem – how to effectively shrink operations. In the campaign to immunize all American adults against the coronavirus, most of the difficulties to date have involved overwhelming demand and restricted supply. Now, with less than one-third of Americans fully vaccinated, local public health authorities described a sense of whiplash as they pivot from mass vaccination clinics to outreach campaigns, all within a couple of weeks. “We knew that when folks became eligible the vaccine-ready folks, or eager, [would] come out right away,” said Mary Jo Brogna, director of nursing at Harbor Health Services, which runs a community clinic in Cape Cod, Massachusetts.

“Reaching the final percentage of herd immunity,” believed to be at least 70% of all adults, “is going to be dependent on outreach and addressing any vaccine hesitancy,” said Brogna. For most of 2021, the story of the vaccine campaign has been overwhelming demand. Emergency authorities took over stadiums, big-box stores and community centers staffed with dozens of nurses and volunteers to inoculate thousands of people per day. But in the last two weeks daily vaccination rates in the US have peaked and declined from a high of 3.2m daily vaccine administrations per day to 2.5m. Now, health authorities nationally are experiencing what red states such as Mississippi and Wyoming began to see early signs of – a major slowdown.

“Across the country we started out with mass clinics and those mass clinics worked very well for the older individuals,” said Gary Edwards, executive director of the Salt Lake County health department in Utah. However, he said, “we’ve reached a point, and it’s been very interesting how quick that happened, that the mass-clinic model is not reaching the segment of the population we’re trying to reach,” said Edwards. The phenomenon is repeated across the country. Local authorities in Los Angeles, California; Colorado; Florida; Nevada and Texas are poised to close mass vaccination sites by the end of May.

Read more …

”That wild reaction your body mounts when you get said shot is “your immune system” all right — it is trying to fight off the intentionally introduced harm you foolishly took.”

There Are THREE Studies; All Showing Serious Harms (Denninger)

As it turns out there is not just one study, or even two documenting that the “S” (spike) protein from Covid causes damage. There are now at least three with one dating back in preprint to the first week of December 2020. We start our damning review of the science here, showing direct harms from the spike protein, and which from the date proves that said direct harm was known before the first shot went into the first arm and yet was not considered by the FDA nor discussed in the media. “We show here that S protein alone can damage vascular endothelial cells (ECs) in vitro and in vivo, manifested by impaired mitochondrial function, decreased ACE2 expression and eNOS activity, and increased glycolysis. The underlying mechanism involves S protein downregulation of AMPK and upregulation of MDM2, causing ACE2 destabilization. Thus, the S protein-exerted vascular endothelial damage via ACE2 downregulation overrides the decreased virus infectivity.”

Endothelial cells line every single blood-transporting element of the body and are essential for them. Intentionally producing them via injecting a substance into the muscle, which is highly vascularized and thus results in immediate transport through the body, is thus expected to cause serious and immediate harm. That wild reaction your body mounts when you get said shot is “your immune system” all right — it is trying to fight off the intentionally introduced harm you foolishly took. Some of this damage may be permanent and involve both the lungs and heart, along with the brain and other organs. Oh, and in case you’re wondering while endothelial cells are replaced they have a quite-long lifetime; the average is more than a year so the risk involved here does not rapidly dissipate.

Again, this was known on December 4th of 2020 or before virtually anyone had received a single shot. Not one mention of it was made in the major media nor has our criminal government at all levels, federal state and local, said one word about this paper. On March 8th this paper posted: “One of the most important pathologies, is hypercoagulation and microclots in the lungs of patients. Here we study the effect of isolated SARS-CoV-2 spike protein S1 subunit as potential inflammagen sui generis. Using scanning electron and fluorescence microscopy as well as mass spectrometry, we investigate the potential of this inflammagen to interact with platelets and fibrin(ogen) directly to cause blood hypercoagulation. Using platelet poor plasma (PPP), we show that spike protein may interfere with blood flow.”

In other words the spike protein alone causes blood clotting. Yet we still have the FDA, CDC, Fauci along with the pieces of crap at places like VUMC and myriad other locations including colleges claiming “there is no evidence of serious risk of these events from the vaccines” and some have said they’re going to mandate that college students intentionally be injected with a substance that causes blood clotting in the lungs and elsewhere — now conclusively demonstrated by scientific study. In other words to attend their event or institution you must risk serious and permanent injury or DEATH by a known-dangerous injection despite the fact that for most young people, and in fact most healthy people, Covid-19 never becomes a systemic infection at all.

We know this because on March 6th a study published showing that of professional athletes who had confirmed Covid-19 and recovered: “Findings In this cross-sectional study of RTP cardiac testing performed on 789 professional athletes with COVID-19 infection, imaging evidence of inflammatory heart disease that resulted in restriction from play was identified in 5 athletes (0.6%). No adverse cardiac events occurred in the athletes who underwent cardiac screening and resumed professional sport participation. In other words by natural infection among healthy people it is very rare for there to be systemic involvement. But among those who take said shots 100% of them have systemic involvement intentionally because unlike an infection that starts in the upper respiratory tract an injection deliberately and systemically involves the entire body.

Read more …

“I’ve still yet to see any better evidence that the (vast) majority of ‘cases’ (i.e. positive PCR test results) since the summer of 2020 have been false positives.”

Covid-19: Discrepancy Between ‘Cases’ And ‘Illness’ (P&L)

It’s been a while since we last highlighted the difference between Covid-19 ‘case’ numbers (and by extension this means also hospitalisation numbers and death numbers) and actual Covid-19 illness. The NHS pathways coronavirus triages website (see https://digital.nhs.uk/dashboards/nhs-pathways) provides an accurate representation of actual illness due to Covid-19 as it combines all 999, 111, online and ambulance calls relating to Covid-19 triages. Previous articles make clear what the caveats are. The triage data confirms the real pandemic of spring 2020. I’ve still yet to see any better evidence that the (vast) majority of ‘cases’ (i.e. positive PCR test results) since the summer of 2020 have been false positives.

Read more …

But Pfizer’s bottom line!

Factories Around The World Stand Ready To Manufacture Covid-19 Vaccines (IC)

The Drug Industry has strenuously argued that any legal proposal to allow the sharing of intellectual property and creation of generic coronavirus vaccines is pointless because there are no facilities around the world that can be tapped. Thomas Cueni, the president of the International Federation of Pharmaceutical Manufacturers and Associations, said that sharing IP “wouldn’t give us the tools to produce more doses of vaccines.” Bill Gates, the billionaire philanthropist whose foundations help manage the United States and Europe’s primary Covid-19 outreach efforts to the developing world, known as Covax, was even more blunt. “It’s not like there’s some idle vaccine factory, with regulatory approval, that makes magically safe vaccines,” Gates said last weekend by way of explaining to Sky News why he thought the recipe for making coronavirus vaccine should not be shared.

Except it is exactly like that. Factory owners around the globe, from Bangladesh to Canada, have said they stand ready to retrofit facilities and move forward with vaccine production if given the chance. “We have this production capacity and it’s not being used,” said John Fulton, a spokesperson for Biolyse Pharma, a company based in St. Catharines, Ontario, that produces injectable cancer treatments. Fulton noted that Biolyse has spent years buying equipment to produce biologics and is uniquely prepared to start getting ready to produce vaccines. The company, which Fulton said is best suited for replicating the Johnson & Johnson vaccine, could produce as many as 20 million vaccines per year, he estimated.

Abdul Muktadir, chair and managing director of Incepta, a pharmaceutical firm based in Dhaka, Bangladesh, has told reporters that his firm has the capacity to fill vials for 600 million to 800 million doses of vaccine per year. He has reportedly reached out to Moderna, Johnson & Johnson, and Novavax. “Now is the time to use every single opportunity in every single corner of the world,” Muktadir told the Washington Post. “These companies should make deals with as many countries as possible.” Other firms in South Korea and Pakistan have also reportedly expressed an interest in producing vaccines or vaccine components.

Read more …

Unintended pun by the author:

“When the FBI gets involved, you know that the words “breaking the law” or “oh bleep” may not be too far away. “

Fake Covid-19 Vaccination Record Cards Are A Growing Problem, Says FBI (F.)

“Fake it till you make it” can be very questionable advice. “Fake a Covid-19 vaccination card because you can’t make a vaccination appointment” can be even worse. As I have covered previously for Forbes, a Covid-19 Vaccination Record Card is currently the only real proof that you’ve received the Covid-19 vaccine. In order to get a real version of this cardboard paper card, you have to, you know, actually get the Covid-19 vaccine. So when schools, businesses, and other organizations want to determine who’s really been vaccinated, all they have to do is check for people’s vaccination record cards, because no one lies and cheats in our society, correct?

Well, as you’ve probably seen, for every rule, requirement, or standard, there’s no shortage of people who are willing to break it. Whether it’s resumes, college applications, Avengers membership cards, or pretty much anything else, you’ll find at least some people trying to fake it. So it shouldn’t be a surprise to hear that people have been circulating instructions and means to create fake Covid-19 Vaccination Record Cards. Kevin Collier and Ben Collins reported for NBC News that such instructions and templates have appeared on “pro-Trump forums, like TheDonald.win, which was rebranded to Patriots.Win”, “the extremist forum 4chan”, and “QAnon forums.” Joseph Cox wrote an article for Vice entitled, “I Bought a Fake Covid-19 Vaccine Card on Etsy,” because that’s essentially what he was able to do pretty easily.

The Department of Health and Human Services, Office of Inspector General (HHS-OIG) and the FBI have noticed that such cards have been “advertised on social media websites, as well as e-commerce platforms and blogs,” and issued a stern warning about them: “If you did not receive the vaccine, do not buy fake vaccine cards, do not make your own vaccine cards, and do not fill-in blank vaccination record cards with false information.” In this case, FBI stands for Federal Bureau of Investigation and not Fun Bits Interactive or Fungi, Bacteria, and Insects. When the FBI gets involved, you know that the words “breaking the law” or “oh bleep” may not be too far away.

Read more …

Politics 101.

Powerful Teachers Union Influenced CDC On School Reopenings (NYP)

The American Federation of Teachers lobbied the Centers for Disease Control and Prevention on, and even suggested language for, the federal agency’s school-reopening guidance released in February. The powerful teachers union’s full-court press preceded the federal agency putting the brakes on a full re-opening of in-person classrooms, emails between top CDC, AFT and White House officials show. The emails were obtained through a Freedom of Information Act request by the conservative watchdog group Americans for Public Trust and provided to The Post. The documents show a flurry of activity between CDC Director Dr. Rochelle Walensky, her top advisors and union officials — with Biden brass being looped in at the White House — in the days before the highly-anticipated Feb. 12 announcement on school-reopening guidelines.

“Thank you again for Friday’s rich discussion about forthcoming CDC guidance and for your openness to the suggestions made by our president, Randi Weingarten, and the AFT,” wrote AFT senior director for health issues Kelly Trautner in a Feb 1 email — which described the union as the CDC’s “thought partner.” “We were able to review a copy of the draft guidance document over the weekend and were able to provide some initial feedback to several staff this morning about possible ways to strengthen the document,” Trautner continued. “… We believe our experiences on the ground can inform and enrich thinking around what is practicable and prudent in future guidance documents.”

[..] “We are immensely grateful for your genuine desire to earn our confidence and your committment to partnership,” Trautner said in another email to Walensky on Feb 3. Emails show a call between Walensky and Weingarten — the former boss of New York City’s United Federation of Teachers — was arranged for Feb 7. The lobbying paid off. In at least two instances, language “suggestions” offered by the union were adopted nearly verbatim into the final text of the CDC document. With the CDC preparing to write that schools could provide in-person instruction regardless of community spread of the virus, Trautner argued for the inclusion of a line reading “In the event of high community-transmission results from a new variant of SARS-CoV-2, a new update of these guidelines may be necessary.” That language appeared on page 22 of the final CDC guidance.

Read more …

“..all of us will begin to increasingly wonder, whether digital assets, which have no real history, no anchors, are the first to provide a glimpse of what lays beyond the horizon.”

This Inflation Will Play Out Differently From Anything Before It (Peters)

There are more differences between the 1970s and the 2020s than there are similarities. Demographics, technology, global trade, union membership, consumption patterns, environmental stresses, geopolitics, and domestic politics are all different. There are substantial similarities too. But one thing is identical – this planet remains inhabited by humans. And we never change. We despise iniquity. When Biden entered politics in 1973, the rich/poor divide in America had halved since the late 1920s high. It has since doubled. Returning to those highs. How this inflation plays out will be different from anything that has come before it. It is always so. Naturally, some aspects will resemble the past. This inflation will inevitably be volatile, such periods of price changes typically are. And in the early stages, nearly everyone will persuade themselves that it is transitory.

In the late stages, those same people will conclude that it is permanent. Throughout the process, each of us, individually, will see what we want to see, hear what we want to hear, and believe what we want to believe. Those things are always true, perhaps now more than ever. We will also find the period ahead deeply unsettling. Change is hard to process. And more things are changing now than at any time in our lives – such is today’s utterly unprecedented pace of innovation and disruption. In such a state, it is natural to cling to our anchors:

• Our policymakers will point to the inflation metrics that they themselves have engineered in such a way to ensure stability, even if they long ago diverged from reality.
• Bond investors will look to the spreads between overnight rates and two-year bonds, five-year, ten, thirty. And despite the reality that the government has run 15% deficits for two years, funded by the Fed which simply creates the money, they will cling to the anchors that have governed the well-behaved yield curve for the course of their careers.
• Equity investors will hold tight to the relationships that anchor their value relative to bonds.
• Not a solitary investor in the mainstream will be prepared to deviate from the benchmarks to which they have anchored their careers.
]
And yet, all of us will begin to increasingly wonder, whether digital assets, which have no real history, no anchors, are the first to provide a glimpse of what lays beyond the horizon.

Read more …

They can say what they want. And so they do.

NYT, Wapo, NBC Retract Reports About Giuliani’s Contact With FBI (Hill)

The New York Times, The Washington Post and NBC News walked back their reporting about the FBI’s communication with President Trump’s personal lawyer Rudy Giuliani regarding Russia. The Washington Post was the first to report on Thursday that Giuliani was warned that he was the target of a Russian influence campaign last year. The newspaper, citing people familiar with the matter, also reported that One America News Network (OANN) was given a similar warning. But the Post issued a correction on Saturday saying it had removed assertions that Giuliani and OANN had received such warnings. “An earlier version of this story, published Thursday, incorrectly reported that One America News was warned by the FBI that it was the target of a Russian influence operation,” the correction reads.

“That version also said the FBI had provided a similar warning to Rudolph W. Giuliani, which he has since disputed. This version has been corrected to remove assertions that OAN and Giuliani received the warnings,” the paper said. A spokesperson for the Post had no additional comment when reached by CNN. The New York Times similarly reported on the FBI’s contact with Giuliani. The subject of the Times article was the FBI’s investigation into Giuliani, and it stated that the firing of former U.S. Ambassador to Ukraine Marie Yovanovitch was at the center of the probe. The Times had written that Giuliani had received a “formal warning” from the FBI about Russian disinformation. The newspaper ran a correction on Saturday saying Giuliani had not received a “so-called defensive briefing.”

“An earlier version of this article misstated whether Rudolph W. Giuliani received a formal warning from the F.B.I. about Russian disinformation. Mr. Giuliani did not receive such a so-called defensive briefing,” the newspaper said. NBC, which also reported that Giuliani received a defensive briefing about the Russian influence operation in 2019, ran a correction Saturday afternoon saying the FBI only prepared a briefing. The correction came after a source said the briefing wasn’t given because of concerns that it could complicate the investigation into Giuliani.

Read more …

“After 14 years of legal battles..!!”

Court: EPA Delay “Exposed A Generation Of US Children” To Chlorpyrifos (IC)

After 14 years of legal battles, a federal court ordered the Environmental Protection Agency to take actions that will likely force the neurotoxic pesticide chlorpyrifos off the market. The federal agency has for years been considering mounting evidence that links the pesticide to brain damage in children — including loss of IQ, learning difficulties, ADHD, and autism — but, as the court acknowledged, has repeatedly delayed taking action. “Rather than ban the pesticide or reduce the tolerances to levels that the EPA could find were reasonably certain to cause no harm, the EPA sought to evade through delay tactics its plain statutory duty,” Judge Jed S. Rakoff wrote in his decision, which was released today by the 9th Circuit Court of Appeals.

“During that time, the EPA’s egregious delay exposed a generation of American children to unsafe levels of chlorpyrifos,” he wrote, and ordered the EPA to issue a final regulation within 60 days. While Rakoff stopped short of requiring the EPA to immediately ban the pesticide, he gave the agency little choice in how to respond. “The EPA’s obligation is clear: it must modify or revoke chlorpyrifos tolerances and modify or cancel chlorpyrifos registrations,” Rakoff wrote in his ruling in the case, which was filed by Earthjustice on behalf of the League of United Latin American Citizens, the Pesticide Action Network, United Farm Workers, and other groups.

The decision marks the culmination of a prolonged and bitter legal battle over one of the most widely used and dangerous pesticides in U.S. agriculture. More than 5 million pounds of chlorpyrifos were applied to crops in 2017, according to the most recent data. Exposure to the pesticide through residue on food and drift near fields where it was applied has wreaked devastation on developing children. According to a team of researchers led by Leonardo Trasande, organophosphate pesticides, of which chlorpyrifos is the most widely used, accounted for an estimated $594 billion in societal costs, including added health care and education, between 2001 and 2016.

Read more …

 

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

 

 

 

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

 

Apr 282021
 


Juan de la Corte (1597–1660) Lot And His Daughters Escaping From The Destruction Of Sodom And Gomorrah

 

COVID Pill That Cures Body At First Signs Of Infection May Come This Year (JTN)
Single Dose Of Covid Vaccine Can Nearly Halve Transmission Of Virus (G.)
The BBC & Bloomberg on India: B Stands For Bullshit. (Slog)
Oxford Jab ‘Could Be Banned For Under-40s’ After Blood Clot Reports Double (Metro)
A New World Order Brought To You By COVID-19 (Whitehead)
Scientists “Debunking” The Wuhan Lab Leak Theory Linked to CCP (NP)
Don’t Look Now (Jim Kunstler)
Supply Chains Implode As “Price Doesn’t Even Matter Anymore”
Gundlach Rejects The Fed’s “Inflation Is Transitory” Narrative (ZH)
CNN’s New “Reporter,” Natasha Bertrand, is a Deranged Conspiracy Theorist (Greenwald)
The Deep State Targets Matt Gaetz (AG)
Apple iOS 14.5 Update Includes ‘App Tracking Transparency’ Feature (G.)
Google Ad Surge Drives Up Profits For Parent Firm Alphabet (Y!)
Hunter Biden To Guest Teach A Class On “Fake News” This Fall (DM)

 

 

I forget who drew my attention to this UK government report, Covid-19 Response Spring 2021, but it paints a very stark and completely ignored reality: only 66% of people can ever be successfully vaccinated and may be protected.

34% either can’t be jabbed for medical reasons, or the vaccines don’t catch on. And that’s assuming full uptake, which of course you’ll never ever get. So the number of not successfully vaccinated will be higher than 34%, perhaps quite a bit, no matter the PR campaigns and threats.

This should put the entire Covid response on its head, but for some reason it doesn’t. Those 34+% would appear to be ineligible for a “vaccine passport” as well, depriving them of basic human rights.

 

 

 

 

Lemme guess: Pfizer waits until everyone has been vaccinated, and then introduces this pill?

COVID Pill That Cures Body At First Signs Of Infection May Come This Year (JTN)

The Pfizer pharmaceutical company is conducting trials on an antiviral drug could be ready for public use later this year that is intended to attack the spine of the SARS-CoV-2 virus and result in a cure to the sickness. The oral drug would stop the virus from mutating in the nose, throat and lungs, according to The Telegraph newspaper, ultimately causing the virus to dissipate. The possible home cure is being tested on 60 volunteers ages 18 and 60 at Pfizer facilities in the U.S. and Belgium. “We have designed PF-07321332 as a potential oral therapy that could be prescribed at the first sign of infection, without requiring that patients are hospitalized or in critical care,” said Mikael Dolsten, who leads the company’s worldwide research, development and medical division.


The first phase of the trial looks at the tolerance to the drug including “significant side effects, and how people feel after taking it,” according to documents. The second phase studies the response to several doses, and the third phase looks at food consumption while taking the pill. More trials would be needed to determine how the drug reacts with people who are infected with the virus. Pfizer says if the trials are successful the drug could be available for public use later this year.

Read more …

VItamin D can do that too. Ivermectin can do more.

Single Dose Of Covid Vaccine Can Nearly Halve Transmission Of Virus (G.)

A single dose of a Covid-19 vaccine can slash transmission of the virus by up to half, according to a Public Health England study. The PHE finding offers further hope that the pandemic can be brought under control as it indicates that vaccinated people are far less likely to pass the virus on to others. The study found that people given a single dose of either the Pfizer/BioNTech or Oxford/AstraZeneca vaccines – and who became infected at least three weeks later – were between 38% and 49% less likely to pass the virus on to people living in their homes, compared with those who were unvaccinated. Protection was seen from about 14 days after vaccination, with similar levels regardless of a person’s age. Other studies have already shown that both vaccines are highly effective at stopping people getting sick and ending up in hospital.

Experts will now assess whether two doses of vaccine can cut transmission of the virus even further, and more work is being carried out on transmission in the general population. PHE said similar results could be expected in places where the risk of transmission is like in the home, such as shared accommodation and prisons. The health secretary, Matt Hancock, said: “This is terrific news – we already know vaccines save lives and this study is the most comprehensive real-world data showing they also cut transmission of this deadly virus. “It further reinforces that vaccines are the best way out of this pandemic as they protect you and they may prevent you from unknowingly infecting someone in your household.

Read more …

I’m guessing the truth is somewhere in the middle. India is not doing great right now, but it’s also not collapsing.

The BBC & Bloomberg on India: B Stands For Bullshit. (Slog)

Unless you made an early getaway to Planet Drongo before the lockdown, you will have read pretty much everywhere that “India sees world’s highest daily cases amid oxygen shortage”. In fact, the BBC tells us that “some people” have died waiting for oxygen, the Indian health service is “completely overwhelmed” and the country now has “sixteen million cases”. So it’s a disaster, right? Well actually, no – it isn’t. The Indian health ministry has already made it clear that the Covid19 variant they’re dealing with this year has “a considerably lower death rate than the previous version”. Go to the Worldometer site, and you’ll see that India’s deaths per million is a minute 134: that’s 7% of the US and French figures, 6% of the UK and Italy’s and the lowest by far of any country in the Top 30 for cases.

Virtually no vaccination has been undertaken in India (only 1.3% are fully vaccinated) and the country is not using lockdowns. The Times of India has just denied the BBC’s ‘deaths from oxygen shortage’ fakery. What India IS doing, however, is employing the anti-inflammatory drugs tocilizumab and itolizumab and the antivirals favipiravir and hydroxychloroquine on a very wide scale. Go to Pharma site/accolyte spaces, and you’ll see all four drugs being rubbished: the Pharmafia and their bureaucratic whores don’t want any signs of a success to get out. But the Truth already is out there: India is doing spectacularly well without either vaccines or lockdown. You won’t find that reality expressed anywhere in the Western MSM, but the facts show that its infection management drugs have delivered one of the lowest case to death rates on the planet.

Not that you’d notice, reading Bloomberg: “India saw the world’s biggest one-day jump in coronavirus cases ever as a ferocious new wave grips the country, overwhelming hospitals and crematoriums and prompting frantic cries for help on social media. The South Asian nation reported 314,835 new infections Thursday, topping a peak of 314,312 recorded in the U.S. on Dec. 21. People took to Twitter and Instagram to call for everything from hospital beds to medicine and doorstep Covid-19 tests. The grim milestone shows how the pandemic crisis has shifted firmly to the developing world, where variants and complacency are threatening containment measures and there’s a lack of vaccines, with supplies dominated by richer nations.”

It’s a pack of lies from end to end. India has a population of 1.4 billion people – so overcrowding is almost generic – and being four times more people than the US, the comparison with America is completely ludicrous. Hospitals do not get overwhelmed when 134 folks out of a million get ill. India’s water purity and basic hygiene measures are very Third World. Yet despite all that, it is doing phenomenally well against Covid….by having and doing respectively none of the advantages and policies of the West.

Read more …

“..the total number of people in the UK who developed blood clots after getting one dose has gone from 79 to 168 in a fortnight..”

Oxford Jab ‘Could Be Banned For Under-40s’ After Blood Clot Reports Double (Metro)

Under-40s may be offered an alternative to the Oxford-AstraZeneca vaccine after blood clot reports doubled, reports claim. The chance of dying from a blood clot after having the jab is about one in one million – with 19 fatalities from around 20 million vaccinations. However, the total number of people in the UK who developed blood clots after getting one dose has gone from 79 to 168 in a fortnight, Medical Healthcare Products and Regulatory Agency (MHRA) data suggests. These new cases have taken the odds of experiencing a blood clot up from one in 250,000 to one in 126,000. The MHRA has reiterated that the benefits of the Oxford-AstraZeneca jab outweigh the risks for most people – but is considering offering under-40s the Pfizer or Moderna vaccine given that younger people are more likely to be affected by blood clots, The Telegraph claims.


It comes after the Joint Committee on Vaccination and Immunisation (JCVI) decided that under-30s should be offered an alternative to the Oxford jab. Currently, anyone over the age of 45 can get a jab in England. Over-50s in Scotland and Wales are being offered their doses, while Northern Ireland has already started vaccinating over-35s. Deputy chief medical officer Jonathan Van-Tam said on April 7 that 0.8 per 100,000 30 to 39-year-olds suffered serious blood clots after getting their Oxford/AstraZeneca jab. This was compared to 2.7 in 100,000 who would be kept out of intensive care by taking the vaccine. But these figures were based on fewer cases and the MHRA is yet to release what these odds are now 168 people have had blood clots.

Read more …

“The new platinum card of the Covid age is the vaccine certificate.”

A New World Order Brought To You By COVID-19 (Whitehead)

The COVID-19 pandemic has propelled us into a whole new global frontier. Those hoping to navigate this interconnected and highly technological world of contact tracing, vaccine passports and digital passes will find themselves grappling with issues that touch on deep-seated moral, political, religious and personal questions for which there may be no clear-cut answers. We are about to find our ability to access, engage and move about in the world dependent on which camp we fall into: those who have been vaccinated against COVID-19 and those who have not. “It is the latest status symbol. Flash it at the people, and you can get access to concerts, sports arenas or long-forbidden restaurant tables. Some day, it may even help you cross a border without having to quarantine,” writes Heather Murphy for the New York Times.


“The new platinum card of the Covid age is the vaccine certificate.” This is what M.I.T. professor Ramesh Raskar refers to as the new “currency for health,” an apt moniker given the potentially lucrative role that Big Business (Big Pharma and Big Tech, especially) will play in establishing this pay-to-play marketplace. The airline industry has been working on a Travel Pass. IBM is developing a Digital Health Pass. And the U.S. government has been all-too-happy to allow the corporate sector to take the lead. Spearheaded by the National Security Agency (NSA), which has shown itself to care little for constitutional limits or privacy, the surveillance state has come to dominate our government and our lives. Yet the government does not operate alone. It cannot. It requires an accomplice. Thus, the increasingly complex security needs of our massive federal government, especially in the areas of defense, surveillance and data management, have been met within the corporate sector, which has shown itself to be a powerful ally that both depends on and feeds the growth of governmental bureaucracy.

Read more …

I’m not much into CCP bashing, but also not into too many coincidences.

Scientists “Debunking” The Wuhan Lab Leak Theory Linked to CCP (NP)

Several researchers used by leading corporate media outlets to debunk claims that COVID-19 originated at the Wuhan Institute of Virology have previously attended events or accepted awards from the controversial lab, The National Pulse can reveal. The researchers’ Chinese Communist Party ties – which present a clear conflict of interest – are omitted from the media reports, which instead present the scientists as unbiased adjudicators of COVID-19’s origins. In March 2020, NBC Science Contributor Dr. Joseph Fair called for the Trump administration to “stop blaming China” for the outbreak of the virus, despite mounting evidence – even at the time – that China was hiding information and data, and silencing whistleblowers. Dr. Fair equated called the lab leak theory – now increasingly mainstream – as a “conspiracy.”

