Apr 192019
 
 April 19, 2019  Posted by at 10:01 am Finance Tagged with: , , , , , , , , , ,  


Vincent van Gogh Agostina Segatori Sitting in the Café du Tambourin 1887

 

Top Mueller Report Takeaways So Far (ZH)
Mueller, Trump, and ‘Two Years Of Bullshit’ (York)
The ‘Guccifer 2.0’ Gaps in Mueller’s Full Report (Lazare)
Robert Mueller Obliterated the Trump-Russia Conspiracy Theories (Greenwald)
Democrats, Mueller Just Handed You a Road Map for Impeachment (Hasan)
Russiagate is Dead! Long Live Russiagate! (CP)
Washington Is Looking for a Fight (Giraldi)
With Kim-Putin Summit, Moscow Eyes Role In North Korea (AFP)
US Preparing More Charges Against Julian Assange (WSWS)
Maximum Vulnerability: China (And The World) Are Still In Big Trouble (AEP)
The Saker Interviews Dmitry Orlov (Saker)
Greek Economy Among The World’s Most ‘Miserable’ – Bloomberg (K.)
Ecuador Turns To Interpol To Arrest Former Foreign Minister (RT)
Emma Thompson Joins Climate Change Demonstration After Flying In From LA (PA)
Half Of UK Teachers Buying Essentials For Their Pupils (Ind.)

 

 

Papadopoulos as an agent of Israel is quite the surprise.

Top Mueller Report Takeaways So Far (ZH)

Prosecutors closely examined whether Donald Trump or members of his 2016 campaign conspired with Russia to release emails which were damaging to Hillary Clinton’s campaign and the DNC, and/or any involvement with the Kremlin’s social media disinformation campaigns. The investigation also covered whether Trump associates operated as unregistered Russian (and in one case Israeli) agents, and whether the infamous June 9, 2016 Trump Tower meeting with a Russian attorney violated campaign finance laws as a “thing-of-value” offered by foreign governments, or crossed any other legal boundaries.

At the end of the day, Mueller and his team did not find that any Trump campaign associates were operating on behalf of a foreign government in connection with the 2016 election. Mueller did, however, find Trump campaign manager Paul Manafort and his deputy Rick Gates guilty of crimes connected to their work for the Ukrainian government prior to their involvement with Trump. There are a mountain of pages and footnotes to go through, but here are some takeaways so far:

Mueller was unable to establish that Trump committed any underlying crimes. “Unlike cases in which a subject engages in obstruction of justice to cover up a crime, the evidence we obtained did not establish that the president was involved in an underlying crime related to Russian election interference,” the report reads.

Mueller considered pressing charges in connection with the Trump Tower meeting. The special counsel’s office considered prosecuting the Trump Tower meeting as a campaign-finance violation, however declined because they didn’t have “admissible evidence” likely to prove that Trump officials “wilfully” acted, or that the information offered by the Russians exceeded the threshold for prosecution. Interestingly – the Mueller report completely omits the involvement of Fusion GPS in the Trump tower meeting – as the Russian attorney involved in it, Natalia Veselnitskaya, was a Fusion GPS associate and met with founder Glenn Simpson before and after the Trump Tower meeting. Also noteworthy is that the Trump Tower meeting investigation “did not identify evidence connecting the events of June 9 & the GRU’s hack-and-dump operation.

Mueller looked at charging Trump aide George Papadopoulos as an agent of Israel.

Trump worried that the Special Counsel investigation would end his presidency. According to the Mueller report, when then-Attorney General Jeff Sessions let Trump know about the appointment of a special counsel, Trump replied: “Oh my God. This is terrible. This is the end of my presidency. I’m fucked,” adding “How could you allow this to happen, Jeff?” Trump goes on to say: “Everyone tells me if you get one of these independent counsels it ruins your presidency. It takes years and years and I won’t be able to do anything. This is the worst thing that ever happened to me.”

Former White House attorney Don McGahn threatened to resign.McGahn was ready to hand in his resignation as White House counsel in June 2017 when Trump directed him to tell Deputy Attorney Rod Rosenstein that “Mueller has to go,” per the report. “In response to that request, McGahn decided to quit because he did not want to participate in events that he described as akin to the Saturday Night Massacre,” during the Nixon administration. McGahn would stay on as White House counsel for for another 16 months.

Read more …

No Collusion? No Problem. We’ve already moved over to Obstruction. Which is directly linked to the probe into the collusion which never existed. No Collusion? No Obstruction.

Mueller, Trump, and ‘Two Years Of Bullshit’ (York)

At its heart, the Trump-Russia probe was about one question: Did the Trump campaign conspire, coordinate, or collude with Russia to influence the 2016 election? Mueller has concluded that did not happen. Everything else in the Trump-Russia affair flowed from that one question. Paul Manafort’s shady finances would not have come under investigation were it not for that question. Carter Page would not have been wiretapped were it not for that question. Michael Flynn would not have been interviewed by the FBI were it not for that question. Zillions of hours on cable TV would not have been expended on Trump-Russia were it not for that question. And in the largest sense, there would have been no Mueller investigation were it not for that question.

And now Mueller has determined there was no collusion. Not that there was no criminal collusion. Or no prove-beyond-a-reasonable-doubt collusion. Just no collusion. Mueller’s report says it over and over and over again. Here are seven examples:

1. “The investigation did not establish that members of the Trump Campaign conspired or coordinated with the Russian government in its election interference activities.”

2. “The investigation examined whether [contacts between Russia and Trump figures] involved or resulted in coordination or a conspiracy with the Trump Campaign and Russia, including with respect to Russia providing assistance to the Campaign in exchange for any sort of favorable treatment in the future. Based on the available information, the investigation did not establish such coordination.”

3. “The investigation did not establish that [Carter] Page coordinated with the Russian government in its efforts to interfere with the 2016 election.”

4. “The Office did not identify evidence in those [contacts between Russians and people around Trump after the GOP convention] of coordination between the Campaign and the Russian government.”

5. “The Office did not identify evidence of a connection between Manafort’s sharing polling data and Russia’s interference in the election … [and] the investigation did not establish that Manafort otherwise coordinated with the Russian government on its election-interference efforts.”

6. “The investigation did not establish that these [contacts between Russians and people around Trump during the transition] reflected or constituted coordination between the Trump Campaign and Russia in its election interference activities.”

7. “The investigation did not identify evidence that any U.S. persons conspired or coordinated with the [Russian disinformation campaign].”

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The worst of Mueller is again connected to Russians and Assange he knows cannot defend themselves. Still a coward and a liar.

The ‘Guccifer 2.0’ Gaps in Mueller’s Full Report (Lazare)

The narrative raises questions that the press studiously avoids. Why, for instance, would Assange announce on June 12 that a big disclosure is on the way before hearing from the supposed source? Was there a prior communication that Mueller has not disclosed? What about the reference to “new material” on June 22 – does that mean Assange already had other material in hand? After opening the Guccifer file on July 18, why would he publish it just four days later? Would that give WikiLeaks enough time to review some 28,000 documents to insure they’re genuine? “If a single one of those emails had been shown to be maliciously altered,” blogger Mark F. McCarty observes, “Wikileaks’ reputation would have been in tatters.”

There’s also the question that an investigator known as Adam Carter poses in Disobedient Media: why would Guccifer brag about giving WikiLeaks “thousands of files” that he wouldn’t send for another month? The narrative doesn’t make sense – a fact that is crucially important now that Assange is fighting for his freedom in the U.K. New Yorker staff writer Raffi Khatchadourian sounded a rare note of caution last summer when he warned that little about Guccifer 2.0 adds up. While claiming to be the source for some of WikiLeaks’ most explosive emails, the material he released on his own had proved mostly worthless – 20 documents that he “said were from the DNC but which were almost surely not,” as Khatchadourian puts it, a purported Hillary Clinton dossier that “was nothing of the sort,” screenshots of emails so blurry as to be “unreadable,” and so forth.


While insisting that “our source is not the Russian government and it is not a state party, Assange told Khatchadourian that the source was not Guccifer either. “We received quite a lot of submissions of material that was already published in the rest of the press, and people seemingly submitted the Guccifer archives,” he said somewhat cryptically. “We didn’t publish them. They were already published.” When Khatchadourian asked why he didn’t put the material out regardless, he replied that “the material from Guccifer 2.0 – or on WordPress – we didn’t have the resources to independently verify.”

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Gleen Greenwald summarizes.

