Dec 242020
 
 December 24, 2020  Posted by at 10:23 am Finance Tagged with: , , , , , , , , , , ,  16 Responses »


Paul Cézanne Forest 1902-04

 

Asymptomatic Transmission Of COVID19 (BMJ)
Makers of Successful COVID19 Vaccines Wrestle With Placebo Recipients (Science)
France Reopens To UK, As EU Tackles New Coronastrain (EUO)
Trump Pardons Roger Stone, Paul Manafort, Charles Kushner, 23 Others (JTN)
Why Trump Should Pardon Assange
The Legacy Of President Donald Trump (Taibbi)
Biden Threats Make Russia Discourse More Reckless, Dangerous (Greenwald)
DNC Was “Directly Involved” In Iowa Caucus App Development (IC)
Powerful Mobile Phone Surveillance Tool Operates In Obscurity (IC)
Where In The World Is Kamala Harris? (DP)
The Lancet Publishes German Doctors’ Report On Treatment Of Navalny (RT)
2020 Year in Review – Part 1 (Dave Collum)

 

 

 

 

How overrated is asymptomatic transmission, and why do we focus on it so much?

Asymptomatic Transmission Of COVID19 (BMJ)

The UK’s £100bn “Operation Moonshot” to roll out mass testing for covid-19 to cities and universities around the country raises two key questions. How infectious are people who test positive but have no symptoms? And, what is their contribution to transmission of live virus? Unusually in disease management, a positive test result is the sole criterion for a covid-19 case. Normally, a test is a support for clinical diagnosis, not a substitute. This lack of clinical oversight means we know very little about the proportions of people with positive results who are truly asymptomatic throughout the course of their infection and the proportions who are paucisymptomatic (subclinical), presymptomatic (go on to develop symptoms later), or post-infection (with viral RNA fragments still detectable from an earlier infection).

Earlier estimates that 80% of infections are asymptomatic were too high and have since been revised down to between 17% and 20% of people with infections. Studies estimating this proportion are limited by heterogeneity in case definitions, incomplete symptom assessment, and inadequate retrospective and prospective follow-up of symptoms, however. Around 49% of people initially defined as asymptomatic go on to develop symptoms. It’s also unclear to what extent people with no symptoms transmit SARS-CoV-2. The only test for live virus is viral culture. PCR and lateral flow tests do not distinguish live virus. No test of infection or infectiousness is currently available for routine use. As things stand, a person who tests positive with any kind of test may or may not have an active infection with live virus, and may or may not be infectious.

The relations between viral load, viral shedding, infection, infectiousness, and duration of infectiousness are not well understood. In a recent systematic review, no study was able to culture live virus from symptomatic participants after the ninth day of illness, despite persistently high viral loads in quantitative PCR diagnostic tests. However, cycle threshold (Ct) values from PCR tests are not direct measures of viral load and are subject to error. While viral load seems to be similar in people with and without symptoms, the presence of RNA does not necessarily represent transmissible live virus. The duration of viral RNA shedding (interval between first and last positive PCR result for any sample) is shorter in people who remain asymptomatic, so they are probably less infectious than people who develop symptoms.

Viral culture studies suggest that people with SARS-CoV-2 can become infectious one to two days before the onset of symptoms and continue to be infectious up to seven days thereafter; viable virus is relatively short lived. Symptomatic and presymptomatic transmission have a greater role in the spread of SARS-CoV-2 than truly asymptomatic transmission. The transmission rates to contacts within a specific group (secondary attack rate) may be 3-25 times lower for people who are asymptomatic than for those with symptoms. A city-wide prevalence study of almost 10 million people in Wuhan found no evidence of asymptomatic transmission. Coughing, which is a prominent symptom of covid-19, may result in far more viral particles being shed than talking and breathing, so people with symptomatic infections are more contagious, irrespective of close contact. On the other hand, asymptomatic and presymptomatic people may have more contacts than symptomatic people (who are isolating), underlining the importance of hand washing and social distancing measures for everyone.

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They have a control group to see if the vaccine is successful, but before the trial is even done, they already declare it successful. By now, we’d almost want it to fail spectacularly.

Makers of Successful COVID19 Vaccines Wrestle With Placebo Recipients (Science)

Now that regulators around the world have begun to issue emergency use authorizations (EUAs) for COVID-19 vaccines—the United States authorized a candidate vaccine from the biotech Moderna on Friday—a theoretical debate that has simmered for months has become a pressing reality: Should ongoing vaccine efficacy studies inform their tens of thousands of volunteers whether they were injected with a placebo or the vaccine, and also offer an already authorized vaccine to those who got the placebo? Vaccinemakers must now quickly decide how to handle this issue, called unblinding. And if they do choose to unblind, they will also need to get regulatory approval. Adding to the pressure: The choice arrives as many trial participants in the United States who are now eligible for an authorized COVID-19 vaccine are dropping out of studies in order to make sure they get immunized.

At the heart of the dilemma is a balancing act. On the one hand, unblinding a vaccine efficacy trial compromises the ability to gather robust scientific data on important issues, such as how long a vaccine protects a person against COVID-19. On the other, withholding a working vaccine from a trial participant who could get it elsewhere is ethically dicey. Last week, those issues came to the fore at a meeting of a U.S. Food and Drug Administration (FDA) vaccine advisory committee, which was considering Moderna’s EUA request. Lindsey Baden, a principal investigator on Moderna’s vaccine efficacy trial, and Steven Goodman, an epidemiologist from Stanford University, presented two different schemes for handling the delicate matter. Both schemes differ from a third plan put forth by Pfizer and its partner BioNTech, which are already distributing a COVID-19 vaccine authorized for use in the United States, the United Kingdom, and the European Union.