Fair spoke at the Wuhan Institute of Virology (WIV) in 2013, The National Pulse can reveal. “During the visit, he attended “Ge Hong Elite Forum” and gave an excellent academic report named “Biosafety Level 4 Containment Research and Recombinant Biology: How advances in molecular biology can advance in-vitro product design”. Many teachers and students, including Director Chen Xinwen and researchers such as Hu Zhihong and Wei Hongping, listened to the report,” a summary notes. “Dr. Joseph Fair is now engaged in the rapid diagnosis work of virulent viruses for GVFI and looks forward to cooperating with the Institute in the relevant research field in future,” the description adds. Fair’s Twitter account also contains posts describing WIV researchers as “collaborators,” “colleagues” and friends,” adding “I’ve very much enjoyed working with them over the years.”

Fair has praised the labs “openness with regards to sharing data” despite the institute erasing 16,000 virus samples in late 2019 and continuing to do so throughout the pandemic. Dr. Ian Lipkin, who’s seen his claims that there is “no evidence to suggest that [COVID-19] was created in a lab” amplified by outlets such as CBS and USA Today, also spoke at the WIV, in 2015. “He had given an excellent report on “Small game hunting”, which was presided by Professor Zhengli Shi, to the teachers and students in our institute,” a WIV summary revealed. The unearthed visit follows National Pulse reports highlighting Lipkin receiving awards from the Chinese Communist Party and describing himself as a “consultant” for the communist regime.

Read more …

“..the supernatural victory on Super Tuesday that rescued his pitiful old ass from the glue factory of broken-down political war-horses.”:

Don’t Look Now (Jim Kunstler)

This was only one of countless mysteries orbiting around the dimming star that is Joe Biden. The biggest one, the planet Jupiter of all puzzlements, is how the guy managed to get elected occupant of the oval office. Or, more to the point, how did others manage to get him elected? I mean, considering those few embarrassing campaign forays from the basement to a bunch of empty parking lots back in the fall of 2020, not to mention the supernatural victory on Super Tuesday that rescued his pitiful old ass from the glue factory of broken-down political war-horses. We may be about to find out as Arizona’s State Senate finally got around to approving a full audit of the November 3rd vote in Maricopa County, comprising Phoenix and its asteroid belt of suburbs, which amounts to more than two-thirds of the state’s population.

The Democratic Party tried pretty hard to stop the durned thing, sending its gnarliest Lawfare warrior, one Marc Elias from the Clinton-indentured DC firm of Perkins Coie, and a posse of 70 other attorneys, to bury the proceedings in court orders. But all they got was a weekend pause from an Arizona judge who imposed a $1-million-dollar bond payment on the Democrats to cover expenses for the interruption — which would then be forfeited if the audit went forward. The Dems declined to pay up, so the pause was lifted and the audit goes forward today. The usual suspects in the mainstream media attempted to bury the Arizona vote audit story or denigrate it — for instance the The New York Times, which characterized the inquiry in its Saturday lede as “false claims of a stolen election,” and then “a snipe hunt for skullduggery,” before asserting the boilerplate “baseless theories of election theft” to seal the deal with its avidly credulous readership.

Rachel Maddow of MSNBC practically jumped up and down going woo-woo-woo to discredit the audit. What do you suppose they’re afraid of? I’ll tell you: For one thing, if the vote turns out to have been compromised by fraud, Arizona is liable to lose a Democratic senator elected on Mr. Biden’s (possibly) phantom coattails — Mark Kelly (D) who defeated incumbent Martha McSally (R) — which would cancel the Democrats’ current one-vote majority grip on the body. The result of that would be the end of the party’s effort to jam various new laws down America’s craw: DC statehood, the HR-1 voter fraud act, the Supreme Court-packing bill, and, actually, anything else on the party’s Satanic wish-list for disassembling the republic.

Read more …

“.. it will almost feel like trade is coming to a halt.”

Supply Chains Implode As “Price Doesn’t Even Matter Anymore”

The number of container ships stuck at anchor off Los Angeles and Long Beach is down to around 20 per day, from 30 a few months ago. Does this mean the capacity crunch in the trans-Pacific market is finally easing? Absolutely not, warned Nerijus Poskus, vice president of global ocean at freight forwarder Flexport. “It’s not getting better. It’s getting worse,” he told American Shipper in an interview on Monday. “What I’m seeing is unprecedented. We are seeing a tsunami of freight,” he reported. “For the month of May, everything on the trans-Pacific is basically sold out. We had one client who needed something loaded in May that was extremely urgent and who was ready to pay $15,000 per container. I couldn’t get it loaded — and we are a growing company that ships a lot of TEUs [twenty-foot equivalent units]. Price doesn’t always even matter anymore.”

Poskus said that trans-Pacific import volumes are still rising. He noted that January trans-Pacific imports were up 10% versus 2019 (comparisons to 2020 numbers are skewed by COVID) and 13.5% in February, then jumped 51% in March. “So, we’re now at 1.5 times pre-pandemic levels.” With imports far outpacing retail sales growth, he attributed volumes to inventory restocking. “The restocking is actually affecting the trade even more than growth in demand. That tells me that this will last even longer. Let’s say U.S. consumer demand slows down in Q3 and Q4. That’s not expected, but even if it does, [capacity availability and rates] shouldn’t improve quickly, simply because of the huge restocking demand.”

Poskus also believes there is a growing export backlog piling up each day in Asia, awaiting available ship slots. If that backlog grows too big, he said, “I honestly don’t know what’s going to happen.” As a result of the backlog and restocking demand, he thinks “prices will remain high and shipping will probably remain difficult for the rest of this year. And then after that, you have the peak for Chinese New Year in 2022.” He said that the situation today is the worst he’s witnessed — and he believes it’s about to get even more severe. “Buckle up. The month of May will be the worst people have ever seen,” he predicted. Because some shippers will have to wait in line behind the growing backlog in Asia, he expects “what’s going to happen soon is that some importers won’t even be able to get on the boat. For them, it will almost feel like trade is coming to a halt.”

Read more …

“.. it really depends on just how much manipulation the authorities are willing to do.”

Gundlach Rejects The Fed’s “Inflation Is Transitory” Narrative (ZH)

Don’t believe your lying eyes, will be the message tomorrow from The Fed’s Jay Powell as he hypnotizes investors to believe that “inflation is transitory” and they have “the tools” to manage it. ‘Bond King’ Jeff Gundlach is not buying that line and told BNN Bloomberg in an interview this morning. “…more importantly, I’m not sure why they think they know it’s transitory… how do they know that?” “…there’s plenty of money-printing that’s been going on, and we’ve seen commodity prices going up massively… home prices in the US are inflating very substantially… so there’s a lot of inflation that’s already baked in to input prices.” Gundlach does admit that Powell has a point in the very near term as the prints were about to see “which could be as high as 4% [for CPI]” are off of year-ago, very depressed levels.

“…what he means by transitory is that the base effect will lead to problems in the next few months but then the base effect will become less problematic.” But, Gundlach adds, “it’s not clear to me that inflation is going to go back down to around 2 to 2.5%… we don’t know, nobody knows… but we’re most concerned with the fact that The Fed thinks they know.” This is worrisome because The Fed’s track record is anything but inspiring… “when I go back to the global financial crisis, when we almost had a complete meltdown of the financial system, Ben Bernanke completely missed all of the problems that led to the crisis.” Bernanke’s infamous “contained to subprime… and subprime is only a sliver of the market” comments could be about to be trumped by Powell’s “inflation is transitory” comments as Gundlach warns “there’s plenty of indicators that suggest inflation is going to go higher and not just on a transitory basis.”

The Fed is “trying to paint the picture” of control, but Gundlach tries to make clear: “they’re guessing.” So, what does that mean for markets? While some fear “we ain’t seen nothing yet” in terms of yields rising (and multiple contraction), Gundlach notes that “it really depends on just how much manipulation the authorities are willing to do.” The billionaire fund manager notes that yields are “still very low… well below the current inflation rate… so we have negative yields everywhere on the yield curve.” It’s also “hard to figure out who’s going to buy the bonds,” he notes, “as we are about to see issuance like we have never seen before.” Foreigners have been selling bonds for years and domestically there is little demand, so Gundlach notes the only one left to soak up all this extra supply is The Federal Reserve, which has already expanded its balance sheet massively in the last 12 months.

“Who’s going to buy all these many trillions of dollars of bonds? Foreigners have been selling for years and they’ve accelerated their selling in the last several quarters, domestic buyers are not exactly selling, but they’re not adding to their holdings. So what’s left to absorb all of the spawn supply is the Federal Reserve.“ “Left to true, free markets, bond yields at the long-end would obviously be higher than they are now.”

Read more …

“Each month, Bertrand produced dozens of Russiagate articles for the site that were so unhinged that they made Rachel Maddow look sober, cautious and reliable.”

CNN’s New “Reporter,” Natasha Bertrand, is a Deranged Conspiracy Theorist (Greenwald)

The most important axiom for understanding how the U.S. corporate media functions is that there is never accountability for those who serve as propagandists for the U.S. security state. The opposite is true: the more aggressively and recklessly you spread CIA narratives or pro-war manipulation, the more rewarded you will be in that world. [..] On Monday, CNN made clear that this dynamic still drives the corporate media world. The network proudly announced that it had hired Natasha Bertrand away from Politico. In doing so, they added to their stable of former CIA operatives, NSA spies, Pentagon Generals and FBI agents a reporter who has done as much as anyone, if not more so, to advance the scripts of those agencies.

Bertrand’s career began taking off when, while at Business Insider, she abandoned her obsession with Russia’s role in Syria in 2016 in order to monomaniacally fixate on every last conspiracy theory and gossip item that drove the Russiagate fraud during the 2016 campaign and then into the Trump presidency. Each month, Bertrand produced dozens of Russiagate articles for the site that were so unhinged that they made Rachel Maddow look sober, cautious and reliable. In 2018, it was Jeffrey Goldberg himself — knowing a star CIA propagandist when he sees one — who gave Bertrand her first big break by hiring her away from Business Insider to cover Russiagate for The Atlantic. Shortly thereafter, she joined the Queen of Russiagate conspiracies herself by becoming a national security analyst for MSNBC and NBC News.

From there, it was onto Politico and now CNN: the ideal, rapid career climb that is the dream of every liberal security state servant calling themselves a journalist. Her final conspiratorial article for The Atlantic before moving to Politico is the perfect illustration of who and what she is. CNN’s new national security star was no ordinary Russiagate fanatic. There was no conspiracy theory too unhinged or evidence-free for her to promote. As The Washington Post’s media reporter Erik Wemple documented once the Steele Dossier was debunked, there was arguably nobody in media other than Rachel Maddow who promoted and ratified that hoax as aggressively, uncritically and persistently as Bertrand. She defended it even after the Mueller Report corroborated virtually none of its key claims.

Read more …

Smear sells.

The Deep State Targets Matt Gaetz (AG)

It’s now been over three weeks since a torrent of sensational headlines about U.S. Representative Matt Gaetz (R-Fla.) blared from corporate media newsrooms. It sounded about as bad as it could get for the representative from Florida’s 1st Congressional District; breathless claims that he was “under investigation for underage sex trafficking” touched off a media frenzy. No stranger to controversy, Gaetz’s initial instinct was to confront the allegations live on Fox News with Tucker Carlson. While many saw it as a bizarre interview, it may at least have been the right move in terms of staring down a bloodthirsty establishment. As several weeks have passed, though, the controversy seems to have generated more heat than light. Indeed, this might be the longest running “sex scandal” in the nation’s history without an accuser.

But the media has been busy. Since the original story broke, there’s been a drip of follow-on stories at outlets like the Daily Beast, Politico, the Washington Post, and CNN—all using a shady collection of off-the-record and dubious government sources. Unsurprisingly, given that sourcing, none of the stories have contained anything close to serious detail or evidence. Reporters keep dropping tidbits of evidence likely to be emanating from within the Justice Department, yet none of which confirms any of the headline-grabbing allegations. Few of these articles even attempt to deal with the wild allegations first made about the congressman. Writing in Politico on Tuesday, Betsy Woodruff Swan stated: “[Gaetz] has not been charged with a crime, and no women have publicly accused him of sexual misconduct in the three weeks since the New York Times first reported on the investigation. He has denied any wrongdoing.”

Note how—after making a sensational media splash for maximum public relations damage—the accusations against Gaetz have shifted, from shocking and unsupported claims of underage sex trafficking and pedophilia to the less scurrilous (and still unsupported) accusation that Gaetz had sex at parties. Crucially, there has not been any evidence of payments, prostitution, or underage girls. As Scott Adams recently said, while some may first cringe at hearing too much about the sex life of a politician, deep down, they’re more likely to be indifferent. CNN even had to note in a recent report: “One of the women who spoke to CNN said she did so in part because the picture of Gaetz as potentially connected to sex trafficking that has emerged in recent days does not align with what she saw. Both women said that they never saw anyone at the parties who appeared to be underage.”

Read more …

Seems hard to argue against, but sure enough many are trying.

Apple iOS 14.5 Update Includes ‘App Tracking Transparency’ Feature (G.)

Users of iPhones can now prevent advertisers tracking them across their apps, after the release of the latest software update from Apple introduced the controversial feature despite the protests of Facebook and the advertising industry. The update, iOS 14.5, includes a setting called “app tracking transparency”, which for the first time requires applications to ask for users’ consent before they are able to track their activity across other apps and websites. If users decline, then applications will not be able to access the unique user ID that they need to follow individuals as they live their digital lives. The prompt, which will say “Allow [app game] to track your activity across other companies’ apps and websites?” will show up for apps that request access to the ID number.

They may be able to use other methods, known as “fingerprinting”, to achieve the same goal, but Apple says that doing so could cause them to be expelled from the App Store. First announced last summer, app tracking transparency led to immediate pushback from the wider advertising industry. Initially slated for release in the autumn, Apple delayed its implementation for six months in order to give the industry time to prepare. But the delay wasn’t enough for some, and in December, Facebook launched an all-out assault on Apple, with the company’s head of ads and business products, Dan Levy, claiming that the setting was actually “about control of the entire internet”. “This is about a long-term view that is anti-personalised advertising and we think is trying to take the world back 10 or 20 years,” he added.

Facebook launched a glossy advertising campaign arguing that the real victim of the changes are “your neighbourhood coffee brewery, your friend who owns their own retail business, your cousin who started an event planning service and the game developers who build the apps you use for free”. Those small businesses, the company said, would lose out if they were no longer able to target customers with personalised adverts. The social network is not alone in its opposition: a group of Germany’s biggest media, tech and advertising companies, led by digital publishing house Axel Springer, have filed a complaint with the German competition regulator arguing that the new rules could lead to a 60% fall in advertising revenues for app developers.

Read more …

Looking at ad reveue here, I can assure you they’re keeping it all for themselves.

Google Ad Surge Drives Up Profits For Parent Firm Alphabet (Y!)

Google parent Alphabet on Tuesday reported that quarterly profit more than doubled as digital advertising surged with more people relying on the internet during the coronavirus pandemic. Profit in the first quarter leapt to $17.9 billion from $6.8 billion in the same period a year ago while revenues jumped 34 percent to $55.3 billion, led by gains in advertising and cloud computing services. “Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained,” said Alphabet and Google chief executive Sundar Pichai. The surge in Alphabet’s earnings comes as the tech giant faces increased scrutiny from regulators regarding its power.

“Google essentially manufactures money; they are almost entirely ads,” said analyst Rob Enderle of Enderle Group. “There is not a risk of downturn in revenue, it is that regulatory action strips the revenue from them.” Facebook and Google are the “short list” when it comes to scrutiny by regulators in Europe and the United States because of “their broad impact on the political process and almost complete dominance of ad revenues,” the analyst maintained. Google is among internet giants in the crosshairs of regulators and critics concerned about whether it unfairly wields its power to dominate markets and fend off competition.

[..] Alphabet shares were up nearly five percent in after-market trades that followed release of the earnings figures. “Google had an absolute monster quarter with ads leading the way,” said analyst Patrick Moorhead of Moor Insights and Strategy. “YouTube grew an eye-watering 49 percent year-over-year, which I attribute to increased YouTube viewing and increased YouTube TV subscribers.”

Read more …

I must admit I didn’t see this coming. Hunter, that is. That fake news producers would teach on fake news is all too predictable.

Hunter Biden To Guest Teach A Class On “Fake News” This Fall (DM)

Hunter Biden is helping teach a class on fake news at Tulane University in New Orleans, Louisiana this fall. The course titled ‘Media Polarization and Public Policy Impacts’ will include several guest speakers throughout its 10 weeks, including the president’s son. The course description, according to a copy of the syllabus obtained by DailyMail.com, says: ‘America’s rapidly advancing partisan divide is fueled substantially by the growing political polarization increasingly evident in our news media.’ ‘This course will explore the current state of the media landscape in the United States and how media polarization, fake news, and the economics of the news business impact public policymaking in Washington, D.C,’ it continues. Hunter, 51, is a Yale-educated lawyer and has never, in any capacities, worked as a journalist, reporter or in the media world.


‘Hunter Biden has no background in media,’ conservative filmmaker Phelim McAleer said. ‘He has never worked for a newspaper or a media outlet.’ ‘Hunter Biden lecturing a class on fake news is like Harvey Weinstein teaching a course to prevent sexual harassment. It shouldn’t be happening. Period.’ the ‘My Son Hunter’ producer continued. Tulane University confirmed the course in a statement to DailyMail.com and confirmed the list of speaker, including:
Hunter Biden
Dr. Deborah Birx, White House Coronavirus Response Coordinator under President Donald Trump
Juan Williams, political analyst for Fox News Channel
Susan Glasser, columnist for The New Yorker
Margaret Sullivan, Washington Post columnist; Kylie Atwood, national security correspondent for CNN
Margaret Brennan, Face the Nation moderator
Bret Stephens, New York Times columnist
Dr. Michael Fauntroy, a professor in the Political Science Department at Howard University.

Read more …

 

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

 

 

Primitive societies are largely free of cardiovascular disease, cancer, dental cavities, economic theories, lounge music, and other modern ailments.
– Nassim Nicholas Taleb

 

 

 

 

Time Lapse

 

 

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

 

Mar 042021
 


J.J. Grandville ‘A Comet’s Journey’, Illustration from ‘Un Autre Monde’ 1844

 

It’s Time for Major Wealth Redistribution (Lee Camp)
Joe Biden Just Yanked Away Stimulus Checks From 17 Million Americans (Week)
COVID Relief Showers States With 600% Of Lost Tax Revs (ZH)
Durham File: A Documentary Roadmap To Special Counsel Probe (JTN)
Trump Eyes 2024 Run Without Mike Pence (ZH)
A Change in the Water (Ben Hunt)
When Does This Travesty of a Mockery of a Sham Finally Implode? (CHS)
No Shots Fired By Rioters, No Firearms Recovered During Siege On Capitol (JTN)
Biden Bans Export Of Defense Articles To Russia, Which Got None Since WWII (RT)
Delusions of Self-Defense: Biden Bombs Syria (OffG.)

 

 

So many articles today, I’ll put up a separate Covid Rattle shortly here: Covid Rattle March 4 2021.

 

 

“Tucker every once in a while has a segment that just completely knocks it out of the park.This is one of those times.”
Tucker Dr. Seuss

 

 

 

 

 

Excess savings, sure, but only among the rich. Who don’t spend it.

 

 

“..the cumulative tab for our four-decade-long experiment in radical inequality has grown to over $47 trillion from 1975 through 2018..”

It’s Time for Major Wealth Redistribution (Lee Camp)

[..] we desperately need wealth redistribution. And before anyone starts yelling something about Joseph Stalin, here’s the part that’s going to blow your mind — in the United States we’ve already had wealth redistribution for decades. Fifty trillion dollars has been redistributed from the poorest Americans to the top one percent over the past several decades. That’s right, a new study shows the richest people in the world have stolen trillions from average Americans. To put this in easier to access terms — you know how mad you get when someone takes the last donut? Well, imagine that multiplied by 50 trillion. (Quick reminder: If you make $40,000 a year, it would take you 1.25 Billion years to make $50 trillion.)

The new study reveals, “…that the cumulative tab for our four-decade-long experiment in radical inequality has grown to over $47 trillion from 1975 through 2018. At a recent pace of about $2.5 trillion a year, that number we estimate crossed the $50 trillion mark by early 2020.” And to be clear, this money has been stolen from nearly every American. Had income distribution and buying power remained the same as it was from the end of World War II to 1975, ” . . . the aggregate annual income of Americans earning below the 90th percentile would have been $2.5 trillion higher in the year 2018 alone. That is … enough to pay every single working American in the bottom nine deciles an additional $1,144 a month. Every month. Every single year.”

The richest people in America are pilfering over $1,100 from you personally and everyone you know every single month of every single year. Just imagine what each living soul in America could do with an extra $13,700 per year — how many people that would feed, how much less stressful their lives would be, how many fewer foreclosures there would be, and how many more people would get the healthcare they need. Yet every time the most modest tax increases are proposed on the richest Americans, or every time someone so much as mumbles about putting in a public jungle gym or putting in filters to take the metal chunks out of the water or fixing the holes in our bridges that are bigger than the ones in Maria Bartiromo’s head — every time someone brings up these common sense solutions, the elites of our society (who own the media outlets and the levers of the state and the law enforcement and the courts) start screaming from their wine-soaked ski resort orgy balconies, “That’s wealth redistribution! That’s class war!”

Read more …

Sure they’ll all vote for him again.

Joe Biden Just Yanked Away Stimulus Checks From 17 Million Americans (Week)

During the campaign for the two Georgia Senate races, Joe Biden repeatedly promised to pass $2,000 stimulus checks if the Democrats won. After they did, the administration argued that $2,000 really meant $1,400 in addition to the $600 that had already gone out in the December rescue package. Whether that is true or not, now Biden is inarguably breaking his promise. Under pressure from moderate Senate Democrats, he has reportedly agreed to cut down the formula under which the checks will be sent out. In the previous packages, the amount started phasing out at $75,000 in income for individuals and $150,000 for joint filers, and vanished entirely at $100,000 and $200,000 respectively (as of 2019). Now the phase-out will start start in the same place but end at $80,000 for singles and $160,000 for couples.


The $1,400 promise clearly implied at least that the checks would go out according to the previous formula used under Trump. But now singles making between $80,000-100,000 and couples making between $160,000-200,000 will get nothing. The Washington Post’s Jeff Stein reports that roughly 17 million people who previously got checks now will not. The supposed justification here is that moderates want the aid to be more “targeted.” In fact this formula is horribly inaccurate, because the income data the IRS uses is from the year before the pandemic (unless people have already filed their taxes — and by the way, if your income decreased in 2020, you should do that immediately). This formula is therefore doubly wrong — there are no doubt millions of people who have lost jobs and should qualify but won’t, and a smaller number that have gotten raises and shouldn’t qualify but will. And this change will only save a pitiful $12 billion.

Read more …

So the states get what their citizens can’t.

COVID Relief Showers States With 600% Of Lost Tax Revs (ZH)

Joe Biden is giving so much money to states as part of the $1.9 trillion stimulus package that they’re set to receive approximately six times more money than estimated tax revenue shortfalls across the country, according to Bloomberg. While the package carves out nearly $200 billion for state governments, the cumulative tax revenues which have disappeared in the current fiscal year are just $31 billion. “In other words, that money could make up for that loss and be plowed back into states’ economies, such as their own version of relief checks, infrastructure projects and more, depending on the federal guidelines around the aid.”

In short – states, assuming they don’t squander the funds (who are we kidding?), could play a pivotal role in accelerating the recovery – assuming the money actually stimulates jobs and/or ends up in the hands of consumers. The funds would also allow for the unwinding of various budgetary cuts which began last March, and are responsible for the elimination of more than 1.3 million state and local government jobs – which Bloomberg notes is “nearly twice as many as were lost after the last recession.” Republicans, however, argue that some of the stimulus should be cut or shifted to other priorities which could have a more immediate impact than essentially giving states their own giant slush funds.

“If the whole point of this bill is to stimulate economic activity, the federal government has ways of doing that, that may be more efficient than sending checks to state and local governments,” said Moody’s director of public sector research, which estimates that $56 billion is the actual price tag states need to cover shortfalls through 2022 after previously allocated aid is taken into account. Bloomberg also notes that “the financial impact overall has been far smaller than initially feared when Covid last year sent the US economy into the deepest recession since World War II, which left governors nationwide braving for the gravest fiscal crisis of modern times.”

Deficits on that scale were averted after the federal government pushed through stimulus plans in March and again late last year, driving stocks to record highs and promising to increase collections of capital gains taxes. The magnitude of the shortfalls also reflects the unusually uneven nature of the recession: While lower paid service industry employees were thrown out of work, the highest earners who pay far more in state taxes were less affected because they were able to work from home.

Read more …

A lot of information here.

Durham File: A Documentary Roadmap To Special Counsel Probe (JTN)

Freed from his double duty as Connecticut’s chief federal prosecutor, Special Counsel John Durham is zeroing in on the final phase of his far-reaching investigation into whether FBI officials or others committed crimes while conducting the Russia collusion probe, such as misleading federal judges or Congress. All expectations were that Durham would wrap up his probe with final indictments and/or a report last fall after a plea deal was reached with former FBI lawyer Kevin Clinesmith, who admitted he falsified a document submitted to substantiate an application for a surveillance warrant targeting the Trump campaign.

But FBI Director Chris Wray revealed Tuesday that the entire process — including the bureau’s ability to discipline agents involved in the Russia case — was slowed down at Durham’s request because of continuing concerns about potential criminality. “Because we are cooperating fully with Mr. Durham’s investigation, at his request we had slowed that process down to allow his criminal investigation to proceed,” Wray told the Senate Judiciary Committee. “So at the moment, that process is still underway in order to make sure we are being appropriately sensitive to the criminal investigation.” Wray’s comments signaling additional crimes are being investigated are consistent with what former Attorney General William Barr said late last year when he upgraded Durham from a U.S. attorney to a special counsel and expanded his investigative staff.

Interviews with a half dozen sources who have had interactions with Durham’s team say he is focused on whether FBI executives knowingly and unlawfully misled the FISA court and Congress by withholding exculpatory evidence, extending an investigation without justification and creating the illusion there was evidence of Russia collusion when most had been debunked or dismissed. The sources said one former senior FBI official has provided invaluable cooperation and context to what decisions FBI leadership and field agents were making in the probe on such consequential matters as what to tell Congress, the courts and Justice Department lawyers about the flaws, political origins and falsehoods in the Russia collusion narrative.

Most of the evidence that supports those concerns is now in the public domain after a series of declassifications that began last year and ended when former President Donald Trump declassified hundreds of pages of the most sensitive evidence during his last 24 hours in office in January. .

Read more …

May be he should let Biden’s blunders grab the spotlight for a while.

Trump Eyes 2024 Run Without Mike Pence (ZH)

Former President Donald Trump is telling allies he’s seriously considering a run for president in 2024, but may do so without former Vice President Mike Pence on his ticket, according to Bloomberg, citing ‘people familiar with the discussions.’ On Sunday, Trump all but announced at the Conservative Political Action Conference (CPAC) that he was running again – while privately, according to two of Bloomberg’s anonymous sources, he’s discussed “alternatives to Pence as he takes stock of who he believes stood with him at the end of his term and who didn’t.” Trump’s advisers have discussed identifying a Black or female running mate for his next run, and three of the people familiar with the matter said Pence likely won’t be on the ticket.