Robert Mueller Obliterated the Trump-Russia Conspiracy Theories (Greenwald)

In sum, Democrats and their supporters had the exact prosecutor they all agreed was the embodiment of competence and integrity in Robert Mueller. He assembled a team of prosecutors and investigators that countless media accounts heralded as the most aggressive and adept in the nation. They had subpoena power, the vast surveillance apparatus of the U.S. government at their disposal, a demonstrated willingness to imprison anyone who lied to them, and unlimited time and resources to dig up everything they could. The result of all of that was that not a single American – whether with the Trump campaign or otherwise – was charged or indicted on the core question of whether there was any conspiracy or coordination with Russia over the election. No Americans were charged or even accused of being controlled by or working at the behest of the Russian government.


None of the key White House aides at the center of the controversy who testified for hours and hours – including Donald Trump, Jr. or Jared Kushner – were charged with any crimes of any kind, not even perjury, obstruction of justice or lying to Congress. These facts are fatal to the conspiracy theorists who have drowned U.S. discourse for almost three years with a dangerous and distracting fixation on a fictitious espionage thriller involved unhinged claims of sexual and financial blackmail, nefarious infiltration of the U.S. Government by familiar foreign villains, and election cheating that empowered an illegitimate President. They got the exact prosecutor and investigation that they wanted, yet he could not establish that any of this happened and, in many cases, established that it did not.

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Also for the Intercept, Mehdi Hasan reaches a 180º different conclusion. Q: Can the country ever be repaired?

Democrats, Mueller Just Handed You a Road Map for Impeachment (Hasan)

You told us to be patient. You told us to be cautious. You told us to wait for Robert Mueller. Well, the time for waiting is over. And the moment for impeachment hearings has arrived. Forget the mendacious Attorney General William Barr, and his repeated — and repeatedly dishonest — attempts to summarize and spin the special counsel’s report prior to publication. You now have access to the report itself, and even the “lightly redacted” 448 pages provide you with a clear and detailed road map for impeaching Donald Trump, in line with Article II, Section 4 of the U.S. Constitution: “The President, Vice President and all civil officers of the United States, shall be removed from office on impeachment for, and conviction of, treason, bribery, or other high crimes and misdemeanors.”


Listen to special counsel Robert Mueller. “With respect to whether the President can be found to have obstructed justice by exercising his powers under Article II of the Constitution, we concluded that Congress has authority to prohibit a President’s corrupt use of his authority in order to protect the integrity of the administration of justice,” he writes, adding: “The conclusion that Congress may apply the obstruction laws to the President’s corrupt exercise of the powers of office accords with our constitutional system of checks and balances and the principle that no person is above the law.” Got that? The special counsel — who listed 11 instances of potential obstruction of justice in his report and refused to “exonerate” the president — placed the decision firmly in your court. This is the impeachment referral you claimed you were waiting for.

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Oh look, the country is united!

Russiagate is Dead! Long Live Russiagate! (CP)

Now that Mueller’s $40 million Humpty Trumpty investigation is over and found wanting of its original purpose (to retire Trump), perhaps the ruling class can return without interruption to the business of destroying the world with ordnance, greenhouse gases, and regime changes. A few more CIA-organized blackouts in Venezuela (it’s a simple trick if one follows the Agency’s “Freedom Fighter’s Manual”), and the US will come to the rescue, Grenada style, and set up yet another neoliberal regime. There is a small solace that with Trump, Pompeo, and Bolton, there is at least a semblance of transparency in their reckless interventions. The assessed value of Guaido and Salman, they forthrightly admit, is in their countries’ oil reserves. And Russians better respect the Monroe Doctrine and manifest destiny if they know what’s good for them. Crude as they may be, Trump’s men tell it like it is.


And when Bolton speaks of “the Western Hemisphere’s shared goals of democracy, security, and the rule of law,” he is of course referring to US-backed coups, military juntas, debt bondage, invasions, embargoes, assassinations, and other forms of gunboat diplomacy. That the US is not already formally at war with Russia (even with NATO forces all along its borders) has only to do with the latter’s nuclear arsenal deterrent. Since World War II, a period some describe as a “a period of unprecedented peace,” the US war machine has wiped out some 20 million people, including more than 1 million in Iraq since 2003, engaged in regime change of at least 36 governments, intervened in at least 82 foreign elections, including Russia (1996), planned more than 50 assassinations of foreign leaders, and bombed over 30 countries.

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“..even given all of the horrific decisions being made in the White House, there is one organization that is far crazier and possibly even more dangerous. That is the United States Congress..”

Washington Is Looking for a Fight (Giraldi)

The development of the United States as a hostile and somewhat unpredictable force has not gone unnoticed. Russia has accepted that war is coming no matter what it does in dealing with Trump and is upgrading its forces. By some estimates, its army is better equipped and more combat ready than is that of the United States, which spends nearly ten times as much on “defense.” Iran is also upgrading its defensive capabilities, which are formidable. Now that Washington has withdrawn from the nuclear agreement with Iran, has placed a series of increasingly punitive sanctions on the country, and, most recently, has declared a part of the Iranian military to be a “foreign terrorist organization” and therefore subject to attack by US forces at any time, it is clear that war will be the next step.

In three weeks, the United States will seek to enforce a global ban on any purchases of Iranian oil. A number of countries, including US nominal ally Turkey, have said they will ignore the ban and it will be interesting to see what the US Navy intends to do to enforce it. Or what Iran will do to break the blockade. But even given all of the horrific decisions being made in the White House, there is one organization that is far crazier and possibly even more dangerous. That is the United States Congress, which is, not surprisingly, a legislative body that is viewed positively by only 18 per cent of the American people. A current bill originally entitled the “Defending American Security from Kremlin Aggression Act (DASKA) of 2019,” is numbered S-1189.


It has been introduced in the Senate which will “…require the Secretary of State to determine whether the Russian Federation should be designated as a state sponsor of terrorism and whether Russian-sponsored armed entities in Ukraine should be designated as foreign terrorist organizations.” The bill is sponsored by Republican Senator Cory Gardner of Colorado and is co-sponsored by Democrat Robert Menendez of New Jersey. The current version of the bill was introduced on April 11th and it is by no means clear what kind of support it might actually have, but the fact that it actually has surfaced at all should be disturbing to anyone who believes it is in the world’s best interest to avoid direct military confrontation between the United States and Russia.

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When you weren’t looking:

With Kim-Putin Summit, Moscow Eyes Role In North Korea (AFP)

With Russia’s Vladimir Putin set for his first talks with North Korean leader Kim Jong Un this month, Moscow is eyeing a major role in yet another global flashpoint. The situation on the Korean peninsula seemed to be stabilising after a historic meeting between Kim and US President Donald Trump last year, at which they both backed de-nuclearisation. But a second round of talks ended in failure and Pyongyang this week said it was testing weapons again. Now Putin, who has long expressed his readiness to meet with Kim, is gearing up to play a bigger role in nuclear negotiations with Moscow’s Cold War-era ally, with which it shares a short border.


Russia’s main interest in the summit is to remind other players “that it exists and that it has economic and political potential” in the region, Andrei Lankov of Seoul’s Kookmin University told AFP. “Russia needs some sort of control over the situation on the Korean peninsula. Recent events have pushed out almost everyone apart from North Korea and the US, and of course nobody likes that,” he said. Russia has been inviting Kim for talks since last year but he was unwilling to spend time and resources on the trip because Moscow was not a major player, Lankov said. But now Kim is looking for all the allies he can get “because (the second round of US talks) were a failure, and he was not able to achieve the things he was counting on.”

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Lying scumbags.

US Preparing More Charges Against Julian Assange (WSWS)

On Wednesday, CNN reported US federal prosecutors confirmed there is an “ongoing criminal investigation” of Julian Assange, the 47-year-old founder of WikiLeaks. Prosecutors also indicated “affiliates” of Assange are under investigation, this according to another newly unsealed document. According to the CNN report, at least one document related to this investigation has been withheld from the public due to “ongoing activity.” The revelation, CNN reported, “confirms CNN and other news outlets’ reporting in recent days that WikiLeaks is connected to at least one probe that could result in more criminal charges.”

The report confirms the warnings made by the WSWS and others that the charges related to computer hacking leveled against Assange are merely a pretext for his extradition to the United States, after which additional charges would be brought against him. On April 11, Assange was expelled from the Ecuadorian embassy in London and arrested by British officials on the public charge of conspiracy to bypass a password. That charge dated back to events in the 2011 WikiLeaks’ publication of the Iraq and Afghanistan War Logs. Chelsea Manning turned over more than half a million documents exposing US war crimes and corruption to WikiLeaks for publication. The expulsion and arrest of Assange has been accompanied by an unrestrained campaign of media vilification aimed at transforming Assange into a non-person, undeserving of democratic rights.


