Sep 212020
 


Ray K. Metzker Europe 1961

 

Leak Shows Biggest Western Banks Finance Cartels, Terrorists & Mobsters (ZH)
Can We, Like, Stop Praising Sweden Now? (MB)
How COVID-19 Spreads (CDC)
People Not Rushing Back to Movie Theaters (NBCW)
Mitch McConnell’s Kentucky Home Targeted In Supreme Court Protest (Fox)
The War on Populism: The Final Act (CJ Hopkins)
Hunter Biden Is “Riding The Dragon” (ZH)
Biden’s Foreign Policy Advisors Loyal to Israel, Defense Contractors (CP)
Down the 1619 Project’s Memory Hole (Quillette)
JK Rowling’s Books Burned or Banned Around the World (Turley)
World’s Richest 1% Cause Double CO2 Emissions Of Poorest 50% – Oxfam (G.)
Ilargi: Why Trump Will Win (Yves Smith)

 

 

US new deaths lowest since July 5.

 

 

 

 

 

 

 

 

Biden 200 million

 

 

Lots of questions. My first and immediate one was: would this have been leaked to Assange if he had been available, and not to, of all places, BuzzFeed? Second: will the journalists and publishers (BBC et al) involved, now be treated the same way Assange has? There will be much more on this, but do keep watching out for criminal investigations. That will say a lot.

Leak Shows Biggest Western Banks Finance Cartels, Terrorists & Mobsters (ZH)

In what looks like one of the biggest leaks of private banking records since the Panama Papers, Buzzfeed News has published a lengthy investigation into how the world’s biggest banks allow dirty money from organized criminals, drug cartels, and terror groups like Al Qaeda and the Taliban to flow through their networks. The “FinCEN Files”, as Buzzfeed calls them, offer “a never-before-seen picture of corruption and complicity.” A lengthy investigation by Buzzfeed and the International Consortium of Investigative Journalists – the same group that handled the Mossack Fonseca leaks – Instead of combating financial crime, the current system of requiring banks to report all suspicious transactions to FinCen simply allows money laundering to flourish, while ensuring that any enforcement will be of the ‘whack-a-mole’ variety.

“These documents, compiled by banks, shared with the government, but kept from public view, expose the hollowness of banking safeguards, and the ease with which criminals have exploited them. Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks’ own employees. Money laundering is a crime that makes other crimes possible. It can accelerate economic inequality, drain public funds, undermine democracy, and destabilize nations — and the banks play a key role. “Some of these people in those crisp white shirts in their sharp suits are feeding off the tragedy of people dying all over the world,” said Martin Woods, a former suspicious transactions investigator for Wachovia.

Laws that were meant to stop financial crime have instead allowed it to flourish. So long as a bank files a notice that it may be facilitating criminal activity, it all but immunizes itself and its executives from criminal prosecution. The suspicious activity alert effectively gives them a free pass to keep moving the money and collecting the fees. The Financial Crimes Enforcement Network, or FinCEN, is the agency within the Treasury Department charged with combating money laundering, terrorist financing, and other financial crimes. It collects millions of these suspicious activity reports, known as SARs. It makes them available to US law enforcement agencies and other nations’ financial intelligence operations. It even compiles a report called “Kleptocracy Weekly” that summarizes the dealings of foreign leaders such as Russian President Vladimir Putin. What it does not do is force the banks to shut the money laundering down.”

Read more …

Let’s.

Can We, Like, Stop Praising Sweden Now? (MB)

I don’t expect the virus psychos to listen but here is the chart, courtesy of Greg Jericho at The Fake Left:

Sweden and EL Trumpo, hand in hand. Unleash the virus and unleash the economic decline.

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CDC update. Seemed easier as a pic. Do they still have any credibility left? You know, after Redfield’s “Act for one Man and one Mask”?

How COVID-19 Spreads (CDC)

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Common sense. Works better than any lockdown.

People Not Rushing Back to Movie Theaters (NBCW)

About three quarters of the country’s movie theaters are open, but Americans are not going back in significant numbers in the COVID-era, even with new films coming into the marketplace weekly. The biggest movies continue to limp along. According to studio estimates Sunday, Warner Bros.’ “Tenet” earned $4.7 million in its third weekend from nearly 2,930 locations, Disney’s “The New Mutants” added $1.6 million in its fourth weekend, “Unhinged” brought in $1.3 million and Sony’s rom-com “The Broken Hearts Gallery” picked up an additional $800,000 in its second frame. And newcomers aren’t faring any better. The faith-based “Infidel,” which stars Jim Caviezel, did the best with $1.5 million from just over 1,700 theaters.


This weekend also saw the limited release of two adult dramas, IFC’s “The Nest,” with Jude Law and Carrie Coon, and Bleecker Street’s “The Secrets We Keep,” with Noomi Rapace. Both played in under 500 theaters across the country and neither got much more than $200 per location. “The Nest” earned an estimated $62,000 from 301 locations and “The Secrets We Keep” brought in just under $90,000 from 471 theaters. “There’s no question that this is an extraordinarily challenging marketplace, especially for North America,” said Paul Dergarabedian, Comscore’s senior media analyst. “This is a slow roll out. It’s going to take some time.”

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Stay away from people’s homes and families.

But what curious details in the article, feels like a small town daily:

“After facing the towing of her vehicle, the woman went inside the store and bought a six-pack of beer but police arrested her anyway, the report said. The arrest prompted other protesters to start chanting, and one member of the crowd kicked a glass door and damaged it, the newspaper reported. Other protesters agreed to move vehicles that were blocking traffic on a nearby street, following a police request.”

Mitch McConnell’s Kentucky Home Targeted In Supreme Court Protest (Fox)

At least one protester was arrested Saturday after a group of about 100 people gathered outside the Kentucky home of Republican Sen. Mitch McConnell. The Senate majority leader is a key figure in determining whether a nominee appointed by President Trump will succeed the late Justice Ruth Bader Ginsburg on the Supreme Court before Election Day. “Ruth Sent Us,” and “No Ethics No Shame,” read some of the signs carried by crowd members in Louisville, local FOX station WDRB-TV reported. “Hey-hey, ho-ho, Mitch McConnell has got to go,” others chanted. Reports were unclear on whether McConnell was at home in Kentucky or in Washington on Saturday.


In addition to the impending battle over the court vacancy, McConnell, 78 – a member of the Senate since 1985 — also faces a reelection fight on Kentucky’s November ballot. One protester was arrested on charges of disorderly conduct and improper parking, after police determined she used a pharmacy parking lot without planning to patronize the store, the Courier Journal of Louisville reported. After facing the towing of her vehicle, the woman went inside the store and bought a six-pack of beer but police arrested her anyway, the report said. The arrest prompted other protesters to start chanting, and one member of the crowd kicked a glass door and damaged it, the newspaper reported. Other protesters agreed to move vehicles that were blocking traffic on a nearby street, following a police request.

2016/2020

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“..our protagonist is GloboCap (i.e., the global capitalist empire), or “democracy,” as it is known in the entertainment business.”

The War on Populism: The Final Act (CJ Hopkins)

So, it appears the War on Populism is building toward an exciting climax. All the proper pieces are in place for a Class-A GloboCap color revolution, and maybe even civil war. You got your unauthorized Putin-Nazi president, your imaginary apocalyptic pandemic, your violent identitarian civil unrest, your heavily-armed politically-polarized populace, your ominous rumblings from military quarters … you couldn’t really ask for much more. OK, the plot is pretty obvious by now (as it is in all big-budget action spectacles, which is essentially what color revolutions are), but that won’t spoil our viewing experience. The fun isn’t in guessing what is going to happen. Everybody knows what’s going to happen. The fun is in watching Bruce, or Sigourney, or “the moderate rebels,” or the GloboCap “Resistance,” take down the monster, or the terrorists, or Hitler, and save the world, or democracy, or whatever.

The show-runners at GloboCap understand this, and they are sticking to the classic Act III formula (i.e., the one they teach in all those scriptwriting seminars, which, full disclosure, I teach a few of those). They’ve been running the War on Populism by the numbers since the very beginning. I’m going to break that down in just a moment, act by act, plot point by plot point, but, first, let’s quickly cover the basics. The first thing every big Hollywood action picture (or GloboCap color revolution) needs is a solid logline to build the plot around. The logline shows us: (1) our protagonist, (2) what our protagonist is trying to do, and (3) our antagonist or antagonistic force. For example, here’s one everyone will recognize: “A computer hacker learns from mysterious rebels about the true nature of his reality and his role in the war against its controllers.”

In our case, the logline writes itself: “After America is taken over by a Russian-backed Hitlerian dictator, the forces of democracy unite to depose the tyrant and save the free world.” Donald Trump is our antagonist, of course. And what an antagonist he has been! As the deep-state spooks and the corporate media have been relentlessly repeating for the last four years, the man is both a Russian-backed traitor and literally the resurrection of Hitler! In terms of baddies, it doesn’t get any better. It goes without saying that our protagonist is GloboCap (i.e., the global capitalist empire), or “democracy,” as it is known in the entertainment business.

Now, we’re in the middle of Act III already, and, as in every big-budget action movie, our protagonist suffered a series of mounting losses all throughout Act II, and the baddie was mostly driving the action. Now it’s time for the Final Push, but, before all the action gets underway, here’s a quick recap of those previous acts. Ready? All right, here we go …

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Full 40 minute movie. is Hunter’s basement the one below Joe’s?