Pfizer, which is still running trials of its vaccine, has already asked FDA for permission to unblind its study, and give volunteers who received a placebo the option of receiving its two-dose vaccine. But the offer would come with a catch. Given the limited supply of vaccine, national or local authorities have said they will first provide it to groups most at risk of becoming seriously ill or of transmitting the virus, such as front-line health care workers or the people living in nursing homes. The Pfizer plan would follow that plan by first unblinding only volunteers in one of the top-priority groups specified by authorities in their location and vaccinating those in the placebo group. (AstraZeneca and the University of Oxford, which jointly developed a COVID-19 vaccine candidate that has confusing efficacy results and does not yet have an EUA, reportedly want to offer a similar unblinding scheme.)

A different approach is advocated by Baden, an infectious disease specialist at Brigham and Women’s Hospital. He prefers an “open label” strategy, in which the Moderna trial is unblinded and the company offers everyone in the placebo group the vaccine regardless of eligibility in their location. Goodman, meanwhile, favors a “blinded crossover” option. In that approach, all trial volunteers would receive an additional pair of shots, with placebo recipients getting the vaccine and the vaccinated getting placebos. But the volunteers wouldn’t be told which arm they were in for some period of time.

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Too much panic.

France Reopens To UK, As EU Tackles New Coronastrain (EUO)

France has resumed transport links with the UK, on condition travellers get a negative test result, as the EU tries to contain a new type of Covid-19. Flights, Eurostar trains, and ferries would restart services on Wednesday (23 December) morning, French transport minister Jean-Baptiste Djebarri said after talks with his British counterpart late on Tuesday. “French nationals, people living in France, and those with a legitimate reason [to travel from the UK to France] will have to be carrying a negative test [result],” to be let through, he added, however. The deal “will see the French border reopen to those travelling for urgent reasons, provided they have a certified negative Covid test,” British transport minister Grant Shapps said.

France said travellers would need to show a negative test result less than 72 hours before departure. The UK said lorry drivers, thousands of whom were stuck near the British port of Dover, could get results within 30 minutes of taking a test, to help get them moving. France had sealed off the UK after the discovery of a mutated coronavirus strain that was apparently up to 70 percent more contagious in Britain on Sunday. Isolated cases of the new strain have already cropped up in Belgium, Denmark, Italy, and the Netherlands, prompting Sweden to also close its border with Denmark on Monday. Virologists said there was no need to panic, as the new strain was not more lethal or vaccine-resistant. But more than 50 countries worldwide, including the vast majority of EU states, also cut transport links to the UK in the past 48 hours.

And for its part, the European Commission, on Tuesday, indicated they had overreacted. “While it is important to take swift temporary precautionary action to limit the further spread of the new strain of the virus and all non-essential travel to and from the UK should be discouraged, essential travel and transit of passengers should be facilitated,” it said in a non-binding recommendation. “Flight and train bans should be discontinued given the need to ensure essential travel and avoid supply-chain disruptions,” it added, amid concern on shortages of fresh fruit and vegetables in UK shops. “Blanket travel bans should not prevent thousands of EU and UK citizens from returning to their homes [for Christmas],” EU justice commissioner Didier Reynders also said.

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Every president pardons people they maybe should not have. Calm down.

Trump Pardons Roger Stone, Paul Manafort, Charles Kushner, 23 Others (JTN)

President Trump pardoned 26 people on Wednesday, including Roger Stone, Paul Manafort and Charles Kushner, the father of the president’s son-in-law Jared Kushner. The move comes one day after the president pardoned 15 other people, among them, George Papadopoulos and former Rep. Duncan Hunter. “Due to prosecutorial misconduct by Special Counsel Mueller’s team, Mr. Stone was treated very unfairly,” according to a statement from the press secretary about the latest executive grants. “He was subjected to a pre-dawn raid of his home, which the media conveniently captured on camera. Mr. Stone also faced potential political bias at his jury trial. Pardoning him will help to right the injustices he faced at the hands of the Mueller investigation.” Stone’s pardon from the president comes after Trump had commuted his sentence earlier this year.

“Today, President Trump has issued a full and complete pardon to Paul Manafort, stemming from convictions prosecuted in the course of Special Counsel Mueller’s investigation, which was premised on the Russian collusion hoax,” the statement said. “Mr. Manafort has already spent two years in prison, including a stretch of time in solitary confinement – treatment worse than what many of the most violent criminals receive. As a result of blatant prosecutorial overreach, Mr. Manafort has endured years of unfair treatment and is one of the most prominent victims of what has been revealed to be perhaps the greatest witch hunt in American history. As Mr. Manafort’s trial judge observed, prior to the Special Counsel investigation, Mr. Manafort had led an ‘otherwise blameless life.’ Since May, Mr. Manafort has been released to home confinement as a result of COVID-19 concerns.”

Charles Kushner, the father of Ivanka Trump’s husband Jared Kushner, also received a pardon from the president. “Since completing his sentence in 2006, Mr. Kushner has been devoted to important philanthropic organizations and causes, such as Saint Barnabas Medical Center and United Cerebral Palsy,” the statement said. “This record of reform and charity overshadows Mr. Kushner’s conviction and 2 year sentence for preparing false tax returns, witness retaliation, and making false statements to the FEC.”

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Nifty little site that allows you to contact 1000 people close to Trump.

Why Trump Should Pardon Assange

This website will show you 50 of the top 1,000 people who have influenced what Trump sees on Twitter in recent weeks. Should be random every time you refresh. Please use this tool to nicely request that people tweet support for pardoning Julian Assange.

This website makes it possible to contact people in President Trump’s political network and encourage them to support a pardon for Julian Assange. Here is how you can help convince Trump to pardon Assange:

1. Click “Tweet” or “Message”
Next to the person you want to contact. This will open a draft tweet on Twitter.

2. Write Message
Politely explain that Trump should pardon Assange. If you need inspiration, see Why Pardon Assange? for examples of what others are saying.