But since Assange has been imprisoned in the maximum-security Belmarsh prison, public comments made by leading Democrats and US media officials indicate that charge was not the primary aim of the US investigation. Democratic Senate Minority Leader Charles Schumer tweeted, “Now that Julian Assange has been arrested, I hope he will soon be held to account for his meddling in our elections on behalf of Putin and the Russian government.” Democratic chairman of the House Foreign Affairs Committee Eliot Engel tweeted that Assange “time after time compromised the national security of the United States and our allies by publicly releasing classified government documents and confidential materials related to our 2016 presidential election.” US, British and Ecuadorian governments have claimed Assange’s extradition is proper because the US is indicting on a single charge: attempting to help Chelsea Manning bypass a password. But this has now been revealed to be only the pretext. The real reason the US wants custody of the whistleblower was stated by Schumer and Engel.

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Ambrose Evans-Pritchard with lots of numbers.

Maximum Vulnerability: China (And The World) Are Still In Big Trouble (AEP)

China’s majestic and elegantly-stable GDP figures are best seen as an instrument of political combat. Donald Trump says “trade wars are good and easy to win” if your foes depend on your market and you can break them under pressure. He proclaimed victory when the Shanghai equity index went into a swoon over the winter. This is Trumpian gamesmanship. It is in China’s urgent interest to puncture such claims as trade talks come to a head. Xi Jinping had to beat expectations with a crowd-pleaser in the first quarter. The number was duly produced: 6.4 per cent. Let us all sing the March of the Volunteers. “Could it really be true?” asked Caixin magazine. This was a brave question in Uncle Xi’s evermore totalitarian regime.

Of course it is not true. Japan’s manufacturing exports to China fell by 9.4 per cent in March (year on year). Singapore’s shipments dropped by 8.7 per cent to China, 22 per cent to Indonesia, and 27 per cent to Taiwan. Korea’s exports are down 8.2 per cent. The greater China sphere of east Asia is in the midst of an industrial recession. Nomura’s forward-looking index still points to a deepening downturn. “Those expecting a strong rebound in Asian export growth in coming months could be in for disappointment,” said the bank. China’s rebound is hard to square with its own internal data. Simon Ward from Janus Henderson said nominal GDP growth – trickier to manipulate – is still falling. It dropped to 7.4 per cent from 8.1 per cent in the last quarter on 2018.


Household demand deposits fell by 1.1 per cent last month. This means that the growth rate of “true” M1 money is still at slump levels. It has ticked up a fraction but this is nothing like previous episodes of Chinese stimulus. It points towards stagnation into late 2019. “Hold the champagne,” he said. A paper last month by Wei Chen and Chang-Tai Tsieh for the Brookings Institution – “A Forensic Examination of China’s National Accounts” – concluded that GDP growth has been overstated by 1.7 per cent a year on average since 2006. [..] Bear in mind that if China’s economy is a fifth or a quarter smaller than claimed it implies that the total debt ratio is not 300 per cent of GDP (IIF data) but closer to 400 per cent. If China’s growth rate is 1.7 per cent lower – and falling every year – the country is less able to rely on nominal GDP expansion whittling away the liabilities.

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Great.

The Saker Interviews Dmitry Orlov (Saker)

[..] the image of the USSR as a typical empire is simply wrong. The right mental image of the USSR is that of a prostrate, emaciated sow (Russia) being suckled by 14 fat, greedy piglets (the other Soviet Socialist Republics). For all his numerous failings, Boris Yeltsin did one thing right: he dismantled the USSR (although the way he went about it was beyond incompetent and verged on treason). If you are in need of an explanation for why Russia is now resurgent, increasingly prosperous and able to invest vast sums in hypersonic weapons systems and in modernized infrastructure for its people, this is it: the 14 piglets had been sent off to root for themselves.


This bit of perspective, by the way, puts paid to the rank idiocy of Zbigniew Brzezinski’s “Grand Chessboard”: his theory that Russia wants to be an empire but cannot do so without the Ukraine shatters on contact with the realization that Russia hasn’t been an empire for over a century now and has no need or desire to become one again. In any case, these days empires are a bit retro, you know, and not at all useful except as a way for silly Americans to finish bankrupting themselves. Russia needs reliable trading partners who can pay their own way, not ungrateful dependents clamoring for handouts. Just bringing Crimea up to Russia’s contemporary standards after 30 years of Ukrainian neglect has turned out to be a monumental task; as far as doing that for the rest of the Ukraine—forget it!

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Thanks Germans.

Greek Economy Among The World’s Most ‘Miserable’ – Bloomberg (K.)

Greece ranks fifth among 11 nations with the most “miserable” economies in the world, according to a report by Bloomberg published on Wednesday. According to the Bloomberg Misery Index giving the country 20.1 points in 2018 and a projected 19.2 this year, Greece comes behind top-placed Venezuela (with nearly 930,000 points last year and a staggering 8 million this one), Argentina (42.7 in 2018 and 51.4 in 2019), South Africa (31.8 and 32.3 respectively) and Turkey, which is seen performing worse this year with 30.2 points against 26.8 in 2018.


What these countries have in common, the report said, is “intense economic stress and scant progress in taming price growth and getting people back to work.” “The Bloomberg Misery Index relies on the age-old concept that low inflation and unemployment generally illustrate how good an economy’s residents should feel,” the report said, adding that this year’s scores are based on Bloomberg economist surveys, while prior years reflect actual data.

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We’re seeing video of the first anti-Moreno demos. How much longer will the country put up with him?

Ecuador Turns To Interpol To Arrest Former Foreign Minister (RT)

The former foreign minister of Ecuador will be placed on Interpol’s Red Notice list, after fleeing the country for fear of prosecution, as the government of Lenin Moreno continues to crack down on Julian Assange’s supporters.
“The attorney general’s office began a criminal process against Ricardo Patino for the alleged crime of instigation,” the office said in a statement on Thursday. “[Patino] had given a speech in which he instigated people to take over public institutions and close roads.” Besides his alleged anti-government activities, Patino is also being sought for his supposed links to Swedish software developer Ola Bini, who was arrested last week on suspicions of ‘hacking’ for WikiLeaks. While authorities conduct their investigation, the judge ordered Patino to be held in pre-trial detention. Patino, however, is nowhere to be found, after reportedly fleeing Ecuador to Peru on Wednesday night.


Ecuador requested that Interpol issue a Red Notice on the former foreign minister –who’d served under president Rafael Correa– which asks foreign countries to locate and provisionally arrest the fugitive, pending extradition. Known for his criticism of the Moreno government, the 64-year-old was especially vocal over the suspension of Assange’s asylum at the Ecuadorian embassy in London, which resulted in his immediate arrest by the UK police. “Worldwide shame,” he tweeted, after Assange’s brutal arrest last week, accusing Moreno of violating the constitution and international law with his “betrayal” of the whistleblower. “We are victims of a fierce persecution that is carried out to hide the corruption of Moreno and his close circle,” the renegade politician said in a twitter statement. “We are going to fight, to continue fighting, with our heads held high.”

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Just fun.

Emma Thompson Joins Climate Change Demonstration After Flying In From LA (PA)

Dame Emma Thompson joined the Extinction Rebellion protests in London after flying from Los Angeles. In a video shared by the campaign group, the Hollywood star urged viewers to “come and join” the demonstrations. She said she was unable to be at the first day of the protest because she was “away” with her husband as she turned 60. “I absolutely wanted to be arrested on my 60th birthday but I didn’t quite manage that,” she said. “I’m so proud and thrilled to be part of Extinction Rebellion.” A representative of Dame Emma said she needed to take the 5,400-mile flight home to London after working in LA. She joined the protests on the day organisers announced plans to target Heathrow Airport at the start of the Easter bank holiday weekend.

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Post-Brexit Britain will be a third world country.

Half Of UK Teachers Buying Essentials For Their Pupils (Ind.)

Teachers are increasingly dipping into their own pockets to buy food, toiletries and clothes for pupils, as well as classroom resources like pens and paper amid funding pressures, according to a union. Nearly half (45 per cent) of teachers said they have used their cash to buy basic necessities for pupils in the past year – and the majority said it was down to squeezed budgets, a survey has found. One teacher said they spent at least £5,000 over the past few years on classroom resources. Another said they had gotten themselves into debt because of these purchases. The spending was revealed in a survey by teachers’ union NASUWT ahead of its conference on Friday.