Hunter Biden Is “Riding The Dragon” (ZH)

In the lead-up to the November election political investigator and author Peter Schweizer, who currently heads the Florida-based Government Accountability Institute, has unveiled a bombshell exposé presenting damning evidence of Hunter and his father Joe Biden’s shady and hidden financial dealings with China. Directed by Matthew Taylor, whose prior works include Clinton Cash and Creepy Line, the 41-minute film entitled “Riding the Dragon: The Bidens’ Chinese Secrets,” details a pile of corporate records, financial documents, legal briefings as well as court papers which tie Hunter’s firm with a major Chinese defense contractor, namely Aviation Industry Corp. of China (AVIC), and multiple other PLA linked companies.


“It’s a relationship that grew while Joe Biden was vice president of the United States and shortly after he was appointed the point person on U.S. policy towards China,” Schweizer, who narratives the film, described upon the documentary’s release earlier this month. “This new firm started making investment deals that would serve the strategic interests of the Chinese military.” “It’s the story of the second most powerful man in the world at the time and how his family was striking deals with America’s chief rival on the global stage, the People’s Republic of China,” he added.

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“Biden’s campaign is so beholden to AIPAC that they have adopted racist tropes to define Palestinians, the same tropes used to justify apartheid policies.”

Biden’s Foreign Policy Advisors Loyal to Israel, Defense Contractors (CP)

When Donald Trump was elected president, the foreign policy apparatus that Barack Obama’s administration built did not disappear. The power brokers went to think tanks and lobbying firms, cashing in on the uncertainty with help from defense contractors and other corporations. Democratic presidential nominee Joe Biden’s potential foreign policy would likely be a continuation of Obama’s aggressive approach with the use of extrajudicial killings and jailing of asylum seekers. Advisors have made clear that Biden would have no intention of making military aid to Israel conditional on Israel’s human rights abuses of Palestinians. Michèle Flournoy, a front-runner for Biden’s pick for Secretary of Defense, is already considered something of a glass ceiling breaker as the highest-ranking woman to have served as a Senate-confirmed Presidential appointee in the Pentagon.

In 2011 the Washington Post described her as “tall and slender with a regal manner” and “known for being extremely poised and rarely showing emotion.” In 2018, Flournoy co-founded WestExec advisors with Biden foreign policy advisor Antony Blinken, Former Deputy Secretary of State. Blinken, who is also a contributing opinion writer for The New York Times and global affairs analyst at CNN, is on leave from the firm to focus on the presidential campaign. The firm is a group of senior national security professionals who advise corporations, including former CIA deputy director David S. Cohen and Dan Shapiro, former U.S. Ambassador to Israel. WestExec does not disclose its clients, but according to the American Prospect, they work with Israeli artificial intelligence company Windward.

In July, as part of the Democratic National Committee, Shapiro called on members to oppose a measure to condition U.S. aid to Israel so “no US aid may be used to facilitate annexation or to violate Palestinians rights.” The measure was rejected by a wide margin. “While we understand that those concerns have not been addressed to the full satisfaction of all parties, we believe we have taken significant and overdue strides while sustaining the unity of our Party,” Shapiro said. Vice presidential candidate Kamala Harris has drawn criticism in the past for her relationship with the Israeli government. In May 2019, she met with representatives of American Israel Public Affairs Committee (AIPAC) from California in her Senate office after saying she would not attend the conference. Her campaign communications director said at the time that “her support for Israel is central to who she is.”

In 2017, Harris visited Israel, where she was photographed speaking with two members of the Israel Defense Forces in front of a Raytheon Iron Dome missile defense battery. She visited a cybersecurity development program run by the Israeli Defense Forces, the Israeli National Cyber Bureau in the Prime Minister’s Office, and Ben Gurion University of the Negev. Finally, she met with Netanyahu in Jerusalem the day after he had announced a plan to deport 40,000 African asylum seekers. She told AIPAC the same year: “[The] first resolution I co-sponsored as a United States senator was to combat anti-Israel bias at the United Nations and reaffirm that the United States seeks a just, secure, and sustainable two-state solution.” Abed Ayoub, the legal director of the American-Arab Anti-Discrimination Committee (ADC), told the Middle East Eye: “Biden’s campaign is so beholden to AIPAC that they have adopted racist tropes to define Palestinians, the same tropes used to justify apartheid policies.”

Read more …

Rewriting history is not as easy as it may seem.

Down the 1619 Project’s Memory Hole (Quillette)

The history of the American Revolution isn’t the only thing the New York Times is revising through its 1619 Project. The “paper of record” has also taken to quietly altering the published text of the project itself after one of its claims came under intense criticism. When the 1619 Project went to print in August 2019 as a special edition of the New York Times Magazine, the newspaper put up an interactive version on its website. The original opening text stated: The 1619 project is a major initiative from The New York Times observing the 400th anniversary of the beginning of American slavery. It aims to reframe the country’s history, understanding 1619 as our true founding, and placing the consequences of slavery and the contributions of black Americans at the very center of our national narrative.

The passage, and in particular its description of the year 1619 as “our true founding,” quickly became a flashpoint for controversy around the project. Critics on both the Left and Right took issue with the paper’s declared intention of displacing 1776 with the alternative date—a point that was also emphasized in the magazine feature’s graphics, showing the date of American independence crossed out and replaced by the date of the first slave ship’s arrival in Jamestown, Virginia. For several months after the 1619 Project first launched, its creator and organizer Nikole Hannah-Jones doubled down on the claim. “I argue that 1619 is our true founding,” she tweeted the week after the project launched. “Also, look at the banner pic in my profile”—a reference to the graphic of the date 1776 crossed out with a line. It’s a claim she repeated many times over.

But something changed as the historical controversies around the 1619 Project intensified in late 2019 and early 2020. A group of five distinguished historians took issue with Hannah-Jones’s lead essay, focusing on its historically unsupported claim that protecting slavery was a primary motive of the American revolutionaries when they broke away from Britain in 1776. Other details of the project soon came under scrutiny, revealing both errors of fact and dubious interpretations of evidence in other essays, such as Matthew Desmond’s 1619 Project piece attempting to connect American capitalism with slavery. Finally back in March, a historian who the Times recruited to fact-check Hannah-Jones’s essay revealed that she had warned the paper against publishing its claims about the motives of the American Revolution on account of their weak evidence. The 1619 Project’s editors ignored the advice.

Throughout the controversy, the line about the year 1619 being “our true founding” continued to haunt the Times. This criticism did not aim to denigrate the project’s titular date or the associated events in the history of slavery. Rather, the passage came to symbolize the Times’s blurring of historical analysis with editorial hyperbole. The announced intention of reframing the country’s origin date struck many readers across the political spectrum as an implicit repudiation of the American revolution and its underlying principles. Rather than address this controversy directly, the Times—it now appears—decided to send it down the memory hole—the euphemized term for selectively editing inconvenient passages out of old newspaper reports in George Orwell’s dystopian novel 1984.

Without announcement or correction, the newspaper quietly edited out the offending passage such that it now reads: The 1619 Project is an ongoing initiative from The New York Times Magazine that began in August 2019, the 400th anniversary of the beginning of American slavery. It aims to reframe the country’s history by placing the consequences of slavery and the contributions of black Americans at the very center of our national narrative.

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Rewriting history 2.0. Harry Potter meets George Orwell. It feels an eternity ago that I wrote “No More Washington or America”, about once you get started, there is no end.

JK Rowling’s Books Burned or Banned Around the World (Turley)

In Harry Potter, Albus Dumbledore told the students of Hogwarts School of Witchcraft and Wizardry that “It takes a great deal of bravery to stand up to our enemies, but just as much to stand up to our friends.” Many are learning the truth of that line written by famed author JK Rowling as self-described progressives burn her books or ban them from shelves because she personally holds an opposing view of gender. Much like the boycott movement of Chick-Fil-A over comments by its CEO, people are seeking to punish Rowling through attacks on her literature. We previously discussed the embracing of art destruction as analogous to book burning, but now actual book burning is being embraced as a weapon of the woke.

A TikTok series show people around the world burning copies of Rowlings’ books. In one video of a burning pile of books by TikTok user @elmcdo, a voice is heard saying “You have to stop using ‘death of the author’ as an excuse to have your cake and eat it too. While the reader’s perspective is an important part of interpretation and meaning, it is impossible to completely divorce a work from its creator. The positive impact that J.K. Rowling’s work had on millions of readers does not negate how her hateful lobbying has affected the trans community.” That sums up the logic of every book burner in history. You cannot read a book because of the views or religion or identity of the author. It is better to burn the book to protect society.

Then there is Rabble Books and Games in Maylands, Perth. The owner owner Nat Latter proudly declared on Facebook that he had removed all fo the Harry Potter books from bookshelves to guarantee “a safer space for our community.” So you can buy a Rowlings book by having it retrieved from behind the back room like pornography. It is a form of censoring by making it more difficult to buy some books rather than others because you disfavor authors with opposing views. Latter seems to relish the role of a book censoring book seller: “Whilst stocking a book isn’t an endorsement (good grief, that would be a minefield), and we will always take orders for books that aren’t in stock, there are more worthy books to put on the shelf, books that don’t harm communities and won’t make us sad to unpack them.”

Does Latter also hide works with opposing views on gender from the Bible to the Koran to classic novels? Indeed, why not pull all of the work of authors like Hemingway and others for their views of women or race relations or other issues? Book sellers used to be people who wants to be gateways to knowledge and a world of different ideas and values. Now readers are being protected from even seeing the name of an author who personally holds opposing or offensive views. [..] These actions only prove again what Albus Dumbledore said (and J.K. Rowling wrote): “Dark times lie ahead of us and there will be a time when we must choose between what is easy and what is right.”

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Not in the least surprising. The poorest half, 3.5 billion people, are good for just 7% of emissions.

World’s Richest 1% Cause Double CO2 Emissions Of Poorest 50% – Oxfam (G.)