3. Send Message
Send the tweet or direct message that you crafted.

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“..like a social disease persisting beyond the usual course of medication, most of upscale America thought the Trump Show was a hoot.”

The Legacy Of President Donald Trump (Taibbi)

Reports say Donald Trump has lost it. Unable to face the reality that he will no longer be president soon, stung by public repudiations from the Supreme Court, Mitch McConnell, Vladimir Putin, Bill Barr, and other erstwhile pals, he is said to be canceling appearances left and right, retreating to a lonely schedule of golf and manic conspiracy theorizing on Twitter. He posted 550 times in just a few weeks of November, with three-fourths of that content, the New York Times for some reason calculated, made up of rants about a stolen election. Unlike past presidents, who with the exception of Dick Nixon were all feted on the way out no matter what crooked or blood-soaked record they left behind, Trump is being ridden out on a rail.

He exits politics as he entered it, as a human punchline, a ball of catnip to the commentariat, which gets to snicker now about his thinning schedule and “tiny desk” (the updated version of all those jokes about short fingers that drove him so crazy once). There is delight as “former close associates, longtime Trump observers, and mental health experts” whisper into the op-ed pages the cold final judgment that, as Politico put it, “Trump is a loser.” Which is fine — victori sunt spoila and all that — but it’s already safe to say the Trump years will be remembered as a brutal black comedy that made winners and losers alike look very, very bad. It was supposed to be a historic, norms-smashing catastrophe, but the reality is that almost nothing actually happened during the Trump years, except for a very long, exhausting story.

The major in-between change was a total loss of our collective grip on reality, beginning with the fact that most of the country thinks we just went to hell and back a thousand times, instead of making just one noisy trip in a circle, arriving just where we might have four years ago, if Joe Biden had run instead of Hillary Clinton. The tiniest conceivable step, but oh so much grief and self-deception to get there! They’ll deny it, but huge portions of the snickering chatterati rooted for Trump at first. When he jumped in the 2016 race, cultural icons laughed, big-money Democrats cheered, and rubbernecking cosmopolitan media audiences clicked and tuned in by the millions. Except for the more favored Republican primary opponents who learned early on to look on Trump with genuine alarm, like a social disease persisting beyond the usual course of medication, most of upscale America thought the Trump Show was a hoot.

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There’s only one thing that prevents the US from attacking Russia: their weapons are far more sophisticated.

Biden Threats Make Russia Discourse More Reckless, Dangerous (Greenwald)

To justify Hillary Clinton’s 2016 loss to Donald Trump, leading Democrats and their key media allies for years competed with one another to depict what they called “Russia’s interference in our elections” in the most apocalyptic terms possible. They fanatically rejected the view of the Russian Federation repeatedly expressed by President Obama — that it is a weak regional power with an economy smaller than Italy’s capable of only threatening its neighbors but not the U.S. — and instead cast Moscow as a grave, even existential, threat to U.S. democracy, with its actions tantamount to the worst security breaches in U.S. history.

This post-2016 mania culminated with prominent liberal politicians and journalists (as well as John McCain) declaring Russia’s activities surrounding the 2016 to be an “act of war” which, many of them insisted, was comparable to Pearl Harbor and the 9/11 attack — the two most traumatic attacks in modern U.S. history which both spawned years of savage and destructive war, among other things. Sen. Jeanne Shaheen (D-NH) repeatedly demanded that Russia’s 2016 “interference” be treated as “an act of war.” Hillary Clinton described Russian hacking as “a cyber 9/11.” And here is Rep. Jerry Nadler (D-NY) on MSNBC in early February, 2018, pronouncing Russia “a hostile foreign power” whose 2016 meddling was the “equivalent” of Pearl Harbor, “very much on par” with the “seriousness” of the 1941 attack in Hawaii that helped prompt four years of U.S. involvement in a world war.

With the Democrats, under Joe Biden, just weeks away from assuming control of the White House and the U.S. military and foreign policy that goes along with it, the discourse from them and their media allies about Russia is becoming even more unhinged and dangerous. Moscow’s alleged responsibility for the recently revealed, multi-pronged hack of U.S. Government agencies and various corporate servers is asserted — despite not a shred of evidence, literally, having yet been presented — as not merely proven fact, but as so obviously true that it is off-limits from doubt or questioning.

Any questioning of this claim will be instantly vilified by the Democrats’ extremely militaristic media spokespeople as virtual treason. “Now the president is not just silent on Russia and the hack. He is deliberately running defense for the Kremlin by contradicting his own Secretary of State on Russian responsibility,” pronounced CNN’s national security reporter Jim Sciutto, who last week depicted Trump’s attempted troop withdrawal from Syria and Germany as “ceding territory” and furnishing “gifts” to Putin. More alarmingly, both the rhetoric to describe the hack and the retaliation being threatened are rapidly spiraling out of control.

Democrats (along with some Republicans long obsessed with The Russian Threat, such as Mitt Romney) are casting the latest alleged hack by Moscow in the most melodramatic terms possible, ensuring that Biden will enter the White House with tensions sky-high with Russia and facing heavy pressure to retaliate aggressively. Biden’s top national security advisers and now Biden himself have, with no evidence shown to the public, repeatedly threatened aggressive retaliation against the country with the world’s second-largest nuclear stockpile.

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Cut all machines and apps out of the election. It’s the only way.

DNC Was “Directly Involved” In Iowa Caucus App Development (IC)

The Democratic National Committee refused to cooperate with investigators and was “directly involved in the development process” of the infamous Shadow app ahead of the 2020 Iowa caucuses. That’s the conclusion of the former U.S. attorney leading the investigation into what went wrong during the first-in-the-nation caucuses, as relayed to the Iowa State Democratic Party in a closed-session meeting last week, according to a transcript of the meeting obtained by The Intercept. “The DNC was directly involved in the development process,” Nicholas Klinefeldt, a former federal attorney appointed by President Barack Obama, told the Iowa Democratic Party state steering committee in the December 12 meeting about the findings of an investigation he led alongside former Iowa Attorney General Bonnie Campbell.