The poll, of more than 4,000 teachers, found that one-in-five had bought lesson resources with their own money once a week, and more than one-in-10 (12 per cent) had done this several times a week. Nearly two-in-three (63 per cent) teachers said the amount of items they are buying has increased in the past three years, with the vast majority never being reimbursed by their schools. Teachers said they had bought items such as paper, pens, glue, pencils, toothpaste, sanitary products and spare coats for those children who do not have the right clothes for winter. One teacher said: “There is no money in school to buy anything other than what is deemed necessary. We are working on a zero budget in school and struggling to keep staff.”


Another teacher described their anguish at seeing a hungry child on free school meals watch their friends eat breakfast or snacks. They said: “When the child is unable to eat until lunchtime, which may be their only proper meal of the day, typically I have used my credit on the pre-payment system to give children cheese on toast.” One teacher said many female students miss school because they have not got sanitary products. They added: “In the community I serve, there is high poverty and many students don’t have the basics: shampoo, toothpaste and shower gel. “Many teachers in the school that I work in provide as much as they can.”

Read more …

Nov 212018
 
 November 21, 2018  Posted by at 10:07 am Finance Tagged with: , , , , , , , , , , , , ,  


Jack Delano Lower Manhattan 1941

 

Senate Calls On Trump For Saudi Answers (BBC)
Saudi Arabia Tortured Female Right-to-Drive Activists – Amnesty (AP)
Trump Submits Answers To Robert Mueller Questions In Russia Probe (Ind.)
Trump Wanted To Order Justice Dept To Prosecute Clinton, Comey – NYT (R.)
Dow Plunges More Than 500 Points, Erases Gain For 2018 (CNBC)
Stunned Investors Observe The Market Carnage In Shock (ZH)
A Death Cross Is Forming In US Oil (MW)
Bitcoin Plunges As Much As 16% To Below $4,100, A New Low For The Year (CNBC)
Misguided Share Buybacks Are Hollowing Out Companies’ Balance Sheets (MW)
Bank of England Backs Theresa May’s Brexit Deal, Warns Of No-Deal Dangers (G.)
May’s Brussels Trip Only Start Of ‘Endless’ EU Trade Talks (G.)
UK To Be ‘Frozen Out’ Of 182 EU Decisions During Brexit Transition (Ind.)
Interpol Elects South Korean As Its President In Blow To Russia (G.)
Tax ‘Virgin Packaging’ To Tackle Plastics Crisis – Report (G.)
Dead Whale Washes Ashore In Indonesia With 6 Kilos Of Plastic In Stomach (AP)
Julian Assange Deserves A Medal of Freedom, Not A Secret Indictment (USA Today)

 

 

The indignation over Trump’s comments on Saudi Arabia is shifting into overdrive. Perhaps that’s needed to expose the hypocrisy inherent in them. It’s not Trump, it’s America that has condoned torture and murder by the House of Saud for decades. That started actively assisting the Saudi’s in Yemen under Obama. Trump refuses to be set up by the media and Democrats as the fall guy for $150 oil prices. He’s thinking: let Congress do it, now that it’s blue. If that’s immoral, he’s not alone.

Senate Calls On Trump For Saudi Answers (BBC)

US President Donald Trump has been asked to ascertain whether Saudi Crown Prince Mohammed bin Salman played a role in the murder of Jamal Khashoggi. Republican and Democratic leaders of the US Senate Foreign Relations Committee on Tuesday sent a letter demanding a second investigation. Mr Trump earlier defended US ties with Saudi Arabia despite international condemnation over the incident. Khashoggi was killed on 2 October inside the Saudi consulate in Istanbul. In a statement on Tuesday, Mr Trump acknowledged that the crown prince “could very well” have known about Khashoggi’s brutal murder, adding: “Maybe he did and maybe he didn’t!”

He later stated that the CIA had not made a “100%” determination on the killing. Following the president’s comments, Republican Senator Bob Corker and Democrat Bob Menendez issued a statement on behalf of the Senate Foreign Relations Committee. In it they called on Mr Trump to focus a second investigation specifically on the crown prince so as to “determine whether a foreign person is responsible for an extrajudicial killing, torture or other gross violation” of human rights. The request, issued under the Global Magnitsky Human Rights Accountability Act, requires a response within 120 days.

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OK, CNN, do your job.

Saudi Arabia Tortured Female Right-to-Drive Activists – Amnesty (AP)

Several activists imprisoned in Saudi Arabia since May, including women who campaigned for the right to drive, have been beaten and tortured during interrogation, Amnesty International has said. Saudi Arabia has detained at least 10 women and seven men on vague national security allegations related to their human rights work, the organisation said on Tuesday. Those detained include Loujain al-Hathloul, Eman al-Nafjan and Aziza al-Yousef, who had campaigned for the right to drive before the decades-long ban was lifted in June. Amnesty said that according to three testimonies it obtained, some of the activists were repeatedly given electric shocks and flogged, leaving some unable to walk or stand properly. In one instance, an activist was hung from the ceiling.

Another testimony said one of the detained women was subjected to sexual harassment by interrogators wearing face masks. The kingdom is at the centre of an international firestorm after the killing of Saudi journalist Jamal Khashoggi, who had written critically about Crown Prince Mohammed bin Salman’s crackdown on dissent, including the arrests of the women activists. Khashoggi was killed and then dismembered by Saudi agents in the kingdom’s consulate in Istanbul on 2 October. Lynn Maalouf, Amnesty’s Middle East research director, said: “Only a few weeks after the ruthless killing of Jamal Khashoggi, these shocking reports of torture, sexual harassment and other forms of ill-treatment, if verified, expose further outrageous human rights violations by the Saudi authorities.”

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What a waste of resources.

Trump Submits Answers To Robert Mueller Questions In Russia Probe (Ind.)

Donald Trump has submitted written answers to questions from Special Counsel Robert Mueller as part of the probe into Russian meddling in the 2016 election and possible collusion with the Trump campaign. “We answered every question they asked that was legitimately pre-election and focused on Russia,” Trump lawyer Rudy Giuliani said in an interview. “Nothing post-election. And we’ve told them we’re not going to do that.” Mr Giuliani said Trump did not plan to answer any questions from Mr Mueller on whether he tried to obstruct the investigation once he won office, such as by firing former FBI Director James Comey last year. “It is time to bring this inquiry to a conclusion,” the lawyer said in an earlier statement on the probe, which Mr Trump has repeatedly called a “witch hunt.”

Mr Trump signed the submission on Tuesday before he left Washington to spend the Thanksgiving holiday in Florida, a person familiar with the matter said. Mr Mueller was tasked to probe “any matters that arose or may arise directly from the investigation” into possible collusion between Mr Trump’s campaign and Russia during the 2016 election. [..] Mr Giuliani said in his statement the president had provided “unprecedented cooperation” with the probe over the past year and a half, noting that more than 30 White House-related witnesses had been questioned and 1.4 million pages of material turned over before Mr Trump responded to the pre-election questions in writing. He added that “much of what has been asked raised serious constitutional issues and was beyond the scope of a legitimate inquiry.”

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Not exactly news, is it? Of course there will be an investigation of Hillary, Comey and a whole circus around them. It would be a serious perverson of justice if there isn’t.

Trump Wanted To Order Justice Dept To Prosecute Clinton, Comey – NYT (R.)

U.S. President Donald Trump wanted to order the Justice Department to prosecute two political foes, his one-time presidential opponent Hillary Clinton and former FBI director James Comey, in the spring, but his White House counsel rebuffed him, the New York Times reported on Tuesday. Don McGahn, the White House counsel at the time, wrote a memo to the president outlining consequences for Trump if he did order these prosecutions. The outcomes ranged from the traditionally independent Justice Department refusing to comply, to congressional probes and voter outcry, the Times reported.

The New York Times also reported Trump’s lawyers privately asked the Justice Department to investigate Comey for mishandling sensitive government information and his role investigating Clinton’s use of a private email account and server, but law enforcement officials declined. It was not clear if Trump read the memo or pursued the prosecutions further, the New York Times said. It was also not clear what specific charges Trump wanted the Justice Department to pursue against Comey and Clinton, the Times reported. Trump has publicly railed against Clinton’s private email use during her tenure as U.S. Secretary of State, as well as her role in the Obama administration’s decision to allow a Russian company to buy a uranium mining firm.

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Time to start writing about finance again?!