The wealthiest 1% of the world’s population were responsible for the emission of more than twice as much carbon dioxide as the poorer half of the world from 1990 to 2015, according to new research. Carbon dioxide emissions rose by 60% over the 25-year period, but the increase in emissions from the richest 1% was three times greater than the increase in emissions from the poorest half. The report, compiled by Oxfam and the Stockholm Environment Institute, warned that rampant overconsumption and the rich world’s addiction to high-carbon transport are exhausting the world’s “carbon budget”.

Such a concentration of carbon emissions in the hands of the rich means that despite taking the world to the brink of climate catastrophe, through burning fossil fuels, we have still failed to improve the lives of billions, said Tim Gore, head of policy, advocacy and research at Oxfam International. “The global carbon budget has been squandered to expand the consumption of the already rich, rather than to improve humanity,” he told the Guardian. “A finite amount of carbon can be added to the atmosphere if we want to avoid the worst impacts of the climate crisis. We need to ensure that carbon is used for the best.”

The richest 10% of the global population, comprising about 630 million people, were responsible for about 52% of global emissions over the 25-year period, the study showed. Globally, the richest 10% are those with incomes above about $35,000 (£27,000) a year, and the richest 1% are people earning more than about $100,000.

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Yves posted my essay from yesterday at Naked Capitalism, with this interesting comment. I know some people here feel poorly treated at NC, but I never have, and Yves and I have had a solid relationship for 12 years or so.

Ilargi: Why Trump Will Win (Yves Smith)

Yves here. As Financial Times columnist Lucy Kellaway said: “The good thing about someone else’s prejudices is that they either confirm your own, or they make you cross – either of which is a blessing in these bland times.” Here Ilargi reveals a bias…but not, as some might suggest, of being pro-Trump, but of seeing this Presidential election as being personality-driven. I doubt that is correct, which is one of the many factors that makes this contest too difficult to call despite Trump lagging in polls. Historically, marketers did not like “psychographic” market segmentations because they would cross demographic and geographic lines, which made it difficult to target prospects cost-effectively.

With the Internet creating social media outlets that cater to people with particular views, like lovin’ gunz or believing in Russiagate, suddenly that sort of segmentation is not only viable but may actually be attractive. As readers know well, Sanders was running on policy, not personality. As one friend said, Sanders has all the charm of your cranky Jewish uncle telling you to take your feet off the coffee table. Under prodding, he did make some small efforts in his 2020 campaign to seem less scold-y by smiling more and telling a bit of his life story. And as readers also know, Sanders had strong support among young voters. The Democratic party leadership beat Sanders not by having better policies or a more appealing a candidate, but by using what amounts to machine politics: rallying different voter blocs that are loyal to the party either by design or default.

The extension of the machine policy mindset is the Democratic party strategm of invoking tribalism. This is particularly effective because their core, the professional-managerial class, is so convinced of its right to rule via merit that it is almost incapable of seeing itself as a class (see Thomas Frank’s Listen, Liberal for a brilliant description of its ethnography). But its shadow side, in Jungian terms, of the PMC is its stereotype of the white working class. In their minds, this uneducated, undisciplined lot is getting what it deserves, and having them have influence is an affront to the proper ordering of society. Hillary’s “deplorables” remark was no accident. Time recapped what she said:

“You know, to just be grossly generalistic, you could put half of Trump’s supporters into what I call the basket of deplorables. Right?” Clinton said. “The racist, sexist, homophobic, xenophobic, Islamaphobic—you name it. And unfortunately there are people like that. And he has lifted them up.” She said the other half of Trump’s supporters “feel that the government has let them down” and are “desperate for change.” “Those are people we have to understand and empathize with as well,” she said. What is the subtext of Hillary’s remark? That Trump’s voters are lower income and less educated. The less educated part is correct, the lower income is not.

[..] What about the general election? A few weeks ago, the American National Election Study — the longest-running election survey in the United States — released its 2016 survey data. And it showed that in November 2016, the Trump coalition looked a lot like it did during the primaries…many of the voters without college educations who supported Trump were relatively affluent. It isn’t hard to imagine that higher income/less educated voters would resent the preening of the credentialed elites and would find Trump’s total lack of respect for what they hold dear to be attractive. But the gods look to have handed Biden a gift with the timing of Ruth Bader Ginsburg’s death. It’s galvanizing Democratic Party donations and will probably persuade some voters who weren’t terribly keen about Biden to go to the effort of voting for him.

Read more …

 

 

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Mar 232020
 


Harris&Ewing House-Capitol tunnel (may get moving walk), Washington, DC 1939

 

How Long to 1 Million US Cases? (Mish)
Nobel Laureate Predicts A Quicker Coronavirus Recovery (LAT)
Canadian Doctor Rigs Ventilator to Treat 9 Patients Instead of One (IE)
Coronavirus May Have Existed In Italy Since November: Local Researcher (CGTN)
The Epicenter of the COVID-19 Pandemic and Humanitarian Crises in Italy (NEJM)
The Government Budget Deficit Is About To Explode (CNBC)
Senate Democrats Block Mammoth Coronavirus Stimulus Package (Hill)
Blame Game Heats Up As Senate Motion Fails (Hill)
Total Cost of Her COVID-19 Treatment: $34,927.43 (Time)
Coronavirus Reveals Financial Irresponsibility Of Americans (Hill)
Preventing COVID-19 From Infecting the Commercial Mortgage Market (Barrack)
Singapore Airlines Slashes 96% Of Capacity, Grounds Most Planes (CNA)
China’s Housing Bubble Bursts (ZH)
New Zealand To Go Into Month-Long Lockdown (G.)

 

 

Cases 345,292 (+ 33,496 from yesterday’s 311,796)

Deaths 14,925 (+ 1,854 from yesterday’s 13,071)

 

 

Haven’t shown these two graphs from Worldometer in a while. Obvious enough?!

 

 

 

From Worldometer yesterday evening (before their day’s close)

One look at the US suffices:

 

 

From Worldometer -NOTE: mortality rate for closed cases is at 13% !! –

 

 

From SCMP: (SCMP appears to have given up on timely updating)

 

 

From COVID2019Live.info:

 

 

From COVID2019.app:

 

 

Reported US coronavirus cases via @CNN:

3/1: 89
3/2: 105
3/3: 125
3/4: 159
3/5: 227
3/6: 331
3/7: 444
3/8: 564
3/9: 728
3/10: 1,000
3/11: 1,267
3/12: 1,645
3/13: 2,204
3/14: 2,826
3/15: 3,505
3/16: 4,466
3/17: 6,135
3/18: 8,760
3/19: 13,229
3/20: 18,763
3/21: 25,740
Now: 35,070

Note: unlike many other nations, US numbers are updated several times a day.
Note 2: about half of US cases are in New York State. It it were a country, it would be in 7th place in the world.

 

 

The US would have to pass China in total infections by Thursday, 35,000 vs 81,000 now. Almost tripling in 3 days. I don’t know, and I’m not the biggest optimist around here.

How Long to 1 Million US Cases? (Mish)

Inquiring minds are investigating a relatively new data feed from the Covid Tracking Project. I plot four data series for the US: Negative tests, positive tests, hospitalized, and deaths. Arguably, hospitalizations are the most significant column but the project only has two days worth of data. Once I have another dfats point or two, I will plot a trendline manually.


Trendlines At the current pace, the number of positive coronavirus cases would hit 100,000 on March 26, and 1,000,000 on April 3. At the current pace, the number of coronavirus deaths would hit 1,000 on March 26, and 10,000 on April 5. Those are not my projections, those are observations of what would happen if the current trends last that long at the same pace.

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Your good news of the day. Based on new deaths levelling off.

Nobel Laureate Predicts A Quicker Coronavirus Recovery (LAT)

Michael Levitt, a Nobel laureate and Stanford biophysicist, began analyzing the number of COVID-19 cases worldwide in January and correctly calculated that China would get through the worst of its coronavirus outbreak long before many health experts had predicted. Now he foresees a similar outcome in the United States and the rest of the world. While many epidemiologists are warning of months, or even years, of massive social disruption and millions of deaths, Levitt says the data simply don’t support such a dire scenario — especially in areas where reasonable social distancing measures are in place. “What we need is to control the panic,” he said. In the grand scheme, “we’re going to be fine.”

Here’s what Levitt noticed in China: On Jan. 31, the country had 46 new deaths due to the novel coronavirus, compared with 42 new deaths the day before. Although the number of daily deaths had increased, the rate of that increase had begun to ease off. Essentially, although the car was still speeding up, it was not accelerating as rapidly as before. “This suggests that the rate of increase in number of the deaths will slow down even more over the next week,” Levitt wrote in a report he sent to friends Feb. 1 that was widely shared on Chinese social media. And soon, he predicted, the number of deaths would be decreasing every day.

Three weeks later, Levitt told the China Daily News that the virus’ rate of growth had peaked. He predicted that the total number of confirmed COVID-19 cases in China would end up around 80,000, with about 3,250 deaths. This forecast turned out to be remarkably accurate: As of March 16, China had counted a total of 80,298 cases and 3,245 deaths — in a nation of nearly 1.4 billion people where roughly 10 million die every year. The number of newly diagnosed patients has dropped to around 25 a day, with no cases of community spread reported since Wednesday. Now Levitt, who received the 2013 Nobel Prize in chemistry for developing complex models of chemical systems, is seeing similar turning points in other nations, even ones that did not instill the draconian isolation measures that China did.

He analyzed 78 countries with more than 50 reported cases of COVID-19 every day and sees “signs of recovery.” He’s not looking at cumulative cases, but the number of new cases every day — and the percentage growth in that number from one day to the next. [..] Based on the experience of the Diamond Princess, he estimates that being exposed to the new coronavirus doubles a person’s risk of dying in the next two months. However, most people have an extremely low risk of death in a two-month period, and that risk remains extremely low even when doubled.