Klinefeldt’s revelation about the committee’s involvement counters the DNC’s claim it made immediately after the Iowa caucuses. Back then, the DNC claimed it had “absolutely no involvement” in the development or coding of the Shadow app, which was supposed to record and report caucus results. When Third District state party member Kim Callahan asked investigators to expand on the DNC’s involvement, they failed to elaborate, simply confirming that the DNC wouldn’t cooperate with its investigation. Without the DNC’s cooperation in the probe, investigators were hamstrung. “There seemed to be a great deal of culpability by the DNC,” Jim Bunton, a Third District Iowa state party member, said to Klinefeldt in the meeting. “There doesn’t seem to be a lot of cooperation from the DNC from what you’re saying. … How can we hope to have a better outcome next time around? Because the actor we can’t control is the DNC.”

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Sign of the times.

Powerful Mobile Phone Surveillance Tool Operates In Obscurity (IC)

Until now, the Bartonville, Texas, company Hawk Analytics and its product CellHawk have largely escaped public scrutiny. CellHawk has been in wide use by law enforcement; the software is helping police departments, the FBI, and private investigators around the United States convert information collected by cellular providers into maps of people’s locations, movements, and relationships. Police records obtained by The Intercept reveal a troublingly powerful surveillance tool operated in obscurity, with scant oversight. CellHawk’s maker says it can process a year’s worth of cellphone records in 20 minutes, automating a process that used to require painstaking work by investigators, including hand-drawn paper plots.

The web-based product can ingest call detail records, or CDRs, which track cellular contact between devices on behalf of mobile service providers, showing who is talking to whom. It can also handle cellular location records, created when phones connect to various towers as their owners move around. Such data can include “tower dumps,” which list all the phones that connected to a given tower — a form of dragnet surveillance. The FBI obtained over 150,000 phone numbers from a single tower dump undertaken in 2010 to try and collect evidence against a bank robbery suspect, according to a report from the Brennan Center for Justice at NYU.

Police use CellHawk to process datasets they routinely receive from cell carriers like AT&T and Verizon, typically in vast spreadsheets and often without a warrant. This is in sharp contrast to a better known phone surveillance technology, the stingray: a mobile device that spies on cellular devices by impersonating carriers’ towers, tricking phones into connecting, and then intercepting their communications. Unlike the stingray, CellHawk does not require such subterfuge or for police to position a device near people of interest. Instead, it helps them exploit information already collected by private telecommunications providers and other third parties.

CellHawk’s surveillance capabilities go beyond analyzing metadata from cellphone towers. Hawk Analytics claims it can churn out incredibly revealing intelligence from large datasets like ride-hailing records and GPS — information commonly generated by the average American. According to the company’s website, CellHawk uses GPS records in its “unique animation analysis tool,” which, according to company promotional materials, plots a target’s calls and locations over time. “Watch data come to life as it moves around town or the entire county,” the site states.

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They’re for it if it enhances their careers.

Where In The World Is Kamala Harris? (DP)

After Democratic Sen. Amy Klobuchar humiliated herself by throwing cold water on the idea during an MSNBC appearance, Democratic lawmakers from across the country seem to have finally woken up and realized that there’s an economic emergency unfolding and that “let them eat Federal Reserve lending facilities” is not a compelling message. But one unique and much-needed voice is bizarrely muted: Vice President-elect Kamala Harris. Before we get to the California lawmaker, it’s worth noting that her boss, president-elect Joe Biden, seems to have completely checked out of the current debate, after helping create a debacle. He reportedly convinced congressional Democrats to get steamrolled by Mitch McConnell and agree to provide just $600 in direct aid — which Georgia Democratic senate candidate Jon Ossoff rightly called “a joke.”


Biden has vaguely promised to push more aid in 2021, but he is not weighing in forcefully on the budget showdown that is unfolding right now. An austerian to the core, Biden took a dump in the middle of the process, and is now running away from the mess he helped create. Harris’s absence is more notable and perplexing considering that she is in a position to play a direct role in the legislative standoff. She isn’t just the vice president-elect and she isn’t just any old member of the U.S. Senate that could ultimately decide the fate of the stimulus bill. Harris also happens to be the lead author of legislation to provide $2,000 a month to individuals during the pandemic. This wasn’t some small initiative — this was Harris’s big headline-grabbing idea she was making her namepushing during the veepstakes. This was supposed to be a proof point illustrating her progressive credentials and her appreciation of the magnitude of the crisis America now faces.

Kamala May 8 2020

So where is Harris now? It’s hard to know what’s happening behind the scenes, but at least in public, she’s been quiet on the issue. Indeed, while she has made some generic comments about Congress needing to pass some form of stimulus, she has not been an aggressive leader on the question of direct aid in the current legislative package. Take a look at her social media feeds and peruse Google News for her mentions — there doesn’t seem to be much of anything from her in the middle of the central budget controversy of the entire crisis. Why? Perhaps she is just following Biden’s lead. Or maybe she believes some ridiculous 17-dimensional-chess theory that staying out of the fray will help secure a good outcome, in the same way Democrats always come up with rationales to live to never fight another day. Or maybe there’s a more innocent explanation — maybe she just hasn’t gotten around to it but is about to weigh in.

Pelosi 1994 M4A

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Do we have to keep on talking about this guy?