That said, given Trump’s history of choosing the ‘best person for the job’ regardless of color or sex, and notwithstanding obvious establishment picks, we imagine that last bit may be a non-starter for Trump. According to the report, Trump is considering South Dakota Governor Kristi Noem – who Trump Jr. and girlfriend Kimberly Guilfoyle are hosting a Friday fundraiser at Mar-a-Lago. Meanwhile, Trump publicly endorsed South Carolina Senator Tim Scott’s re-election. Scott is the only black Republican in the Senate.Following the 2020 election, Trump was livid after Pence didn’t “do the right thing” and reject Electoral College votes for Joe Biden from several contested states. In response, Trump tweeted that Pence “didn’t have the courage to do what should have been done to protect our country and our Constitution.”

Pence rejected his boss’s appeals to unilaterally overturn Trump’s re-election defeat when he presided over the congressional count of Electoral College votes on Jan. 6. The event turned into an insurrection by Trump’s supporters, who invaded the Capitol, disrupted the count and forced the vice president and members of Congress to flee. Five people died in the melee. The two men didn’t speak for days afterward. Pence hasn’t said whether he’d be interested in running with Trump again, according to person familiar with the situation, who believes it’s doubtful Pence would. -Bloomberg. “President Trump hasn’t made any decisions regarding a potential 2024 run, but the buried lede here is that the media can’t stop talking about him,” said Trump adviser Jason Miller. According to the report “there’s been no serious consideration of future vice presidential candidates yet,” and if Trump runs, he won’t likely make a formal announcement until summer 2023, according to the anonymous sources.

Read more …

Inflation?!

A Change in the Water (Ben Hunt)

Every morning, we take the previous day’s financial news – all of it – and run it through the Narrative Machine to see if any interesting clusters pop out as a topic for us to write about in one of these quick Zeitgeist notes. And when I say clusters, I literally mean clusters – the building blocks of a graphical representation of linguistic connectivity. But when I say clusters, what I really mean is patterns. I really mean changes in the narrative structure. We’re not doing this to learn new facts. We’re not really interested in the specifics of what people are saying. We are very interested, though, in how people are saying it. We’re looking for changes in how we talk about what is important in markets and investing. We’re looking for changes in the water in which we swim.

That water is changing today. It’s changing a lot. Increasingly, the common knowledge of our investment world – what everyone knows that everyone knows – is that inflation is a problem and you should be focused on it. For example, today in a popular financial news media aggregator, RealClearMarkets.com, of the 21 articles highlighted on their frontpage aggregator, 6 of them were about inflation … is it here? is it coming? what does it mean for your portfolio? does Bitcoin fix this? etc. etc. Again, I have zero interest in the specifics or the facts or the message or the sentiment of these selected articles (even though one of them was yesterday’s Epsilon Theory note).


What interests me a lot, though, is the CHOICE made by the editors and algorithms of RealClearMarkets.com to select these articles over all of the other financial news stories available to them. What interests me a lot is the recursive ENGAGEMENT that these articles and their shared linguistic structures trigger in readers, such that they will look for more articles on this topic, which means that more articles on this topic will be written. This is how common knowledge happens. This is how the water in which we swim changes.

Read more …

“Wall Street and its vast army of apologists, lackeys, toadies, schemers, scammers, con-artists and profiteers will have us believe that the Everything Bubble is permanent..”

When Does This Travesty of a Mockery of a Sham Finally Implode? (CHS)

The mutually reinforcing crises aren’t in the future, they’re here now, and Jay Powell’s shuck-and-jive has lost its magical powers to cloak the rot with speculative bubbles. How many more times do we have to watch Jay Powell claim his speculative bubble isn’t a bubble, and that his massive expansion of billionaires’ fortunes will magically create jobs for all those living in the real world he’s created of stagnation, social depression and inequality? In other words, when will this travesty of a mockery of a sham finally implode? When will the Universe tire of the lies, fraud, embezzlement and corruption and bring the whole rotten charade down? When will we tire of the stale tale of reflation, told by an idiot, full of sound and fury, signifying nothing?

We all know the Status Quo’s response to the global financial meltdown of 2008 has been a travesty of a mockery of a sham–smoke and mirrors, phony facades of “recovery”, simulacrum “reforms,” serial bubble-blowing and politically expedient can-kicking, all based on borrowing and printing trillions of dollars, yen, euros and yuan, quatloos, etc. and funneling them to financiers, corporations, monopolies, cronies and billionaires. When will the travesty of a mockery of a sham finally come to an end? How many more “saves” does the Ponzi Scheme of central banking possess? Wall Street and its vast army of apologists, lackeys, toadies, schemers, scammers, con-artists and profiteers will have us believe that the Everything Bubble is permanent and its continued expansion will hide all the systemic rot hollowing out America.

On the other hand, maybe manipulation, lies and artifice can no longer keep the Everything Bubble from popping. The chart I prepared back in 2008 (below) give us a flavor of the confluence of crises that are no longer in the future–they’re here now. Cycles are not laws of Nature, of course; they are only records of previous periods of growth/excess/depletion/collapse, not predictions per se. Nonetheless their repetition reflects the systemic dynamic of growth, crisis and collapse, and so the study of cycles is instructive even though we stipulate they are not predictive.

Since each mechanism that burns out or implodes tends to be replaced with some other mechanism, this creates the recurring cycle of expansion / excess / depletion / collapse. Four long-wave cycles are plotted in the chart:

Read more …

“No one has been charged with a firearms violation.”

No Shots Fired By Rioters, No Firearms Recovered During Siege On Capitol (JTN)

No firearms were recovered on the U.S. Capitol grounds on Jan. 6 during the riot, and no shots were fired by the demonstrators, an FBI official on Wednesday told Congress.”To my knowledge we have not recovered any [firearms] on that day from any of the arrests at the scene at this point,” said Jill Sanborn, assistant director of the FBI’s Counterterrorism Division. “No one has been charged with a firearms violation.” Sanborn made her comments during a joint oversight hearing in the Senate to examine the breach of the U.S. Capitol. In addition to Sanborn, witnesses included the commander of the Washington, D.C. National Guard, and civilian officials from the Pentagon.

During testimony, Sanborn responded to questions from Wisconsin Republican Sen. Ron Johnson, who asked whether firearms were present or used during the siege. “How many shots were fired that we know of?” Johnson asked. “The only shots fired were the ones that resulted in the death of the one lady,” Sanborn said, referencing Ashli Babbitt, a protester who was shot and killed by a Capitol Police officer during heightened tension inside the building. Other testimony examined the timeline of when the National Guard was dispatched to help an overwhelmed civilian police force during the siege on the Capitol.

The National Guard was dispatched to the riot more than three hours after Capitol Police made a desperate call for help with a “dire emergency,” a two-star general testified Wednesday before Congress. Major Gen. William Walker, who commands the District of Columbia National Guard, told senators that the 1:49 p.m. call for help from the guard on Jan. 6 was approved in a message that reached him after 5 p.m. At that point, troops who were waiting on buses sped to the Capitol, and helped to secure a perimeter, Walker said. Walker made his comments during a hearing to examine the breach of the U.S. Capitol. In addition to Walker, civilian officials from the Pentagon and the FBI are scheduled to testify.

Read more …

“More US sanctions were announced yesterday against our country. In this particular case, with regard to arms exports, they cause bewilderment…”

Biden Bans Export Of Defense Articles To Russia, Which Got None Since WWII (RT)

Russia’s Service of Military-Technical Cooperation has noted its “bewilderment” after Washington imposed an export ban on “defense articles and defense services” to the country, despite Russia not receiving any US arms since 1945. On Tuesday, US Secretary of State Antony Blinken unveiled new sanctions against Moscow after the alleged poisoning and “attempted assassination of Russian opposition figure Aleksey Navalny.” “The US government has exercised its authorities to send a clear signal that Russia’s use of chemical weapons and abuse of human rights have severe consequences,” a press statement from Blinken said. As part of the restrictions, Russia has been included in Section 126.1 of the US International Traffic in Arms Regulations, which essentially means that any requests from Moscow to buy defense-related items would be flatly rejected.

“More US sanctions were announced yesterday against our country. In this particular case, with regard to arms exports, they cause bewilderment,” the federal service noted. “Arms supplies from the United States to Russia are not carried out and, of course, are not planned.” The government body also noted that the last time any military equipment was delivered to Russia from the US was through the lend-lease program during WWII, which ended on August 21, 1945. Speaking to Moscow daily RBK, Russian International Affairs Council expert Andrey Frolov noted that the new sanctions are likely to be toothless and do not pose any threat to the military-industrial complex, which does not rely on American supplies.

Another expert, Ruslan Pukhov from the Center for Analysis of Strategies and Technologies think tank, revealed that restrictions won’t actually prevent any export contracts if the US wants to implement them. In particular, he cited the example of Rosoboronexport, which was removed from the sanctions list to sign a contract to supply the Afghan Army with helicopters, and was put back on the list straight after.

Read more …

Defying credulity, the spokesman suggested that the US had “acted in a deliberate manner that aims to de-escalate the overall situation in both eastern Syria and Iraq.”

Delusions of Self-Defense: Biden Bombs Syria (OffG.)

Every power worth its portion of salt in the Levant these days seems to be doing it. On February 25, President Joe Biden ordered airstrikes against Syria. The premise for the attacks was implausible. “These strikes were authorized in response to recent attacks against American and Coalition personnel in Iraq,” claimed Pentagon spokesman John Kirby, “and to ongoing threats to those personnel.” More specifically, the strikes were in retaliation for rocket attacks in northern Iraq on the airport of Erbil that left a Filipino contractor working for the US military dead and six others injured, including a Louisiana National Guard soldier. The targets in Syria were facilities used by Iranian-backed militia groups, including Kataib Hezbollah and Kataib Sayyid al-Shuhada. According to the London-based Syrian Observatory for Human Rights, the attack left up to 22 people dead.

The Biden administration has resorted to tactics long embraced by US presidents. To be noticed, you need to bomb a country. The measure, more a sign of raging impotence than stark virility, is always larded with jargon and bureaucratic platitudes.“We said a number of times that we will respond on our timeline,” explained Defense Secretary Lloyd Austin to reporters keeping him company on a flight from California to Washington. “We wanted to be sure of the connectivity and we wanted to be sure about the right targets.” He was convinced “that the target was being used by the same Shia militants that conducted the [February 15] strikes.”

Seven 500-pound bombs were used in the operation, though Stars and Stripes initially reported that “the type of weaponry used” was not disclosed. The Pentagon had been keen to push a larger range of targets, but Biden was being presidential in restraint, approving, as the New York Times puts it, “a less aggressive option”. Kirby insisted the operation had been the sensible outcome of discussions with coalition partners. “The operation sends an unambiguous message: President Biden will act to protect American and Coalition personnel.” Defying credulity, the spokesman suggested that the US had “acted in a deliberate manner that aims to de-escalate the overall situation in both eastern Syria and Iraq.”

Read more …

 

 

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

 

 

From Trump’s world to Orwell’s world.

 

 

 

 

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

 

Mar 032021
 


Jean-Michel Basquiat Irony of the Negro Policeman 1981

 

Texas And Mississippi Drop Covid Restrictions – Even Mask Mandates (F.)
Russian Deputy PM Golikova Predicts ‘Herd Immunity’ By End Of Summer (RT)
Microsoft, LA School District Develop COVID ‘Daily Pass’ App (DC)
Israel Launches Covid-Tracking ‘Freedom Bracelet’ (RT)
Is Europe Open For Summer? All Bets Are Off For US Travelers (F.)
EU’s Faltering COVID-19 Vaccine Rollout Triggers Rebellion (G&M)
The Age of Social Murder (Chris Hedges)
Warren’s Wealth Tax Would Cost 100 Richest Americans $78 Billion (Hill)
Andrew Cuomo Is Living To Regret The Deal He Pushed On Letitia James (IC)
Tanden Withdraws Nomination As Biden Budget Chief (Hill)
Remember That GDP = Waste (CHS)
The Goldilocks Stimulus Myth (Varoufakis)
The Opposite of 2008 (Ben Hunt)
Dr. Seuss Didn’t Have ‘A Racist Bone’ In His Body – Stepdaughter (NYP)
There Is No Such Thing as “White” Math (Klainerman)

 

 

“With” COVID.

 

 

Do we all understand why this is inevitable? Abbott’s biggest critic says he “is doing what he does best: leaving Texans to fend for themselves.”

But isn’t what what Texans want? Florida is open, and doing much better than New York, which is closed. Science as a religion does not work.

Texas And Mississippi Drop Covid Restrictions – Even Mask Mandates (F.)

Texas and Mississippi are both dropping their Covid-19 restrictions on businesses and ending their mask mandates, the states’ governors announced Tuesday, the latest in a string of states that have relaxed or dropped restrictions as cases have fallen nationwide despite public health officials strongly urging against it. “It is time to open Texas 100%,” Texas Gov. Greg Abbott said at a press conference Tuesday, saying “all businesses, of any type” can fully open as of next Wednesday. Abbott said increased Covid-19 testing, personal protective equipment and vaccines put the state in a “far better position” than when orders were first issued, and “Texans have mastered the daily habits to avoid getting Covid.”

County judges can impose local restrictions if hospitalizations raise to more than 15% of the region’s hospital bed capacity for seven days straight, Abbott said, but they cannot impose occupancy restrictions of less than 50% and cannot impose penalties against people who don’t wear masks. Gov. Tate Reeves announced Mississippi will also rescind a mask mandate that required them only in certain counties—the state already dropped a statewide mask order in September—and will lift all business restrictions except in schools and a 50% capacity limit for indoor arenas. Though less stringent than some other states, Texas does have social distancing restrictions in place for now for many businesses, such as a 75% capacity limit on indoor dining and gyms and a 50% capacity limit on bars, as well as an order for them to stop serving alcohol at 11 p.m.

Texas is the largest state so far to entirely drop its Covid-19 restrictions, but the state and Mississippi follow Florida and other Republican-led states that have taken similar measures. “Personal vigilance to follow the safe standards is still needed to contain Covid. It’s just that now, state mandates are no longer needed,” Abbott said. “At this time, people and businesses don’t need the state telling them how to operate.” “Abbott removing a statewide mandate while preaching personal responsibility to prevent the spread of COVID is an abdication of his own personal and professional responsibility to keep Texans safe,” Texas Democratic Party Chair Gilberto Hinojosa said in a statement Tuesday. “By removing all previous state mandates and opening the state to 100 percent, Governor Abbott, who has never taken this pandemic seriously, is doing what he does best: leaving Texans to fend for themselves.”

Read more …

I’m still a bit amazed at how the meaning of “herd immunity” seamlessly came to include vaccines.

Russian Deputy PM Golikova Predicts ‘Herd Immunity’ By End Of Summer (RT)

If the current Covid-19 vaccination rates are maintained, there will be collective immunity in Russia by August, Deputy Prime Minister Tatyana Golikova has predicted, while making it clear the pandemic is still “quite serious.” Speaking in an interview with news network TASS, published Tuesday, Golikova revealed that the government is planning to reach 60 percent collective immunity – one of the prerequisites for removing all pandemic-related restrictions. “In order to determine the final date of achieving collective immunity, we have developed an epidemiological and mathematical model,” Golikova said. “If vaccination is carried out at the same pace as it is now, and the number of vaccination points remains the same, then the country will achieve collective immunity in August 2021.”

The deputy prime minister also noted that the number of detected cases is slowly declining, after a peak in late December. On Tuesday, the official Covid-19 HQ reported 10,565 new daily instances of coronavirus – a steep drop from the 29,935 figure of just over two months ago. “The numbers of new cases of coronavirus infection are still quite serious, although reassuringly decreasing,” she said. “You will remember that we decided to ease measures last May, when we were at just around this point in terms of the number of new cases.” However, Golikova was also careful to note that viral infections spread more in winter and at the beginning of spring, meaning precautions still need to be taken. She also refused to name a date when life in Russia would get back to normal.

“Neither we nor the world has yet accumulated enough experience to understand how long the immune defense lasts,” she explained. “Of course, everyone is now relaxed and believes that Covid is going away. The situation is better now, but the virus is still not going anywhere. You need to take care of yourself and your loved ones.”

Read more …

Wow, this is scary: “School staff members dedicated to be ‘Welcomers’ will be at every site to scan the QR code and take your temperature at the entrance.”

Microsoft, LA School District Develop COVID ‘Daily Pass’ App (DC)

The Los Angeles Unified School District (LAUSD) has worked with Microsoft to develop the “Daily Pass” app to monitor coronavirus the vaccination status, health symptoms and temperatures of its students. “Sort of like the golden ticket in ‘Willy Wonka,’ everyone with this pass can easily get into a school building,” LAUSD Superintendent Austin Beutner said during his weekly update on Sunday, according to Fox News. “Los Angeles Unified has launched a one-stop shop web app built specifically for the District to ensure that we get students, faculty and administrators back to schools and district offices as safely as possible,” read a statement on the school’s website, which included an animated clip about the app.


In the video, a student uses the app in order to gain their “daily pass” to go back to school. The pass includes a daily health check, details about their “weekly” coronavirus test and scheduling for their vaccination once it becomes available. “Students, parents and visitors will access the Daily Pass on any computer, tablet or mobile device at dailypass.lausd.net. Answer the daily health check questions (not more than a two-minute process!),” the LAUSD website reads, describing the process for students. “If the individual has recently tested negative for COVID-19 and completes the online health check, a QR code will be generated for that day and specific site location,” it continues. “School staff members dedicated to be ‘Welcomers’ will be at every site to scan the QR code and take your temperature at the entrance.”

Read more …

And so is this. It definitely looks like the opposite of freedom.

Israel Launches Covid-Tracking ‘Freedom Bracelet’ (RT)

Israel has unveiled a coronavirus-tracking bracelet as an alternative to a two-week quarantine for incoming travelers, sparking privacy concerns as a top court moved to curb the Shin Bet spy agency’s role in contact tracing. A pilot program for the tracking bracelet kicked off at Ben Gurion Airport on Monday, where 100 devices were doled out to arriving travelers as a way to avoid a stay at a military-administered quarantine hotel. Instead, those opting for the bracelet system – which features the electronic wristband, a smartphone app and a wall-mounted tracking device – will be free to return home to wait out the two-week isolation period.

While the device will alert authorities if participants venture too far from the wall-mounted tracker, Ordan Trabelsi, the CEO of SuperCom, the company behind the bracelet, said it does not collect any other information, insisting the tech is minimally intrusive. “Nobody is forced to do it, but for those who are interested, it gives them another option: more flexibility,” he said. The pilot project – which Trabelsi has already called to expand to “thousands of units” for “wide-scale use” – may trigger further anxiety given SuperCom’s past work with a number of governments around the world to provide “offender monitoring” services, using its tracking tech to surveil prisoners and detainees. The firm signed a contract last year with a government agency in Wisconsin to offer the same service, and also sells technology used for electronic IDs, voter biometrics and cybersecurity.

As the rollout of the tracking bracelets got underway on Monday, Israel’s top court ruled that the country’s domestic spying agency, the Shin Bet, must rein in its Covid-19 contact-tracing efforts, calling the surveillance “draconian” and a threat to Israeli democracy. While the government has employed the Shin Bet for tracing since last March, the court has repeatedly challenged the practice, finally ruling that the agency may only be used under special circumstances beginning on March 14. “From [that] day on, the use of the Shin Bet will be limited to cases in which a confirmed coronavirus patient was not cooperating in his [epidemiological] investigation, whether intentionally or not, or gave no report of his encounters,” the court said.

Read more …

“..all we know about the vaccines is that they will very effectively reduce your risk of severe disease. We haven’t seen any evidence yet indicating whether or not they stop transmission.”

Is Europe Open For Summer? All Bets Are Off For US Travelers (F.)

There is some optimism in the U.S. that increased vaccination rates, decreasing Covid-19 rates and the rise of health passport schemes could open international travel up for the summer. At a time when EU countries are raising borders, however, all the signs in Europe point to the fact that summer 2021 is still incredibly uncertain for anyone wishing to travel from outside the region. There are extremely conflicting views about summer. On one side, the optimists. Intelligencer gave 9 Reasons To Believe The Worst Of The Pandemic Is Over and The Atlantic quoted Anthony Fauci’s prediction that herd immunity might be reached by August and that Covid-19 cases across the U.S. are declining much more sharply than anticipated, declaring that “the summer of 2021 is shaping up to be historic.”

On the other side are reports that the summer might indeed be historic but for entirely different reasons. The United Nations World Tourism Organization called 2020 the worst year on record for tourism but recently stated that 2021’s prospects had worsened. As reported by The Wall Street Journal, tourist destinations had been hoping for a sorely needed rebound but “with vaccine rollouts delayed in some places and new virus strains appearing, it is looking more likely that international travel could be stalled for years.” Worse still, 41% of experts polled by the UN didn’t think that pre-pandemic levels of tourism would be reached until 2024. It’s a view supported by the International Air Transport Association which said that air travel might only improve by 13% this year and industry insiders who said that it may be that long haul travel doesn’t properly resume until 2023 or 2024.

Many people are pinning hopes on the idea of vaccination passports, coupled with increased vaccination rates, to open up borders by the summer. But as reported by Bloomberg, this is far from sure. As stated by the World Health Organization, no one yet knows how vaccines will stop the spread of Covid-19, nor is it clear how the vaccines will hold up against variant strains. Digital health cards or vaccination/immunity passports are fraught with political and social obstacles, raising issues of equality and discrimination, never mind logistics. Margaret Harris, a WHO spokesperson in Geneva told Bloomberg, “it’s very important for people to understand that at the moment, all we know about the vaccines is that they will very effectively reduce your risk of severe disease. We haven’t seen any evidence yet indicating whether or not they stop transmission.”

Read more …

The EU doing what it does best. Be useless.

EU’s Faltering COVID-19 Vaccine Rollout Triggers Rebellion (G&M)

The European Union’s vaccine unity has shattered as shortages push a few desperate countries to seek outside supplies and create foreign partnerships. Frustrated by the vaccine shortages, at least four EU countries – Slovakia, Czech Republic, Hungary and Poland – have struck deals to buy Russia’s Sputnik V vaccine, or are considering doing so. The Chinese vaccine is also a contender. The Russian and Chinese products have not been approved by the European Medicines Agency (EMA). The EU’s vaccine rollout remains stubbornly slow, although the pace has picked up somewhat in recent days. By Tuesday, the 27-country EU – population 450 million – had administered only 33.5 million doses, equivalent to 7.5 per 100 citizens.


[..] In a blow to the EC vaccine strategy, which is overseen by EC president Ursula von der Leyen, Slovakia and Hungary granted emergency approval of the Sputnik vaccine. Slovakia, which currently has the highest number of pandemic deaths per capita over a seven-day period, is to receive two million doses of the Sputnik vaccine. The question is whether one of the EU’s big countries will also break ranks and order outside vaccine supplies. Francesco Galietti, chief executive of the Rome political consultancy Policy Sonar, said that Mario Draghi, Italy’s new prime minister, might be forced to buy the Russian vaccine if Italy’s campaign doesn’t pick up momentum soon. “Draghi will have to carefully assess whether the Western vaccines are enough,” he said in an interview. “He seems to have realized that Italy cannot survive economically if the vaccine is not rolled out before the summer. He knows the importance of tourism to Italy.”

Read more …

The larger picture.

The Age of Social Murder (Chris Hedges)

The two million deaths that have resulted from the ruling elite’s mishandling of the global pandemic will be dwarfed by what is to follow. The global catastrophe that awaits us, already baked into the ecosystem from the failure to curb the use of fossil fuels and animal agriculture, presage new, deadlier pandemics, mass migrations of billions of desperate people, plummeting crop yields, mass starvation, and systems collapse. The science that elucidates this social death is known to the ruling elites. The science that warned us of this pandemic, and others that will follow, is known to the ruling elites. The science that shows that a failure to halt carbon emissions will lead to a climate crisis and ultimately the extinction of the human species and most other species is known to the ruling elites. They cannot claim ignorance. Only indifference.

The facts are incontrovertible. Each of the last four decades have been hotter than the last. In 2018, the UN International Panel on Climate Change released a special report on the systemic effects of a 1.5 degrees Celsius (2.7 degrees Fahrenheit) rise in temperatures. It makes for very grim reading. Soaring temperature rises — we are already at a 1.2 degrees Celsius (2.16 degrees Fahrenheit) above preindustrial levels — are already baked into the system, meaning that even if we stopped all carbon emission today, we still face catastrophe. Anything above a temperature rise of 1.5 degrees Celsius will render the earth unhabitable. The Arctic ice along with the Greenland ice sheet are now expected to melt regardless of how much we reduce carbon emissions. A seven-meter (23-foot) rise in sea level, which is what will take place once the ice is gone, means every town and city on a coast at sea level will have to be evacuated.

[..] As the climate crisis worsens, the political constrictions will tighten, making public resistance difficult. We do not live, yet, in the brutal Orwellian state that appears on the horizon, one where all dissidents will suffer the fate of Julian Assange. But this Orwellian state is not far away. This makes it imperative that we act now. The ruling elites, despite the accelerating and tangible ecological collapse, mollify us, either by meaningless gestures or denial. They are the architects of social murder. Social murder, as Friedrich Engels noted in his 1845 book “The Condition of the Working-Class in England,” one of the most important works of social history, is built into the capitalist system. The ruling elites, Engels writes, those that hold “social and political control,” were aware that the harsh working and living conditions during the industrial revolution doomed workers to “an early and unnatural death:”

Read more …

Something tells me they can afford it.

Warren’s Wealth Tax Would Cost 100 Richest Americans $78 Billion (Hill)

A new wealth tax proposed by Sen. Elizabeth Warren (D-Mass.) and other progressives on Monday would result in the 100 richest Americans paying over $78 billion in taxes annually, according to analysis by Bloomberg News. The bill, called the Ultra-Millionaire Tax Act, would require households with a net worth of more than $50 million to pay 2 percent of their wealth every year. A 1 percent surtax would be added for those with a net worth in excess of $1 billion. That would mean Amazon founder Jeff Bezos, the richest person in the world, would face an additional $5.4 billion in taxes if the bill were signed into law this year, according to Bloomberg News. Tesla CEO Elon Musk would pay an additional $5.2 billion, Bill Gates would pay $4 billion more and Facebook CEO Mark Zuckerberg would see his tax bill increase by about $3 billion.


The legislation, which is unlikely to pass Congress, would affect tax payments starting in 2023. “As Congress develops additional plans to help our economy, the wealth tax should be at the top of the list to help pay for these plans because of the huge amounts of revenue it would generate,” Warren said on Monday when unveiling the new proposal. “This is money that should be invested in child care and early education, K-12, infrastructure, all of which are priorities of President Biden and Democrats in Congress,” she added. “I’m confident lawmakers will catch up to the overwhelming majority of Americans who are demanding more fairness, more change, and who believe it’s time for a wealth tax.” According to Bloomberg News, the 100 richest Americans added $598 billion to their fortunes last year. Warren’s proposed tax would take 13 percent of that added wealth.

Read more …

Your daily drip drip.

Andrew Cuomo Is Living To Regret The Deal He Pushed On Letitia James (IC)

In 2003, Letitia “Tish” James shook the New York Democratic political establishment, becoming the first City Council candidate to win office solely as a nominee of the Working Families Party. James spent the next 15 years as an outspoken, independent-minded progressive and a leading voice for the city’s social movements. In 2013, despite being vastly outspent, she won a tight race for New York City public advocate, a stepping stone to mayor. Her close alliance with the city’s grassroots was considered by political observers to be both a benefit and an obstacle. She had people behind her, but she didn’t have money — and moving to the next level required lots of it. When New York Attorney General Eric Schneiderman was forced to resign amid a #MeToo scandal in 2018, James was quickly discussed as a potential successor. But could she raise the funds?

That’s where Andrew Cuomo came in. The state’s governor, who was seeking his third term, was in the midst of a long-running feud with the organization that was so intimately linked with James’s rise, the WFP. Under pressure from Cuomo, local unions had left the party, taking their clout and financing with them. In April 2018, the WFP came for the king, endorsing activist and actor Cynthia Nixon for the Democratic primary over Cuomo, who vowed to destroy the organization. Cuomo had long treated figures in New York politics — his playground — like kids to be bullied. He turned his attention to James. In May, Cuomo made James an excruciating offer: He would endorse her and open his donor network to her, but it would come at a price. Not only would she have to endorse him, she would have to publicly refuse the support of the WFP.