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More good news. He can do it in 10 minutes.

Canadian Doctor Rigs Ventilator to Treat 9 Patients Instead of One (IE)

As hospitals scramble to secure more ventilators, some doctors are getting creative in order to help their patients. Such is the case with Canadian doctor Dr. Alain Gauthier, an anesthetist at the Perth and Smiths Falls District Hospital in Ontario. Gauthier, who has a Ph.D. in respiratory mechanics, turned one hospital ventilator into a machine that can serve nine clients using do-it-yourself mechanics. The process was so brilliant that some have even called him an “evil genius.” Gauthier was inspired by YouTube videos created by two Detroit doctors in 2006, according to CBC News. He said he created a complex ventilator to offer people the best chance at survival. “At one point we may not have other options,” Gauthier told CBC News. “The option could be well, we let people die or we give that a chance.”

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I would lend much more credence to this if it didn’t come from the state-run China Global Television Network. It feels like they want to plant the narrative out there that it didn’t start in China at all.

Coronavirus May Have Existed In Italy Since November: Local Researcher (CGTN)

As COVID-19 spreads across the world, many are interested in the origin of the virus behind this deadly disease. Fingers have been pointed at China, the U.S. and other places. Recently, a pharmacological researcher provided another possible lead to National Public Radio (NPR), a U.S. media outlet. Dr. Giuseppe Remuzzi, director of the Mario Negri Institute for Pharmacological Research in Italy, said he heard from general practitioners in the country’s Lombardy region that “they remember having seen very strange pneumonia, very severe, particularly in old people in December and even November.” “This means that the virus was circulating, at least in [the northern region of Lombardy and before we were aware of this outbreak occurring in China,” he told NPR.

Though Dr. Remuzzi originally used these words to answer a different question – why Italy acted later than expected on COVID-19 – NPR singled out this particular information in a tweet because it may relate to the origin of the novel coronavirus. China’s CCTV did the same thing by putting it on the headline of their report, though Dr. Remuzzi’s latest research mainly concerns how dire the situation is for Italy rather than the origin of the disease. What’s more interesting is that the English-language comments under the NPR tweet seem to completely differ from the Chinese-language ones under the CCTV Weibo. Many English comments suspect that China hid the situation from the world for a long time and that’s why similar symptoms showed up in Italy before the outbreak.

“China lied, people died” was most liked comment under NPR’s tweet. “So the Chinese government covered it up for even longer than we thought,” another comment said. A lot of Chinese comments, on the other hand, concluded that the virus originated in the U.S., so both China and Italy are victims. “Go to Trump for answers,” said a Weibo comment with more than 2,500 likes. “COVID-19 is a U.S. virus,” said another comment.

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When hospitals become super-spreaders. All it takes is enough sick people.

“Lombardy’s health care workers have been badly hit w/ infections–the differences with other regions are staggering. A recent paper by local docs argues that hospitals might be a key source of transmission there.”

The Epicenter of the COVID-19 Pandemic and Humanitarian Crises in Italy (NEJM)

In a pandemic, patient-centered care is inadequate and must be replaced by community-centered care. Solutions for Covid-19 are required for the entire population, not only for hospitals. The catastrophe unfolding in wealthy Lombardy could happen anywhere. Clinicians at a hospital at the epicenter call for a long-term plan for the next pandemic. We work at the Papa Giovanni XXIII Hospital in Bergamo, a brand-new state-of-the-art facility with 48 intensive-care beds. Despite being a relatively small city, this is the epicenter of the Italian epidemic, listing 4,305 cases at this moment — more than Milan or anywhere else in the country. Lombardy is one of the richest and most densely populated regions in Europe and is now the most severely affected one. The WHO reported 74,346 laboratory-confirmed cases in Europe on March 18 — 35,713 of them in Italy.


Our own hospital is highly contaminated, and we are far beyond the tipping point: 300 beds out of 900 are occupied by Covid-19 patients. Fully 70% of ICU beds in our hospital are reserved for critically ill Covid-19 patients with a reasonable chance to survive. The situation here is dismal as we operate well below our normal standard of care. Wait times for an intensive care bed are hours long. Older patients are not being resuscitated and die alone without appropriate palliative care, while the family is notified over the phone, often by a well-intentioned, exhausted, and emotionally depleted physician with no prior contact. But the situation in the surrounding area is even worse. Most hospitals are overcrowded, nearing collapse while medications, mechanical ventilators, oxygen, and personal protective equipment are not available.

Patients lay on floor mattresses. The health care system struggles to deliver regular services — even pregnancy care and child delivery — while cemeteries are overwhelmed, which will create another public health problem. In hospitals, health care workers and ancillary staff are alone, trying to keep the system operational. Outside the hospitals, communities are neglected, vaccination programs are on standby, and the situation in prisons is becoming explosive with no social distancing. We have been in quarantine since March 10. Unfortunately, the outside world seems unaware that in Bergamo, this outbreak is out of control.


Western health care systems have been built around the concept of patient-centered care, but an epidemic requires a change of perspective toward a concept of community-centered care. What we are painfully learning is that we need experts in public health and epidemics, yet this has not been the focus of decision makers at the national, regional, and hospital levels. We lack expertise on epidemic conditions, guiding us to adopt special measures to reduce epidemiologically negative behaviors. For example, we are learning that hospitals might be the main Covid-19 carriers, as they are rapidly populated by infected patients, facilitating transmission to uninfected patients. Patients are transported by our regional system,1 which also contributes to spreading the disease as its ambulances and personnel rapidly become vectors. Health workers are asymptomatic carriers or sick without surveillance; some might die, including young people, which increases the stress of those on the front line.

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“It’s truly a bridge to the other side of an act of God…”

The Government Budget Deficit Is About To Explode (CNBC)

Remember when people were all worked up over trillion-dollar government budget deficits? Those might seem like the good old days, once Congress and the White House finish up the coronavirus rescue package expected to be approved in the next few days. Estimates of just how big the final bill would be vary, but it’s assured that it will be a historic moment for sheer fiscal force being exerted at a time of economic duress. Administration statements over the past few days point to something on the order of $2 trillion in economic juice. By contrast, then-President Barack Obama ushered an $831 billion package through during the financial crisis.

That type of fiscal burden comes as the government already has chalked up $624.5 billion in red ink through just the first five months of the fiscal year, which started in October. That spending pace extrapolated through the full fiscal year would lead to a $1.5 trillion deficit, and that’s aside from any of the spending to combat the coronavirus. Already, the national debt stands at more than $23.5 trillion and will be on track to eclipse $25 trillion. Taxpayers shelled out $574.6 billion in fiscal 2019 on interest payments for the debt and another $229.1 billion in fiscal 2020. In short, the shock from the COVID-19 spread will blow a fiscal hole through Washington, D.C., that could take years if not decades to patch.

Hand-wringing over what this will all do to the debt and deficit situation, however, will have to wait for another day. In times of crisis, there is little patience for fiscal austerity, only a sense of urgency that while government spending can’t stop the virus from spreading, it can mitigate what will be profound economic damage. “It’s truly a bridge to the other side of an act of God,” economist Paul McCulley told CNBC.com. “We’ll deal down the road with the impacts on so many fronts of society with the whole thing. Right now, worrying about fiscal incontinence is the exact opposite of where we should be. We should have fiscal robustness implemented through effectively a joint venture between fiscal and monetary policy.”

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Romney to Senate Dems: “Keep this up a little longer and we will go from social distancing to social destruction.”

Senate Democrats Block Mammoth Coronavirus Stimulus Package (Hill)

Senate Democrats on Sunday blocked a coronavirus stimulus package from moving forward as talks on several key provisions remain stalled. Senators voted 47-47 on advancing a “shell” bill, a placeholder that the text of the stimulus legislation would have been swapped into, falling short of the three-fifths threshold needed to advance the proposal. Hopes of a quick stimulus deal quickly unraveled on Sunday as the four congressional leaders and Treasury Secretary Steven Mnuchin failed to break the impasse. Senate Majority Leader Mitch McConnell (R-Ky.) also delayed the procedural vote for three hours as they tried to get a deal. Democratic senators argue that the GOP bill includes several “non-starters” and walks back areas of agreement, such as expanding unemployment insurance, they thought they had reached with Republicans.

They emerged from a closed-door lunch fuming over the bill circulated by Republicans and called for McConnell to hold off on the 3 p.m. cloture vote. “We are pleading with McConnell not to call this vote,” Sen. Dick Durbin (Ill.), the No. 2 Senate Democrat, said after the lunch. “It’s a serious mistake. We have not negotiated this to the point of agreement yet.” Sen. Doug Jones (D-Ala.), who is up for reelection in a deeply red state, said that the Senate needed to be “as unified as possible.” “We don’t need split votes,” he said. Sen. Ed Markey (D-Mass.) added that the proposal put forward by Republicans was “totally inadequate.” That resulted in McConnell delaying the vote to 6 p.m.

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I vote against all politicians.

Blame Game Heats Up As Senate Motion Fails (Hill)

The finger-pointing on Capitol Hill reached a fever pitch Sunday evening, as both sides rushed to blame the other after a Senate motion to move a mammoth coronavirus relief bill failed on the chamber floor. Senate Majority Leader Mitch McConnell (R-Ky.) quickly took to the floor to hammer Democratic leaders, particularly Speaker Nancy Pelosi (D-Calif.), for what he characterized as petty obstruction that ignores the urgency of the crisis. “We were doing a good job of coming together until this morning, when the Speaker showed up — we don’t have a Speaker in the Senate, that’s in the House — and when the leader [Sen. Charles Schumer (D-N.Y.)] and the speaker came in [they] blew everything up,” an agitated McConnell, his face flushed, said walking off the Senate floor.