The Lancet Publishes German Doctors’ Report On Treatment Of Navalny (RT)

Leading medical journal The Lancet has published a case report detailing Russian anti-corruption activist Alexey Navalny’s treatment in Germany following his alleged poisoning with the lethal Novichok nerve agent. Wednesday’s article concludes that the actions of Russian doctors in Omsk, the Siberian city where he was first treated after falling ill on a flight to Moscow, were “presumably decisive,” noting that Navalny “had a very favorable outcome.” The Lancet also credits the protest leader’s good physical condition as another reason for his excellent recovery. Navalny, who is described by the journal as “a 44-year-old man who was previously healthy,” is said to have suddenly begun to sweat, before vomiting, collapsing, and eventually losing consciousness on the plane which was traveling from Tomsk.

According to a report, written primarily by doctors based at the Charité Hospital in Berlin, where Navalny spent more than a month being treated, the activist arrived with a wide range of symptoms, including a slow heart rate, hypersalivation, hypothermia, and heavy sweating, amongst others. After tests in a laboratory, he was found to have severe cholinesterase inhibition. This diagnosis was released to the public on August 24, four days after he fell ill and two days after arriving in Germany. The Russian clinic where he was first treated contradicted this finding, saying they found no cholinesterase inhibitors in his blood.

The report writes in great detail about the changes in Navalny’s condition, noting that “on day 12, the patient started to breathe spontaneously” and “could subsequently be weaned from mechanical ventilation completely by day 24.” He was released on day 33. On day 55, during his last follow-up appointment, doctors found a “near-complete recovery.” The Lancet also details that Novichok, the poison said to have been given to Navalny, is an organophosphorus compound – most commonly associated with pest control. “Organophosphorus nerve agents exert the same mechanism of action as do organophosphorus pesticides,” the article says, noting that South East Asia sees more than 100,000 annual deaths due to this type of poisoning.

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Oh no, not him again.

2020 Year in Review – Part 1 (Dave Collum)

Imagine, if you will, a man wakes up from a year-long induced coma—a long hauler of a higher order—to a world gone mad. During his slumber, the President of the United States was impeached for colluding with the Russians using a dossier prepared by his political opponents, themselves colluding with the FBI, intelligence agencies, and the Russians. A pandemic that may have emanated from a Chinese virology laboratory swept the globe killing millions and is still on the loose. A controlled demolition of the global economy forced hundreds of millions into unemployment in a matter of weeks. Metropolitan hotels plummeted to 10% occupancy. The 10% of the global economy corresponding to hospitality and tourism had been smashed on the shoals and was foundering.


The Federal Reserve has been buying junk corporate bonds in total desperation. A social movement of monumental proportions swept the US and the world, triggering months of rioting and looting while mayors, frozen in the headlights, were unable to fathom an appropriate response. The rise of neo-Marxism on college campuses and beyond had become palpable. The most contentious election in US history pitted the undeniably polarizing and irascible Donald Trump against the DNC A-Team including a 76-year-old showing early signs of dementia paired with a sassy neo-Marxist grifter with an undetectable moral compass. Many have lost faith in the fairness of the election as challenges hit the courts. Peering through the virus-induced brain fog the man sees CNBC playing on the TV with the scrolling Chiron stating, “S&P up 12% year to date. Nasdaq soars 36%.” The man has entered The Twilight Zone.

Read more …

 

 

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“The first gulp from the glass of natural sciences will turn you into an atheist, but at the bottom of the glass God is waiting for you.”
– Werner Heisenberg

 

 

 

 

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Jan 102017
 
 January 10, 2017  Posted by at 11:07 am Finance Tagged with: , , , , , , , ,  4 Responses »


Jack Delano Truck service station on U.S. 1, NY Avenue, Washington, DC 1940

Pity the Sad Legacy of Barack Obama (Cornel West)
State Dep.: Presenting Evidence Of Russian Hacking Would Be Irresponsible (ZH)
Breakaway Senate Republicans Push to Delay Obamacare Repeal (BBG)
If Trump Tries To Lower Drug Prices, God Help Him: Top Medicare Official (MW)
Democrats Seek 9/11-Style Commission To Investigate Russian Hacking (G.)
Jeremy Corbyn: UK Can Be Better Off Out Of The EU (G.)
Britain’s Dangerous Post-Brexit Borrowing Binge (BBG)
Shadow Lending Leaves Chinese Banks Looking Exposed (BBG)
Thousands Of US Troops Arrive In Europe (ZH)
Top Economists Grapple With Public Disdain (WSJ)
The Harsh Reality (Kath.)
European Commission: ‘Untenable’ Situation In Greek Refugee Camps (AP)

 

 

“..a depressing decline in the highest office of the most powerful empire in the history of the world.”

Pity the Sad Legacy of Barack Obama (Cornel West)

Eight years ago the world was on the brink of a grand celebration: the inauguration of a brilliant and charismatic black president of the United States of America. Today we are on the edge of an abyss: the installation of a mendacious and cathartic white president who will replace him. This is a depressing decline in the highest office of the most powerful empire in the history of the world. It could easily produce a pervasive cynicism and poisonous nihilism. Is there really any hope for truth and justice in this decadent time? Does America even have the capacity to be honest about itself and come to terms with its self-destructive addiction to money-worship and cowardly xenophobia?

Ralph Waldo Emerson and Herman Melville – the two great public intellectuals of 19th-century America – wrestled with similar questions and reached the same conclusion as Heraclitus: character is destiny (“sow a character and you reap a destiny”). The age of Barack Obama may have been our last chance to break from our neoliberal soulcraft. We are rooted in market-driven brands that shun integrity and profit-driven policies that trump public goods. Our “post-integrity” and “post-truth” world is suffocated by entertaining brands and money-making activities that have little or nothing to do with truth, integrity or the long-term survival of the planet. We are witnessing the postmodern version of the full-scale gangsterization of the world. The reign of Obama did not produce the nightmare of Donald Trump – but it did contribute to it. And those Obama cheerleaders who refused to make him accountable bear some responsibility.