Ripped from the pages of a cliched mafia screenplay, James would have to prove her loyalty by executing her longtime ally. James was left with two bad options: Accepting Cuomo’s offer was the most likely route to winning the election, but it would come with accusations that she had traded in her trademark independence and social justice values. Rejecting it could cost her the election and make Cuomo into a fatal enemy. James took the deal. The WFP endorsed her anyway, against her public will, while jointly endorsing Zephyr Teachout. The bulk of their spending went toward opposing the most right-leaning candidate, Sean Patrick Maloney, who represents a congressional district upstate.

In the fictional version of these parables, a deal with the devil always ends the same way: The devil always gets his due. But New York politics is not a parable. The story’s new plot twist conforms more closely to a Disney version: Cuomo is getting his due of a different kind, with scrutiny over his failed coronavirus response and an investigation into sexual harassment claims. His fate now rests with Tish James.

Read more …

She’s just one of a large group. And she’ll be in the administration anyway.

Tanden Withdraws Nomination As Biden Budget Chief (Hill)

Neera Tanden has withdrawn her nomination to head President Biden’s White House budget office after her prospects of Senate confirmation flamed out.The White House made the announcement on Tuesday evening, capping a tumultuous few weeks surrounding the fight over her nomination. Tanden, who would have been the first woman of color to lead the Office of Management and Budget (OMB), faced scrutiny over mean tweets she had written about Republicans and progressive Democrats alike in her previous role heading the Center for American Progress think tank.“I have accepted Neera Tanden’s request to withdraw her name from nomination for Director of the Office of Management and Budget,” Biden said in a statement.

“I have the utmost respect for her record of accomplishment, her experience and her counsel, and I look forward to having her serve in a role in my Administration. She will bring valuable perspective and insight to our work.”Tanden is Biden’s first Cabinet nominee to be withdrawn from consideration, making this an early blow for the president. The White House spent the past two weeks insisting there was a path to confirmation for Tanden and vowed to fight for her, even as her prospects dimmed.Tanden is expected to be appointed to an administration role that does not require Senate confirmation.A handful of names have circulated as potential replacements for Tanden. Shalanda Young, who on Wednesday underwent a confirmation hearing to be the deputy OMB director, is seen as the most likely nominee.

In her controversial tweets, many of which were deleted in recent months, Tanden compared Sen. Mitch McConnell (R-Ky.) to Voldemort and Sen. Ted Cruz (R-Texas) to a vampire and insinuated that Sen. Bernie Sanders (I-Vt.) benefited from Russian hacking in the 2016 election.In two confirmation hearings, she repeatedly apologized for the tweets and promised to strike a more collegial tone as a member of the administration.Her nomination began to unravel when Sen. Joe Manchin (D-W.V.) pulled his support, citing the need for comity. In the evenly divided Senate, that left Tanden reliant on support from centrist Republicans such as Sen. Susan Collins (Maine), who also was a target of Tanden’s tweets. That support was not forthcoming.

Read more …

As I’ve said 1000 times: Our economies run on waste.

Remember That GDP = Waste (CHS)

We’re told the gross domestic product (GDP) measures growth, but what it really measures is waste: capital, labor and resources that are squandered and then mislabeled “growth” for PR purposes. If we only manage what we measure, then we’re mismanaging our economy by promoting waste as the only metric we measure and incentivize. Forecasts now predict a rousing 6.8% “growth” in 2021 GDP. In other words, the amount of resources and capital being squandered is going parabolic and we love it! 50 million autos and trucks stuck in traffic, burning millions of gallons of fuel while going nowhere? Growth! All that wasted fuel adds to GDP. Everyone who works from home detracts from “growth” since they didn’t waste fuel sitting in traffic jams. That’s bad! Wasting millions of gallons of gasoline is “growth”!

Repaving a little-used road: growth! Never mind the money could have been invested in repairing a heavily traveled road, or adding safe bikeways, etc.–in the current neo-Keynesian system, building bridges to nowhere is “infrastructure growth.” GDP has no mechanism to measure the opportunity costs of squandering capital, labor and resources on investments with marginal or even negative returns. Buying a new refrigerator to replace a broken one that could have been fixed by replacing a $10 sensor: growth! GDP has no mechanism for calculating the utility still remaining in roads, vehicles, buildings, etc. that are replaced–throwing away all the fixed-investment’s remaining utility to buy a new replacement is strongly encouraged because it adds to “growth.”

Planned obsolescence that sends everything on a conveyor belt to the landfill is “growth”– we love the Landfill Economy because all that incredibly needless waste is “growth”! Building and maintaining extraordinarily costly weapons systems that are already obsolete: growth! The gargantuan future costs of interest paid by taxpayers on the debt borrowed to pay for failed weapons systems like the trillion-dollar rathole known as the F-35 aircraft program is not calculated by GDP. The staggering costs of indebting future taxpayers is ignored by GDP– the only thing that counts in GDP is “growth” in spending, no matter how useless. [..] GDP has no mechanism to measure the value of alternatives that use less capital, labor and resources to get the same results.

Read more …

How to get it just right.

The Goldilocks Stimulus Myth (Varoufakis)

To see why there can be no “Goldilocks” stimulus that gets the amount “just right,” it helps to engage the critics who argue that the administration’s proposal would overheat the economy and hand the Republicans the midterms. Central to their prediction is their tacit assumption that there is also a Goldilocks interest rate and a corresponding stimulus size that will deliver it. What would render any rate of interest “just right”? First, it would achieve the right balance between available savings and productive investment. Second, it would not unleash a cascade of corporate bankruptcies, bad loans, and a fresh banking crisis. And there’s the rub: It is not at all clear that there is a single interest rate that can do both.

Once upon a time, there was. In the 1950s and early 1960s, under the Bretton Woods system, an interest rate of around 4% did the trick of balancing savings and investment while keeping bank profitability at a level that allowed credit to reproduce itself sustainably. Back then, if investment fell below available savings for too long, and failed to recover despite a reduction in the interest rate, a well-designed government stimulus raised investment back to the level of savings, the rate of interest picked up, and balance was restored. Alas, we no longer live in that kind of world. The reason capitalism no longer works like that is the manner in which the Obama administration, aided and abetted by the Federal Reserve, re-floated the sinking Western banks. The 2008 crisis was as deep and terrible as that of 1929.

As in 1929, sequential bankruptcies, unemployment, and falling prices meant no one was willing to borrow. Interest rates nosedived to zero and capitalism fell into what John Maynard Keynes referred to as the “liquidity trap.” Once at zero, the interest rate could not go much lower without destroying what was left of the banking sector, insurance companies, pension funds, and other financial institutions. The great difference between 1929 and 2008 was that in 2008 the banks were not allowed to fail. One way to save them was a large enough fiscal stimulus. Direct injections of freshly minted money to consumers and firms – to pay off debts and to increase consumption and investment – would have re-floated Main Street and, indirectly, Wall Street. This was the road not taken by the Obama administration.

Instead, the Fed printed trillions of dollars, and the failing banks were re-floated directly. But while the banks were saved, the economy was not freed from the liquidity trap. The banks lent the new money to corporations, but, because their customers were not re-floated, managers were unwilling to risk plowing the money into good jobs, buildings, or machines. Instead, they took it to the stock market, causing the largest-ever disconnect between share prices and the real economy.

Read more …

The warnings of inflation are getting louder.

The Opposite of 2008 (Ben Hunt)

In late 2007 I started counting the For Sale signs on the 20 minute drive to work through the neighborhoods of Weston and Westport, CT. I’m not exactly sure why it made my risk antenna start quivering in the first place … honestly, I just like to count things – anything – when I’m doing a repetitive task. Coming into 2008 there were a mid-teen number of For Sale signs on my regular route, up from high single-digits in 2007. By May of 2008 there were 35+ For Sale signs. If there’s a better real-world signal of financial system distress than everyone who takes Metro North from Westport to Grand Central trying to sell their homes all at the same time and finding no buyers … I don’t know what that signal is. The insane amount of housing supply in Wall Street bedroom communities in early 2008 was a crucial datapoint in my figuring out the systemic risks and market ramifications of the Great Financial Crisis.


Last week, for the first time in years, I made the old drive to count the number of For Sale signs. Know how many there were?Zero. And then on Friday I saw this article from the NY Times – Where Have All the Houses Gone? – with these two graphics:I mean … my god.Here’s where I am right now as I try to piece together what the Opposite of 2008 means for markets and real-world.

1) Home price appreciation will not show up in official inflation stats. In fact, given that a) rents are flat to declining, and b) the Fed uses “rent equivalents” as their modeled proxy for housing inputs to cost of living calculations, it’s entirely possible that soaring home prices will end up being a negative contribution to official inflation statistics. This is, of course, absolutely insane, but it’s why we will continue to hear Jay Powell talk about “transitory” inflation that the Fed “just doesn’t see”.

2) Cash-out mortgage refis and HELOCs are going to explode. On Friday, I saw that Rocket Mortgage reported on their quarterly call that refi applications were coming in at their fastest rate ever. As the kids would say, I’m old enough to remember the tailwind that home equity withdrawals provided for … everything … in 2005-2007. This will also “surprise” the Fed.

3) Middle class (ie, home-owning) blue collar labor mobility is dead. If you need to move to find a new job, you’re a renter. You’re not going to be able to buy a home in your new metro area. That really doesn’t matter for white collar labor mobility, because you can work remotely. You don’t have to move to find a new job if you’re a white collar worker. Or if you want to put this in terms of demographics rather than class, this is great for boomers and awful for millennials and Gen Z’ers who want to buy a house and start a family.

4) As for markets … I think it is impossible for the Fed NOT to fall way behind the curve here. I think it is impossible for the Fed NOT to be caught flat-footed here. I think it is impossible for the Fed NOT to underreact for months and then find themselves in a position where they must overreact just to avoid a serious melt-up in real-world prices and pockets of market-world. Could a Covid variant surge tap the deflationary brakes on all this? Absolutely. But let’s hope that doesn’t happen! And even if it does happen, that’s only going to constrict housing supply still more, which is the real driver of these inflationary pressures.

It’s just like 2008, except … the opposite.In 2008, the US housing market – together with a Fed that thought the subprime crisis was “contained” – delivered the mother of all deflationary shocks to the global economy.In 2021, the US housing market – together with a Fed that thinks inflationary pressures are “transitory” – risks delivering the mother of all inflationary shocks.It’s the only question that long-term investors MUST get right. You don’t have to get it right immediately. You don’t have to track and turn with every small movement of its path. But you MUST get this question roughly right: Am I in an inflationary world or a deflationary world? And yes, there’s an ET note on this. Because the Fourth Horseman is inflation.

Read more …

Louis-Ferdinand Céline certainly did. But his work is still great literature.

Dr. Seuss Didn’t Have ‘A Racist Bone’ In His Body – Stepdaughter (NYP)

One of Dr. Seuss’ stepdaughters insisted to The Post on Tuesday that the world-famous children’s author was no racist — and that she hopes his six controversial kiddie books yanked from publication will be back. “There wasn’t a racist bone in that man’s body — he was so acutely aware of the world around him and cared so much,’’ Lark Grey Dimond-Cates said of her late, now-embattled stepdad, whose real name was Theodor Seuss Geisel. The company overseeing the legacy of the Dr. Seuss books, Dr. Seuss Enterprises, announced Tuesday that it will stop selling six of his titles because they “portray people in ways that are hurtful and wrong.”

Dimond-Cates said DSE, which works with publisher Penguin Random House, informed her Monday about its decision to not continue printing “If I Ran the Zoo,” “And to Think That I Saw It on Mulberry Street,” “McElligot’s Pool,” “On Beyond Zebra!,” “Scrambled Eggs Super!” and “The Cat’s Quizzer.” “I think in this day and age it’s a wise decision,” she told The Post of the move.“I think this is a world that right now is in pain, and we’ve all got to be very gentle and thoughtful and kind with each other.“This is just very difficult, painful times that we live in,” said Dimond-Cates, a California sculptor, who added that Geisel came into her life when she was in grade school.

“We’re taking that into account and being thoughtful. We don’t want to upset anybody.’’Dimond-Cates’ mother was Geisel’s second wife, Audrey Geisel, and the sculptor also has a sister, another of the author’s stepdaughters, Leagrey Dimond. Dr. Seuss did not have any children of his own. Still, Dimond-Cates said she hopes the six pulled books will eventually go back into print “because his body of work is unique.”

Read more …

“The real antiracists will stand up and oppose this nonsense.”

There Is No Such Thing as “White” Math (Klainerman)

In my position as a professor of mathematics at Princeton, I have witnessed the decline of universities and cultural institutions as they have embraced political ideology at the expense of rigorous scholarship. Until recently — this past summer, really — I had naively thought that the STEM disciplines would be spared from this ideological takeover. I was wrong. Attempts to “deconstruct” mathematics, deny its objectivity, accuse it of racial bias, and infuse it with political ideology have become more and more common — perhaps, even, at your child’s elementary school. This phenomenon is part of what has been dubbed “The Great Awokening.” As others have explained powerfully, the ideology incubated in academia, where it indoctrinated plenty of bright minds. It then migrated, through those true believers, into our important cultural, religious and political institutions. Now it is affecting some of the country’s most prominent businesses.

[..] For historical reasons, we often discuss contributions to the field of mathematics from the Egyptians, Babylonians, Greeks, Chinese, Indians and Arabs and refer to them as distinct entities. They have all contributed through a unique cultural dialogue to the creation of a truly magnificent edifice accessible today to every man and woman on the planet. Though we pay tribute to great historical figures who inform the practice of mathematics, the subject can be taught — and often is — with no reference to the individuals who have contributed to it. In that sense it is uniquely universal. Schools throughout the world teach the same basic body of mathematics. They differ only by the methodology and intensity with which they instruct students.

It is precisely this universality of math — together with the extraordinary ability of American universities to reward hard work and talent — that allowed me, and so many other young scientists and mathematicians, to come to this country and achieve success beyond our wildest dreams. The idea that focusing on getting the “right answer” is now considered among some self-described progressives a form of bias or racism is offensive and extraordinarily dangerous. The entire study of mathematics is based on clearly formulated definitions and statements of fact. If this were not so, bridges would collapse, planes would fall from the sky, and bank transactions would be impossible. The ability of mathematics to provide right answers to well-formulated problems is not something specific to one culture or another; it is really the essence of mathematics.

To claim otherwise is to argue that somehow the math taught in places like Iran, China, India or Nigeria is not genuinely theirs but borrowed or forged from “white supremacy culture.” It is hard to imagine a more ignorant and offensive statement. Finally, and most importantly, the woke approach to mathematics is particularly poisonous to those it pretends to want to help. Let’s start with the reasonable assumption that mathematical talent is equally distributed at birth to children from all socio-economic backgrounds, independent of ethnicity, sex and race. Those born in poor, uneducated families have clear educational disadvantages relative to others. But mathematics can act as a powerful equalizer. Through its set of well-defined, culturally unbiased, unambiguous set of rules, mathematics gives smart kids the potential to be, at least in this respect, on equal footing with all others. They can stand out by simply finding the right answers to questions with objective results.

There is no such thing as “white” mathematics. There is no reason to assume, as the activists do, that minority kids are not capable of mathematics or of finding the “right answers.” And there can be no justification for, in the name of “equity” or anything else, depriving students of the rigorous education that they need to succeed. The real antiracists will stand up and oppose this nonsense.

Read more …

 

 

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

 

 

 

 

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

 

Feb 042021
 
 February 4, 2021  Posted by at 10:25 am Finance Tagged with: , , , , , , , , , ,  20 Responses »


MC Escher Balcony 1945

 

‘Deadly Carrot’-Derived Antiviral Could Be Magic Bullet (RT)
5.8 Million Fewer Babies: America’s Lost Decade in Fertility (IFS)
Dallas Fed’s Kaplan: Reddit-Fueled Trading Frenzy Driven Partly By Fed (R.)
Beware Of Social Media-Fuelled Bubbles In Market – French Regulator (R.)
The Stock Market Is Broken, Now for All to See (WS)
The Insiders’ Game (Sacks)
SWIFT Sets Up Digital Currency Joint Venture With China’s Central Bank (R.)
“It Can’t Happen Here” (Rickards)
Andrew Cuomo Was a Villain All Along (NR)
Media Runs Defense as Amazon Caught Stealing Millions From Workers (MPN)
Defense Sec. Orders 60-Day Stand-down To Confront Extremism In Military (MT)
US Admiral Warns Nuclear War With Russia, China a ‘Real Possibility’ (Antiwar)
Xi, Putin Make The Case For Win-Win, Not Zero-Sum (Escobar)
If BlacK Lives Matter Wins Nobel, Rename It ‘Mostly Peaceful’ Prize (RT)

 

 

The Working Class pay taxes.
The Middle Class pay accountants.
The Upper Class pay politicians.

 

 

There’s a new meme in town: #AlexandriaOcasioSmollett. No comment.

 

 

Psaki calls out RT and Sputnik in front of the MSM. It’s too much.

 

 

“..several hundred times more effective than the current arsenal of antiviral treatments and is also effective against combined infections.”

‘Deadly Carrot’-Derived Antiviral Could Be Magic Bullet (RT)

Scientists are extolling the efficacy of a wonder drug in combating not only Covid-19 but influenza and other respiratory illnesses, in what may pave the way for a new generation of medicines to prevent future pandemics. Researchers led by a team at the University of Nottingham discovered that the broad spectrum antiviral thapsigargin has shown to be effective against SARS-CoV-2 (which causes Covid-19), a common cold coronavirus, the respiratory syncytial virus (RSV) as well as influenza A virus. Acute respiratory infections can be somewhat indistinguishable from one another on initial presentation to a doctor, which may result in lost time in terms of deploying the correct treatment. However, with an effective, broad-spectrum antiviral that can handle many of the main, more serious culprits with ease, it could yield far more positive outcomes for patients and medical practitioners.

Furthermore, it could also turn the tide against spontaneous community outbreaks of certain infections, including the dreaded clusters of Covid-19 which humanity can expect even after widespread vaccine rollout. The researchers, led by Professor Kin-Chow Chang, closely examined the plant-derived antiviral and put it through its paces against a number of pathogens. They found that it triggers a highly effective antiviral immune response against three major types of human respiratory viruses, and works before or during active infection, while preventing a virus from self-replicating for at least 48-hours, a critical component in stamping out community infections.

The drug remains stable in hostile, acidic environments, such as the human stomach, meaning it can be administered orally, without the need for injection or hospital admission, saving precious resources in the process. The researchers also claim the drug, derived from the ‘deadly carrot’ thapsia plant, is several hundred times more effective than the current arsenal of antiviral treatments and is also effective against combined infections. A derivative of the drug has been used in prostate cancer treatment, so concerns about safety in humans have already been allayed.


“The current pandemic highlights the need for effective antivirals to treat active infections, as well as vaccines, to prevent the infection,” Chang said, adding that future pandemics are likely to be zoonotic in nature, either animal-to-human or vice versa, so treating viral infections in humans and animals is crucial to prevent future catastrophe. The drug may mark the beginning of a new generation of powerful, host-centred antivirals, resulting in a holistic “One Health” approach to control both human and animal viruses and, hopefully at least, prevent further pandemics from inflicting such damage on the human race.

Read more …

And that’s before suspected COVID influence on -male- fertility.

5.8 Million Fewer Babies: America’s Lost Decade in Fertility (IFS)

Fertility rates have fallen around the world over the last decade—even in countries with generous social welfare states, which experts had long expected to be holdouts in the face of fertility declines. But while demographers often talk about this change in terms of “fertility rates” or “births per woman,” another way to tally the total is in terms of missing births. That is, if the population of women who might have kids changed the way it did over the last decade, and if fertility rates had remained at their 2008 levels (the last time we had replacement-rate fertility in America), how many more babies would have been born?


The answer is 5.8 million babies. Since births in the U.S. actually tend to run around 4 million per year, that’s almost like saying nobody had a baby for a year and a half. Figure 1 below shows the difference between the number of babies actually born to moms of each major racial or ethnic group tracked by the CDC from 2009-2019, and the number that would have been born, had 2008 fertility rates remained stable but underlying population totals changed in the same way.

The lion’s share of “missing babies” would have been born to Hispanic moms. That’s because in 2008, Hispanic moms could expect to have about 2.8 kids on average; now, they can expect to have about 2. Fertility rates declining by almost a third is a huge change, resulting in a loss of 2.7 million Hispanic babies that would otherwise have been born. Non-Hispanic whites make up the second biggest category of missing babies, with almost 2 million missing births. But that’s a bit of an illusion: in fact, non-Hispanic white fertility rates experienced the least amount of decline of any group (from 1.9 children per woman to 1.6; Asian-Americans have always been lower, falling from 1.8 to 1.5). But the number of potential non-Hispanic white moms is very large. Figure 2 below shows the percentage difference between actual births each year, and the expected number of births for that group and year.

Read more …

“Some of the current situation you are seeing – one of the factors – is there is a lot of liquidity, and some of that relates to Fed purchases..”

Dallas Fed’s Kaplan: Reddit-Fueled Trading Frenzy Driven Partly By Fed (R.)

Dallas Federal Reserve Bank President Robert Kaplan said Tuesday that while the Fed’s massive bond-buying program is creating plenty of liquidity in financial markets, there are no signs of broad market instability at present. “I don’t see anything right now systemic,” Kaplan said in a CNBC interview, responding to a question about a possible link between the Reddit-fueled frenzy in GameStop Corp shares and monetary policy. Kaplan did not comment on GameStop directly, and instead addressed the broader question of how Fed policy affects financial markets.


“Some of the current situation you are seeing – one of the factors – is there is a lot of liquidity, and some of that relates to Fed purchases of $80 billion of Treasuries and $40 billion of mortgage-backed securities every month: I think it’s wise for us to acknowledge that.” The Fed has kept interest rates near zero since last March and has pledged to keep them there until the economy has returned to full employment and inflation has reached, and is on track to overshoot, the Fed’s 2% goal. It has also said it will keep buying at least $120 billion of bonds each month until there is “substantial further progress” toward the Fed’s full employment and 2% inflation goals, a benchmark that Fed Vice Chair Richard Clarida has said may not be reached until next year.

Read more …

“Customers with direct market access are welcome, but raises questions about… new ways to manipulate markets..”

Let’s stick with the old ways.

Beware Of Social Media-Fuelled Bubbles In Market – French Regulator (R.)

An increase in retail investors flocking to online brokers during the coronavirus pandemic risks creating “bubbles” engineered by social media, France’s top markets regulator said on Wednesday. Robert Ophele, chair of France’s AMF markets watchdog, said the trading frenzy fuelled by posts on the Reddit forum and surge in bitcoin prices have shown how technology and social media can bring “irrationality” to financial markets. “Customers with direct market access are welcome, but raises questions about… new ways to manipulate markets with a social media dimension,” Ophele told an Afore Consulting webinar.

Read more …

Step 1: stop calling it a market.

The Stock Market Is Broken, Now for All to See (WS)

It has finally blown into the open for all to see. The stock market has been broken for a while, for a long time, actually. The idea that the stock market is where price discovery takes place on a rational transparent basis, with ups and downs, and some amount of chaos, but free of rampant manipulations – that idea has now totally imploded. What has been visible for a long time but now blew into the open is just how manipulated the market is, by all sides, how overleveraged the big players are because the Fed encouraged them to, and how enormous the risks are, and how crazy the trading strategies are. And the stock market soared to record out-of-whack valuations, in a terrible economy where at least 10 million people have lost their jobs and are still out of work, and where entire industries have gotten crushed.


The whole thing is propped up by stimulus and bailout payments to consumers and companies alike. And then came a new force – or rather the force wasn’t new, but the magnitude was: regular folks ganging together in the social media, particularly on Reddit’s WallStreetBets, and they were deeply cynical about the fake markets and they saw an opportunity, and they conspired to make a ton of money and push some hedge funds over the cliff, by buying long the most shorted stocks, in other words, they conspired to engineer a historic short-squeeze. This coordinated buying by the crowd on WallStreetBets, of a handful of small most-shorted stocks, drove up their prices sometimes by 100% or more in a day, which pushed the hedge funds that were short these stocks to the brink. And it pushed online broker Robinhood to the brink. And it revealed for all to see just how broken the stock market has been.

Read more …

“With the Town Square now digitized, centralized, and privatized in the hands of a cartel of Big Tech companies, the protections of the First Amendment no longer apply.”

The Insiders’ Game (Sacks)

Some of us warned of a slippery slope when Parler was taken down and a sitting president was systematically ghosted from every online speech platform. But we could not have foreseen how slippery the slope would be, or how fast we would slide down it. We were told that the curbs on speech of President Trump and his supporters were necessary to prevent further “insurrection” and protect the peaceful transition of power. However, much like the troops and barricades that still ring the Capitol, these speech restrictions remain in place well after the transition of power has occurred. The censorship power is always justified in response to a genuine outrage or crisis, but it is rarely relinquished once the threat passes. Rather it gets weaponized to protect powerful, connected insiders, as the GameStop fiasco illustrates.

How do we suppose Discord chose that moment to enforce its “Community Guidelines” against WallStreetBets? Almost certainly, one of the hedge funds whose ox was being gored combed through their message boards looking for anything that might violate the terms of service. And surely they found it, as these boards contain the same raunchy language you would hear if you visited any trading floor or boiler room on Wall Street. They presumably reported the content to Discord, which took the group down. Did Discord warn WallStreetBets of content violations before last Wednesday? I’m sure they did. Amazon sent such a warning letter to Parler as well. Frankly, such a letter could be, and likely is, sent to every large message board on the web.

The founder of a user-generated content site described it to me as “the One Percent Problem.” Every user-generated content site will have a small percentage of offensive material that gets through, no matter how many content moderators are hired. For example, Facebook, Twitter, and YouTube allowed far more content advocating for and planning the Capitol riot than Parler. But instead of acknowledging this, they were eager to blame the upstart, which had recently taken over the top spot in the social networking category in the app store. Scapegoating Parler served the dual purpose of deflecting blame and squashing a competitor. Critics of social networks insist that these sites simply need to double down on censorship in order to finally rid us of problematic speech. But that ignores how social media moderation actually works.


Algorithms set to recognize keywords capture only a small fraction of problematic posts, leaving millions of posts for humans to review. The work is so voluminous that it’s outsourced to far-flung locales where English may not even be the first language. Low-level employees must decipher complicated guidelines while navigating our increasingly Byzantine world of political and cultural hot-buttons. Mistakes are inevitable, and the harder a company tightens the standards to get the One Percent Problem down to 0.1 or 0.01 percent, the more undeserving accounts—from Ron Paul to the Socialist Equality Party—will be swept up in the dragnet. With the Town Square now digitized, centralized, and privatized in the hands of a cartel of Big Tech companies, the protections of the First Amendment no longer apply.

Read more …

The battle against Bitcoin will be fierce.

SWIFT Sets Up Digital Currency Joint Venture With China’s Central Bank (R.)

SWIFT, the global system for financial messaging and cross-border payments, has set up a joint venture with the Chinese central bank’s digital currency research institute and clearing centre, in a sign that China is exploring global use of its planned digital yuan. Other shareholders of the Beijing-based venture include China’s Cross-border Interbank Payment System (CIPS) and the Payment & Clearing Association of China, both supervised by the People’s Bank of China (PBOC), according to public information.


The new entity, called Finance Gateway Information Services Co, was established in Beijing on Jan. 16, and its business scope includes information system integration, data processing and technological consultancy, according to the website of the National Enterprise Credit Information Public System. China is a front-runner in the global race to launch central bank digital currencies, having launched domestic trials in several major cities including Shenzhen, Chengdu and Hangzhou. Its digital currency will help increase oversight of money flows, while also raising the efficiency of cross-border payments and facilitate yuan internationalization, HSBC said in a recent report. China’s cross-border payment system CIPS both partners and competes with SWIFT amid growing Sino-U.S. tensions.

Read more …

Rickards recognizes the role of money velocity in inflation, but doesn’t explain why he sees it change.