Democrats quickly countered with accusations that it was McConnell who had abandoned the negotiations the night before, when the Senate leader announced that Republicans would begin drafting the massive stimulus package before Democrats had endorsed it. “There was a good spirit of negotiation into early last night. And right about 8 o’clock, our side sensed a sort of change in attitude, an unwillingness to give and negotiate, for reasons we don’t fully understand,” said Sen. Tom Carper (D-Del.). The tense back-and-forth came moments after Democrats blocked a procedural motion to advance Congress’s third round of emergency relief — a package approaching $2 trillion — in response to the global coronavirus pandemic, which has devastated markets, sparked mass layoffs and ravaged businesses large and small across the country.

Democrats have raised a long list of objections to the Republicans’ proposal, saying the bill does too little to protect the unemployed, feed the hungry, subsidize states and cushion students facing mounds of debt. They’re also up in arms over language to provide up to $500 billion in loans and guarantees for corporations, at the sole discretion of the administration.

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And she was lucky enough to get tested.

Total Cost of Her COVID-19 Treatment: $34,927.43 (Time)

When Danni Askini started feeling chest pain, shortness of breath and a migraine all at once on a Saturday in late February, she called the oncologist who had been treating her lymphoma. Her doctor thought she might be reacting poorly to a new medication, so she sent Askini to a Boston-area emergency room. There, doctors told her it was likely pneumonia and sent her home. Over the next several days, Askini saw her temperature spike and drop dangerously, and she developed a cough that gurgled because of all the liquid in her lungs. After two more trips to the ER that week, Askini was given a final test on the seventh day of her illness, and once doctors helped manage her flu and pneumonia symptoms, they again sent her home to recover. She waited another three days for a lab to process her test, and at last she had a diagnosis: COVID-19.

A few days later, Askini got the bills for her testing and treatment: $34,927.43. “I was pretty sticker-shocked,” she says. “I personally don’t know anybody who has that kind of money.” Like 27 million other Americans, Askini was uninsured when she first entered the hospital. She and her husband had been planning to move to Washington, D.C. this month so she could take a new job, but she hadn’t started yet. Now that those plans are on hold, Askini applied for Medicaid and is hoping the program will retroactively cover her bills. If not, she’ll be on the hook. She’ll be in good company. Public health experts predict that tens of thousands and possibly millions of people across the United States will likely need to be hospitalized for COVID-19 in the foreseeable future.

And Congress has yet to address the problem. On March 18, it passed the Families First Coronavirus Response Act, which covers testing costs going forward, but it doesn’t do anything to address the cost of treatment. While most people infected with COVID-19 will not need to be hospitalized and can recover at home, according to the World Health Organization, those who do need to go to the ICU can likely expect big bills, regardless of what insurance they have. As the U.S. government works on another stimulus package, future relief is likely to help ease some economic problems caused by the coronavirus pandemic, but gaps remain.

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Of course there are Americans who borrow and spend too much. But how for the love of God is that a licence to even risk labeling people working 3 jobs and still not making ends meet, as irresponsible idiots who should save more? Who is irresponsible around here?

Coronavirus Reveals Financial Irresponsibility Of Americans (Hill)

How long could you sustain your household if you were to stop earning income? If you are like most Americans, the answer is not for long. Only 40 percent of Americans can afford an unexpected $1,000 expense with their savings. In fact, nearly 80 percent of workers are living paycheck to paycheck. It is no surprise that the probability of an economic recession brought on by the coronavirus pandemic caused many to worry. In major cities such as Boston, New York, Los Angeles, and San Francisco, restaurants and businesses have been ordered to close. For many hourly workers, this means no paychecks in the coming weeks. Almost one in five Americans have already lost their jobs or have reduced hours.

At the same time, salaried workers are concerned about job security, as mass layoffs at numerous companies loom. While the situation is understandably stressful for every person affected, it serves as a sobering reminder that Americans must learn to live within their means and regularly save money. The need for all Americans to be able to sustain themselves for at least a few months on savings is accentuated during a time of crisis. This means planning ahead when times are good. Financial planners suggest saving at least 20 percent of take home income, while spending at most 30 percent on discretionary items. Yet too many workers still fail to think twice about spending entire paychecks for things they want but do not need.

Recent decades have offered us relative luxury. More than 80 percent of Americans own smartphones. The same portion of households own one high definition flat screen television, while over half of households own more than one. Over 60 percent of Americans dine out at least once a week, while nearly 20 percent dine out three or more times a week. The current panic is refocusing us on what is important. We now stockpile the things necessary for our health. Smartphones, fancy televisions, and restaurant meals are usually luxuries rather than necessities. Living within our means is not just rhetoric. It is a means of guarding ourselves during times like these. We have so much to learn from those who came before us. How many of our grandparents fared the austerity of the World Wars and the Great Depression, discovering to save, mend, and repair?

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The richer suffer more, they’ll have you know. What pricks this dick’s balloon, though, is suggesting that prior to corona, there was a “normal chain of revenue generation etc.” and “solid economic fundamentals”. There haven’t been any normal markets, and that includes commercial mortgages, since Alan Greenspan. You may like to disagree, but just wait till the Fed folds.

Preventing COVID-19 From Infecting the Commercial Mortgage Market (Barrack)

As a major participant in the non-bank real estate lending industry, I am fully supportive of the nation’s extraordinary response to contain COVID-19. The profound impact of the COVID-19 pandemic on the public health and safety of all Americans is unprecedented and the response measures being taken by federal, state, and local government agencies are essential and critical. One aspect of this all-out assault on an invisible enemy — in the effort to suppress the contagion and manage the precious resources of our medical community and first responders — has been the unfortunate but necessary cessation of general commerce nationwide.

Now everyone, from corporations and small and mid-sized businesses to employees and laborers from all walks of life, has been displaced from the normal chain of revenue generation, cash flow, and income necessary to meet their obligations, from payment of salaries, rent payments, mortgage payments, and all other debts and bills required in the daily life of every business and every American. As a direct consequence of the necessary response measures to COVID-19, high performing mortgage loans across the entire commercial real estate sector (approximately $16 trillion in aggregate), which had previously been grounded in solid economic fundamentals, are suddenly experiencing a temporary meltdown in cash flows.

We are seeing the beginning of a second crisis that will occur in the financial markets that underpin the lifeblood of these employees, workers, and businesses. Based on my own personal past experiences I would like to share with you some thoughts on how to alleviate the potential blockage in the commercial mortgage market which is beginning to raise its perilous head. Addressing this major looming crisis in liquidity in a coordinated manner will be essential in averting a crisis in credit and a long term economic recession.

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This is just one of many such reports, of course. What I found interesting is that just 5 days ago, Singapore Airlines said it would cut flight capacity by 50%. And you wonder: what happened since Wednesday?

Emirates announced yesterday they would cut all flights, only to be told some flights are essential to services. Those are reinstated.

Singapore Airlines Slashes 96% Of Capacity, Grounds Most Planes (CNA)

Singapore Airlines (SIA) will cut 96 per cent of its capacity that had been scheduled up to the end of April, said the airline on Monday (Mar 23). The decision was made after the further tightening of border controls around the world over the last week to stem the COVID-19 outbreak, SIA said in a news release. About 138 SIA and SilkAir planes, out of a total fleet of 147, will be grounded as a result. Scoot, the company’s low-cost unit, will suspend “most of its network” and will ground all but two of its 49 planes. This comes amid the “greatest challenge that the SIA Group has faced in its existence”, the company said.


“It is unclear when the SIA Group can begin to resume normal services, given the uncertainty as to when the stringent border controls will be lifted,” it said. “The resultant collapse in the demand for air travel has led to a significant decline in SIA’s passenger revenues.” Over the last few days, the SIA Group has drawn on its lines of credits to meet its immediate cash flow requirements, it said, adding that it is in discussions with several financial institutions on its future funding requirements. “The company is actively taking steps to build up its liquidity, and to reduce capital expenditure and operating costs,” it added. SIA said it is in talks with aircraft manufacturers to defer upcoming deliveries, in the hopes of delaying payment for those deliveries.

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This is a bigger threat to Xi than the coronavirus. And why does it happen? Because China’s second-largest property developer wants to be the world’s biggest maker of electric cars…

China’s Housing Bubble Bursts (ZH)

Now that the world is firmly focusing on apocalyptic forecasts about the state of the US and global economy, with St Louis Fed president James Bullard the latest to pour gasoline into the fire with his worst-case prediction of a 50% GDP drop and 30% surge in unemployment in Q2, it is easy to forget that China, which started this whole pandemic, is still in economic lockdown. And while Beijing is pretending that the Shanghai Sniffles are now firmly behind it, and forcing people back to work while openly fabricating disease numbers – because like Lloyd Blankfein it has realized that an economic depression is an even worse outcome than millions infected – the reality is that China’s economy is facing an unprecedented crisis of its own.


Today we got a stark reminder of that, when Evergrande Group – China’s second-largest property developer by sales – tumbled in early trading Monday after saying it expects full-year earnings to fall by half. As Bloomberg first reported, the residential property developer said in an exchange filing Sunday that net profit for 2019 is expected to come in it around 33.5 billion yuan ($4.7 billion), a drop of about 50% from the previous year. “The decrease in profit is mainly attributable to the delivery and settlement of the lower-priced clearance stock properties in 2019, which drove down the unit price of the property delivered,” Evergrande said. That sent the firm’s Hong Kong-traded shares down as much as 17.4% on Monday, the biggest intraday drop since July 2015.