Dow Plunges More Than 500 Points, Erases Gain For 2018 (CNBC)

The Dow Jones Industrial Average and S&P 500 fell sharply on Tuesday and turned negative for the year as a decline in Target shares pressured retailers, while some of the most popular tech shares dropped again. The 30-stock Dow dropped 551.80 points to 24,465.64 and the S&P 500 plunged 1.8 percent to close at 2,641.89. The Dow and S&P 500 were up 1.2 percent and 0.6 percent, respectively, for 2018 entering Tuesday. Meanwhile, the Nasdaq Composite also dropped 1.7 percent to 6,908.82 but managed to hang on to a slight gain for 2018. Tuesday’s declines come after the Dow dropped 395 points on Monday.

Stocks hit their lows of the day after Doubleline Capital founder Jeffrey Gundlach said stocks are still too expensive, adding there has not been a “panic low” yet. The Dow was down nearly 650 points at its session low, while the S&P 500 and Nasdaq had both dropped more than 2 percent. Target fell 10.5 percent after reporting weaker-than-expected earnings for the previous quarter. The company also posted lighter-than-forecast same-store sales, which is a key metric for retailers.

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Nah, they’re not investors.

Stunned Investors Observe The Market Carnage In Shock (ZH)

After another abysmal day, in which every single sector in the market closed in the red as stocks tumbled 2%, capping a dreadful two-month stretch since the S&P hit its all time highs exactly two months ago, which has seen both the S&P and the Dow turn red for the year with the Nasdaq just barely holding onto green, while oil crashed 6% slumping to a one year low, junk bonds matched a record streak of losses, the overall market just suffered one of its worst sessions in the past three years. But what is most remarkable is the following chart from Bloomberg which shows the year-to-date return of the best performing asset between US and global equities, corporate bonds, Treasuries, gold and real cash, and according to which 2018 is shaping up as what may be the worst year on record for cross-asset investors. Indeed, nothing at all has worked this year!

The inability of any single asset class to escape the dismal black hole supergravity of devastating losses in a brutal post-BTFD catharsis that has mutated into an equal-opportunity rout, crushing returns across all assets, has left investors reeling, shellshocked and paralyzed, and dreading what may come tomorrow let alone next year when both the US economy and corporate earnings are expected to see their supercharged recent growth rates come crashing back down to earth. “While there’s still no ‘panic in the streets,’ most traders are unconvinced that the selling will slow down anytime soon,” said Instinent’s head of trading Larry Weiss. “The flight to quality is now a flight to cash. It’s tough to convince anyone that now is the time to put money to work.”

[..] Hedge funds, who hoped that “buy the dip” would work one last time and who rushed into the traditional “safety” of tech stocks at the end of October, were whipsawed, and turned net sellers this month, with the group accounting for the most selling among major industries according to Goldman Sachs. Meanwhile, as if sensing the coming storm, Goldman writes that hedge fund net exposures steadily declined throughout 2018, including during 2Q and 3Q while the broad equity market rallied, leaving most investors in the cold. Net long exposure calculated based on 13-F filings and publicly-available short interest data registered 49% at the start of 4Q, a decline from 56% at the start of 2018, and one of the lowest in years.

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Potential volatility in oil is huge. Any little shrapnel of news, Saudi, Iran, Russia, shale, can force prices up 50%.

A Death Cross Is Forming In US Oil (MW)

Oil is already in a bear market, but now a fresh, negative pattern is crystallizing in the commodity that has absolutely bludgeoned bulls over the past two months. January West Texas Intermediate crude on its first full session as the front-month contract, was down a whopping 7.5%, to $52.91 a barrel on the New York Mercantile Exchange and that downtrend has propelled the U.S. benchmark to the brink of forming a death cross—a chart formation in an asset that many market technicians believe marks the point that a short-term decline morphs into a longer-term downtrend (see chart below).

Based on the continuous chart for the most-active oil contract, the 50-day moving average at $67.58 a barrel is less than 0.5% shy of falling beneath the long-term 200-day moving average at $67.25, according to FactSet data. At the current rate of decline, a death cross could occur within a week or two. Both the U.S. contract and the global benchmark Brent oil are in bear market, usually characterized as a decline of at least 20% from a recent peak. In fact, U.S. oil is down 31% from its Oct. 3 peak at $76.41 a barrel.

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Miners are ditching their equipment.

Bitcoin Plunges As Much As 16% To Below $4,100, A New Low For The Year (CNBC)

Bitcoin is still struggling to find a bottom this week. The digital currency dropped as much as 16 percent on Tuesday to its lowest level since Sept. 30, 2017, according to data from CoinMarketCap.com. Bitcoin fell as low as $4,076.59, bringing its total losses in seven days to roughly 30 percent. The cryptocurrency briefly pared those losses and was down about 7 percent in afternoon trading. As U.S. stock markets closed though, bitcoin was still down 12 percent over 24 hours, trading near $4,299, according to data from CoinDesk.

The price plunge came after weeks of rare stability for the world’s largest and best-known cryptocurrency. While global markets churned in October, bitcoin traded comfortably in the $6,400 range — a break from volatility earlier this year. Its total losses this year are now more than 65 percent. ts epic rise last year started right after Thanksgiving as it began to gain status as a household name. Since then, the cryptocurrency has fallen more than 40 percent. Bitcoin first topped $10,000 at the end of November and made it to nearly $20,000 a week before Christmas as retail investors poured in and two regulated exchanges prepared to launch futures markets.

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“With share repurchases in these companies being almost three times their actual investment, one must wonder how much actual U.S. economic growth they are expecting.”

Misguided Share Buybacks Are Hollowing Out Companies’ Balance Sheets (MW)

GE was one of Wall Street’s major share buyback operators between 2015 and 2017; it repurchased $40 billion of shares at prices between $20 and $32. The share price is now $8.60, so the company has liquidated between $23 billion and $29 billion of its shareholders’ money on this utterly futile activity alone. Since the highest net income recorded by the company during those years was $8.8 billion in 2016, with 2015 and 2017 recording a loss, it has managed to lose more on its share repurchases during those three years than it made in operations, by a substantial margin. Even more important, GE has now left itself with minus $48 billion in tangible net worth at Sept. 30, with actual genuine tangible debt of close to $100 billion.

As the new CEO Larry Culp told CNBC last Monday: “We have no higher priority right now than bringing those leverage levels down.” The following day, GE announced the sale of 15% of its oil services arm Baker Hughes, for a round $4 billion. Of course, since that sale values Baker Hughes at $26 billion, and GE paid $32 billion for 62% of Baker Hughes as recently as last year, which looks to me like a valuation for the whole company of $52 billion, GE shareholders appears to have lost half the value of their investment in Baker Hughes in about 18 months. [..] A recent Financial Times article outlined how the five tech companies with the most cash (Apple, Alphabet, Cisco, Microsoft and Oracle) have repurchased an astounding $115 billion of stock in the first three quarters of 2018.

By contrast, the total capital spending of the five companies was only $42.6 billion during the same period. The story then congratulated investors for having done so well out of President Trump’s tax reform, which lowered the corporate tax rate, thus encouraging investment in the United States. With share repurchases in these companies being almost three times their actual investment, one must wonder how much actual U.S. economic growth they are expecting. [..] These share repurchases are misguided in so many ways. First, Apple, Alphabet and Microsoft are valued by the stock market at close to $1 trillion, levels no company has ever reached before. If you ignore the current stock price, a company repurchasing its shares is simply giving away its cash and reducing its share count; it creates no value.

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Dangerously close to a political statement.

Bank of England Backs Theresa May’s Brexit Deal, Warns Of No-Deal Dangers (G.)

Mark Carney has thrown his weight behind Theresa May’s Brexit deal, warning that a no-deal scenario would damage the economy, trigger job losses, lead to lower pay for workers and cause inflation to rise. The governor of the Bank of England said May’s draft EU withdrawal agreement would “support economic outcomes” that would be positive for the British economy, primarily because it would give Britain more time to prepare for whatever final Brexit deal is agreed between Westminster and Brussels. “We welcome the transition arrangements in the withdrawal agreement. It’s at the heart [of the deal],” he told MPs on the Treasury select committee, a week after the prime minister agreed the terms of the deal with the EU.

“[The deal] improves our ability to discharge our function relative to having no deal,” he added. The timing of the governor’s comments could help to support May as she faces tough opposition from across the political divide, following cabinet resignations and Labour’s promise to vote it down in parliament. Carney warned that failure to agree a Brexit deal with Brussels before the March 2019 deadline would deliver a “large negative shock” to the UK economy that would have a persistent effect, lowering growth and causing job losses. He said such an outcome would deliver an “unprecedented supply shock” to the UK economy with few historical or international comparisons. “It wouldn’t be a happy situation to be in,” he said.