“It Can’t Happen Here” (Rickards)

The Federal Reserve printed $4 trillion in the years following the 2008 crash, expanding its pre-crisis balance sheet of about $900 billion to roughly $4.5 trillion. Many people thought, if hyperinflation were ever going to happen in the U.S., it would have already. Well, it never happened. Today, in response to the pandemic and the economic lockdowns that followed, the Fed has cranked up the printing press to even higher levels. It’s printed almost as much money in one year as it printed in the several years after the financial crisis. On February 26, 2020, the balance sheet was $4.16 trillion. Less than one year later, it’s roughly $7.3 trillion. Meanwhile, America’s M1 money supply spiked 70% last year.

But this blizzard of money-printing has not caused the level of alarm that the post-financial crisis money creation caused. If we didn’t get the hyperinflation then, they say, why should we get it now? Most people are complacent. They have a point. We still have no hyperinflation or even moderate inflation (except maybe in asset prices). But I’ve even argued that we won’t see inflation right away. Inflation is not only a product of money creation but also of money velocity. You can print as much money as you want, but if it’s not exchanging hands and there isn’t much turnover, it won’t lead to inflation. Inflation is at least as much a psychological phenomenon as a monetary phenomenon. And expectations right now are for disinflation.


Because of the lockdowns and their economic fallout, we will likely suffer a recession in the first quarter of 2021. Money velocity is low, so disinflation is the problem in the short term. But that doesn’t mean inflation isn’t coming back or even that hyperinflation isn’t possible once it does. Inflation will return, and when it does, it could be massive and potentially lead to hyperinflation. All this can happen faster than most people think.

Read more …

A useful scapegoat is past his best before date.

Andrew Cuomo Was a Villain All Along (NR)

For much of the past year, the mainstream media and Democrats have largely blamed former president Donald Trump and his administration for most of America’s COVID-19 deaths. Trump did indeed fail in certain aspects of coordination, messaging, and inserting politics into the parts of the process where it didn’t belong. He deserves credit, however, for Operation Warp Speed, the initiative that (ultimately successfully) fostered the development of coronavirus vaccines, one of the most successful public-private ventures in modern history. But Trump’s overbearing personality tended to absorb all the attention, leaving little room for real debate on the successes and failures of other politicians, except when the media found time to criticize Republican governors. But serious criticism of Democrats in this period was rare. Until now.

Last week, New York attorney general Letitia James, a Democrat, released a long-awaited report on the state of New York’s response to the coronavirus outbreak as led by Governor Andrew Cuomo. Her findings were stunning in their demonstration of both gross incompetence and outright malfeasance, and were recently reinforced by a New York Times report this week on Cuomo’s leadership failures and staffing troubles during the coronavirus period. The Times now reports that nine leading health-care experts for the state of New York resigned during the last summer and through the fall, all of whom complained that Cuomo had politicized health-care decisions and was ignoring the experts on long-standing plans for the pandemic, including regarding vaccinations.

Why the discrepancy? First, the state refused to count those patients who were transferred to, and later died at, hospitals. Why this loophole? Nobody has ever provided a good answer. Every other state in the country counts these deaths in the nursing-home numbers, because that is the practical and commonsense way to count it. New York specifically chose to be an outlier. The real failure, however, was New York’s unwillingness to be transparent with the data after the fact. For many who analyzed the data in April and May, it quickly became apparent that the state was not being fully transparent on nursing-home deaths. Many individuals were reporting that their family members died at the hospital, but only after getting severely ill at their extended-care facilities first. But somehow the numbers did not appear to bear that out.


An objective observer might be willing to give anyone in charge during such horrific events the benefit of the doubt. New York was at the time the worldwide center of COVID deaths, and it continued in this manner all through the spring. The vast majority of the more than 40,000 deaths in the state occurred during a horrific twelve-week period, when hospitals and health professionals faced war-like situations as patients died left and right.

Read more …

Please don’t send anyone to jail!

Media Runs Defense as Amazon Caught Stealing Millions From Workers (MPN)

It has been a turbulent 24 hours for retail giant Amazon. First, the company’s founder (and world’s richest individual) Jeff Bezos announced that he would step down as CEO. Then, the Federal Trade Commission (FTC) ruled that the company had illegally stolen more than $61 million worth of customer tips meant for its delivery drivers. Under their contracts, Amazon drivers were supposed to make between $18 and $25 per hour and keep all their tips. However, since at least 2016, the company had been secretly confiscating tips customers sent through an app, using their contributions to reduce their own wage payouts, meaning they were swindling both customers and employees. “In total, Amazon stole nearly one-third of drivers’ tips to pad its own bottom line,” said FTC Commissioner Rohit Chopra.

Unlike corporate crime cases in other nations, Amazon will merely be required to pay back the money it took from employees. Thus, it will face no negative consequences, except a possible public relations backlash due to bad press. Yet, instead of grilling Amazon, the media appear to be working hard to run defense for it, downplaying the nature of the crime in their headlines. The word “steal” was noticeably absent from much of the reporting, despite the fact that the original Reuters report used the word in its title — a direct reflection of the FTC’s ruling. Many newspapers instead decided to go with “withhold” instead. Even worse, many more framed the news as a mere allegation, despite the fact that the FTC had made a formal ruling.

Forbes, for instance, led with the headline “Amazon Will Pay $61.7 Million Settlement After Allegedly Withholding Tips From Delivery Drivers.” Others (Daily Caller, Daily Mail) did the same. Meanwhile, in a tweet on the news, Vox claimed that (emphasis added) “Amazon will pay $61.7 million in a settlement over allegations that the company used customer tips to subsidize the hourly wages of some delivery drivers.” Thus, the fact that Amazon had been caught stealing was watered down into a claim that it was merely “subsidizing” “some” of its employees’ wages.


Perhaps the worst offender was business and tech news site ZDNet, whose headline was “Amazon will pay $61.7 million to settle Flex driver tip dispute with FTC,” which obscured the matter into a foggy and very technical sounding financial dispute. Only a very small number of outlets, including Slate and The Huffington Post, echoed the FTC’s decision by using the word “stole” in their headlines.

Read more …

The most extreme things in the US military take place in far-away lands.

Defense Sec. Orders 60-Day Stand-down To Confront Extremism In Military (MT)

Defense Secretary Lloyd Austin has called on the services to conduct a 60-day stand-down on the issue of extremism in the military, prompted by the Jan. 6 attack on the the Capitol and subsequent reports of both active-duty and former service members attending a rally calling to overturn the 2020 election and the riot that ensued. Austin held a meeting Wednesday of the service secretaries and Joint Chiefs, Pentagon spokesman John Kirby told reporters, to ask them about their concerns and ideas for improving the situation. “Even though the numbers might be small, they may not be as small as we would like them to be, or we believe them to be,“ Kirby said of the prevalence of troops with extremists views, ties or activities. “And that no matter what it is, it is not an insignificant problem.”


Guidance is forthcoming on what Austin expects to see after the 60 days. “It wasn’t a blithe, ‘Hey, just go talk to your people,’” Kirby said of Austin’s direction to the service secretaries and Joint Chiefs. “He was very clear that he wants commands to take the necessary time. And I didn’t hear him be overly proscriptive about that … to speak with troops about the scope of this problem, and certainly to get a sense from them about what they’re seeing at their level.” The Defense Department does not centrally track troops who have been investigated for domestic terrorism or extremist sentiment, and neither do the services, making it difficult to get a read on how prevalent the problem is. Kirby told reporters on Jan. 28 that the FBI opened 143 investigations into troops and veterans in 2020, 68 of those for domestic extremism.

Read more …

The MIC needs orders.

US Admiral Warns Nuclear War With Russia, China a ‘Real Possibility’ (Antiwar)

The head of US Strategic Command (STRATCOM) warned that a nuclear war with Russia or China is a “real possibility” and is calling for a change in US policy that reflects this threat. “There is a real possibility that a regional crisis with Russia or China could escalate quickly to a conflict involving nuclear weapons, if they perceived a conventional loss would threaten the regime or state,” Vice Adm. Charles Richard wrote in the February edition of the US Naval Institute’s monthly magazine. Richard said the US military must “shift its principal assumption from ‘nuclear employment is not possible’ to ‘nuclear employment is a very real possibility,’ and act to meet and deter that reality.”


The STRATCOM chief said Russia and China “have begun to aggressively challenge international norms and global peace using instruments of power and threats of force in ways not seen since the height of the Cold War.” Richard hyped up Russia and China’s nuclear modernization, calling for the US to compete with the two nations. When it comes to China’s nuclear weapons, the US and Russia have vastly larger arsenals. Current estimates put Beijing’s nuclear arsenal at about 320 warheads, while Washington and Moscow have about 6,000 warheads each.

Read more …

Was it Trump’s policies that made them stronger, or was it the way America handled Trump?

Xi, Putin Make The Case For Win-Win, Not Zero-Sum (Escobar)

The best in-depth analysis of Putin’s extraordinary speech , hands down, was provided by Rostislav Ishchenko, whom I had the pleasure to meet in Moscow in 2018. Ishchenko stresses how, “in terms of scale and impact on historical processes, this is steeper than the Battles of Stalingrad and Kursk combined.” The speech, he adds, was totally unexpected, as much as Putin’s stunning intervention at the Munich Security Conference in 2007, “the crushing defeat” imposed on Georgia in 2008, and the return of Crimea in 2014. Ishchenko also reveals something that will never be acknowledged in the West: “80 people from among the most influential on the planet did not laugh in Putin’s face, as it was in 2007 in Munich, and without noise immediately after his open speech signed up for a closed conference with him.”

Putin’s very important reference to the ominous 1930s – “the inability and unwillingness to find substantive solutions to problems like this in the 20th century led to World War 2 catastrophe” – was juxtaposed with a common sense warning: the necessity of preventing the takeover of global policy by Big Tech , which “are de facto competing with states”. Xi and Putin’s speeches were de facto complementary – emphasizing sustainable, win-win economic development for all actors, especially across the Global South, coupled with the necessity of a new socio-political contract in international relations. This drive should be based on two pillars: sovereignty – that is, the good old Westphalian model (and not Great Reset, hyper-concentrated, one world “governance”) and sustainable development propelled by techno-scientific progress (and not techno-feudalism).


So what Putin-Xi proposed, in fact, was a concerted effort to expand the basic foundations of the Russia-China strategic partnership to the whole Global South: the crucial choice ahead is between win-win and the Exceptionalist zero-sum game.

Read more …

Amen.

If BlacK Lives Matter Wins Nobel, Rename It ‘Mostly Peaceful’ Prize (RT)

While 2020 may be remembered as the year Orwell turned over in his grave – and also the year deemed the perfect “match” for Satan – 2021 might well be remembered for the year Alfred Nobel did back flips in his. The Nobel Peace Prize has often generated controversy over many of its dubious nominees and recipients. Secretary of State Henry Kissinger shared the prize with his counterpart, Le Duc Tho, “for jointly having negotiated a cease fire in Vietnam in 1973.” Kissinger won despite his role in the bombings in Cambodia and in the killings in ‘Operation Candor’. President Barack Obama was awarded the Nobel Peace Prize in 2009, inspiring him to bomb seven countries as he managed to out-Bush G.W. Bush. The former Nobel secretary told the AP news agency in 2015 that in awarding the prize to Obama, “the committee didn’t achieve what it had hoped for.” You don’t say?

Yet, one of the biggest jaw-droppers may be a current contender, the corporate-funded Marxist front group, Black Lives Matter. The nomination must make BLM’s sponsors proud. And how much do corporate socialists like Black Lives Matter? As of June 2020, corporate America had pledged BLM over $1.678 billion, led by Bank of America and cheap-labor lover Nike. BLM was nominated for the Nobel Peace Prize by a Norwegian lawmaker. NBC News reported: “In his nomination letter, Petter Eide, a Socialist Left member of the Storting, Norway’s parliament, wrote that he had nominated Black Lives Matter ‘for their struggle against racism and racially motivated violence.’”

By now, much has been said about BLM’s violent roots. I discovered attempts by BLM (and its enablers) to disguise its history and ideology. But BLM’s scrubbing of its shady past has been to no avail, since its goals and tactics were on full display in the BLM-inspired riots. Protests and riots, including looting and arson, rampaged through the US from May to December 2020. The violence that resulted in the aftermath of the killing of George Floyd in Minneapolis was the first “multi-state catastrophe event” ever declared for civil disorder by claim-tracking company Property Claim Services, Triple-I has said. BLM demonstrations have included calling for the murder of police officers: “What do we want? Dead cops. When do we want it? Now!” On August 29, 2015, during a Black Lives Matter march outside the Minnesota State Fair in St. Paul, a chant rang out: “Pigs in a blanket, fry ‘em like bacon.” Inspired by BLM, at least two police officers were murdered, one at point-blank range.


On September 16, 2020, Axios headlined: “$1 billion-plus riot damage is most expensive in insurance history.” But noted in the report was the obligatory leftist cover for those who looted and set many cities ablaze. “The protests that took place in 140 U.S. cities this spring were mostly peaceful, but the arson, vandalism and looting that did occur will result in at least $1 billion to $2 billion of paid insurance claims.”

Read more …

 

 

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

 

 

 

 

Not quite dead yet meme:

 

 

 

Support the Automatic Earth in 2021. Click at the top of the sidebars to donate with Paypal and Patreon.

 

Oct 292020
 
 October 29, 2020  Posted by at 9:38 am Finance Tagged with: , , , , , , , , , , ,  20 Responses »


Gustav Klimt Pine forest II 1901

 

Senate Committee: All Bobulinski Materials Reviewed To Date Legitimate (DC)
Tucker Carlson: Bobulinski Documents Intercepted and Removed (sundance)
Zuckerberg: ‘I Would Guess That Our Employee Base Skews Left-Leaning’ (JTN)
Gundlach: Trump Will Win Next Week, “Some Sort Of Revolution” By 2027 (ZH)
Professor Deliberately Catches COVID19 To Test His Immune Response (ST)
Cable News October Ratings Explode As Fox News Hits Historic Highs (Hill)
CNN Won’t Run Trump Ad Warning Biden Will Raise Taxes On Middle Class (Hill)
‘Anonymous’ Anti-Trump Official Revealed As CNN Pundit Miles Taylor (Fox)
ALICE Doesn’t Work Here Anymore (CHS)
The Fed MUST Have Inflation (Rickards)
Ornstein: Impeach Amy Coney Barrett (Turley)
Bellingcat Smears OPCW Whistleblower, Journalists With False Letter (Maté)
Greece Has Protected Its Jobs Better Than The Rest Of The EU (K.)
Jack Dorsey Hires Homeless Man To Fill In For Him At Senate Hearings (BBee)

 

 

“If you can’t expose crime in the government you don’t really have a government. You have a dictatorship that is dressed up like a government.”

– Joe Rogan

 

 

Joe Rogan Greenwald

 

 

“I appreciate that the FBI has a job to do, and I am glad they are finally taking an interest in these concerning financial matters that our Committees have been investigating for months..”

Senate Committee: All Bobulinski Materials Reviewed To Date Legitimate (DC)

The Senate Homeland Security and Governmental Affairs Committee has been successful in verifying all materials reviewed so far from Hunter Biden’s ex-business partner Tony Bobulinski, the Daily Caller has learned. Committee Chairman Sen. Ron Johnson will not call Bobulinski to testify before the November 3 elections, as the committee is working to review all the information provided to the committee by Bobulinski. The information has to be verified, as it is subject to the same false information to Congress laws that verbal or written testimony does. However, a Johnson spokesperson told the Caller that all the material provided by Bobulinski that has been reviewed so far has turned out to be legitimate. The committee has “also” not come across any “signs” or evidence to suggest the content is false, the spokesperson added.


Bobulinski, who said Tuesday he believes “Joe Biden and the Biden family are compromised” in an interview with Fox News host Tucker Carlson, has turned over evidence to the FBI alleging he met twice in the past with the former vice president in regards to business with his son Hunter. The Biden family has not yet disputed this information. [..] Johnson had the chance to interview Bobulinski on Friday and released a statement shortly after saying: “I appreciate that the FBI has a job to do, and I am glad they are finally taking an interest in these concerning financial matters that our Committees have been investigating for months,” Sen. Johnson said. “I expect that Mr. Bobulinski will speak with our committee as soon as possible and fully share his insights into the Biden family’s business dealings.”

Read more …

Strange story. He has copies.

Tucker Carlson: Bobulinski Documents Intercepted and Removed (sundance)

Tucker Carlson revealed this evening that someone intercepted an envelope containing documents of evidence supporting the claims by Tony Bobulinski. The documents were mailed by a “well known overnight transport” company and mysteriously were removed in transit from New York to LA. I have a hunch what happened…. but first, WATCH:

Tucker missing documents

I review this story from a position that I cannot fully explain. However, I have personal experience -recent experience- with a similar and rather unusual situation that cannot be explained by any method other than DHS surveillance. So here’s what I think took place. The package, likely a Fed-X delivery, was intercepted by FBI agents using mechanisms for tracking and surveillance that open targeting through portals connected to DHS. As an outcome of the U.S. Patriot Act, the U.S. Dept. of Homeland Security has an agreement in place with mail shipping companies, public/private services, that essentially allows them a portal to track all in-state and interstate mail deliveries.

The FBI has access to this data network in the same way the FBI has access to federal transportation records. Just like when you book a flight and DHS portals are open that allow FBI to track your movements domestically. This type of portal is also accessed in private company transportation like Uber, Lyft etc. DHS, and as a consequence the FBI, can easily track your whereabouts. Without much hesitation I will bet the FBI was monitoring the communication of Bobulinski, and by extension the entire Tucker Carlson production network. Once the shipment was known to be taking place, the DHS portals are opened; the package is tracked; and the FBI moves in to intercept the delivery.

The transport company doesn’t need to be participating because they are essentially unneeded. Their system network is connected to the FBI. That’s the likely scenario. Wanna bet?

Read more …

Every time these people come in for questioning, nothing happens.

Zuckerberg: ‘I Would Guess That Our Employee Base Skews Left-Leaning’ (JTN)

Under questioning from Wisconsin Republican Sen. Ron Johnson, Facebook CEO Mark Zuckerberg told the Senate Commerce Committee on Wednesday that the employees at his company “skew left-leaning.” “Would you say that the political ideology of the employees at your company is, let’s say, 50:50, conservative versus liberal progressive or do you think it’s closer to 90% liberal and 10% conservative?” Johnson asked during a hearing with the CEOs of Facebook, Twitter and Google on Section 230 of the Communications Decency Act. “I don’t know the makeup of our employees because it’s not something we ask or focus on,” Twitter CEO Jack Dorsey responded. “It’s not something I look for.”

In response to the same question, Google CEO Sundar Pichai said more than 50% of Google’s 100,000 employees are from outside of California. “It does tend to be proportionate to the areas that we are in,” he said. Facebook CEO Mark Zuckerberg said: “I don’t know the exact number but I would guess that our employee base skews left-leaning.” According to OpenSecrets.org, the employees of Facebook, Google and Twitter favored Democrats over Republicans with political contributions in this election cycle. Johnson also asked Dorsey and Zuckerberg if they had “any evidence” that the New York Post’s recent reporting on content from a laptop belonging to Hunter Biden was based on Russian disinformation.

“We don’t,” Dorsey said. Later in the hearing, GOP Sen. Roger Wicker, the committee chairman, asked Zuckerberg if he has evidence that Russia was the source of the information in the New York Post’s reporting. “I would rely on the FBI to make that assessment,” Zuckerberg said but added that he personally does not have that evidence. “I do not, myself.”

@tedcruz and @jack

Read more …

“Some people will hedge their bets and split their vote towards retaining the Republican Senate because they view Biden as risky..”

Gundlach: Trump Will Win Next Week, “Some Sort Of Revolution” By 2027 (ZH)

Back at the start of 2016, when nobody else would even consider such an outcome, DoubleLine Capital CEO Jeff Gundlach shocked the economic, financial and political establishments when during the January Barron’s roundtable of that year, he predicted that Donald Trump would become the next US president. He was right. Fast forward to today when one week before the elections, and in an environment when most polls predict that Biden will crush Trump and where Nate Silver gives Trump just as 13% chance of defeating Trump, Jeffrey Gundlach is predicting another victory for President Donald Trump.


As Financial Advisor magazine reported, during a Tuesday webcast as part of Schwab’s 2020 IMPACT conference, Gundlach said that despite polls, analysis and betting odds that suggest otherwise, Trump is likely to outpace former Democratic vice president Joe Biden in the contest. “The polls right now say he isn’t going to win, but they said that four years ago,” said Gundlach referring to the following chart. “Mind you, my conviction is way lower than it was four years ago. But back in [that period], when Trump was little more than an asterisk in the betting odds, I predicted he was going to win. This one is much more murky, but in my eyes, it favors a Trump win.”

Addressing the elephant in the room, Gundlach said that public political polls are often “designed to create impressions” rather than illustrate reality, said Gundlach, and shouldn’t be trusted. He also argued that many Trump voters are unwilling to engage with pollsters and the media because they fear retribution for their political beliefs, also known as the “shy voter” phenomenon according to which “Over 10% Of Trump Voters Won’t Admit Preferences To Pollsters.” Biden also faces an enthusiasm problem, said Gundlach. Gundlach then went on to crush hopes of a Blue Wave, arguing that Republicans will likely keep the Senate regardless of who wins – mainly because of uncertainty around Biden.


“Some people will hedge their bets and split their vote towards retaining the Republican Senate because they view Biden as risky,” said Gundlach, who noted that Trump is often portrayed as riskier than Biden. And yet, in the four years of his presidency, there have been no international conflicts, despite some outrageous and bellicose language. “You might dislike Trump or some of his policies, but risk is not what you’re getting with him, particularly compared to turning the presidency over to another party, and particularly when that party’s candidate isn’t saying what some of his policy positions are.”

Read more …

“His conclusion is that there will be no collective immunity to coronavirus despite earlier hopes. The virus is here to stay for a long while, and while vaccines may give immunity this is likely to be temporary.”

Professor Deliberately Catches COVID19 To Test His Immune Response (ST)

Alexander Chepurnov had already recovered once when he re-infected himself in an experiment. The virologist experimented with his own health to check how long the body’s immune response lasted after his first bout of COVID-19. A former researcher at the Vector Centre of Virology and Biotechnology who currently works at the Institute of Clinical and Experimental Medicine, Chepurnov was first infected at the end of February 2020. ‘I was on my way to a skiing holiday from Siberia to France with a stopover in Moscow,’ he said. ‘After getting to the mountains I felt unwell with a high fever and sharp chest pain. My sense of smell has gone, too.’ It was impossible back then to do a COVID-19 test in Europe, he told Komsomolskaya Pravda newspaper in Novosibirsk.

He cut the holiday short, returned home to Novosibirsk, and was promptly diagnosed with double pneumonia. A month later in March he did a test which showed antibodies to Covid, confirming that he had been infected with the new virus. ‘I was the first in my team who had COVID-19,’ he said. ‘We started to follow the way antibodies ‘behaved’, how strong they were, and how long they stayed in the body. ‘The observation showed that they were fast to decrease. By the end of the third month from the moment I felt sick the antibodies were no longer detected.’ The scientist, 68 when he was first hit by COVID-19, said that he wanted to study the probability of getting re-infected.

To test the strength of his own immune response, Chepurnov deliberately exposed himself to COVID-19-positive patients wearing no protection. ‘My body’s defence fell exactly six months after I got the first infection. The first sign was a sore throat. The nasopharyngeal PCR smear immediately showed a positive reaction to COVID-19 on the 27th cycle, and two days later already on the 17th cycle, which corresponds to a high viral titre’, Chepurnov said of the second bout. The second illness was more acute, with Chepurnov needing hospitalisation after his saturation fell below 93. ‘For five days, my body temperature remained above 39C,’ he said. ‘I lost the sense of smell, my taste perception changed.

‘On the sixth day of the illness, the CT scan of the lungs was clear, and three days after the scan the X-ray showed double pneumonia. ‘The virus went away rather quickly – after two weeks it was no longer detected in the nasopharyngeal or in other samples.’ His conclusion is that there will be no collective immunity to coronavirus despite earlier hopes. The virus is here to stay for a long while, and while vaccines may give immunity this is likely to be temporary. ‘We need a vaccine that can be used multiple times, a recombinant vaccine will not suit,’ he said. ‘Once injected with the adenoviral vector-based vaccine we won’t be able to repeat it because the immunity against the adenoviral carrier will keep interfering.’

Read more …

I’d be more interested in seeing these numbers for social media.

Cable News October Ratings Explode As Fox News Hits Historic Highs (Hill)

Cable news ratings exploded in October across Fox News, CNN and MSNBC as all three networks saw record numbers for the month, with Fox News having the highest-rated month in cable news history, according to Nielsen Media Research. The month included a positive coronavirus test for the president, who was briefly hospitalized, and a fever pitch on the presidential campaign trail. The month also included a presidential debate, a vice presidential debate and multiple town hall events. Fox News led the way with a whopping 4.9 million total viewers in prime time, the highest number in the history of cable news dating back 40 years. MSNBC was second with 2.7 million viewers, followed by CNN with 2.4 million.


The top five shows for the month included Fox’s “Tucker Carlson Tonight” with an average of 5.3 million viewers, followed by “Hannity” with 5.2 million and “The Five” with 4.1 million despite airing before prime time in the 5 p.m. EDT slot. “The Ingraham Angle” delivered an average of just over 4 million total viewers, finishing fourth overall, with MSNBC’s “Rachel Maddow Show” rounding out the top five with 3.7 million. All three of the major cable news networks also saw substantial growth when compared to the same month last year. Fox News was up 83 percent year-over-year in total viewers and 139 percent in the key 25-54 demographic that advertisers covet most in prime time. CNN saw a 98 percent increase in total viewers when compared to October 2019, and a 116 percent jump in the demographic, while MSNBC is up 38 percent in total viewers and 45 percent in the younger category.

Read more …

“..the ad has been approved to run on ABC, AMC, Cooking, CBS, Comcast, DIY, Discovery, ESPN, Food Network, Fox, HGTV, History, Lifetime and The Weather Channel.”

CNN Won’t Run Trump Ad Warning Biden Will Raise Taxes On Middle Class (Hill)

CNN has informed the largest outside group supporting President Trump’s reelection that it will not run one of its new ads, saying the ad is false because it warns Democratic nominee Joe Biden will raise taxes on the middle class and implies that Speaker Nancy Pelosi (D-Calif.) supports socialist policies. The ad, from America First Action (AFA), says Biden “sided with socialists,” while showing pictures of Pelosi and Rep. Alexandria Ocasio-Cortez (D-N.Y.). The narrator of the ad also warns that Biden will “raise taxes on the middle class” and that “his liberal agenda will cost millions of jobs.” America First Action says the ad has been approved to run on ABC, AMC, Cooking, CBS, Comcast, DIY, Discovery, ESPN, Food Network, Fox, HGTV, History, Lifetime and The Weather Channel.

But in an email, an account executive at Warner Media said the clearance team rejected it. “WarnerMedia Commercial Clearance has not accepted America First Action’s advertisement ‘We Are America’ for its networks as the ad does not meet its commercial clearance standards,” the email states. “Specifically, the ad asserts that Biden will raise taxes on the middle class. That claim is not adequately substantiated and has been judged false by independent fact-checkers. The advertisement also mischaracterizes Nancy Pelosi as a socialist.” [..] In a letter to lawyers at Warner Media, an attorney representing AFA accused the media company of censoring normal political speech that is “at the very least a matter worthy of debate.”

“While AFA’s opponents are, of course, permitted to purchase air time to try to rebut AFA’s claims, it is not the job of your network to censor a statement that is factually supported and relates to an important issue in the upcoming election,” wrote Stephen Kenny of Jones Day. “Indeed, every other cable network is currently airing AFA’s ad. If you continue to decline to air the ad, please let us know why the factual support outlined above is insufficient.”

Read more …

The New York Times offers anonymous editorial space to complete nobodies these days. Sweet Jesus. Anything to smear Trump.