And with the stock tumbling by more than two-thirds since its late 2017 highs, Citigroup downgraded the stock to “sell” and slashed its price target by 56%, as the expected decline in core profit was far below Citigroup’s estimate of a 27% year-on-year drop. To be sure, there are plenty of reasons to dump the stock: Evergrande is one of China’s most-indebted developers with net debt of $88.5 billion as of June. As Bloomberg reminds us, the company has been pouring billions of dollars into acquisitions as its Chairman and major shareholder Hui Ka Yan pursues an ambition to make Evergrande the world’s biggest maker of electric cars in the next three to five years.

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Ardern sounds a bit too convinced. It’s still just one view.

New Zealand To Go Into Month-Long Lockdown (G.)

New Zealand is preparing to enter a month-long nationwide lockdown from Wednesday night, with the entire country ordered to stay home apart from those in essential services. On Monday the nation was given two days to prepare for schools, businesses and community services to turn off the lights in a desperate bid to stem the spread of the coronavirus. The move came after the number of cases of Covid-19 in New Zealand rose past 100. In an address to the nation, the prime minister, Jacinda Ardern, said she was not willing to put the lives of her citizens in danger. “The worst-case scenario is simply intolerable, it would represent the greatest loss of New Zealanders’ lives in our history and I will not take that chance.”

Ardern announced the country would move to level three measures immediately, and then to four – the highest level – on Wednesday from 11.59pm. “I say to all New Zealanders: the government will do all it can to protect you. Now I’m asking you to do everything you can to protect all of us. Kiwis – go home.” The lockdown will last a month, and if the trend of cases slowed, could be partially eased in specific areas after that. Ardern said it was now established that community transmission was happening in New Zealand and that, if it took off, the number of cases would double every five days, with modelling advising the government that tens of thousands of New Zealanders could die.

[..] Ardern said if the country did not lock down it would face a death toll beyond anything ever experienced before, and she wanted to give health services “a fighting chance”. Thirty-six new cases of the coronavirus were confirmed on Monday, bringing the nationwide total to 102, spread across the North and South islands. Ardern said she knew the measures would be anxiety-inducing for many New Zealanders and they needed to be “strong and kind” to each other during the unprecedented crisis. “Today, get your neighbour’s phone number, set up a community group chat, get your gear to work from home, cancel social gatherings of any size or shape, prepare to walk around the block while keeping a two-metre distance between you.

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Oddly appropriate:

 

 

 

 

 

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Jan 212020
 


Alfred Palmer U.S. Marine Corps glider detachment training camp, Parris Island, SC 1943

 

Davos Man Is Richer Than Ever (BBG)
Markets Tumble As Human-to-Human Transmission Coronavirus Confirmed (ZH)
Flynn’s Lawyer: FBI Agents Wrote Flynn Didn’t Lie, We Have Eyewitness (ET)
McConnell Proposes Compressed Schedule For Impeachment Trial (Hill)
How The Senate Trial’s First Day May Proceed (Fox)
White House Appoints GOP House Members To Advise Trump’s Impeachment Team (Hill)
Chief Justice Roberts Under Pressure From Both Sides In Witness Fight (Hill)
Boeing Scrambles to Borrow $10 Bn After $43 Bn in Share-Buybacks (WS)
Putin Sends His Constitutional Proposals to Parliament (ET)
Martin Luther King and the Black Revolutionary Tradition (Eric Mann)
Ukraine, China Knew Hunter Biden Was Chronic Drug Addict, Hired Him Anyway (GP)
Former OPCW Specialist Ian Henderson Speaks At UN (YT)

 

 

I said all I have to say about this in yesterday’s Go Home Greta.

Davos Man Is Richer Than Ever (BBG)

Davos Man is richer than ever. A decade after the financial crisis poured flat champagne on the World Economic Forum, gold-collar executives set to gather there this week have bounced back, and then some. David Rubenstein has doubled his fortune since 2009. Jamie Dimon has more than tripled his net worth. And Stephen Schwarzman has increased his wealth six-fold.It’s a remarkable showing given the economic and political tumult of the past decade, from Lehman Brothers to Brexit to Donald Trump. The fortunes of a dozen 2009 Davos attendees have soared by a combined US$175 billion, even as median U.S. household wealth has stagnated, a Bloomberg analysis found.

The data illustrate the ever-widening gap between the true haves—those in the 0.1 percent—and the have-nots of a global economy. Data from UBS and PwC Billionaires Insights reports show that global billionaire wealth has grown from $3.4 trillion in 2009 to $8.9 trillion in 2017.Central bank actions to fight the financial crisis—record low interest rates and bond-buying programs—have underpinned this ballooning wealth by driving up the prices of stocks and other assets.“Ten years ago, ironically at the lows of the market, what you wanted to own was capital and if you did own capital you did incredibly well,” said Michael Hartnett, Bank of America Corp.’s chief investment strategist. It means Davos Man—the conference remains overwhelmingly male—exerts more authority and visibility than ever.

Dimon is returning to the WEF with JPMorgan Chase & Co. larger and more profitable than ever. Schwarzman—recognizable in his tan winter coat over suit—has built Blackstone Group LP into the world’s largest alternative asset manager with $457 billion of assets as of Sept. 30, 2018, up from $95 billion at the end of 2008. And Davos remains as popular as ever. The forum—titled Globalization 4.0—is expected to host 3,000 people. This year, George Soros is hosting a dinner at which he will speak and Dimon’s JPMorgan is throwing a drinks party. Bill Gates will be present again as will billionaire Carlyle Group co-founder Rubenstein, who hosts a show on Bloomberg Television and whose fortune has doubled over the past decade.

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“There are now sufficient cases that it’s not going to die out by chance..”

Markets Tumble As Human-to-Human Transmission Coronavirus Confirmed (ZH)

Dow futures are down over 100 points, AsiaPac equity markets are down harder, and Treasuries are well bid along with gold after a Chinese officials confirmed the coronavirus can be spread by human-to-human contact, and the deadly disease is spreading to other asian nations. “Now we can say it is certain that it is a human-to-human transmission phenomenon,” Zhong Nanshan, a scientist who is leading a government-appointed expert panel on the outbreak, said in an interview on state-run television on Monday. As The New York Times reports, cases have been reported outside China.

“The authorities in Thailand detected the new coronavirus last week in two Chinese women who had flown from Wuhan to Bangkok on separate trips. The government said the women, aged 74 and 61, were in good condition. In Japan, a Chinese man who returned from Wuhan on Jan. 6 was also confirmed to have the disease. He was discharged after five days in a hospital. South Korea confirmed its first case of the coronavirus on Monday in a 35-year-old Chinese woman from Wuhan who arrived on Sunday at Incheon International Airport, which serves Seoul. The woman was found with a fever, muscle pain and other symptoms while going through customs and was immediately quarantined for tests, said Jung Eun-kyeong, director of the Korea Centers for Disease Control and Prevention.

The woman was traveling with five other people intending to spend the Lunar New Year holidays in South Korea and Japan, Ms. Jung said. South Korean officials were running tests on anyone believed to have come in contact with the woman in the plane, she said.” And fear of a SARS 2.0 outbreak have sparked risk-off trades in early Asia trading. “There are now sufficient cases that it’s not going to die out by chance,” said Neil Ferguson, a public health expert at Imperial College London who has studied the new virus.

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Michael Flynn’s destiny was turned on its head in June 2019 when he hired Sidney Powell. Good on him. Still wondering how he got from near bankruptcy to hiring an A-list lawyer.

Flynn’s Lawyer: FBI Agents Wrote Flynn Didn’t Lie, We Have Eyewitness (ET)

Sidney Powell, lawyer of Lt. Gen. Michael Flynn, said the FBI excluded crucial information from a report on their interview of her client. The report, an FBI 302 form, was used to charge Flynn with lying to the FBI, but the original draft of the 302 stated that Flynn was honest with the FBI, according to a witness who saw the draft, Powell said. Flynn, former head of the Defense Intelligence Agency and former national security adviser to President Donald Trump, pleaded guilty on Dec. 1, 2017, to one count of lying to FBI agents during a Jan. 24, 2017, interview. A 302 report summarizing the interview was supposed to be filed within five days. But the earliest draft Flynn’s lawyers were provided was from Feb. 10, 2017—more than two weeks after the interview.

Powell, who took over Flynn’s defense in June 2019, has for months asserted that an earlier 302 must exist. Prosecutors have said they don’t have it, stopping short of saying it doesn’t exist. In an Oct. 24, 2019, court filing, Powell rejected the suggestion that the 302 draft was “missing,” saying neither the bureau nor its digital document system “loses the most important of its reports that is supposed to support the federal felony of the President’s National Security Adviser.” On Jan. 16, Powell disclosed that she has a witness who could attest to what was in the original draft. “I’ve now found a witness who says the original 302 did in fact say that Flynn was honest with the agents and did not lie,” she told Larry O’Connor on his WMAL radio show. “So for somebody to delete that from the 302 is just beyond outrageous.”

She didn’t elaborate much further when asked by The Epoch Times. “Can’t say more about witness but yes, person saw it,” she said via email. [..] In June 2019, after Flynn fired his original lawyers and hired a new legal team led by Powell, prosecutors asked Flynn to testify that he signed [his now-defunct consultancy, Flynn Intel Group (FIG)]’s lobbying forms knowing there were lies in them. He refused, saying he only learned there was something wrong with the registration in retrospect. That angered the lead prosecutor, Brandon Van Grack, notes from a June 27, 2019, conference call indicate. Powell said that ever since then, the prosecutors’ behavior has been “retaliatory, vindictive, and in bad faith” because Flynn refused to lie.