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These talks should have started two years ago. And even then.

May’s Brussels Trip Only Start Of ‘Endless’ EU Trade Talks (G.)

When Theresa May goes to Brussels for tea with Jean Claude Juncker on Wednesday afternoon, the two leaders will have in front of them a metaphorical Christmas tree of a political declaration. “And every member state has put a bauble on it”, an EU diplomat said. A seven-page document published last week, offering some heads of terms on the future relationship, is set to more than double to some 20 pages. Calls for more ambitious language around the trade elements have been made. Demands for a Spanish veto over any deal covering Gibraltar have been tabled. And an array of asks on so called “level playing field” commitments in any future trade deal are in the mix.

There is even talk of side-declarations to the political declaration emerging at the special Brexit summit next Sunday to allow member states to feel that they have drawn a line in the sand about the real trade talks to come. “It’s all getting very confusing,” admitted a second EU diplomat. Not to Sir Andrew Cahn, the former chief executive of the government’s UK Trade & Investment (UKTI) department, who was also an aide to Neil Kinnock when vice president of the European commission in the late 1990s. This is, he said, likely to be a mere amuse-bouche to the “continuous endless” talks that will open on the UK’s trading relationship with Brussels after 29 March 2019 as the UK finds its way around the EU’s orbit.

“It is a classic EU negotiation and the member states are performing their normal way,” Cahn said. “The French always come in late to toughen their negotiating position towards the end, and that’s when they can get some additional things. “The Spanish are copying with Gibraltar – although that is partly a function of domestic Spanish politics with Pedro Sánchez [the Spanish prime minister] being vulnerable at home.”

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What, she didn’t tell you?

UK To Be ‘Frozen Out’ Of 182 EU Decisions During Brexit Transition (Ind.)

The UK will be “frozen out” of EU decisions on no fewer than 182 new rules in the months after Brexit, a new analysis says, including over budget spending, road signs and drinking water. The full scale of fresh regulations in the pipeline – during Theresa May’s planned 21-month transition period – exposes the blunder of making Britain “a rule-taker, not a rule-maker”, it warns. During that transition, the UK will be bound by Brussels’ decisions but without any ministers in the EU council, or MEPs in the European parliament, to influence them. Now the campaign for a People’s Vote on the Brexit outcome has examined the decisions expected before 2020, which also include alcohol-taxing and rules for UK investment funds.

“This analysis sets out for the first time the full scale of the UK’s capitulation under this so-called deal,” said Chris Bryant, a Labour supporter of People’s Vote. “The prime minister’s deal would weaken our ability to have a say in over 180 crucial decisions that are going to be made in Europe while the UK is in transition – meaning we have to abide by their rulings but have no say and no ability to protect Britain’s interests. “This dodgy deal will leave Britain frozen out of decision making and forced to pay billions of Euros for the privilege.” The argument goes to the heart of criticism – by both pro and anti-Brexit MPs – that the UK will be a “vassal state” during the transition phase.

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Russophobia continues unabated.

Interpol Elects South Korean As Its President In Blow To Russia (G.)

South Korea’s Kim Jong-yang has been elected as Interpol’s next president, edging out a longtime veteran of Russia’s security services who was strongly opposed by the US, Britain and other European nations. The White House and its European partners had lobbied against Alexander Prokopchuk’s attempts to be named the next president of the international police body, saying his election would lead to further Russian abuses of Interpol’s “red notice” system to go after political opponents. Prokopchuk is a general in the Russian interior ministry and serves as an Interpol vice-president. Kim was chosen by Interpol’s 94-member states at a meeting of its annual congress in Dubai.

He will serve until 2020, completing the four-year mandate of his predecessor, Meng Hongwei, who went missing in his native China in September. Beijing later said Meng resigned after being charged with accepting bribes. Critics say that Prokopchuk oversaw a policy of systematically targeting critics and dissidents during his time in charge of the Russian office of Interpol. On Tuesday, the US secretary of state, Mike Pompeo, threw his weight behind Kim, who is the acting president of the global police body. “We encourage all nations and organisations that are part of Interpol and that respect the rule of law to choose a leader with integrity. We believe Mr Kim will be just that,” Pompeo told reporters.

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If only we move to recycled plastic! Geez, Louise, how about no plastic at all? You can cut at least 50% without changing anything much at all. More recycling is a fake message.

Tax ‘Virgin Packaging’ To Tackle Plastics Crisis – Report (G.)

The government should introduce a new tax on virgin packaging to revolutionise the recycling system in the UK and tackle the plastics crisis, according to a new report. The study, presented to MPs and industry figures at Westminster on Tuesday evening, calls on ministers to impose a fee on packaging materials and offer a rebate for those products that use more recycled material. The WWF and the Resource Association, which commissioned environment consultancy Eunomia to produce the report, said the proposals would transform the UK’s broken recycling system – and drastically reduce the demand for raw materials, including fossil fuels. Dr Lyndsey Dodd, head of marine policy at WWF UK, said: “Our oceans are choking on plastic, 90% of the world’s sea birds have fragments of plastic in their stomach.

Despite the public outcry, more products are being made with virgin, or new, plastic than with recycled plastic.” Last year the Guardian revealed that plastic production is set to increase by 40% over the next 10 years as fossil fuel companies look to use raw materials produced by fracking in the US. The new report follows an announcement in October that the government is launching a consultation on the introduction of a tax on all plastic packaging with a recycled content of less than 30%. [..] Earlier this year the Guardian reported the plastics recycling industry was under investigation for suspected widespread abuse and fraud within the export system. Since China banned the import of plastic waste, the UK has been chasing other markets in Malaysia, Vietnam and Thailand, but these countries are also imposing restrictions due to the stockpiling of waste.

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“..115 plastic cups, four plastic bottles, 25 plastic bags, two flip-flops, a nylon sack and more than 1,000 other assorted pieces of plastic..”

Dead Whale Washes Ashore In Indonesia With 6 Kilos Of Plastic In Stomach (AP)

A dead whale that washed ashore in eastern Indonesia had a large lump of plastic waste in its stomach, including drinking cups and flip-flops – causing concern among environmentalists and government officials in one of the world’s largest plastic polluting countries. Rescuers from Wakatobi National Park found the 9.5-metre sperm whale late on Monday in waters near Kapota Island, southeast of Sulawesi, after receiving a report from environmentalists that villagers had surrounded the dead creature and were beginning to butcher its rotting carcass, park chief Heri Santoso said. Researchers from wildlife conservation group WWF and the park’s conservation academy found about 5.9 kilograms of plastic waste in the animal’s stomach – including 115 plastic cups, four plastic bottles, 25 plastic bags, two flip-flops, a nylon sack and more than 1,000 other assorted pieces of plastic.

“Although we have not been able to deduce the cause of death, the facts that we see are truly awful,” said Dwi Suprapti, a marine species conservation coordinator at WWF Indonesia. She said it was not possible to determine if the plastic had caused the whale’s death because of the animal’s advanced state of decay. Indonesia, an archipelago of 260 million people, is the world’s second-largest plastic polluter after China, according to a study published in the journal Science in January. It produces 3.2 million tonnes of mismanaged plastic waste a year, of which 1.29 million tonnes ends up in the ocean, the study said.

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Can we say the MSM wakes up with this USA Today piece?

Julian Assange Deserves A Medal of Freedom, Not A Secret Indictment (USA Today)

On the same day the Assange indictment scored headlines, Trump awarded seven Presidential Medals of Freedom. No controversy greeted posthumous awards to Babe Ruth and Elvis Presley — unlike the ruckus regarding Miriam Adelson, wife of Republican super-donor Sheldon Adelson. Public Citizen, a liberal nonprofit, howled that the Adelson award “is just the latest sign of [Trump’s] ability to corrupt and corrode all aspects of the government.” New York Times columnist Paul Krugman caterwauled that it was “ludicrous” and “and an insult to people who received the medal for genuine service.” In reality, Presidential Medals of Freedom have routinely been exploited to buttress the political establishment, with bevies of awards for political operators, members of Congress, and pliable foreign leaders.

President Lyndon Johnson distributed a bushel of Medals of Freedom to his Vietnam War architects and enablers, perhaps as consolation prizes for losing the war. (The medal awarded to Defense Secretary Robert McNamara, whose lies about the war making progress cost thousands of Americans and Vietnamese their lives, fetched $40,625 at an auction a few years ago.) President George W. Bush conferred Medals of Freedom on his Iraq war team, including CIA chief George “Slam Dunk” Tenet, Iraq viceroy Paul Bremer, and ambassador Ryan Crocker, whom Bush called “America’s Lawrence of Arabia.”