‘Anonymous’ Anti-Trump Official Revealed As CNN Pundit Miles Taylor (Fox)

The anonymous senior Trump administration official who authored the infamous New York Times op-ed in 2018 declaring to be part of the “resistance” revealed himself on Wednesday to be former Department of Homeland Security chief of staff Miles Taylor. Taylor, who previously came forward as a critic of President Trump and a supporter of Joe Biden in August, explained that he wrote his 2019 book “A Warning” as Anonymous as a “caution to voters that it wasn’t as bad as it looked inside the Trump administration – it was worse.” “While I claim sole authorship of the work, the sentiments expressed within it were widely held among officials at the highest levels of the federal government,” Taylor wrote in a statement published on Medium. “In other words, Trump’s own lieutenants were alarmed by his instability.”

Taylor was hired by CNN as a contributor in September. However, it is now known that he lied to the network by denying authorship of the op-ed during an Aug. 21 interview with his now-colleague Anderson Cooper. “There was an op-ed, there was a book by someone calling themselves ‘Anonymous.’ Are you aware of who that is?” Cooper asked. “I’m not,” Taylor responded. “Look, that was a parlor game that happened in Washington D.C. of a lot of folks trying to think of who that might be. I’ve got my own thoughts about who that might be, but-” “You’re not Anonymous,” Cooper interjected. “I wear a mask for two things, Anderson: Halloweens and pandemics. So, no,” Taylor answered.

[..] According to CNN anchor Jake Tapper, who broke the news on his network on Wednesday afternoon, “We did not know this until today. [..] White House Press Secretary Kayleigh McEnany released a statement knocking Taylor as a “low-level, disgruntled former staffer,” as well as “a liar and a coward who chose anonymity over action and leaking over leading. “He was ineffective and incompetent during his time as DHS Chief of Staff which is why he was promptly fired after only serving in this role for a matter of weeks,” McEnany added. “It is appalling a low-ranking official would be granted anonymity and it is clear the New York Times is doing the bidding of Never-Trumpers and Democrats.”

White House Chief of Staff Mark Meadows also piled on the former Trump official. You have got to be kidding me. Miles Taylor? That’s who the New York Times granted an anonymous editorial article? I’ve seen more exciting reveals in Scooby-Doo episodes. What a monumental embarrassment,” Meadows tweeted.

Read more …

“ALICE will never go back to her insecure, low-wage job, ever.”

ALICE Doesn’t Work Here Anymore (CHS)

Meet ALICE: Asset Limited, Income Constrained, Employed, at least she was employed until the pandemic presented impossible choices between taking care of her children and their education, and her aging parents, and keeping her demanding, low-wage job. Though it doesn’t fit in with the cute mythology of “capitalism” that apologists love to promote, ALICE wasn’t working to get ahead–she was working to barely survive in an economy where wages have stagnated for decades and recently lost ground at an alarming rate as costs for everything from rent to childcare to utilities have soared while her hours have been cut.

This is the neofeudalism I’ve often described here: the modern-day equivalent of the landless (i.e. owns no capital) serf is a landless (i.e. owns no capital) debt-serf with student loans, an auto loan and credit card debt and income that is constrained by globalization, financialization and the scarcity of high-paying work that isn’t reserved for insiders and the privileged few who chose their wealthy, well-educated, socially connected parents wisely. Lacking capital and any realistic means of acquiring any, the debt-serf has only labor to sell, and in a globalized world in which everyone selling their labor is competing globally for work producing tradable goods and services, ordinary labor has lost purchasing power for the past 45 years (see charts below).

The dominance of Big Tech monopoly platforms has created new fields for the exploitation of ordinary labor in the low-paid gig economy and fulfillment centers. The traditional neofeudal fiefdoms (retail outlets, hospitality and restaurants) have been hit by the pandemic pullback in consumer spending, and the other low-wage fiefdoms (fast food and domestic service) have been in structural decline for years. Meanwhile, the owners of the Financial Nobility’s fiefdoms and Big Tech monopolies have enjoyed unprecedented gains in income and wealth (see charts below) as wages’ share of the economy has declined for decades, in effect transferring trillions from labor to the Financial Nobility.

This neofeudal arrangement is about to change as Universal Basic Income (UBI) or its equivalent becomes the accepted status quo solution to neofeudalism’s soaring inequality. Since there’s no limit to how much currency can be created by the Federal Reserve, then why not distribute enough “free money” to the serfs to tamp down the brewing revolt? What the political class and the Financial Nobility don’t yet grasp (due to their complete disconnect from neofeudal daily life) is that ALICE will never go back to her insecure, low-wage job, ever. No matter how meager the UBI, permanent unemployment, stimulus or whatever the political class calls the distribution of “Fed free money,” ALICE will find a way to escape the bonds of neofeudal serfdom.

Read more …

But can’t create it, or print it. I’m not a fan of using all sorts of different kids of inflation, but in this case the point remains the same.

The Fed MUST Have Inflation (Rickards)

The Fed says that “price stability” is part of their dual mandate and they are committed to maintaining the purchasing power of the dollar. But the Fed has a funny definition of price stability. Common sense says price stability should be zero inflation and zero deflation. A dollar five years from now should have the same purchasing power as a dollar today. Of course, this purchasing power would be “on average,” since some items are always going up or down in price for reasons that have nothing to do with the Fed. And how you construct the price index matters also. It’s an inexact science, but zero inflation seems like the right target. But the Fed target is 2%, not zero. If that sounds low, it’s not. Inflation of 2% cuts the purchasing power of a dollar in half in 35 years and in half again in another 35 years.


That means in an average lifetime of 70 years, 2% will cause the dollar to 75% of its purchasing power! Just 3% inflation will cut the purchasing power of a dollar by almost 90% in the same average lifetime. But for the Fed, there’s a problem: They can’t produce 2% inflation. Inflation depends on consumer psychology. We have not had much consumer price inflation, but we have had huge asset price inflation. The “inflation” is not in consumer prices; it’s in asset prices. The printed money has to go somewhere. Instead of chasing goods, investors have been chasing yield. Inflation would help diminish the real value of the debt, but central banks have obviously proved impotent at generating inflation. Now central banks face the new depression and more deflation with few policy options to fight it.

Read more …

” There is not a single case in history where such a recusal of the justice has occurred under this type of flimsy claim.”

Ornstein: Impeach Amy Coney Barrett (Turley)

My column this morning in the Hill discussed a call by columnist and professor Norm Ornstein to impeach Amy Coney Barrett if she does not yield to a demand to recuse herself from any election challenge before the Court. A demand for such recusal was filed yesterday in the Supreme Court. Ornstein’s call for impeachment is the latest unhinged response to Barrett nomination and further decouples our national debate from any sense rationality and restraint. Ornstein declared on Twitter: “If Amy Coney Barrett goes on the Court and immediately votes for PA voter suppression, she should quickly be impeached. Trump asked her openly to act to tilt the scales of the election.”

I have already addressed the recusal calls as entirely baseless. Recusal under these circumstances would create a dangerous precedent for future nominees who are pressured to recuse solely to influence the outcome of pending or expected cases. There is not a single case in history where such a recusal of the justice has occurred under this type of flimsy claim. Barrett has no personal, professional, or financial interest in pending election cases. We have had only one justice ever impeached in our history. That was Samuel Chase in 1804 and he was acquitted by the Senate in 1805.

The Chase case is a telling point of comparison. Like today, the politics of the time were lethal and hysterical. Chase was a highly partisan Federalist who was tainted by the use of the Alien and Sedition Acts to attack political critics during the Administration of John Adams. The impeachment, supported by Thomas Jefferson, was based on Chase’s presiding on controversial trials for figures like James Callender. Despite the Federalist being in the minority in the Senate, the senators overwhelmingly rejected the case against Chase. It remains to be seen if we have a bipartisan majority of senators equally committed to the integrity of the Court and the Constitution today.

Read more …

Bellingcat is a dangerous arm of US, UK intelligence. We will see that soon again in the MH17 mess.

Bellingcat Smears OPCW Whistleblower, Journalists With False Letter (Maté)

Bellingcat, the NATO member state-funded website that has participated in a propaganda effort to accuse Syria of a chemical weapons attack in April 2018 and justify the US-led bombing that followed, has published a new falsehood-ridden attack on an OPCW whistleblower whose suppressed findings exposed the pro-war deception. According to Bellingcat, a leak that it has obtained not only “proves that a chemical attack did occur,” in the Syrian city of Douma in April 2018, but also, “shows that any notion of a cover-up at the OPCW is false.” Contrary to Bellingcat’s account, the website has only added a new chapter to the OPCW cover-up scandal by publishing an article beset with multiple demonstrable falsehoods and outlandish or unsupported claims.

It also features a malicious effort to dox and discredit a veteran, highly-regarded OPCW inspector who challenged the censorship of his team’s investigation. The anonymously authored Bellingcat article’s problems begin with its very premise, which turns out to be a blatant falsehood. The article is based on excerpts of a leaked draft letter that, Bellingcat claims, was sent in June 2019 by OPCW Director General Fernando Arias to Brendan Whelan, a member of the OPCW’s Douma team. However, The Grayzone can reveal that the text that Bellingcat published was never actually sent to Whelan. Indeed, the text of the letter featured by Bellingcat was actually an unsent draft that Whelan never received. This fact dismantles the heart of the NATO state-backed website’s argument.

Dr. Whelan, a 16-year OPCW veteran, first challenged the censorship of his team’s investigation in June 2018, weeks after the OPCW team returned from Syria. A series of leaks show that Whelan and the other OPCW inspectors who deployed to Syria found evidence that undermined allegations of a chemical attack in Douma. Yet their data was suppressed, and, when the censorship was challenged, the inspectors were removed from their own investigation. The cover-up coincided with pressure on the OPCW from the U.S. government, which had bombed Syria, along with the UK and France, in April 2018 based on the pretext that the Syrian government was culpable. The OPCW’s final report in March 2019 omitted the suppressed findings and strongly implied Syrian government guilt.

Read more …

Well, it’s something.

Greece Has Protected Its Jobs Better Than The Rest Of The EU (K.)

The Greek government’s measures to protect workers from the effects of the pandemic have served as a shield against unemployment, according to the course of the jobless rate in Greece and the rest of the European Union as revealed by Eurostat figures. In the second quarter of the year, when most of the bloc was in lockdown, the share of workers in Greece who lost their job was below 2% of those employed, against over 6.5% in Spain and between 3.5% and 5% in Italy. Across most EU countries, that rate ranged between 2% and 3.5%, according to an experimental study by the bloc’s statistical service.


Greece achieved that thanks to the introduction of contract suspensions and the subsidy of 534 euros per month to each worker furloughed, which is continuing for more than 160,000 recipients. This puts this country among the member-states that proved best at protecting jobs in the April-June period. On Thursday 116,860 workers will receive the special-purpose compensation for September, adding up to €58 million, and another 41,504 will collect a total of €10.6 million through the Syn-Ergasia labor subsidy program.

Read more …

“Don’t harsh my mellow, man. I’m doing this for a couple bags of blow and a $20, man. You suck!”

Jack Dorsey Hires Homeless Man To Fill In For Him At Senate Hearings (BBee)

Jack Dorsey was summoned to the Senate’s hearing on Big Tech today, but he was tripping on acid with the spider-monkeys off the southern coast of St. Bart’s, so he quickly called up his office and had his people hire a homeless man hanging out in front of Twitter’s headquarters to fill in for him. The hobo was holding up a sign reading “Will Go to Senate Hearing for Crack,” and Dorsey’s assistants quickly hired him for the hearing. “Yeah, uh, censorship, I like that. That’s good stuff,” said the hobo to the confused panel. “The apocalypse is coming, man. The signs are all around us!”

“Sorry, Mr., uh, Dorsey, we were expecting a professional-looking CEO, but you’re clearly just a hobo off the streets of San Francisco,” said Senator Mike Lee. “Couldn’t you at least have taken a shower before talking to the United States Senate?” “Hey, bro, chill out,” the hobo responded. “Don’t harsh my mellow, man. I’m doing this for a couple bags of blow and a $20, man. You suck!” For his part, Mark Zuckerberg programmed a lookalike android to testify.

Ron Johnson @jack

Read more …

 

 

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

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

 

 

Joe Rogan Greenwald Clapper

 

 

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

 

Sep 062020
 


Vincenzo Camuccini La Morte Di Cesare 1804

 

Trump and Biden Could Face Dramatic Post-Election Battle (Yoo)
Russia COVID19 Vaccine Effective Against Any Dose Of Virus (RT)
Total COVID19 Deaths Projected To Double In US, Triple in World By Jan. 1 (R.)
PCR Tests ‘Could Be Picking Up Dead Coronavirus’ (BBC)
Italian Mayor Wants Penalties For Wearing A Face Mask When Unnecessary (RT)
New Media Propaganda Tool: Use “Confirmed” to Mean its Opposite (Greenwald)
The Stunning Synergy of The Atlantic’s Anonymous Attack on Trump (Pollak)
Strzok Joins Weissmann, Doubts NYT story on FBI’s Trump-Russia Inquiry (WE)
The Fed’s New Policy Won’t Get Inflation (Roberts)
Majority Of US Young Adults Live With Parents For The 1st Time In 80 Years (Pew)

 

 

We’re full speed ahead into absolute election mayhem, and nobody’s even thinking of pulling the brakes. Throw in a second and third corona wave, more lockdowns, more riots.

 

 

Today’s numbers gain in importance because of a model (see below) that predicts that before January 1, US total deaths will more than double to 410,000, and the world’s will triple to 2.8 million. A bold prediction.

 

 

 

 

 

 

 

I suggest you read this well. You’ll understand how this really works, and come away thinking you don’t understand a thing.

Trump and Biden Could Face Dramatic Post-Election Battle (Yoo)

The Constitution requires the winner of the presidential election to garner a majority of the 538 votes in the Electoral College. Hillary Clinton won about 3 million more popular votes than Trump four years ago, but Trump won a clear Electoral College majority of 306-232. But if the election is close this year — as many prognosticators predict — and a few battleground states fail to report their votes on time, then neither President Trump nor former Vice President Biden might be able to assemble the required 270 electoral votes needed to become president. If such a stalemate occurs, a constitutional fail-safe would throw the election into the House of Representatives. Our nation barely avoided that outcome 20 years ago and has only used it twice in our history.

But even though the House will likely remain under Democratic control after the election, the Constitution’s process for resolving disputed elections should still bode well for Trump’s reelection. How could control of the White House end up in the domain of House Speaker Nancy Pelosi, D-Calif.? It depends on the decisions made 230 years ago. America’s founders rejected the idea that Congress should pick the president, which they believed would rob the chief executive of independence, responsibility and energy. They wanted the American people to have the primary hand in choosing the president. But the founders wanted the choice mediated through the states, because they also feared direct democracy.

In a compromise that binds us still, the founders allowed state legislatures to pick electors for the president, based on their number of senators and members of the House combined. The state-based organization of the Electoral College and its slight advantage for states with small populations (which receive two extra Electoral College votes no matter their population, since every state has two senators) underscore the founders’ desire to give federalism a say in the choice of the president. The founders went further in designing their constitutional backup. They realized that the Electoral College might yield no majority winner. They expected that regions might support their favorite sons instead.

In Article II of the Constitution, as modified by the 12th Amendment, the framers established that if no one won a majority of Electoral College votes, the House would pick the president from the top three vote-getters. But Pelosi and the Democrats — assuming that they hold onto their majority in the House — still won’t pick the president. Rather than allowing a simple majority vote in the House to select the president, the Constitution requires that the House choose the president by voting as state delegations. That means that California (represented by 53 House members) and Delaware (represented by 1 House member) would each get a single vote to pick the president. Once again, the founders decided to amplify the voice of the states in the presidential selection process, rather than defaulting to pure democracy.

And that is how Trump could win the presidency again. If the Electoral College votes yield no majority winner Dec. 14, the Constitution sends the vote to the House. Thanks to Republican advantages among the states, rather than the cities, the current balance of state delegations in the House favors Republicans, with 26 delegations controlled by Republicans and 23 controlled by Democrats (Pennsylvania is tied). If today’s House chose the president by voting by state delegations, Trump would win. But there is one more twist. The 20th Amendment to the Constitution seats a new Congress on Jan. 3, but does not begin the term of a new president until noon on Jan. 20. That means the new House chosen in the November election, rather than the current House, would choose the president if neither Trump nor Biden wins an Electoral College majority.

Even though Republicans currently have a majority of House delegations, Democrats have narrowed the gap. After the 2016 elections, Republicans had held a 32-17 advantage in House delegations. If Democrats can win one more congressional seat in Pennsylvania and then flip one more delegation, they could achieve a 25-25 tie in the House in January. Under this scenario, the election would require political bargaining of the most extreme kind for the House to resolve a disputed presidential election. But suppose the House can’t agree, which could well be likely given the polarization of our politics. The Constitution even provides for this. If the House splits 25-25 between Trump and Biden, then the 20th Amendment elevates the vice president-elect to the presidency. Under the 20th Amendment, when the Electoral College fails, the Senate chooses the vice president.

But unlike the House procedure, the senators each have an individual vote, meaning that under the current balance in the upper chamber, 53 Republicans would choose Mike Pence to effectively become the next president. But one-third of the seats in the Senate will be filled in the November election, meaning control of the chamber could flip to the Democrats. Under this scenario, Democratic vice presidential nominee Sen. Kamala Harris, D-Calif., could wind up as our next president and make history as the first woman to hold the office in American history. All of this is as complicated as it sounds. Election Day could be just the start of a new phase in a prolonged fight for control of the White House, rather than the conclusion of a long campaign.

Read more …

Vaccination to start as early as October. What if it is a huge success, what will the west do?

Russia COVID19 Vaccine Effective Against Any Dose Of Virus (RT)

The leader of the team behind Sputnik V said on Friday that the immune response documented among volunteers taking the world’s first registered coronavirus vaccine is sufficient to fight any level of Covid-19 infection. Alexander Gintsburg, head of Moscow’s Gamaleya Research Institute of Epidemiology and Microbiology, was speaking on the same day that The Lancet reported on trials confirming that every patient who received the vaccine had developed antibodies without any significant side-effects. The British publication, one of the oldest and best-respected medical journals in the world, confirmed that the Sputnik V vaccine had successfully produced antibodies in all 76 participants in early-stage trials.


“The vaccine’s immune response documented currently among volunteers is enough to counter any dose of Covid-19 that you could imagine,” Gintsburg said. Meanwhile, Moscow Mayor Sergey Sobyanin has revealed that post-registration clinical trials of Sputnik V in the capital could last from two to six months. He also confirmed that mass vaccination is likely to start in late 2020 or early 2021. “Some batches will arrive as early as this year,” he told Russia’s Channel One TV in an interview shown on Saturday. “There’s every likelihood that they will be used to vaccinate risk groups. These are healthcare, education, trade, the housing and utilities sectors, law enforcement agencies and some others – perhaps journalists.”

Read more …

We need more models than just this one. But scary it is.

Total COVID19 Deaths Projected To Double In US, Triple in World By Jan. 1 (R.)

U.S. deaths from the coronavirus will reach 410,000 by the end of the year, more than double the current death toll, and deaths could soar to 3,000 per day in December, the University of Washington’s health institute forecast on Friday. Deaths could be reduced by 30% if more Americans wore face masks as epidemiologists have advised, but mask-wearing is declining, the university’s Institute for Health Metrics and Evaluation said. The U.S. death rate projected by the IHME model, which has been cited by the White House Coronavirus Task Force, would more than triple the current death rate of some 850 per day.


“We expect the daily death rate in the United States, because of seasonality and declining vigilance of the public, to reach nearly 3,000 a day in December,” the institute, which bills itself as an independent research center, said in an update of its periodic forecasts. “Cumulative deaths expected by January 1 are 410,000; this is 225,000 deaths from now until the end of the year,” the institute said. It previously projected 317,697 deaths by Dec. 1. The model’s outlook for the world was even more dire, with deaths projected to triple to 2.8 million by Jan. 1, 2021.

Read more …

Why have we been focusing on PCR as much as we have? It is so far from perfect it’s not funny anymore.

PCR Tests ‘Could Be Picking Up Dead Coronavirus’ (BBC)

The main test used to diagnose coronavirus is so sensitive it could be picking up fragments of dead virus from old infections, scientists say. Most people are infectious only for about a week, but could test positive weeks afterwards. Researchers say this could be leading to an over-estimate of the current scale of the pandemic. But some experts say it is uncertain how a reliable test can be produced that doesn’t risk missing cases. Prof Carl Heneghan, one of the study’s authors, said instead of giving a “yes/no” result based on whether any virus is detected, tests should have a cut-off point so that very small amounts of virus do not trigger a positive result. He believes the detection of traces of old virus could partly explain why the number of cases is rising while hospital admissions remain stable.

[..] The PCR swab test – the standard diagnostic method – uses chemicals to amplify the virus’s genetic material so that it can be studied. Your test sample has to go through a number of “cycles” in the lab before enough virus is recovered. Just how many can indicate how much of the virus is there – whether it’s tiny fragments or lots of whole virus. This in turn appears to be linked to how likely the virus is to be infectious – tests that have to go through more cycles are less likely to reproduce when cultured in the lab. But when you take a coronavirus test, you get a “yes” or “no” answer. There is no indication of how much virus was in the sample, or how likely it is to be an active infection.

A person shedding a large amount of active virus, and a person with leftover fragments from an infection that’s already been cleared, would receive the same – positive – test result. But Prof Heneghan, the academic who spotted a quirk in how deaths were being recorded, which led Public Health England to reform its system, says evidence suggests coronavirus “infectivity appears to decline after about a week”. He added that while it would not be possible to check every test to see whether there was active virus, the likelihood of false positive results could be reduced if scientists could work out where the cut-off point should be. This could prevent people being given a positive result based on an old infection.

And Prof Heneghan said that would stop people quarantining or being contact-traced unnecessarily, and give a better understanding of the current scale of the pandemic. Public Health England agreed viral cultures were a useful way of assessing the results of coronavirus tests and said it had recently undertaken analysis along these lines. It said it was working with labs to reduce the risk of false positives, including looking at where the “cycle threshold”, or cut-off point, should be set. But it said there were many different test kits in use, with different thresholds and ways of being read, which made providing a range of cut-off points difficult.

Read more …

Hear hear. It’s important to avoid unneeded pressure. Already, renewed lockdowns lead to a lot of protest. As predicted: you need to get the first one right, or trouble’s on the way.

Italian Mayor Wants Penalties For Wearing A Face Mask When Unnecessary (RT)

These days, going out without wearing a face mask is considered poor form – and, in some places, an offense. But the mayor of an Italian town says fines should be slapped on those wearing a mask in an “inappropriate” situation. In the same way global health authorities insist masks contain the spread of coronavirus, Vittorio Sgarbi, the mayor of Sutri, is confident his unorthodox initiative will help stem the spread of “pandemic-related hysteria,” as he put it, according to the TASS news agency. The lingering Covid-19 pandemic has so far infected close to 275,000 people in Italy and killed more than 35,500 – almost seven times the entire population of Sutri. Yet, for Sgarbi, mandatory mask-wearing should have its limits, particularly when public safety is at stake.


Sgarbi, who is also a renowned art historian, cultural commentator, and television personality, told TASS he had issued a decree – yet to be approved by the Italian government – calling for imposition of a fine for wearing a mask in a situation when it’s not needed. “My decree has been issued under the current terrorism prevention laws,” he told the Russian media outlet. The legislation in question says people shouldn’t have their faces covered in a public place. Breaching this law can result in a one or two-year prison sentence or a fine of up to €2,000 (around $2,365). Sgarbi made it clear that anyone breaking his ban wouldn’t incur such a harsh penalty, but that people should wear a mask only when the occasion requires. “Wearing a mask at dinner is absurd,” he clarified. The mayor is no stranger to going against the mainstream. Ahead of the pandemic, he reportedly dismissed coronavirus as “a flu” and ridiculed those raising concerns about the looming crisis. He later made a formal apology when the death toll surged.

Read more …

The story stinks.

New Media Propaganda Tool: Use “Confirmed” to Mean its Opposite (Greenwald)

It seems the same misleading tactic is now driving the supremely dumb but all-consuming news cycle centered on whether President Trump, as first reported by the Atlantic’s editor-in-chief Jeffrey Goldberg, made disparaging comments about The Troops. Goldberg claims that “four people with firsthand knowledge of the discussion that day” — whom the magazine refuses to name because they fear “angry tweets” — told him that Trump made these comments. Trump, as well as former aides who were present that day (including Sarah Huckabee Sanders and John Bolton), deny that the report is accurate. So we have anonymous sources making claims on one side, and Trump and former aides (including Bolton, now a harsh Trump critic) insisting that the story is inaccurate.

Beyond deciding whether or not to believe Goldberg’s story based on what best advances one’s political interests, how can one resolve the factual dispute? If other media outlets could confirm the original claims from Goldberg, that would obviously be a significant advancement of the story. Other media outlets — including Associated Press and Fox News — now claim that they did exactly that: “confirmed” the Atlantic story. But if one looks at what they actually did, at what this “confirmation” consists of, it is the opposite of what that word would mean, or should mean, in any minimally responsible sense. AP, for instance, merely claims that “a senior Defense Department official with firsthand knowledge of events and a senior U.S. Marine Corps officer who was told about Trump’s comments confirmed some of the remarks to The Associated Press,” while Fox merely said “a former senior Trump administration official who was in France traveling with the president in November 2018 did confirm other details surrounding that trip.”

In other words, all that likely happened is that the same sources who claimed to Jeffrey Goldberg, with no evidence, that Trump said this went to other outlets and repeated the same claims — the same tactic that enabled MSNBC and CBS to claim they had “confirmed” the fundamentally false CNN story about Trump Jr. receiving advanced access to the WikiLeaks archive. Or perhaps it was different sources aligned with those original sources and sharing their agenda who repeated these claims. Given that none of the sources making these claims have the courage to identify themselves, due to their fear of mean tweets, it is impossible to know. But whatever happened, neither AP nor Fox obtained anything resembling “confirmation.”

They just heard the same assertions that Goldberg heard, likely from the same circles if not the same people, and are now abusing the term “confirmation” to mean “unproven assertions” or “unverifiable claims” (indeed, Fox now says that “two sources who were on the trip in question with Trump refuted the main thesis of The Atlantic’s reporting”). It should go without saying that none of this means that Trump did not utter these remarks or ones similar to them. He has made public statements in the past that are at least in the same universe as the ones reported by the Atlantic, and it is quite believable that he would have said something like this (though the absolute last person who should be trusted with anything, particularly interpreting claims from anonymous sources, is Jeffrey Goldberg, who has risen to one of the most important perches in journalism despite (or, more accurately because of) one of the most disgraceful and damaging records of spreading disinformation in service of the Pentagon and intelligence community’s agenda).

Read more …

An across the board set-up. And yes, there will be more.

The Stunning Synergy of The Atlantic’s Anonymous Attack on Trump (Pollak)

The Atlantic published a story Thursday evening that claimed President Donald Trump called the fallen American soldiers in a World War I cemetery “suckers” and “losers” in 2018. The author, Jeffrey Goldberg, cited four anonymous sources. Nearly a dozen current and former Trump administration officials disputed the story. One, notably, was John Bolton, the former national security adviser who says he will not vote for Trump. “I was there,” he said, and “I didn’t hear that.” Other claims in The Atlantic story are refuted by documentary evidence. The article claims, for instance, that Trump refused to visit the cemetery because the rain would ruin his hair. Bolton’s tell-all book said otherwise; so do official documents.

What is more interesting than the details of the story is how it was produced, and how it was rolled out. It has the appearance of a well-coordinated, well-executed campaign of disinformation, utilizing the full toolbox available to the Democratic Party. The article was published Thursday evening. By Friday morning, a left-wing group called Vote Vets had not only produced an ad based on the article, but had aired it on Morning Joe — MSNBC’s early-morning flagship news and opinion show. Meanwhile, the article spread across social media like a brush fire in a derecho. It trended at the top of Twitter; it was shared widely on Facebook, all without any of the “fact checks” that typically accompany disputed news reports on such platforms.