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Every comma must now be vehemently protested.

McConnell Proposes Compressed Schedule For Impeachment Trial (Hill)

House impeachment managers will have 24 hours over two days to make their opening arguments when they begin to present their case against President Trump to the Senate Wednesday, according to a resolution circulated by Senate Majority Leader Mitch McConnell (R-Ky.). President Trump’s team similarly will have two days to present their arguments and then senators will have a chance to ask questions and consider subpoenas of witnesses. The resolution, as expected, does not require additional witnesses to be subpoenaed and does not allow House prosecutors to admit evidence into the Senate trial record until after the opening arguments are heard.

Senate Democratic Leader Charles Schumer (D-N.Y.) quickly pushed back and vowed to force votes on amendments. “Sen. McConnell’s resolution is nothing short of a national disgrace,” Schumer said in a statement Monday afternoon. Both sides will have 24 hours to make their first round of arguments — the same amount of time House impeachment managers and Bill Clinton’s lawyers received in 1999, but on a more compressed time schedule than required more than 20 years ago.

The resolution includes language favored by Sen. Susan Collins (R-Maine) and other GOP moderates requiring a debate and vote on subpoenaing new witnesses and documents. Sen. Lamar Alexander (R-Tenn.), who worked with McConnell and Collins to modify the resolution, said it “guarantees a vote on whether we need additional evidence at the appropriate time.” A Senate GOP leadership aide noted that prosecutors in the Clinton trial didn’t use all of their allotted time and finished their opening arguments within three days. Schumer argues that forcing House managers to cram their opening arguments into a two-day window will force them to present on the Senate floor well into the evening and possibly past midnight.

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A handy guide.

How The Senate Trial’s First Day May Proceed (Fox)

Here is how things are expected go down Tuesday in the Senate for President Trump’s impeachment trial. By rule, the trial session begins at 1 p.m. ET. Expect to see Senate Sergeant-at-Arms Michael Stenger reprising his role from last week, bringing order to the Senate. Stenger may appear at other points along the way, too. The first order of business for the Senate will be to swear-in Sen. Jim Inhofe, R-Okla. Inhofe wasn’t present last week when all other senators were sworn in. He was attending to a family emergency. Then, there will be some short, administrative activity for documents, et al. Viewers are likely to see two women on the dais, whispering to Chief Justice John Roberts, giving advice and passing messages.

They are Senate Parliamentarian Elizabeth MacDonough and Assistant Parliamentarian Leigh Hildebrand. Once the Senate gets through the basics, it’s time for Senate Majority Leader Mitch McConnell, R-Ky., to offer his resolution dictating the parameters of the trial. McConnell’s proposal is formally known as a “motion” in Senate parlance. And, by rule, the Senate then has two hours per side to debate the McConnell plan. The Senate will have to eat up all of that two hours, unless there is unanimous consent – meaning all 100 senators agree — to cut things short. The seven House managers and members of Trump’s defense team – not any senators – would debate the proposal. So, barring anything strange, this probably gets us close to 3:30 p.m. ET.

Then, it’s up to Senate Minority Leader Chuck Schumer, D-N.Y., to offer his counter-proposal. The Senate has something known as “the amendment tree.” One could think of the McConnell proposal as the “trunk” of the tree. Schumer’s proposal is a “branch” of the tree. Schumer’s proposal, or proposals – so, sprigs growing off of the Schumer branch of the tree – all would represent possible amendments on which the Senate likely will have to debate and conduct a roll call vote on Tuesday evening. What will Schumer propose? Different time allocations for the trial? Different times when they start or stop the arguments? Proposals on witnesses and documents? By rule, Schumer’s proposal gets two hours of debate as well, with no senators participating in the debate — just the impeachment managers and the president’s counsel.

Timing: If they do this by the book, we probably get 5:30 or 6 p.m. ET, if not later. However, a potential wild card is afoot. Fox News is told to expect a closed Senate session after these two debates, meaning lawmakers essentially would kick everyone out of the chamber: the public, the media, the president’s legal team and the impeachment managers. The only people left: senators, Roberts and essential floor staff. Fox News has no idea how long this could go, but it would happen in the Senate chamber itself, not the Old Senate Chamber.

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“..provided guidance to the White House team, which was prohibited from participating in the proceedings concocted by Democrats in the House of Representatives”

White House Appoints GOP House Members To Advise Trump’s Impeachment Team (Hill)

The White House announced Monday that President Trump appointed several prominent Republican House members to advise his impeachment defense team ahead of the Senate trial set to begin this week. GOP Reps. Jim Jordan (Ohio), John Ratcliffe Texas), Mike Johnson (La.), Mark Meadows (N.C.), Debbie Lesko (Ariz.), Lee Zeldin (N.Y.), Elise Stefanik (N.Y.) and Doug Collins are set to play leading roles. A statement from the White House said the lawmakers “have provided guidance to the White House team, which was prohibited from participating in the proceedings concocted by Democrats in the House of Representatives” throughout the House proceedings and would continue to do so in the Senate.

The lawmakers served as some of the president’s strongest allies during the House’s impeachment proceedings, adamantly defending the president’s dealings with Ukraine. Jordan, a firebrand conservative who serves as the top Republican on the House Oversight and Reform Committee and a leading member of the House Freedom Caucus, has garnered a reputation for being one of Trump’s most aggressive attack dogs on impeachment.

Ratcliffe, who sits on the House Intelligence Committee and served as U.S. attorney for the Eastern District of Texas before being elected to Congress, was previously tapped by the president last year to become the director of national intelligence before he withdrew from consideration. His line of questioning during the public hearings was widely praised by his GOP colleagues in the House. Collins, the top Republican on the House Judiciary Committee and confidant to the president, played a key role in pushing back against Judiciary Chairman Jerrold Nadler (D-N.Y.) during the final hearings. And Johnson, the chairman of the Republican Study Committee who also sits on the House Judiciary Committee, practiced constitutional law.

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Roberts may regret this job.

Chief Justice Roberts Under Pressure From Both Sides In Witness Fight (Hill)

Senate Democrats are pressing Chief Justice John Roberts to rule in favor of calling witnesses at President Trump’s impeachment trial, while Republicans argue it could force his recusal from potential Supreme Court cases. Democrats say it’s simple: A trial can’t be a fair one without witnesses. Republicans counter that if Roberts rules on witnesses, he will have to recuse himself from any Supreme Court case on Trump’s claims of executive privilege over potential witnesses like former national security adviser John Bolton and acting White House chief of staff Mick Mulvaney. “I don’t know how you have a serious trial unless you hear from witnesses who know in fact what the facts are, what happened,” said Sen. Bernie Sanders (I-Vt.).

“I think it would be appropriate for the chief justice to do what I think should be done, and that is to allow witnesses to testify,” he added. While Roberts is expected to refer major disputes over trial procedures to the entire Senate for a vote, some Democrats hope he will make his own rulings on what they say are basic questions of fair jurisprudence. Democrats argue that holding a trial but blocking the consideration of relevant witness testimony and document review would fall well short of what’s considered a fair trial in any court of law.

“We’ve been working to get an agreement with Republicans about the relevant witnesses for the trial and relevant documents and we’re continuing that effort,” said Sen. Chris Van Hollen (D-Md.). “Those types of questions will have to be considered as the trial proceeds.” Senators who want Roberts to intervene have pointed to the precedent set by then-Chief Justice Salmon P. Chase in the 1868 impeachment trial of President Andrew Johnson. Chase broke two ties on procedural deadlocks, including a vote on whether he could break ties.

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All you need to know: “..its total liabilities ($136 billion) exceed its total assets ($132 billion)..”

Boeing Scrambles to Borrow $10 Bn After $43 Bn in Share-Buybacks (WS)

The first thing to know about Boeing’s mad scramble to line up “$10 billion or more” in new funding via a loan from a consortium of banks, on top of the $9.5 billion credit-line it obtained in October last year – efforts to somehow get through its cash-flow nightmare caused by the 737 MAX fiasco – is that the company blew, wasted, and incinerated $43.4 billion to buy back its own shares since June 2013, having become a master of financial engineering instead of aircraft engineering. If Boeing had focused on its business – such as designing a new plane instead of doctoring an ancient design to save money and time – and if it hadn’t blown $43 billion on share-buybacks but had invested this money in a new design, those two crashes wouldn’t have occurred, and it wouldn’t have to beg for cash now.


The chart below shows the cumulative share-buybacks in billions of dollars since Q1 2009. In Q2 2019, it belatedly halted the share buybacks. As is always the case with share buybacks, the idea is to buy high in order to drive shares even higher. This is what you learn on the first day of Financial Engineering 101. So Boeing stopped buying back its shares in Q1 2009 when its shares had plunged into the $35-range, at which point they were a good deal, and then recommenced share-buybacks in Q2 2013 when its shares had already risen to the $100-range.

The second thing to know about Boeing’s mad scramble to borrow another $10 billion is that it already has a huge amount of debt and other liabilities, and that its total liabilities ($136 billion) exceed its total assets ($132 billion) by about $4 billion as of September 2019, meaning that it has negative net equity, that the share buybacks have destroyed its equity, which is what share buybacks do to the balance sheet. It also means that every dime in “cash” and “cash equivalent” listed on the balance sheet is borrowed. And this is about to get a whole lot worse. In October 2019, Boeing had already obtained a new credit line of $9.5 billion, which about doubled the size of its existing credit line. Credit lines serve as liquidity backup. And now Boeing is scrambling to pile “$10 billion or more” in new loans on top of it.

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Note: Putin will be President until 2024.