Some of the biggest fabulists of the modern era — including Henry Kissinger and Dick Cheney — also pocketed the award.The controversies over Assange and Adelson provide a serendipitous opportunity to update the freedom awards. Because few things are more perilous to democracy than permitting politicians to coverup crimes, there should be a new Medal of Freedom category commending individuals who have done the most to expose official lies. This particular award could be differentiated by including a little steam whistle atop the medal — vivifying how leaks can prevent a political system from overheating or exploding.

Assange would deserve such a medal — as would Thomas Drake and Edward Snowden (who revealed NSA’s abuses), John Kiriakou (who revealed CIA torture), and Daniel Ellsberg (who leaked the Pentagon Papers). Admittedly, there may be no way to stop presidents from giving steam whistle freedom awards to political donors’ wives. Organizations like Wikileaks are among the best hopes for rescuing democracy from Leviathan. Unless we presume politicians have a divine right to deceive the governed, America should honor individuals who expose federal crimes.

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Oct 072018
 
 October 7, 2018  Posted by at 9:10 am Finance Tagged with: , , , , , , , , , , ,  


Vincent van Gogh Autumn landscape 1885

 

Turkish Police Suspect Saudi Journalist Khashoggi Was Killed At Consulate (MME)
Interpol Asks China For Information On Its Missing President (CBS/AP)
Brett Kavanaugh Sworn In As 114th Supreme Court Justice (ZH)
Hot Jobs Market, Trade Tensions May Be Lethal Combo – Stephen Roach (CNBC)
Former Fed Governor Warns Of “Several Decade Cold War” With China (ZH)
China Pumps $109bn Into Economy As Trade War Bites (G.)
Theresa May Bids For Centre Ground With Appeal To Labour Voters (O.)
Italy Debt Crisis Flares Up, Banks Get Hit, Showdown with EU Intensifies (DQ)
Migrants Fight To Save Italian Mayor Who Gave Them A New Home (G.)
Major Climate Report Will Slam The Door On Wishful Thinking (Vox)

 

 

Tureky will issue statement(s) later. If this is true, it should lead to very strong condemnation of Saudi.

“Khashoggi had been “brutally tortured, killed and cut into pieces. Everything was videotaped to prove the mission had been accomplished and the tape was taken out of the country”.

Turkish Police Suspect Saudi Journalist Khashoggi Was Killed At Consulate (MME)

Turkish authorities suspect that missing Saudi journalist Jamal Khashoggi, who disappeared four days ago after entering Saudi Arabia’s consulate in Istanbul, was killed inside the consulate, two Turkish sources told Reuters on Saturday. “The initial assessment of the Turkish police is that Mr Khashoggi has been killed at the consulate of Saudi Arabia in Istanbul. We believe that the murder was premeditated and the body was subsequently moved out of the consulate,” one of the sources, a Turkish official, said. A senior Turkish police source told MEE that Khashoggi had been “brutally tortured, killed and cut into pieces. Everything was videotaped to prove the mission had been accomplished and the tape was taken out of the country”.

Khashoggi’s disappearance is likely to further deepen divisions between Turkey and Saudi Arabia, Reuters said. Relations were already strained after Turkey sent troops to the Gulf state of Qatar last year in a show of support after its Gulf neighbours, including Saudi Arabia, imposed an embargo on Doha. Police said about 15 Saudis, including officials, came to Istanbul on two private flights on Tuesday and were at the consulate at the same time as the journalist. They left again the same day, according to AFP. Their diplomatic bags could not be opened, a security ource told MEE, but Turkish intelligence was sure that Khashoggi’s remains were not in them.

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“The newspaper said that upon landing last week Meng was “taken away” for questioning by what it said were “discipline authorities.”

Interpol Asks China For Information On Its Missing President (CBS/AP)

Interpol has made a formal request to China for information about its missing Chinese president who seemingly vanished on a trip home. The agency said in a statement it “looks forward to an official response from China’s authorities to address concerns over the president’s well-being.” Interpol said it used law enforcement channels to submit its request about the status of Meng Hongwei. Meng’s wife says she hasn’t heard from him since he left Lyon at the end of September. French authorities say he boarded a plane and arrived in China, but the 64-year-old’s subsequent whereabouts are unknown. France has launched its own investigation.

“France is puzzled about the situation of Interpol’s president and concerned about the threats made to his wife,” its foreign ministry said, without providing any details. Meng is also a vice minister for public security in China, which has yet to comment. Previously, Interpol had said that reports about Meng’s disappearance were “a matter for the relevant authorities in both France and China.” The South China Morning Post, a Hong Kong newspaper, has suggested that Meng may have been the latest target of an ongoing campaign against corruption in China.

The newspaper said that upon landing last week Meng was “taken away” for questioning by what it said were “discipline authorities.” The term usually describes investigators in the ruling Communist Party who probe graft and political disloyalty. The Central Commission for Discipline Inspection, the party’s secretive internal investigation agency, had no announcements on its website about Meng and couldn’t be reached for comment. Meng is the first from his country to serve as Interpol’s president, a post that is largely symbolic but powerful in status. Because Interpol’s secretary general is responsible for the day-to-day running of the agency’s operations, Meng’s absence may have little operational effect.

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Need a new way to select Supreme Court judges. The Court must be perceived as neutral, or it loses credibility.

Brett Kavanaugh Sworn In As 114th Supreme Court Justice (ZH)

The drama of Judge Brett Kavanaugh’s confirmation to the US Supreme Court finally ended on Saturday afternoon, when without any last-minute surprises, the US Senate voted Kavanaugh to become the 114th Justice to the US Supreme Court in a major victory for both the Republican party and President Trump. Kavanaugh was confirmed as expected in a 50-48 vote, the narrowest margin for any justice since the 19th century. In a rare move, Alaska senator Lisa Murkowski was the only Republican senator to oppose Kavanaugh on Saturday, but she formally voted “present” to offset the absence of GOP Sen. Steve Daines who left Washington, D.C., on Friday to fly to Montana for his daughter’s wedding.

West Virginia Senator Joe Manchin, who is up for reelection in a state Trump won by more than 40 points in 2016, was the only Democratic senator to support Kavanaugh’s nomination. As The Hill reports, republicans used Manchin’s support to tout Kavanaugh’s nomination as “bipartisan,” but the razor-thin vote margin marks the closest successful Supreme Court vote since Stanley Matthews was confirmed in a 24-23 vote in 1881. In the ends, it doesn’t matter how they got there: Kavanaugh’s confirmation will be a crowning victory for Trump and McConnell, fulfilling a top campaign promise for the president and a critical priority for the Kentucky Republican. Kavanaugh’s ascension to the high court will ensure a conservative majority for decades to come, an outcome that McConnell especially has focused on during his long tenure as the top Senate Republican.

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Roach knows China. He doesn’t think they’ll give in.

Hot Jobs Market, Trade Tensions May Be Lethal Combo – Stephen Roach (CNBC)

There’s a growing risk that trade tensions between the world’s two largest economies may converge with other factors to disrupt the global economy — and knock the historic U.S. stock market rally off its stride, according to one of the world’s leading authorities on Asia. Yale University senior fellow Stephen Roach is worried the US-China trade war is putting sand in the gears of global supply chains, which has been playing a vital force in keeping price pressures in check. Roach referred to the threat as one of the “more destructive” layers of the trade war for stocks.

“You’ve got potentially a lethal combination between a hot labor market in an unwinding of the supply chain effects on the global front which could give you a surprising surge in inflation that the Fed is not positioned to really address with its still very, very low federal funds rate,” he warned Friday on CNBC’s “Trading Nation.” He added: “For every point of slack in advanced economies, the value chains hold down overall inflation by about 9/10s of a point.”

Roach, who served as Morgan Stanley Asia chairman for five years, believes Wall Street and policy makers are largely underestimating the impact of the trade tensions. Despite the new deal to replace the North America Free Trade Agreement, Roach isn’t optimistic the U.S. is any closer to a resolution with China. “The whole hope from the Trump administration is that China will be quickly beaten into submission as they did with supposedly Mexico and Canada,” said Roach. “The odds of a long disruption are high.”

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Economic cold war.

Former Fed Governor Warns Of “Several Decade Cold War” With China (ZH)

Former Fed governor Kevin Warsh warned on Thursday that the US-China relationship is “probably as poor as” it has ever been since former President Richard Nixon and Henry Kissinger developed strategic relations between both countries in the early 1970s. “We’re at the risk of a real cold war” between the world’s two largest economies, said Warsh who had been on President Trump’s list for Fed chairman before Jerome Powell was chosen. “The last 30 years we’ve been living and breathing globalization as if it’s an inevitable force,” but now, it seems the six-decade-long bubble has finally popped.