The Biden campaign issued a statement Thursday night — “If the revelations in today’s Atlantic article are true” — and held a press call Friday morning. The call featured, among others, Khizr Khan — the Gold Star father who attacked Trump in 2016. A short time later, Biden himself held a press briefing on the U.S. economy. Though he was expected to discuss the August jobs report — which came in better than expected, at 1.4 million jobs added — he led with an angry tirade about the article. At the end of his presentation, Biden turned to his campaign staff, who chose which reporters would be allowed to ask questions, and in what order. The first question went to Edward-Isaac Dovere, who writes for — surprise! — The Atlantic.

Dovere asked, “When you hear these remarks — ‘suckers,’ ‘losers,’ recoiling from amputees — what does it tell you about President Trump’s soul, and the life he leads?” It was a setup for Biden to attack Trump over The Atlantic allegations again. None of the other questions asked were challenging in any way; all appeared to be setup questions for Biden to attack Trump or to clarify some lingering problem — whether he had been tested for coronavirus (yes), where his running mate was (busy). No one asked Biden whether it was appropriate to attack Trump based on an unconfirmed report. No one even asked Biden about his economic policies.

What we witnessed Thursday night into Friday morning was the deployment of the Death Star — the full Democrat-media complex on display, coordinating journalists, outside political organizations, tech platforms, and unnamed military sources. It may be no coincidence that retired Gen. Stanley McChrystal — who was fired, ironically, because he had disparaged President Barack Obama and Biden — now advises a firm using military technology to help Democrats produce propaganda. It took weapons-grade skill to produce a story that, while unprovable, had the ring of truth to those eager to believe it (it “resonates,” said NBC’s Peter Alexander, whether it was true or not) and to make it the dominant story of the news cycle — on a day when the jobs market rebounded and Trump brokered a historic deal between Israel and Muslim-majority Kosovo.

Goldberg — the unofficial stenographer of the Obama White House — was just a vehicle. The real story is much bigger. The same machine that created and promoted The Atlantic piece will be sure to produce others.

Read more …

He doubts Rosenstein frustrated the inquiry. Strzok has a book out, you’ll hear a lot about it soon. It argues there were tons of reasons for the inquiry.

Strzok Joins Weissmann, Doubts NYT story on FBI’s Trump-Russia Inquiry (WE)

Controversial FBI agent Peter Strzok cast further doubt on a New York Times story that claimed the Justice Department secretly blocked special counsel Robert Mueller’s team from conducting a Trump-Russia counterintelligence investigation without informing the FBI. Strzok, who was a key member in the FBI’s investigation into both former Secretary of State Hillary Clinton’s improper private email server and Crossfire Hurricane’s Trump-Russia inquiry, said he “didn’t feel such a limitation” during his time on Mueller’s team when asked about a piece by New York Times reporter Michael Schmidt, whose article was adapted from his new book, Donald Trump v. The United States: Inside the Struggle to Stop a President.

Mueller’s “pitbull,” Andrew Weissmann, also cast doubt on the story a few days ago, and Mueller’s report and testimony also seem to contradict some claims made by the New York Times. “The Justice Department secretly took steps in 2017 to narrow the investigation into Russian election interference and any links to the Trump campaign, according to former law enforcement officials, keeping investigators from completing an examination of President Trump’s decades-long personal and business ties to Russia,” the New York Times reported on Sunday, adding the FBI opened the counterintelligence investigation in May 2017, but “within days,” former Deputy Attorney General Rod Rosenstein “curtailed the investigation without telling the bureau, all but ensuring it would go nowhere.”

Anne Applebaum of the Atlantic asked Strzok during an interview published Friday about the report, which she said, “suggests that the Justice Department secretly took steps in 2017 to narrow the investigation, precisely so that it would not touch on the president’s long-standing relationship with Russia.” Strzok cast doubt on that. “During the time I worked at the Special Counsel’s Office, I didn’t feel such a limitation,” Strzok replied. “When I discussed this with Mueller and others, it was agreed that FBI personnel attached to the Special Counsel’s Office would do the counterintelligence work, which necessarily included the president. But that’s an extraordinarily complex task, one of the most difficult counterintelligence investigations in the FBI’s history.”

Strzok added that “perhaps the FBI is somehow carrying out a comprehensive survey, with the full involvement of the CIA and NSA and the entire U.S. intelligence community” but said he worried that the inquiry “largely died on the vine.” Strzok was removed from Mueller’s team when numerous anti-Trump texts he’d exchanged with FBI lawyer Lisa Page, with whom he was having an affair, were unearthed, and he was fired in 2018. Strzok is currently suing the Justice Department. Weissmann also said the New York Times was wrong about its FBI counterintelligence story, tweeting, “NYT story today is wrong re: alleged secret DOJ order prohibiting a counterintelligence investigation by Mueller, ‘without telling the bureau.’ Dozens of FBI agents/analysts were embedded in Special Counsel’s Office and we were never told to keep anything from them.”

Read more …

Lance Roberts lists 5 reasons why, I picked my per peeve: monetary velocity. That alone does the trick.

5 Reasons The Fed’s New Policy Won’t Get Inflation (Roberts)

What the Federal Reserve has failed to grasp is that monetary policy is “deflationary” when “debt” is required to fund it. How do we know this? Monetary velocity tells the story. What is “monetary velocity?” “The velocity of money is important for measuring the rate at which money in circulation is used for purchasing goods and services. Velocity is useful in gauging the health and vitality of the economy. High money velocity is usually associated with a healthy, expanding economy. Low money velocity is usually associated with recessions and contractions.” – Investopedia. With each monetary policy intervention, the velocity of money has slowed along with the breadth and strength of economic activity.

However, it isn’t just the expansion of the Fed’s balance sheet which is undermining the strength of the economy. It is also the ongoing suppression of interest rates to try and stimulate economic activity. In 2000, the Fed “crossed the Rubicon,” whereby lowering interest rates did not stimulate economic activity. Instead, the “debt burden” detracted from it.

To illustrate the last point, we can compare monetary velocity to the deficit. To no surprise, monetary velocity increases when the deficit reverses to a surplus. Such allows revenues to move into productive investments rather than debt service. The problem for the Fed is the misunderstanding of the derivation of organic economic inflation.

[..] in order to generate “real inflation,” economic growth must be strong enough to support employment that exceeds the rate of population growth. That employment must ALSO be productive (manufacturing based) employment which leads to higher wages. (Service jobs are deflationary as they go to the lower cost of labor.) Higher wages lead to increased consumption which allows producers to increase prices (inflation) over time. This has not been the case for nearly 40-years as technology continues to reduce the demand for labor by increasing productivity. This is the “dark side” of technology that no one wants to talk about. However, this cannot be achieved in an economy saddled by $75 Trillion in debt which diverts income from consumption to debt service. This is why “monetary velocity” began to decline as total debt passed the point of being “productive” to become “destructive.”

Read more …

Virus, income and a few shut dorms.

Majority Of US Young Adults Live With Parents For The 1st Time In 80 Years (Pew)

In July, 52% of young adults resided with one or both of their parents, up from 47% in February, according to a new Pew Research Center analysis of monthly Census Bureau data. The number living with parents grew to 26.6 million, an increase of 2.6 million from February. The number and share of young adults living with their parents grew across the board for all major racial and ethnic groups, men and women, and metropolitan and rural residents, as well as in all four main census regions. Growth was sharpest for the youngest adults (ages 18 to 24) and for White young adults. The share of young adults living with their parents is higher than in any previous measurement (based on current surveys and decennial censuses).

Before 2020, the highest measured value was in the 1940 census at the end of the Great Depression, when 48% of young adults lived with their parents. The peak may have been higher during the worst of the Great Depression in the 1930s, but there is no data for that period. The share of young adults living with parents declined in the 1950 and 1960 censuses before rising again. The monthly share in the Current Population Survey has been above 50% since April of this year, reaching and maintaining this level for the first time since CPS data on young adults’ living arrangements became available in 1976.


Young adults have been particularly hard hit by this year’s pandemic and economic downturn, and have been more likely to move than other age groups, according to a Pew Research Center survey. About one-in-ten young adults (9%) say they relocated temporarily or permanently due to the coronavirus outbreak, and about the same share (10%) had somebody move into their household. Among all adults who moved due to the pandemic, 23% said the most important reason was because their college campus had closed, and 18% said it was due to job loss or other financial reasons.

Read more …

 

 

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, your support is now an integral part of the process.

Thank you for your ongoing support.

 

 

Gettysburg Address. All of 272 words.

 

 

Support the Automatic Earth in virustime.

 

Jun 012020
 


Christo & Jeanne Claude The Gates, Central Park NYC 2005 (Christo died yesterday at 84)

 

 

New Coronavirus Losing Potency, Top Italian Doctor Says (R.)
Russia To Roll Out ‘Game Changer’ COVID19 Drug Next Week (R.)
UK Has One Of Highest COVID19-Related Excess Deaths Levels In Europe (G.)
Health Officials Make Last-Minute Plea To Stop Lockdown Easing In England (G.)
It’s The Virus, Stupid! (AHEB)
Australia’s Stalled Migrant Boom Derails Golden Economic Run (R.)
Asia Stocks Hit 3-Month Peaks, Resilient To US Rioting (R.)
Asia’s Factory Pain Worsens As China’s Recovery Fails To Lift Demand (R.)
The Stunning Chart That Blows Up All Of Modern Central Banking (ZH)
FBI’s Top Lawyer Resigns As Agency Faces Pressure From Trump (R.)

 

 

The riots have completely taken over the -US- news cycle from COVID19, to such an extent that I don’t really know what to add to it. Only perhaps to say there is an enormous amount of brutal videos circling around, more than on any topic ever before, and there’s no way that doesn’t influence people on all sides.

 

 

 

 

 

 

 

Counted from Saturday, since there was no Debt Rattle yesterday:

Cases 6,288,176 (+ 233,399 from Saturday’s 6,054,777)

Deaths 374,327(+ 7,039 from Saturday’s 367,288)

 

 

 

Note: I dropped the SCMP graph, it doesn’t appear very useful anymore.

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

 

 

From Worldometer:

 

 

From COVID19Info.live:

 

 

 

 

Would be good news, but this sounds a little goal-seeked.

New Coronavirus Losing Potency, Top Italian Doctor Says (R.)

The new coronavirus is losing its potency and has become much less lethal, a senior Italian doctor said on Sunday. “In reality, the virus clinically no longer exists in Italy,” said Alberto Zangrillo, the head of the San Raffaele Hospital in Milan in the northern region of Lombardy, which has borne the brunt of Italy’s coronavirus contagion. “The swabs that were performed over the last 10 days showed a viral load in quantitative terms that was absolutely infinitesimal compared to the ones carried out a month or two months ago,” he told RAI television. Italy has the third highest death toll in the world from COVID-19, with 33,415 people dying since the outbreak came to light on Feb. 21. It has the sixth highest global tally of cases at 233,019.

However new infections and fatalities have fallen steadily in May and the country is unwinding some of the most rigid lockdown restrictions introduced anywhere on the continent. Zangrillo said some experts were too alarmist about the prospect of a second wave of infections and politicians needed to take into account the new reality. “We’ve got to get back to being a normal country,” he said. “Someone has to take responsibility for terrorizing the country.” The government urged caution, saying it was far too soon to claim victory. “Pending scientific evidence to support the thesis that the virus has disappeared … I would invite those who say they are sure of it not to confuse Italians,” Sandra Zampa, an undersecretary at the health ministry, said in a statement.


“We should instead invite Italians to maintain the maximum caution, maintain physical distancing, avoid large groups, to frequently wash their hands and to wear masks.” A second doctor from northern Italy told the national ANSA news agency that he was also seeing the coronavirus weaken. “The strength the virus had two months ago is not the same strength it has today,” said Matteo Bassetti, head of the infectious diseases clinic at the San Martino hospital in the city of Genoa. “It is clear that today the COVID-19 disease is different.”

Read more …

A bit better than remdesivir (which is not hard), and worse than HCQ?! What game is it that will be changed?

Russia To Roll Out ‘Game Changer’ COVID19 Drug Next Week (R.)

Russia will start administering its first approved antiviral drug to treat coronavirus patients next week, its state financial backer told Reuters, a move it described as “a game changer” that should speed a return to normal economic life. Russian hospitals can begin giving the drug to patients from June 11, with enough to treat around 60,000 people per month, the head of Russia’s RDIF sovereign wealth fund told Reuters in an interview. There is currently no approved vaccine for the highly contagious and sometimes fatal illness and no consensus within the global scientific community about the efficacy of medication such as the Russian modified antiviral drug.

Registered under the name Avifavir, it is the first potential coronavirus treatment to be approved by Russia’s health ministry, however. It appeared on a government list of approved drugs on Saturday after clinical trials. RDIF head Kirill Dmitriev said clinical trials involved 330 people and showed that the drug successfully treated the virus in most cases within four days. Trials were due to be concluded in around a week, he said, and more would be conducted. The health ministry had given its approval for the drug’s use under a special accelerated process and manufacturing had begun in March, he added. “We believe this is a game changer. It will reduce strain on the healthcare system, we’ll have fewer people getting into a critical condition, and for 90% of people it eliminates the virus within 10 days,” he said.

“We believe that the drug is key to resuming full economic activity in Russia. People need to follow social distancing rules, and of course we need to have a vaccine, but it’s a combination of those three levers.” With 405,843 cases, Russia has the third highest number of infections in the world after Brazil and the United States, though with 4,693 official deaths, a much lower fatality rate, something that has been the focus of debate. Dmitriev said the new drug, which comes in tablet form, would allow people to spend less time in hospital and reduce the time they are contagious, saying the drug had few side-effects but was not suitable for pregnant women. It was particularly effective, he said, for patients suffering from mild or mid-level symptoms.

[..] Avifavir, known generically as favipiravir, was first developed in the late 1990s by a Japanese company later bought by Fujifilm as it moved into healthcare. The drug works by short-circuiting the reproduction mechanism of certain RNA viruses such as influenza. Russian specialists modified the generic drug to enhance its efficacy for treating COVID-19 [..]

Read more …

Excess deaths may be the best, if not only, way to get an accurate fatality number for COVID19.

UK Has One Of Highest COVID19-Related Excess Deaths Levels In Europe (G.)

Britain’s excess death toll at the peak of the Covid-19 pandemic was the highest among 11 countries analysed by the Guardian. The UK had the biggest spike among countries including Sweden, France, Germany and Spain. At its peak the UK death toll was more than double that of an average week, at 109%, compared with Spain’s peak in week 14 where the death toll was double the average at 100%. By week 20 of 2020 the UK death toll – inclusive of both Covid-related and non-Covid deaths – was 21% higher than the average of recent years meaning, for every five deaths that occur in the UK in a normal year, six people have died this year to date.

Excess deaths are those above what we might expect to see in normal circumstances. The figure is the difference in the number of people who have died in a given week compared with the average number of deaths that occurred in the same period in the previous five years. Italy and the Netherlands also have excess deaths of 10% or more so far this year according to the latest data, although the data for those countries is not as up to date as that for the UK. Patterns in the data show countries that locked down earlier tended to have fewer deaths. Austria, which imposed strict containment measures on 16 March, when there was just one death attributed to Covid-19 in the country, recorded a peak in excess deaths of 14%.


By contrast, the Netherlands waited until its excess deaths were already 17% higher than usual before locking down, and at its peak the death toll was 74% above average. The data also shows that in Sweden, which has adopted a different approach with no lockdown in place, excess deaths peaked at 46%. The figures come from mortality statistics gathered by the Guardian. Not all of the deaths are directly attributable to Covid-19 but the figures indicate how many people have died directly and indirectly as a result of the virus in different countries.

Read more …

That cat’s out of the bag. Too late.

Health Officials Make Last-Minute Plea To Stop Lockdown Easing In England (G.)

Senior public health officials have made a last-minute plea for ministers to scrap Monday’s easing of the coronavirus lockdown in England, warning the country is unprepared to deal with any surge in infection and that public resolve to take steps to limit transmisson has been eroded. The Association of Directors of Public Health (ADPH) said new rules, including allowing groups of up to six people to meet outdoors and in private gardens, were “not supported by the science” and that pictures of crowded beaches and beauty spots over the weekend showed “the public is not keeping to social distancing as it was”.

On Saturday and Sunday, parks and seafronts were packed as people anticipated the lifting of restrictions on what has been dubbed “happy Monday”. Car showrooms and outdoor markets will also be reopened, millions of children will return to primary schools and the most vulnerable “shielded” people will be allowed out for the first time since lockdown began in March, all as long as physical distancing is maintained. But Jeanelle de Gruchy, president of the ADPH, said her colleagues across England were “increasingly concerned that the government is misjudging the balance of risk between more social interaction and the risk of a resurgence of the virus, and is easing too many restrictions too quickly”.


They have called on ministers to postpone the easing of restrictions until more is known about the infection rate, the test-and-trace system is better established and public resolve to maintain physical distancing and hygiene can be reinforced. “We have not spoken out in this way before,” De Gruchy said, “but we are concerned that if there is a spike it will be in our communities. We need to be confident we can get on top of it, and we are not confident yet.”

Read more …

Awful headline for a reasonable piece.

It’s The Virus, Stupid! (AHEB)

Many economists expressed disbelief after glancing at recent economic statistics. Since the arrival of the virus and the subsequent lockdowns we have observed a never-before-seen decline in production and consumption. In the UK alone, millions of jobs are at risk immediately. The IMF estimated that, for the UK, the expected economic growth this year will turn into a contraction of 6.5%. It was only the day after the presentation of this forecast when Kristalina Georgieva, the director of the IMF, said that the predictions had been overly positive. Globally, it is predicted that many hundreds of millions of people will fall back below the poverty line. The bad news just doesn’t seem to stop. And what for? To keep a virus in check.

A virus that will cause more death than a serious flu, but that does much less damage to health compared to other diseases like cancer or cardiovascular disease. Assuming an infection mortality risk of 1%, group immunity at 70% and 10 years of life lost per death, we arrive at an average loss of life expectancy of one month for the average UK person. This is in sharp contrast to, for example, the 2 to 3 years with which cancer shortens the life of the average UK person. Some economists read these numbers and conclude that the lockdown has to end immediately. That is understandable at first. The costs per year of life saved are higher than we are willing to spend on regular care. The difference is at least a factor 2, and probably much more. If we weren’t prepared to make such sacrifices for an extra year of life before, why now?


The comparison is flawed. While we can lift the lockdown, we cannot return to normality. If we assume 25% of the UK population is at risk, then 17 million people belong to one of the risk groups. For them, the virus is usually not fatal, but not safe either. Many of these people are likely to adopt a risk-averse position. The risks for the rest of the population are limited. However, they too will likely be cautious, as almost all of them are in direct contact with people from the risk groups. This raises the question to what extent the economic damage is caused by the lockdown or by the virus itself. The way to find out is to lift the lockdown in some regions and continue in others. Obviously, such an experiment will not be allowed because of the ethical aspects.

Read more …

We import oil and rich people.

Australia’s Stalled Migrant Boom Derails Golden Economic Run (R.)

Australia’s three decades of uninterrupted prosperity are coming to an abrupt end as the global coronavirus pandemic crashes one of its most lucrative sources of income – immigration. The country has been successful in managing the outbreak and reopening its A$2 trillion ($1.33 trillion) economy, thanks in part to an early closure of its borders. But the policy has led to a halt in mass immigration – a key source of consumer demand, labour and growth – in an economy which is facing its first recession since the early 1990s. Net immigration, including international students and those on skilled worker visas, is expected to fall 85% in the fiscal year to June 2021, curbing demand for everything from cars and property to education and wedding rings.


Gurmeet Tuli, who owns a jewellery store in the Sydney suburb of Parramatta, said his business is already hurting in a neighbourhood which is home to tens of thousands of migrants. “My main clientele is young people who come here to study, they find work here and settle down, fall in love and want to get married,” Tuli said. “I have not sold a single diamond ring in the past two months,” he added, noting business is down about 40% so far this year. So critical is migration to Australia that analysts reckon the economy would have slipped into a recession last year without new arrivals to boost population growth.

Read more …

That’s not terribly interesting…

Asia Stocks Hit 3-Month Peaks, Resilient To US Rioting (R.)

Asian shares pushed to three-month highs on Monday as progress on opening up economies helped offset jitters over riots in U.S. cities and unease over Washington’s power struggle with Beijing. There was also relief that while President Donald Trump began the process of ending special U.S. treatment for Hong Kong to punish China, he left their trade deal intact. “With specific and verifiable measures against China appearing to be weak, markets may draw hollow consolation that the U.S. is treading carefully,” said analysts at Mizuho in a note.

After a cautious start Asian markets were led higher by China on signs parts of the domestic economy were picking up. Hong Kong .HSI managed to rally 3.6%, while Chinese blue chips put on 2.4%. An official business survey from China showed its factory activity grew at a slower pace in May but momentum in the services and construction sectors quickened. A private survey showed a return to growth in May, though exports remained depressed. That helped lift MSCI’s broadest index of Asia-Pacific shares outside Japan 2.1% to its highest since early March. Japan’s Nikkei added 0.7% to also reach a three-month peak.


[..] The resilience was notable given major U.S. cities were cleaning up streets strewn with broken glass and burned out cars as curfews failed to stop confrontations between activists and law enforcement. The turmoil was a fresh setback for the economy which was only just emerging from a downturn akin to the Great Depression. Following poor data on spending and trade out on Friday, the Atlanta Federal Reserve estimated economic output could drop a staggering 51% annualised in the second quarter. The May jobs report due out on Friday is forecast to show the unemployment rate surged to 19.8%, smashing April’s record 14.7%. Payrolls are expected to drop by 7.4 million, on top of the 20.5 million jobs lost the previous month.

Read more …

… this is far more interesting. Why are stocks “resilient” and hitting peaks as economies plunge?

Asia’s Factory Pain Worsens As China’s Recovery Fails To Lift Demand (R.)

Asia’s factory pain deepened in May as the slump in global trade caused by the coronavirus pandemic worsened, with export powerhouses Japan and South Korea suffering the sharpest declines in business activity in more than a decade. A series of manufacturing surveys released on Monday suggest any rebound in businesses will be some time off, even though China’s factory activity unexpectedly returned to growth in May. China’s Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) hit 50.7 last month, marking the highest reading since January as easing of lockdowns allowed companies to get back to work and clear outstanding orders.


But with many of China’s trading partners still restricted, its new export orders remained in contraction, the private business survey showed on Monday. China’s official PMI survey on Sunday showed the recovery in the world’s second-largest economy intact but fragile. Japan’s factory activity shrank at the fastest pace since 2009 in May, a separate private sector survey showed while South Korea also saw manufacturing slump at the sharpest pace in more than a decade. [..] Taiwan’s manufacturing activity also fell in May. Vietnam, Malaysia and the Philippines saw PMIs rebound from April, though the indices all remained below the 50-mark threshold that separates contraction from expansion. Official data on Monday showed South Korea extending its exports plunge for a third straight month.

Read more …

Japan’s policy for years now hs been to force people to spend. The more -and longer- you do that, the more afraid they get and the less they spend.

Also, as mentioned 1000 times, talking about inflation means zilch unless velocity of money is included. The Deutsche bank graph down below gives that point a lot more perspective.

The Stunning Chart That Blows Up All Of Modern Central Banking (ZH)

[..] amusingly it was all the way back in 2015 that we predicted – correctly in retrospect – just what the monetary endgame is: “fear not: when even “moar” QE and NIRP do not work, and the economists of the ECB admit the “monetary twilight zone” was a disaster, there is one last “tool” they can and will use – helicopters. Because when it comes to printing money, whether in digital reserve format, or physical paper format, there is literally no limit how much can and will be created to achieve what is the endgame of the current monetary dead end: the total destruction of fiat as a store of wealth in order to preserve the global equity tranche while wiping away a few hundred trillion in debt.”


Thanks to covid-19, we have now moved beyond merely the “twilight” and are now in the “helicopter” zone. But what about the relationship between rates and savings, and by extension inflation? After all that is the topic of this post. Well, we can now confirm that our intuition from 2015 that negative rates are not only not inflationary but outright deflationary, and encourage consumers to save even more, was correct all along. Below we post a chart from the latest Research Investment Committee report by BofA titled “Stagnation, stagflation or elevation”, which with just one image blows up everything that is flawed with monetary policy. It shows that while lower rates indeed stimulate spending and lead to lower savings, this effect peaks at around 4% and then goes negative. In fact, the lower yields – and rates – drop below 4% – not to mention to 0% or below – the lower the propensity to spend and the higher the savings rate!

There is another reason why this chart of such epic importance: it confirms what so many have known but were afraid to voice as it ran against decades of flawed economic theory: it demonstrates without a shadow of doubt, that hyper-easy monetary policy is not inflationary but is deflationary. Which is catastrophic for central banks, who publicly state that the only reason they are pursuing ultra easy monetary policy which includes QE and negative rates, is not to goose the market higher (even though by now we all know that’s the real reason) but to stimulate inflation. This is how Bank of America summarizes this stunning observation: As low growth & inflation make low-risk-asset income scarce (e.g. from government bonds), households are forced to reduce consumption and increase savings in order to meet retirement goals. Forced saving further depresses demand in a vicious cycle.


This means that the lower (and more negative) central banks push rates, the lower (not higher) the spending, the higher (not lower) the savings rate, the lower the inflation, the higher the disinflation (or outright deflation), which in turn forces central banks to cut rates even more, to add QE, yield curve control, buy junk bonds, buy ETFs, or pursue any of a host of other monetary policies that are even more devastating to consumer psychology, forcing even more savings, resulting in even more disinflation, causing even more intervention by central banks in what is without doubt the most diabolical feedback loop of modern monetary policy and economics. Said otherwise, monetary easing is deflationary. Let that sink in.

Read more …

Not entirely sure what this is. The DOJ supposedly tells the FBI’s top lawyer to leave. And there’s no protest, he just does.

Impossible to see this as something wholly separate from the entire developing issue, for which Susan Rice is an appropriate symbol.

FBI’s Top Lawyer Resigns As Agency Faces Pressure From Trump (R.)

The FBI said on Saturday that its top lawyer, Dana Boente, had announced his resignation as the agency faces scrutiny over its investigations of former staffers and supporters of President Donald Trump. As a senior Justice Department official, Boente was involved in the investigation of Trump’s former national security adviser Michael Flynn, who pleaded guilty to lying to the FBI. The Justice Department has since asked a judge to drop those charges, arguing that prosecutors should not have brought them in the first place. Trump has repeatedly criticized the FBI for investigating Flynn and other allies.


NBC News, citing two sources, said Boente was asked to resign. Boente held several senior roles at the Justice Department and the FBI over the course of a 38-year career. He briefly served as acting Attorney General in 2017 after Trump fired Sally Yates, who held the job during the first weeks of his presidency. “Few people have served so well in so many critical, high-level roles at the Department,” FBI Director Christopher Wray said in a prepared statement.

Read more …

 

 

We try to run the Automatic Earth on people’s kind donations. Since their revenue has collapsed, ads no longer pay for all you read, and your support is now an integral part of the interaction.

Thank you.

 

 

 

 

 

 

Support the Automatic Earth in virustime.

 

Jan 242019
 


René Magritte The black flag 1937

 

One thing I am not is an expert on Venezuela. What I know is the country has the world’s largest oil reserves, mainly in the Orinoco Belt, but they come in a form of tar sands that while they are not as hard to exploit as Canada’s (viscosity), they’re far from easy, and buried deep. And I know Venezuela had Hugo Chávez as its president, who, for a socialist, was quite successful at what he did (depending who you ask).

And I know of course that the US yesterday recognized an opposition leader, Juan Guaido, as the ‘real’ president of Venezuela, instead of the elected Nicolas Maduro, whom Chávez picked as his successor. Soon as I read that, I thought: CIA. If Chávez, and Maduro, are hated in one place in the world, look no further than Langley, Virginia.