A few of us begged and pleaded with Obama to break with the Wall Street priorities and bail out Main Street. But he followed the advice of his “smart” neoliberal advisers to bail out Wall Street. In March 2009, Obama met with Wall Street leaders. He proclaimed: I stand between you and the pitchforks. I am on your side and I will protect you, he promised them. And not one Wall Street criminal executive went to jail. We called for the accountability of US torturers of innocent Muslims and the transparency of US drone strikes killing innocent civilians. Obama’s administration told us no civilians had been killed. And then we were told a few had been killed. And then told maybe 65 or so had been killed. Yet when an American civilian, Warren Weinstein, was killed in 2015 there was an immediate press conference with deep apologies and financial compensation. And today we still don’t know how many have had their lives taken away.

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Because the 9/11 commission was so successful?

Democrats Seek 9/11-Style Commission To Investigate Russian Hacking (G.)

Democratic members of the US Congress called on Monday for the creation of an independent commission to investigate Russia’s attempts to intervene in the 2016 election, similar to the September 11 panel that investigated the 2001 attacks on the United States. Their “Protecting our Democracy Act” would create a 12-member, bipartisan independent panel to interview witnesses, obtain documents, issue subpoenas and receive public testimony to examine attempts by Moscow and any other entities to influence the election. The panel members would not be members of Congress. The legislation is one of many calls by lawmakers to look into Russian involvement in the contest, in which Republican Donald Trump defeated Democrat Hillary Clinton in the White House race, confounding opinion polls.

Republicans also kept control of the Senate and House of Representatives by larger-than-expected margins. US intelligence agencies on Friday released a report saying that President Vladimir Putin of Russia ordered an effort to help Trump’s electoral chances by discrediting Clinton. Russia has denied the hacking allegations. A Kremlin spokesman said on Monday they were “reminiscent of a witch-hunt”. “There is no question that Russia attacked us,” Senator Ben Cardin, the top Democrat on the Senate foreign relations committee, told a news conference. Versions of the bill were introduced in both the Senate and House. In the Senate it has 10 sponsors. In the House it is backed by every member of the Democratic caucus, said Representative Elijah Cummings, the top Democrat on the House oversight committee. However, no Republicans currently back the bill, so its prospects are dim, given Republican control of both houses of Congress.

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And then after that commission is done investogating, they won’t tell anyone?

State Dep.: Presenting Evidence Of Russian Hacking Would Be Irresponsible (ZH)

One recurring lament throughout the theatrically dramatic campaign involving reports and emotional appeals by US intelligence agencies such as the CIA (whose primary function is the creation of disinformation) to ordinary Americans, that Russia had “hacked the US presidential election” is that for all the bluster and “conviction”, there has been zero evidence. And, as it turns out, there won’t be any, because according to the US State Department, US intelligence agencies were right to not reveal evidence of their proof that Russia interfered in US elections, and comparisons with intelligence reports that Iraq had WMDs were not relevant in the current year.

Asked by RT’s Gayane Chichakyan if Friday’s public intelligence report should have contained any proof of Russian intervention, State Department spokesman John Kirby said that no one should be surprised that US intelligence agencies were keeping evidence secret in order to protect sources and methods. “Most American people understand that they have the responsibility to protect their sources and methods,” Kirby said, adding it would be “irresponsible” to do otherwise. Actually, with the Iraq WMD fiasco strill fresh in “American people’s” minds, it is irresponsible to think most Americans are still naive idiots who will believe whatever the “intelligence agencies” will tell them.

Alas, none of that has filtered through to the appropriate authorities, and Kirby said that it was “up to the agencies to decide which information they share with the public. We rely on them to make that determination for themselves.” And, in this case, it meant sharing no information at all. The assessment in Friday’s report was made “by all 17 intelligence communities. All of them came to the same basic conclusion: that Russia interfered in the US election,” Kirby said. “All of our intelligence communities came to the same basic conclusion, over and over again.” They just couldn’t prove it, instead hoping that by repeating the same statement over and over would be sufficient.

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Get an alternative is place first, makes sense.

Breakaway Senate Republicans Push to Delay Obamacare Repeal (BBG)

A breakaway group of five moderate Senate Republicans pushed Monday to delay a bill repealing Obamacare until March — potentially enough pressure to force the party’s leadership to comply. The step is the latest sign of some Republicans’ growing uneasiness about their leadership’s plan to repeal the law with no consensus on a replacement as part of an effort to deliver swiftly on one of President-elect Donald Trump’s top campaign promises. Senators Bob Corker of Tennessee, Rob Portman of Ohio, Susan Collins of Maine, Bill Cassidy of Louisiana and Lisa Murkowski of Alaska offered an amendment Monday to the budget resolution that would extend the target date for the committees to write an Obamacare repeal bill to March 3 from Jan. 27.

“As President-elect Trump has stated, repeal and replace should take place simultaneously, and this amendment will give the incoming administration more time to outline its priorities,” Corker said in a statement. “By extending the deadline for budget reconciliation instructions until March, Congress and the incoming administration will each have additional time to get the policy right.” With Democrats opposed to a straight repeal bill, Republicans can lose no more than one backer if they want to fast-track their approach before Trump takes office. Republican leaders in the Senate are hoping to adopt the budget resolution – which would allow an Obamacare repeal bill to pass with 50 votes and escape a Senate filibuster – early Thursday after a marathon session of amendment votes.

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The power of the US pharmaceutical industry is scary.

If Trump Tries To Lower Drug Prices, God Help Him: Top Medicare Official (MW)

President-elect Donald Trump said on the campaign trail that Medicare should negotiate for lower drug prices. “God help him,” Acting Centers for Medicare and Medicaid Administrator Andy Slavitt said at the JP Morgan Health Care Conference in San Francisco on Monday. “He’s not wrong, but you need a lot of … to coin a phrase that’s been used, a fair amount of stamina if you are going to deal with the pharmaceutical industry on this topic.” Drug-pricing talk has been in the air at the JP Morgan conference, with a new administration about to take office and adding tremendous regulatory uncertainty to this sector. Despite critical comments made during election season, the president-elect has largely been seen by pharmaceutical and biotechnology companies as a positive, deregulatory force for their industry.