Bank of Americas says trade wars and deteriorating relations with China have been some of the reasons for the decline in globalism. Especially, US tariff duties collected, % of total imports have surged under the Trump administration. “Protectionism has cross-party support in the US, and nationalist parties continue to gain in Europe. Further action on China ($200bn), autos ($350bn), NAFTA ($690bn) could raise US tariff revenue as % total imports to levels not seen since 1946,” said BofA. During the CNBC interview, Wash used the term “cold war” to describe the economic standoff, not the decades-long “mutually assured destruction” nuclear stalemate with Russia. “We are probably on the precipice of a brand new relationship with the Chinese,” Warsh told CNBC. He asked: “Could we be at the beginning of a 10- or 20-year cold war?” If so, an economic cold war between the countries could have major implications for the global economy like causing a global growth scare and repricing risk assets.

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Fourth reserve requirement ratio cut this year. That’s not a game they can play forever.

China Pumps $109bn Into Economy As Trade War Bites (G.)

China has slashed the amount of cash some of its banks must hold in reserve as Beijing’s leadership seeks to bolster a flagging economy. As higher US interest rates and fears of a trade war piles pressure on economies around the world, China’s central bank said on Sunday that it was cutting the reserve requirement ratios (RRRs) by 1% from 15 October to lower financing costs and spur growth in the world’s second-biggest economy. The reserve cut, the fourth by the People’s Bank of China (PBOC) this year, came after Beijing pledged to speed up plans to invest billions of dollars in infrastructure projects as the economy shows signs of cooling further.

Investment growth has slowed to a record low and net exports have been a drag on growth in the first half of ther year. China releases a snapshot of its services sector on Monday, which will be closely watched for signs of slower growth. The injection of cash into the economy, which will be 750bn yuan ($109.2 billion), will also boost hopes that the negative impact of higher US tariffs on Chinese exports can be eased. The cut, which was announced on the last day of China’s week-long national day holiday, showed the central bank was probably worried about the impact of “external shocks” to markets such as a speech last week by US vice president Mike Pence criticising Beijing, said Zhang Yi, chief economist at Zhonghai Shengrong Capital Management.

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This will get ugly. Trying to split Labour. Anti-semitism accusations have been prepared.

Theresa May Bids For Centre Ground With Appeal To Labour Voters (O.)

Theresa May today delivers an extraordinary appeal to wavering Labour supporters to switch to the Conservatives as she attempts to portray her party as the only option for moderate and patriotic voters. Writing exclusively in today’s Observer the prime minister says that if people who have previously backed Labour look again at her government’s programme, including pledges to increase house building and manage markets where necessary, they will find that it is not driven by ideology, but by beliefs and values that the vast majority could support. Seeking to reclaim the One Nation mantle for the Tories, May writes: “I want voters who may previously have thought of themselves as Labour supporters to look at my government afresh. They will find a decent, moderate and patriotic programme that is worthy of their support.”

She argues that in an era in which traditional political allegiances count for less, the Tories now have a responsibility “on our shoulders” to offer a home to millions of former Labour voters who are unhappy with the party’s move left under Jeremy Corbyn. May’s pitch for the centre ground will enrage many Labour supporters who see her as a supporter of eight years of Tory austerity and the architect of the hostile environment for immigrants. It comes amid rumours in Westminster that disgruntled groups of Labour, Tory and Liberal Democrat MPs could try to form a new party on the centre ground to appeal to voters who regard the Tories as too pro-Brexit and right wing, and dislike the leftwing agenda of Corbyn.

[..] Reacting to her initial pitch for centre ground voters in her conference speech last Wednesday, former Labour home secretary David Blunkett said May was clearly laying a trap for his party. “This is a well tried tactic, attempting to achieve two things at the same time,” Blunkett said. “The first is to appear to move sufficiently on to Labour territory to seem reasonable and moderate while at the same time trying to push Labour further from the mainstream. We must avoid this trap, because it is a trap. “We need to be much more sure-footed in demonstrating where the Conservatives have stolen our clothes. And we need to reassure people that we won’t allow these blatant Conservative tactics to push Labour into adopting policies even more extreme and outside the mainstream.”

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The ECB buys Italian bonds like crazy. What will they do?

Italy Debt Crisis Flares Up, Banks Get Hit, Showdown with EU Intensifies (DQ)

As tensions between Rome and Brussels escalate, and uncertainty grows about Italy’s economic future, investors are dumping Italian debt, causing bond values to fall and yields to rise. That, in turn, is hitting banks’ funding costs and their capital cushions. On average, banks are estimated to already have lost 40 basis points of their core capital in the second quarter and another 8 bps in the third.As their capital base shrinks, banks are less able to write down bad loans — of which there are still frighteningly many — or issue new loans. According to analysts at Morgan Stanley, Banco BPM SpA, Banca Monte dei Paschi di Siena (MPS) SpA and UBI Banca SpA are the most vulnerable of Italy’s largest lenders due to the size of their holdings of government debt.

It is this outsized exposure of Italian banks to Italian debt that makes any sudden deterioration in the value of Italian bonds so dangerous. The banking sector hold around 18% of all of the nation’s public debt. It’s the reason why, as investors abandon Italian bonds en masse, the shares of Italy’s banks are also nose-diving, with the stock of recently rescued Monte dei Paschi di Siena leading the way down having lost more than half its value year-to-date. The chart below shows how the FTSE Italy Banks Index has plunged 29% since early May (black line), while the Italian government 10-year yield (red line) has nearly doubled from 1.8% to 3.4%, practically in tandem:

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Always put people first, no matter what your politics.

Migrants Fight To Save Italian Mayor Who Gave Them A New Home (G.)

In 2009, shortly after his re-election as mayor and several years after he embarked on a policy of welcoming migrants as a means of reversing depopulation in his town, Domenico Lucano was shot at through the window of a restaurant where he was eating with friends. As if to ram home their opposition to his plans, the local mafia also poisoned two of his dogs. Unperturbed, Lucano responded by installing a billboard at the entrance of the town, saying: “Riace – a town of hospitality.” The sign remains today, as does one on the main square that lists the 20 countries people have come from – Eritrea, Somalia, Nigeria, Pakistan, to name a few. Riace, a tiny hilltop town in Italy’s southern Calabria region, has become famous for its much-lauded model of integration, which began in the late 1990s and continues to this day.

But last week, Lucano, the man credited with changing the lives of Italians and foreigners through an initiative that breathed new life into a dying economy, was put under house arrest for allegedly abetting illegal immigration. On Saturday, lending their support to a man dismissed by far-right politician Matteo Salvini as worth “zero”, hundreds of people turned out in support of the mayor and his leadership. Invariably described as altruistic and honest, they struggle to comprehend how Lucano, 60, can have his liberty stripped from him while people belonging to the mafia, a scourge of Italy’s south, roam free. “Mafiosi kill, yet a mayor who does good is arrested? It doesn’t make any sense,” said Elisabetta, who asked for her surname not to be used.

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The worst wishful thinking is that we will replace fossil fuels with some other form of energy and go on growing the way we have. Fewer emissions is useful, fewer expectations is essential.

Major Climate Report Will Slam The Door On Wishful Thinking (Vox)

The leading international body of climate change researchers is preparing to release a major report Sunday night on the impacts of global warming and what it would take to cap warming at 1.5 degrees Celsius, or 2.7 degrees Fahrenheit, above preindustrial levels, a goal that looks increasingly unlikely. The report is from the Intergovernmental Panel on Climate Change, an international consortium of hundreds of climate researchers convened by the United Nations. Authors are meeting this week in Incheon, South Korea, to finalize their findings, but Climate Home News obtained an early leaked draft.

Why examine the prospects for limiting global warming to 1.5°C? Because under the Paris agreement, countries agreed that the goal should be to limit warming to below 2°C by 2100, with a nice-to-have target of capping warming at 1.5°C. According to the drafts, the report finds that it would take a massive global effort, far more aggressive than any we’ve seen to date, to keep warming in line with 1.5°C — in part because we are already en route to 3°C of warming. And even if we hit the 1.5°C goal, the planet will still face massive, devastating changes. So it’s pretty grim. But this is also a thunderous call to action, laying out what tools we have at our disposal (we have plenty) to mitigate global warming and to accelerate the turn toward cleaner energy. Let’s walk through the basics.

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