So I looked up a few articles I though would be interesting to read. The first comes from a site called Venezuela Analysis, an entity recommended for Venezuela news. They had the article below, but also this enlightening picture:

Note: in 2002, coincident with the attempted coup against Chávez, half the employees at state oil company PDVSA went on strike. They must have felt like clowns, too, 48 hours later.

The article explains what happened in terms you can find everywhere (but are perhaps good to note), except for the last bit:

 

Venezuelan Opposition Leader Guaido Declares Himself President, Recognized by US and Allies

Opposition leader Juan Guaido swore himself in as “interim president” of Venezuela on Wednesday, a move which was immediately recognized by the United States and regional allies. “As president of the National Assembly, before God and Venezuela, I swear to formally assume the competencies of the national executive as interim president of Venezuela,” he declared before an opposition rally in eastern Caracas.

Guaido had already proclaimed on several occasions that he was “ready” to assume the responsibilities of the executive branch, as the US was reportedly considering recognizing him as “interim president.” US authorities reacted swiftly, with President Donald Trump, Secretary of State Mike Pompeo and Senator Marco Rubio immediately voicing their recognition of Guaido as Venezuela’s interim president.

“I will continue to use the full weight of United States economic and diplomatic power to press for the restoration of Venezuelan democracy,” Trump said in a statement. Washington’s regional allies, including Canada, Brazil, Argentina, Colombia and other members of the so-called Lima Group, were quick to follow suit, giving their backing to the 35-year-old opposition politician.

The Lima Group had set the tone in early January with a statement refusing to recognize Maduro’s second term. Meanwhile, Cuba and Bolivia expressed their support for Maduro, while Uruguay and the new Lopez Obrador government in Mexico refused to recognize Guaido as president and called for dialogue to “avoid an escalation of violence.” Russia and Turkey likewise indicated that their relations with Maduro administration were unchanged.

This last paragraph may be the most important and revealing bit of news we see today:

[..] Torino Capital Chief Economist Francisco Rodriguez, who advised defeated opposition presidential candidate Henri Falcon last year, wrote on Twitter that the recognition from the Trump administration makes it possible for Guaido, or a presumed transition government, to take charge of Venezuelan assets on US soil, such as state oil company PDVSA’s largest subsidiary, CITGO. It could also prevent the Venezuelan government from invoicing payments for oil shipments.

Without CITGO life becomes hard for Maduro, very hard. The company has extensive refining and chemicals capacity in the Houston area, but the US hasn’t been able to touch it until now. If they get enough allies to recognize their CIA puppet as president, they can close it down, sell it off to Exxon, anything they want. But we’re not there yet.

Russia has been very outspoken in its opinions about what’s going on. Its Rosneft oil company has large assets in Venezuela. Just like China has huge loans outstanding in the country. And though it’s hard to gauge how strong the people’s support is for Maduro (don’t believe everything you read), there’s no doubt where the army stands. The whole top brass was on TV today pledging loyalty to the government.

Turkey also came out strong in favor of Maduro. A Turkish site named Yeni Safak talks about social media as an intelligence tool:

 

CIA Launches Media Campaign To Ignite Protests Against Venezuela’s Maduro

The CIA is backing Washington’s decision to recognize Venezuela’s opposition leader Juan Guaido as president by manipulating the public opinion against democratically-elected President Nicolas Maduro and the legitimate government over social media platforms. [..] Millions of posts designed to instigate Venezuelans against the country’s legitimate president, Nicolas Maduro, were shared in a very short time to kindle a social unrest against Maduro.

Assoc. Prof. Dr Levent Eraslan unveiled the striking details of the U.S’s perception and deception strategies [..] Stressing the U.S. national intelligence’s strategy report in 2019 that consists Pentagon’s intervention in Venezuelan politics, Eraslan said, “The role of ‘machine learning’ and providing data to decision makers by determining political instabilities through social media were emphasized in the report.”

Noting that thousands of tweets that have been shared from different accounts in the last two days, “People are being called to take streets to overthrow the elected president. The efforts to trigger rebellion and push this process into a bloody situation through social media networks such as Twitter, YouTube, and Facebook can be observed,” he concluded.

This is from Volkan at DutchTurks; nothing is new (except Facebook as a regime change instrument):

 

 

Hugo Chávez was president of Venezuela from 1999 to his death of cancer in 2013. Whatever you may think of the man, and you don’t have to think hard to know what the CIA thought of him, have you ever wondered why the rampant runaway inflation the country has suffered lately, and which has been blamed by many on ‘socialism’, was not happening while socialist Chávez was alive? This from a site named War Is Boring provides at least some ideas as to why.

 

To Understand Venezuela’s Crisis, Look to the Past … and the CIA

Chavez died of cancer in 2013, and now five years later it seems that his socialist dream, like Allende’s, has failed. Under his successor Pres. Nicolas Maduro, Venezuela has descended into economic and political chaos. Hyperinflation has beset the country, with prices rising at an annualized rate of 1,000,000 percent.

Shortages of basic necessities such as toilet paper and bread have caused mass unrest, culminating in violent protests. Now there is open talk about the need to overthrow Maduro or remove him from power, perhaps through U.S. military intervention.

[..] In Venezuela the figure of Chavez precluded an overthrow of the government there. We know this for a fact because a coup against him in 2002 lasted a matter of hours before mass uprisings and a lack of support from the military forced the plotters to surrender. Chavez was a controversial figure, hated by significant elements of Venezuelan society, but beloved by a majority of the largely poor country and respected by the military.

Chavez announced the return of his cancer in the fall of 2012 and died in March 2013. The current economic crisis kicked into high gear in the late summer of 2012, with inflation — typically high, but manageable — suddenly growing at an exponential rate. The cause typically cited by Western media — a precipitous fall in oil prices — occurred a full two years after the crisis began.

 

[..] Since 2012 Venezuela has faced a twin plague of shortages and rampant inflation. Venezuelan economist Pasqualina Curcio makes the case in her 2016 book The Visible Hand of the Market: Economic Warfare in Venezuela that both phenomena cannot be explained through normal economics, but rather by political causes.

Shortages have been a feature of Venezuelan life since Chavez came to power in 1999, with their magnitude growing over time. Yet over the course of years when Venezuela saw steadily and then sharply increasing shortages both imports and domestic production were also rising. If more products are being brought into the country, and more are being produced, but consumers are experiencing shortages, it begs the question of where the stuff went.

[..] As for inflation, the factors typically involved with currency devaluation–a shortage of foreign reserves or increased liquidity–have not coincided with inflation spikes. Nor has the state hoarded foreign currency as many claim. Curcio shows that 94 percent of foreign reserves were distributed to the private sector, and these distributions have grown over time.

It appears that manipulation of currency black markets — a phenomenon that happened in Chile under Allende as well — and then adoption of this inflated exchange rate by importers to spike the costs of necessary goods, services, and industrial inputs neatly produces the sort of induced inflation plaguing Venezuela today.

Russian foreign minister Lavrov put it nice and succinctly:

The US, which is paranoid about somebody interfering in their elections, even though they have no proof of that, themselves are trying to rule the fates of other peoples. What they actually do is interfere in their internal affairs. There is no need for [US special counsel Robert] Mueller to determine that.

American regime change in other countries is something that perhaps the rest of the world is getting tired of. America instigating chaos in its own southern backyard, like it has for years in the Middle East and North Africa, is getting old in the eyes of many. And the CIA can get Trump to support their puppet, but Trump knows nothing about Venezuela, other than that there’s lots of oil there, and that makes him a CIA puppet too.

Not a good idea.

A lot of what has led up to the present coup has been the US flexing its financial muscle. But the American economy isn’t doing all that great, so it’s not just flexing that muscle, it’s also stretching it. And yeah, there’s an old set of Venezuelan domestic interests that has been faithful, just like there was one in Cuba, but that’s all in the past. That was way back when the US could get away with bullying the whole neighborhood.

And it shouldn’t want to do that anymore. Neither the bullying nor the living in the past.

Not good ideas either.

 

 

Oct 082018
 
 October 8, 2018  Posted by at 9:18 am Finance Tagged with: , , , , , , , , , , , , ,  14 Responses »


Paul Gauguin The Great Buddah 1897

 

ACT NOW IDIOTS (BBC)
World Must Take ‘Unprecedented’ Steps To Avert Worst Of Global Warming (R.)
Energy Sector’s Carbon Emissions To Grow For Second Year Running (G.)
Clouds Gather Over The IMF’s Paradise (O.)
US Inflation Is The World’s Most Important Economic Variable (CNBC)
Ron Paul: US Barreling Towards A Stock Market Plunge Of At Least 50% (CNBC)
China Stocks Return From Holiday, Tumble 3% As PBOC Eases Bank Rates (MW)
FBI’s Smoking Gun: Redactions (Solomon)
Italy’s Di Maio Predicts ‘Political Earthquake’ For European Union (RT)
Salvini Resists Germany’s Plans To Send Migrants Back To Italy (RT)
Austerity Is The Wrong Prescription For The World’s Wellbeing (G.)
Greece ‘to Claim €280 Billion’ in War Reparations from Germany (GR)
‘The World Is Against Them’: New Era Of Cancer Lawsuits Threaten Monsanto (G.)

 

 

Sure, but do what? Has anyone defined that?

ACT NOW IDIOTS (BBC)

It’s the final call, say scientists, the most extensive warning yet on the risks of rising global temperatures. Their dramatic report on keeping that rise under 1.5 degrees C states that the world is now completely off track, heading instead towards 3C. Staying below 1.5C will require “rapid, far-reaching and unprecedented changes in all aspects of society”. It will be hugely expensive, the report says, but the window of opportunity is not yet closed. After three years of research and a week of haggling between scientists and government officials at a meeting in South Korea, the Intergovernmental Panel on Climate Change (IPCC) has issued a special report on the impact of global warming of 1.5C.

The critical 33-page Summary for Policymakers certainly bears the hallmarks of difficult negotiations between climate researchers determined to stick to what their studies have shown and political representatives more concerned with economies and living standards. Despite the inevitable compromises, there are some key messages that come through loud and and clear. “The first is that limiting warming to 1.5C brings a lot of benefits compared with limiting it to 2 degrees. It really reduces the impacts of climate change in very important ways,” said Prof Jim Skea, who is a co-chair of the IPCC.

“The second is the unprecedented nature of the changes that are required if we are to limit warming to 1.5C – changes to energy systems, changes to the way we manage land, changes to the way we move around with transportation.” “Scientists might want to write in capital letters, ‘ACT NOW IDIOTS’, but they need to say that with facts and numbers,” said Kaisa Kosonen, from Greenpeace, who was an observer at the negotiations. “And they have.” The researchers have used these facts and numbers to paint a picture of the world with a dangerous fever, caused by humans. We used to think if we could keep warming below 2 degrees this century then the changes we would experience would be manageable.

Read more …

The IPCC’s estimates have been off by a large margin. Political pressure?

World Must Take ‘Unprecedented’ Steps To Avert Worst Of Global Warming (R.)

Society would have to enact “unprecedented” changes to how it consumes energy, travels and builds to meet a lower global warming target or it risks increases in heat waves, flood-causing storms and the chances of drought in some regions as well as the loss of species, a U.N. report said on Monday. Keeping the Earth’s temperature rise to only 1.5 degrees Celsius (2.7 degrees Fahrenheit) rather than the 2C target agreed to at the Paris Agreement talks in 2015, would have “clear benefits to people and natural ecosystems,” the United Nations Intergovernmental Panel on Climate Change (IPCC) said on Monday in a statement announcing the report’s release.

The IPCC report said at the current rate of warming, the world’s temperatures would likely reach 1.5C between 2030 and 2052 after an increase of 1C above pre-industrial levels since the mid-1800s. Keeping the 1.5C target would keep the global sea level rise 0.1 meter (3.9 inches) lower by 2100 than a 2C target, the report states. That could reduce flooding and give the people that inhabit the world’s coasts, islands and river deltas time to adapt to climate change.

The lower target would also reduce species loss and extinction and the impact on terrestrial, freshwater and coastal ecosystems, the report said. “There were doubts if we would be able to differentiate impacts set at 1.5C and that came so clearly. Even the scientists were surprised to see how much science was already there and how much they could really differentiate and how great are the benefits of limiting global warming at 1.5 compared to 2,” Thelma Krug, vice-chair of the IPCC, told Reuters in an interview. “And now more than ever we know that every bit of warming matters,” Krug said.

Read more …

And after all the big words, here is reality.

Energy Sector’s Carbon Emissions To Grow For Second Year Running (G.)

Carbon emissions from the energy sector are on track to grow for the second year running, in a major blow to hopes the world might have turned the corner on tackling climate change. Preliminary analysis by the world’s energy watchdog shows the industry’s emissions have continued to rise in 2018, suggesting that an increase last year was not a one-off. The finding comes as the world’s leading climate scientists issue a landmark report on whether the world can meet a tougher global warming target, of limiting temperature rises to 1.5C.

Dr Fatih Birol, the executive director of the International Energy Agency (IEA), told the Guardian: “When I look at the first nine months of data, I expect in 2018 carbon emissions will increase once again. This is definitely worrying news for our climate goals. We need to see a steep decline in emissions. We are not seeing even flat emissions.” Emissions largely flatlined in 2014–16 after climbing for decades, raising hopes that global action on climate change was beginning to turn the tide – but in 2017 they grew by 1.4%.

Read more …

Silliest metaphor ever? “..while it is tempting to sail alone, countries must resist the siren call of self-sufficiency – because as the Greek legends tell us, that leads to shipwreck..”

Clouds Gather Over The IMF’s Paradise (O.)

On Tuesday, the [IMF] will update its World Economic Outlook and has already warned that the effects of rising debt and trade wars are affecting the global projections. Last week, the IMF’s head, Christine Lagarde, said the outlook “has become less bright”, despite projections during the summer that there would be 3.9% growth for 2018 and 2019. [..] Adding to Lagarde’s comments, there were warnings last week in the IMF’s global financial stability report, which said there was a risk of another financial meltdown because both governments and regulators have failed to put in place needed reforms to protect the system. Lagarde said that while expansion of the global economy was running at its fastest rate in seven years, there were signs of slowdown.

In September, factory activity dropped as a result of changes in trading with the US – and Donald Trump did not escape (admittedly veiled) criticism. The growing use of trade barriers had resulted in a drop in imports and exports, Lagarde said, and investment and manufacturing output had also been hit. Trump has consistently championed unilateral trade deals in an effort to further his “America First” agenda. “History shows that, while it is tempting to sail alone, countries must resist the siren call of self-sufficiency – because as the Greek legends tell us, that leads to shipwreck,” said Lagarde. Also central to the concerns about the future of the global economy are debt levels, currently well above those seen at the time of the 2008 crash. The IMF warned that there was a risk that unregulated parts of the financial system could trigger a panic.

The rise of unregulated “shadow banks” and the lack of restrictions on insurers and asset managers were pinpointed as concerns – as was the growth of global banks to a scale larger than 2008 and the fear that they are again “too big to fail”. Lagarde has said she is concerned that the total value of global debt has risen by 60% in the last 10 years to reach an all-time high of £139tn. As central banks in more advanced economies raised interest rates, attracting investors back to them, she said, developing countries were suffering. “That process could become even more challenging if it were to accelerate suddenly. It could lead to market corrections, sharp exchange rate movements, and further weakening of capital flows.”

Read more …

I think perhaps it’s that 1.5ºC one?!

US Inflation Is The World’s Most Important Economic Variable (CNBC)

U.S. inflation is the world’s most important economic variable. That proposition is explained by its corollary: Rising inflation is the only problem the U.S. Federal Reserve cannot solve by increasing its money supply. The Fed can deal with structural problems in credit markets by means of enhanced supervision, regulatory provisions and, all else failing, by open-ended lending in cases of systemic threats to the financial system’s stability. But none of those measures are applicable to situations of accelerating inflation and a deteriorating outlook for the value of fixed-income assets. That is a problem the Fed must address with sustained liquidity withdrawals, increasing credit costs and the ensuing growth recession of the U.S. economy.

[..] U.S. inflation has reached a point in an accelerating economy where the Fed needs to step in with a prompt and credible action to anchor inflation expectations. Markets are signaling that such measures are long overdue. The Fed is now well beyond the stage where it could think of fine tuning the economic activity in an environment of stable costs and prices. The U.S. economy is moving along at twice the rate of its noninflationary growth potential. That is unsustainable. As in the past, the restoration of American price stability will lead to a growth recession of unknown amplitude and duration.

The global reach of the dollar, and of the American financial system, are direct and powerful channels through which the Fed’s rising interest rates will affect demand, output and employment in the rest of the world. Those who think that they can avoid the impact of U.S. monetary policies should think again. The dollar remains an irreplaceable linchpin to the international monetary system. And that’s the way it will be for the foreseeable future. There is simply no viable alternative to the dollar’s global role as a unit of account, a means of payment, a transactions currency and a store of value.

Read more …

The name is Bonds. Sovereign bonds.

Ron Paul: US Barreling Towards A Stock Market Plunge Of At Least 50% (CNBC)

Ron Paul believes the bond trading pits are giving investors a dire message about the state of the nation’s economy. According to the former Republican Congressman from Texas, the recent jump in Treasury bond yields suggest the U.S. is barreling towards a potential recession and market meltdown at a faster and faster pace. And, he sees no way to prevent it. “We’re getting awfully close. I’d be surprised if you don’t have everybody agreeing with what I’m saying next year some time,” he said last Thursday on CNBC’s “Futures Now.”

His remarks came as the benchmark 10-Year Treasury yield, which moves inversely to its price, rallied to seven year highs, intensifying fears over rising inflation. It may be beneficial for personal savings accounts, but it could deliver irrevocable damage to those in adjustable mortgages, or for auto buyers looking to finance a new vehicle. “It can be pretty well validated by looking at monetary history that when you inflate the currency, distort interest rates and live beyond your means and spend too much, there has to be an adjustment,” he said. “We have the biggest bubble in the history of mankind.”

Read more …

The world’s fastest growing economy for years now needs stimulus.

China Stocks Return From Holiday, Tumble 3% As PBOC Eases Bank Rates (MW)

Chinese stocks led weaker action across Asia markets on Monday, as traders returned to work after a weeklong holiday, brushing aside the latest rate cut by the People’s Bank of China. Chinese stocks returned from the Golden Week holiday with opening declines of 2% after last week’s wide selling in Asia and a U.S.-listed benchmark of mainland companies falling nearly 5%. The major indexes in both Shanghai and Shenzhen were last down around 3%. On Sunday, the PBOC made a one percentage-point cut in banks’ reserve-requirement ratios. The central bank was widely expected to cut the metric again before year-end amid ongoing stimulus efforts.

But Monday was expected to be an up-and-down day as investors try and price in not just what’s happened so far this month but also what continues to lie ahead on the trade front. “This monetary policy tweak is the fourth in 2018 and despite the weakening Yaun and the Feds embarking on a more aggressive rate hike tangent than expected, suggests the Pboc are putting their greatest energies behind stimulating the flagging economy as opposed to the U.S.-China trade wars or Fed policy for that matter,” said Stephen Innes, head of trading APAC, at OANDA. A survey of China’s service sector came in mixed, with the sector expanding at a faster pace in September, but a subindex of employment abruptly contracted, falling to its lowest level since March 2016.

Read more …

Declassify!

FBI’s Smoking Gun: Redactions (Solomon)

To declassify or not to declassify? That is the question, when it comes to the FBI’s original evidence in the Russia collusion case. The Department of Justice (DOJ) and the FBI have tried to thwart President Trump on releasing the evidence, suggesting it will harm national security, make allies less willing to cooperate, or even leave him vulnerable to accusations that he is trying to obstruct the end of the Russia probe. Before you judge the DOJ’s and FBI’s arguments — which are similar to those offered to stop the release of information in other major episodes of American history, from the Bay of Pigs to 9/11 — consider Footnote 43 on Page 57 of Chapter 3 of the House Intelligence Committee’s report earlier this year on Russian interference in the 2016 presidential election.

Until this past week, the footnote really had garnered no public intrigue, in part because the U.S. intelligence community blacked out the vast majority of its verbiage in the name of national security before the report was made public. From the heavy redactions, all one could tell is that FBI general counsel James Baker met with an unnamed person who provided some information in September 2016 about Russia, email hacking and a possible link to the Trump campaign. Not a reporter or policymaker would have batted an eyelash over such a revelation. Then, last Wednesday, I broke the story that Baker admitted to Congress in an unclassified setting — repeat, in an unclassified setting — that he had met with a top lawyer at the firm representing the Democratic National Committee (DNC) and received allegations from that lawyer about Russia, Trump and possible hacking.

It was the same DNC, along with Hillary Clinton’s presidential campaign, that funded the unverified, salacious dossier by a British intel operative, Christopher Steele, that became a central piece of evidence used to justify the FBI surveillance of the Trump campaign in the final days of the election And it was the same law firm that made the payments for the dossier research so those could be disguised in campaign spending reports to avoid the disclosure of the actual beneficiaries of the research, which were Clinton and the DNC. And it was, in turns out, the same meeting that was so heavily censored by the intel agencies from Footnote 43 in the House report — treated, in other words, as some big national security secret.

Read more …

He might well be right.

Italy’s Di Maio Predicts ‘Political Earthquake’ For European Union (RT)

The bloc may expect a “political earthquake” after the 2019 European Parliament election, Italy’s Deputy Prime Minister Luigi Di Maio warned. Di Maio said he believes that what happened in Italy after the general election in March 4, when the popular vote brought an unlikely coalition of two anti-establishment parties to power, will happen in the whole Europe. The pro-EU centrist parties shrank significantly as a result of the latest Italian parliamentary elections. With the plebiscite that is scheduled for May next year “there will be a political earthquake at the European level,” Di Maio, who is also the Minister of Economic Development and the head of the Five Star Movement (M5S), stated. “All the rules will change,” the Italian high-ranking politician promised.

The Italian government and the EU authorities are at loggerheads over Rome’s targeted budget deficit at 2.4 percent of the GDP that exceeds the limits set by the EU. Rome believes that the forthcoming elections would favor the opponents of austerity. “The Europe of bankers, founded on mass immigration and economic insecurity, keeps on threatening and insulting Italians and their government? Relax, in six months 500 million voters will fire them. We keep going,” Italian Interior Minister Matteo Salvini said.

Read more …

“Rome fears that Germany might eventually attempt to send back to Italy as many as 40,000 people..”

Salvini Resists Germany’s Plans To Send Migrants Back To Italy (RT)

Rome has still not reached an agreement with Berlin on the repatriation of asylum seekers who had first registered in Italy, Interior Minister Matteo Salvini said, vowing to close airports to German flights transferring refugees. “If someone in Berlin or Brussels thinks of dumping dozens of migrants in Italy via unauthorized charter flights, they should know that there is not and there will be no airport available,” Salvini said in a statement, adding that Italy will “close the airports” just as it earlier closed its ports to NGO vessels carrying migrants rescued in the Mediterranean. His sharp statement comes in response to the rumors first circulated by the Italian La Repubblica daily that Germany plans to speed up repatriation procedures ahead of the regional elections in the state of Bavaria, the home state of the Interior Minister Horst Seehofer.

The first charter flight carrying asylum seekers from Germany to Italy is reportedly scheduled for Tuesday, October 9, the media reported. Other media reports set the date of the flight on Thursday, October 11. Germany’s refugee and migration agency, the BAMF, allegedly already sent “dozens of letters” to the would-be repatriates informing them about the planned transfers to Italy, according to La Repubblica. Earlier, the German dpa news agency also said that such a flight is scheduled for “the coming days.” This information, however, was neither confirmed nor denied by the German authorities. Rome fears that Germany might eventually attempt to send back to Italy as many as 40,000 people, who arrived there from the southern European country, the Italian media report.

Read more …

“The country’s death rate had risen by about 5.6% in the decade running up to the first bailout in 2010 but then jumped by 17.6% in the six years that followed.”

Austerity Is The Wrong Prescription For The World’s Wellbeing (G.)

Greece, which endured a slump longer and deeper than the Great Depression in the US, was forced by the so-called troika of the IMF, the EU and the ECB to cut health expenditure at a time when other European countries were raising theirs. Under Greece’s bailout, health spending fell from 9.8% of GDP in 2008 to 8.1% in 2014, a time when national output was contracting rapidly. The country’s death rate had risen by about 5.6% in the decade running up to the first bailout in 2010 but then jumped by 17.6% in the six years that followed. The rate rose three times faster than the rate in Western Europe overall.

[..] The troika’s austerity programme helped French and German banks avoid losses on their loans but at the expense of a rising Greek death rate. That has resulted in 50% less public hospital funding in 2015 than 2009, hospitals being left without basic supplies, the long-term unemployed stripped of their health insurance and those on low pay finding drugs more expensive because of a 20% cut in the minimum wage. The number of individuals with unmet healthcare needs has nearly doubled since 2010, with a considerable fraction reporting cost as the main reason for not receiving the recommended healthcare services.

Greece is not short of healthcare expertise. It has the second highest number of doctors per 1,000 people in the EU but that medical workforce has been forced to watch impotently as the health system has descended into chaos and people have died when they could have been saved. For the past eight years, Greece has been used in a laboratory experiment to test out a theory. The evidence from the report in the Lancet could hardly be clearer. Austerity kills.

Read more …

Not a chance, but kudos for trying.

Greece ‘to Claim €280 Billion’ in War Reparations from Germany (GR)

Greece is about to launch a campaign to claim €280 billion ($323 billion) in war reparations from Germany, reports Der Spiegel. The German magazine notes that as long as Greece was dependent on EU support, Prime Minister Alexis Tsipras had avoided raising the issue. But now, after the end of the third bailout program, Athens is ready to take initiatives to claim the money, it says. The issue is resurfacing a few days before the official visit of Germany’s President Frank-Walter Steinmeier to Athens where he will meet the President of the Republic Prokopis Pavlopoulos and Tsipras. Der Spiegel says it is no coincidence that the two highest ranking Greek politicians have both raised the issue in the last few days.

It marks the beginning of a long campaign, which, according to the German magazine, will start in November. The Greek Parliament will endorse an audit report ready since August 2016, according to which Greece is entitled to €269.5 billion of repairs from the Second World War. In addition, Greece demands the repayment of a €10.3 billion occupation loan. The report remained under wraps throughout the last two years, but Tsipras seems ready to bring it back to the surface and start a campaign for war reparations, says Der Spiegel. In the second phase, Greece intends to present its arguments at world organizations such as the European Parliament, the European Council, and the UN.

Read more …

8,700 plaintiffs.

‘The World Is Against Them’: New Era Of Cancer Lawsuits Threaten Monsanto (G.)

[Dewayne Johnson’s] award of $289m, which included $250m in punitive damages, is a game-changer for the 46-year-old, who will leave behind a wife and three children. But Monsanto is fighting to keep it from him. “It’s a big red flag for the company,” said Jean M Eggen, professor emerita at Widener University Delaware Law School: “It brings more people out who might not otherwise sue.” Roughly 8,700 plaintiffs have made similar cases in state courts across the country, alleging that exposure to glyphosate-based herbicides led to various types of cancer. The impact could be huge if Monsanto continues to fight and lose in jury trials, and an accumulation of wins could force the company to consider settling with plaintiffs. “It could become very costly,” said Eggen, comparing the fight to the tobacco industry, which aggressively fought cases in court but eventually decided settlements were the best option. “It’s really a business decision.”

Monsanto may ultimately consider changing the labels to warn consumers about cancer risks and work to settle with consumers who have had high exposures, said Lars Noah, University of Florida law professor: “It’s sort of a wake-up call that their strategy was unrealistic.” Of the thousands of cases, there are more than 10 trials on track to start in 2019 and 2020, with court battles ramping up in California, Montana, Delaware, Kansas City and St Louis (where Monsanto is headquartered). Farmers, gardeners, government employees, landscapers and a wide range of others have alleged that Monsanto’s products sickened them or killed their loved ones. “This is a tremendous number of trials for one year and will allow plaintiffs to get critical evidence in front of juries – evidence not seen before,” said the attorney Aimee Wagstaff.

Read more …