But the issue, still very much in the public eye, may not be off the table. Trump vowed to “bring drug prices down” in December comments to Time. The U.S. pays far more than other countries for pharmaceutical drugs, and has for a long time. “If [Trump] has the stamina he will see two things… the American public is being taken advantage of. And secondly, we are funding the R&D for free riders across the world,” Slavitt said. “And I don’t think the president-elect… is going to take too well to that.” While other countries use government negotiations to bring down drug costs, the tactic is often seen as anathema to the American free-market system. But, “this is a topic that will eventually be dealt with,” Slavitt predicted. “It’s easier to deal with this in 2017 than it will be in 2021 or 2022, when it is crippling the finances of health care.”

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Too many people are already invested in the opposite idea.

Jeremy Corbyn: UK Can Be Better Off Out Of The EU (G.)

Jeremy Corbyn will use his first speech of 2017 to claim that Britain can be better off outside the EU and insist that the Labour party has no principled objection to ending the free movement of European workers in the UK. Setting out his party’s pitch on Brexit in the year that Theresa May will trigger article 50, the Labour leader will also reach for the language of leave campaigners by promising to deliver on a pledge to spend millions of pounds extra on the NHS every week. He will say Labour’s priority in EU negotiations will remain full access to the European single market, but that his party wants “managed migration” and to repatriate powers from Brussels that would allow governments to intervene in struggling industries such as steel.

Sources suggested that the economic demands were about tariff-free access to the single market, rather than membership that they argued did not exist. Corbyn’s speech and planned media appearances represent the first example of a new anti-establishment drive designed by strategists to emphasise and spread his image as a leftwing populist to a new set of voters. They hope the revamp will help overturn poor poll ratings across the country, particularly with a looming byelection in Copeland, Cumbria. Speaking in Peterborough, chosen because it is a marginal Tory seat that voted heavily in favour of Brexit, and which Labour is targeting, Corbyn will lay into May’s failure to reveal any Brexit planning, and say that Labour will not give the government a free pass in the negotiations.

After comparing the prime minister’s refusal to offer MPs a vote on the final Brexit deal to the behaviour of Henry VIII in a Guardian interview, Corbyn will say: “Not since the second world war has Britain’s ruling elite so recklessly put the country in such an exposed position without a plan.”

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This should scare people.

Britain’s Dangerous Post-Brexit Borrowing Binge (BBG)

For the U.K. economy, the good news is that following the Brexit vote, the sky hasn’t fallen as many predicted; on the contrary, it’s been a period of unexpected fair weather. The bad news is that the benign outlook is encouraging a surge in borrowing, leaving households vulnerable if the Bank of England decides to tighten monetary policy. Andy Haldane, the chief economist at the central bank, said last week that as far as the British consumer is concerned, “it’s almost as though the referendum had not taken place.” That, he says, helps explain why the central bank’s gloomy prognosis of what a vote to leave the European Union would do to the economy has thus far turned out to be wrong. The nation appears to have been in celebratory mood this Christmas.

Credit-card company Visa said on Monday that U.K. spending jumped 2.6% in December from a year earlier, led by a 7.3% jump in hotels, restaurants and bars. In the final three months of 2016, overall spending posted its strongest growth in two years, Visa said. Britons have been loading up on debt. At the start of 2000, households had debts about equivalent to their disposable income. The ratio surged in the following years, peaking at 160% in the first quarter of 2008. As the financial crisis took its toll, people scaled back on borrowing, and the ratio had dropped to about 137% by September 2015. But it then rose for four consecutive quarters, with the most recently available figures showing a jump to 143% in the third quarter of last year:

As the chart shows, Brits are more indebted than their peers in either the U.S. or the euro zone. Perhaps unsurprisingly, while British households are still making their payments on secured loans such as mortgages, defaults on unsecured loans surged as the total debt burden climbed:

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“Of late [..] liquidity in China has been a mere accounting artifact.”

Shadow Lending Leaves Chinese Banks Looking Exposed (BBG)

In their obsession with China’s falling foreign-exchange reserves, investors may be ignoring a more painful Catch-22: a growing shortage of bank deposits. Left unaddressed, the lenders’ liquidity squeeze could leave them dangerously exposed to fickle wholesale financing, while trying to ease the shortage could worsen capital flight. Take Bank of Jinzhou. With just 0.3% of the $22 trillion in assets of the 35 publicly traded Chinese lenders, the bank appears remarkably liquid. Its 57% loan-to-deposit ratio in June was below the median reading of 67%. The Hong Kong-listed institution’s 200 billion yuan ($30 billion) deposit base offered ample support to a loan portfolio only a little higher than half that amount.

Of late, however, liquidity in China has been a mere accounting artifact. Customers’ deposits aren’t sufficient to finance Bank of Jinzhou’s 213 billion yuan in shadow loans, which are debt securities that the lender classifies as receivables. To make up the shortfall, it has borrowed 142 billion yuan from other financial institutions. Of this, as much as 78% is short-term financing. After adjusting for shadow lending, S&P Global Ratings pegged Bank of Jinzhou’s loan-to-deposit ratio at the end of 2015 at 153%. Bank of Jinzhou is hardly the only Chinese bank flirting with illiquidity: Almost all are sitting on a pile of debt masquerading as receivables.

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Nobel Peace Prize.

Thousands Of US Troops Arrive In Europe (ZH)

Just days after we reported that the US had begun deploying some 2,800 tanks, trucks and other military equipment to Germany, from where they would be transported by rail and road to Eastern Europe as part of a buildup of NATO reinforcements against “Russian expansion”, the next US deployment has made its way to Europe over the weekend, when some 4,000 US troops arrived in the German port of Bremerheven, on their way to Wroclaw, Poland under a planned NATO operation to “reassure the alliance’s Eastern European allies” in the face of what NATO has dubbed mounting Russian aggression. The American soldiers landed in Wroclaw, home to a key Nato and Polish air base in south-west Poland.

The troops will be followed by the roughly 2,800 tanks and other pieces of military equipment which are currently en route from Germany. The delivery of US Abrams tanks, Paladin artillery, and Bradley fighting vehicles, as well as supporting troops, marks a new phase of America’s continuous presence in Europe, which will now be based on a nine-month rotation. Why provoke Russia with yet another mass deployment? Because as NATO Major General Timothy McGuire told reporters, last week, when asked if the large deployment was meant to send a message to Russia, “The best way to maintain the peace is through preparation.” And while we are quoting, here is another good line from the movie Spice Like Us: “A weapon unused is a useless weapon.” The US military industrial complex is doing everything in its power to make sure a lot of weapons are used in the future.

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The priesthood is aghast.

Top Economists Grapple With Public Disdain (WSJ)

The nation’s leading economists are suffering an identity crisis as many of the institutions they helped build and causes they advanced have come in for public scorn and rejection at the ballot box. The angst was on display this weekend at the annual conference of the American Economic Association, the profession’s largest gathering. The conference is a showcase for agenda-setting research, a giant job fair for the nation’s most promising young economists and, this year, the site of endless discussion about how to rebuild trust in the discipline. Many academic economists have been champions of free trade and globalization, ideas under assault among rising populist movements in advanced economies around the world.

The rise of President-elect Donald Trump, with his fierce rhetoric against elites, in particular, left many at this conference questioning their place in the world. “The economic elite did many things to undermine their credibility while people’s economic fortunes were taking a turn for the worse,” said Steven Davis, an economist at the University of Chicago. But a road map for regaining trust is elusive. “I used to think facts and analysis will ultimately carry the day but now I’m not quite sure.” [..] Surveys from the Pew Research Center have documented dwindling support for free trade. In 2014, 60% of Democratic voters and 55% of Republican voters supported such trade agreements. In an October survey, however, support among Democrats had fallen to 56% and support among Republicans had nose-dived to 24%.

Over a billion people moved out of poverty in developing countries in the last 25 years, lifted in part by global trade and other economic prescriptions, but those same policies created winners and losers in the West. Another Pew study last year compared views of whether it was good for the U.S. to be so involved in the global economy: 86% of scholars said it was good, and just 2% bad. Among the general public, 49% thought it was bad, and just 44% good.

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A lot of snow in Athens overnight. Very cold too. It’s worse on the islands. And all we get is blame games.

The Harsh Reality (Kath.)

The refugees and migrants, thousands of people from Asia and Africa who are wintering in Greece in the hope that their dream will come true and that they will move on to central and northern Europe (imagined as hospitable by need) are harboring no illusions about this country. Greece is a country with real problems: economic, social and now weather-related. These people have to put up with the same problems as we do but the place where they are doing it from is far more difficult: They have no safe accommodation, no money and limited freedom. The additional shows of solidarity that may have come with the holiday season (even if mere publicity stunts designed for the television cameras) were soon to be wiped out by the cold snap, which also affected the islands of the Aegean. There will be no such thing as halcyon days for these people.

Official assurances by government officials that the authorities managed to provide warm and safe shelter for all asylum seekers and migrants offer little comfort, as no amount of political will, or plain desire for that matter, can reverse the situation on the ground. The problems faced by the refugee population are not tackled by prohibiting photographers from documenting the situation inside the Moria camp on Lesvos island. You cannot remedy reality by banning its representation. Is it that we do not want to taint the nation’s image in the eyes of our European partners? But the image of Greece is only part of the bigger European image. What is now happening at Moria, or any other migrant camp in Greece or Italy, is not disconnected from the values and priorities in the rest of Europe, in Poland, Austria, Slovakia or Denmark.

European Union countries, which had pledged to take in 160,000 people from Greece and Italy, have so far absorbed below 5% of that figure. Just 6,212 lucky few have been relocated from Greece and 1,950 from Italy, making a total of 8,162. The inaction, the indifference and the amoralistic policy of Europe (which is also fed by electoral concerns and growing far-right intolerance) should not serve as an alibi for the Greek government. In dealing with the migrant crisis, the SYRIZA-led administration has reacted without a clear plan or good coordination with other governments. And one last thing: The decision of Lesvos’s hoteliers to close their doors to refugees and migrants is barely in line with all the idealized rhetoric about a community’s obligations toward a supplicant – and it seems even more out of line under the existing circumstances.

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The EU hands 10s of millions in taxpayer funds to NGOs. As these fail to do what they receive the money for, it’s back to blaming Greece.

European Commission: ‘Untenable’ Situation In Greek Refugee Camps (AP)

The European Commission says conditions for refugees on Greek islands and in other camps where they are housed in tents despite severe cold weather, is “untenable.” Heavy snowfall has hit large swaths of Greece, including the eastern Aegean islands where thousands of refugees are stranded. Giorgos Kyritsis, spokesman for the government’s crisis committee on migration, told Greece’s Skai television that just under 1,000 people remain housed in tents on the islands. The severe weather had been forecast well in advance, and the government has come under fire for not acting fast enough to ensure all refugees are adequately housed. Commission spokeswoman Natasha Bertaud said the commission “is aware that the situation is currently untenable, but we also have to be clear” that conditions in reception centers are the responsibility of Greek authorities.


January 10 : homeless man sleeps on Athens beach Photo: Eurokinisi

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