Putin Sends His Constitutional Proposals to Parliament (ET)

Russian President Vladimir Putin on Monday submitted to parliament a package of constitutional amendments widely seen as an attempt to secure his grip on power well after his current term ends in 2024. Putin first presented the proposed changes in his state-of-the-nation address Wednesday, arguing they are intended to bolster the role of parliament and strengthen democracy. Kremlin critics have argued that they are intended to allow his rule for life. The Kremlin-controlled lower house, the State Duma, received a draft bill on constitutional proposals from the Kremlin and quickly scheduled the first of three required readings for Thursday.


Putin, 67, has been in power for more than 20 years, longer than any other Russian or Soviet leader since Josef Stalin, who led from 1924 until his death in 1953. Under the law now in force, Putin must step down as president when his current term ends. Putin proposed that the constitution must specify the authority of the State Council, an advisory body that consists of regional governors and top federal officials. The Kremlin’s constitutional bill submitted to parliament empowers the Council to “determine the main directions of home and foreign policy,” its specific authority yet to be spelled in a separate law. Observers say that the proposed changes could allow Putin to stay in charge by shifting into the position of the Council’s head.

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Mann: “..in 1964 I was a field secretary with the Congress of Racial Equality”. Long piece.

Martin Luther King and the Black Revolutionary Tradition (Eric Mann)

Every year, until The Revolution comes again, the counter-revolution manipulates the historic birthday of Dr. Martin Luther King, that so many people fought for, as their symbol of Black “integration” into imperialism and “non-violent” acquiescence to, at best, Barack Obama’s cynical negation of his dream. As Donald Trump has just assassinated Iranian General Quassem Soleimani—with Democratic Party token opposition at best and acquiescence at worse, Dr. King reminds us that “the United States, my government, is the greatest purveyor violence in the world.”

As Bernie Sanders and Elizabeth Warren squabble for position and too often, reduce the meaning of life to a barren economic populism, Dr. King reminds us that U.S. society is a moral disgrace and we need a revolutionary movement to challenge its “racism, militarism, poverty, and materialism.” His thoughts offer Democrats and the Movement a challenge. There is an urgent need for a revolutionary worldview to challenge the racism and reaction of Donald Trump’s Make America Great fascist appeal. Meanwhile, on the ground, Black and Latino communities and the world are suffering the worst political, economic, and ecological catastrophe with little help in sight. In this context the most engaged and introspective study of Dr. King’s theory and practice is an urgent corrective than can offer hope and inspiration.

“Like anybody, I would like to live – a long life; longevity has its place. But I’m not concerned about that now. I just want to do God’s will. And He’s allowed me to go up to the mountain. And I’ve looked over. And I’ve seen the Promised Land. I may not get there with you. But I want you to know tonight, that we, as a people, will get to the Promised Land. So I’m happy, tonight. I’m not worried about anything. I’m not fearing any man. Mine eyes have seen the glory of the coming of the Lord.”

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To blackmail Joe?!

Ukraine, China Knew Hunter Biden Was Chronic Drug Addict, Hired Him Anyway (GP)

Hunter Biden’s first arrest may have been when he was 18. Hunter was arrested on Jersey Shore related to drug charges in 1988 and had his record expunged. Many years later and after several stops into drug treatment facilities Hunter joined his father the Vice President on a trip to China in 2013 where Hunter — inexperienced and out of place — was able to secure a $1.5 billion from China for private equity fund which he was forming at the time. A year later in early 2014 Hunter was discharged from the Navy for testing positive for cocaine. Then in April 2014, just a couple months later, Hunter Biden Hunter joined the Board of Burisma Holdings in the Ukraine. Hunter served on the Board until early 2019. Hunter was paid approximately $50,000 a month in his position.

The largest oil and gas company in the Ukraine hired a chronic drug addict only a few months after the addict was removed from the US Navy for doing cocaine. In 2016 Hunter Biden returned a rental car with a crack pipe with cocaine residue and a small amount of a white, powdery substance. Hunter was never charged with a crime. In 2018 the IRS placed a tax lien on Hunter Biden seeking $112,805 in unpaid taxes from 2015. And according to Page Six, Hunter Biden allegedly spent time at Larry Flynt’s Hustler Club in New York City in 2018. Hunter allegedly ordered pricey booze, was joined by several strippers in a private room while he did drugs and had strippers run to find him a dildo. These are just a few of the allegations against Hunter Biden. After years of drug abuse there are likely many more episodes not yet public.

Any foreign intelligence service worth their salt would have known Hunter Biden was a chronic drug addict. China and the Ukraine, and likely others, hired Hunter Biden anyway. [..] How many times was Joe Biden warned of his dangerous actions related to his drug addicted son? Will the liberal media ever investigate this? Do Americans really believe that this man and his son should be President? Joe and Hunter Biden would destroy the American dream if Joe was elected President. They would blow it away!

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The text here is a Twitter thread from Philip Watson.

Former OPCW Specialist Ian Henderson Speaks At UN (YT)

The damning words of Ian Henderson at tonight’s OPCW United Nations Security Council Arria-Formula Meeting called for by the #Russia-n Federation into the #Douma affair. All words that follow are direct quotes from Mr Henderson.

“I need to point out from the outset, I am not a whistleblower. I don’t like that term. I am a former OPCW specialist who has concerns in many areas and I consider this a legitimate and appropriate forum to explain again these concerns.” “Secondly, I must point out that I hold the OPCW in the highest regard. As well as the professionalism of the staff members who work there. ” “However the concern I have does relate to some specific management practices in certain sensitive missions. The concern, of course, relates to the FFM investigation into the alleged chemical attack on the 7th April in Douma in Syria.”

“My concern, which is shared by a number of other inspectors, relates to the subsequent management lock-down and the practices in the later analysis and compilation of the final report. ” “There were 2 teams deployed, 1 team which I joined shortly after the start of field deployments was to #Douma in Syria, the other team deployed to Country X. ” The main concern relates to the announcement in July/18, of a new concept, the so-called FFM Core Team which essentially resulted in the dismissal of all the inspectors who’d been on the team deployed to locations in Douma and had been following up with their findings & analysis. “The findings of the final FFM report were contradictory, were a complete turn-around, with what the team had understood collectively. ”

“During and after the Douma deployments and by the time of release of the interim report in July 2018 our understanding was that we had serious misgivings that a chemical attack had occurred. ” “What the final FFM report does not make clear and thus does not reflect the views of the team members who deployed to Douma. (In which case I can really only speak for myself at this stage)” “The report did not make clear what new findings, facts, information, data or analysis in the fields of witness testimony, toxicology studies, chemical analysis, engineering and or ballistics studies…” “..had resulted in a complete turn-around in the situation from what was understood by the majority of the team and the entire Douma team in July 2018.”

“In my case I had followed with a further 6 months of engineering and ballistics studies into the cylinders. The results of which had provided further support for the view there had not been a chemical attack.” “This needs to be properly resolved, we believe (Douma FFM Team), through the rigours of science and engineering. In my situation it is not a political debate. I’m very aware that there is a political debate surrounding this.” “Perhaps a closing comment from my side, is that I was also the inspection team leader who developed and launched the inspections, the highly intrusive inspections, of the Barzah SSRC facility outside of Damascus.” “And I did the inspections and wrote the reports for the 2 inspections prior to and the inspection after the chemical facility, or the laboratory complex at Barzah SSRC, had been destroyed by the missile strike. That however is another story altogether.”

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Include the Automatic Earth in your 2020 charity list. Support us on Paypal and Patreon.

 

Jan 152020
 
 January 15, 2020  Posted by at 10:39 am Finance Tagged with: , , , , , , , , , , , ,  8 Responses »


Magazine and cannonballs at Battery Rodgers, Alexandria, defending Washington during the Civil War 1863

 

At The Iowa Debate, Bernie Sanders’s Most Vociferous Opponent Was CNN (IC)
McConnell: Senate Impeachment Trial To Start Next Tuesday (Hill)
GOP: There Aren’t 51 Votes To Dismiss Trump Articles Of Impeachment (Hill)
McConnell Opens Door For Hunter Biden Testimony At Trump Trial (Hill)
Michael Flynn Seeks To Withdraw Guilty Plea (G.)
Five Biggest US Stocks Are Dwarfing The Rest Of The Stock Market (CNBC)
Non-Commitment Probe Into Iran By France, Germany & UK ‘Groundless’ – Russia (RT)
Australia PM Backs Coal After BlackRock Quits (AFR)
‘Orwellian’ China Silencing Dissent At Home And Abroad – HRW Chief (G.)
Former Boeing Quality Manager: Fly Something Else (Big Think)
Boeing Sees Lowest Orders In Decades (BBC)
Malaysia Airlines Suspends Boeing 737 MAX Deliveries Due To Grounding (R.)

 

 

It’s just entertainment by now, and a poor sort at that. CNN ratings are plummeting, so they seek out controversy. And if smearing Trump doesn’t work, there’s Bernie.

At The Iowa Debate, Bernie Sanders’s Most Vociferous Opponent Was CNN (IC)

Ahead of the August 2015 Fox News debate, the company’s chair, Rupert Murdoch, issued a directive to debate moderator Megyn Kelly: The Donald Trump thing has gone on long enough, it’s time to take him down. Kelly took a bat to candidate Trump, listing off his most misogynistic remarks, asking how he could explain them to voters. But Trump ended up winning that war. Democrats assembled in Iowa Tuesday night for the opportunity to take him on in the upcoming general election. This time, though, it was CNN moderators who brought out the bat and swung it hard at Sen. Bernie Sanders. The Vermont independent had topped the important Iowa poll last week, compounding fears that have only recently emerged among the party establishment that he may be on course for the nomination.

In contrast to Sanders’s treatment, former Vice President Joe Biden, the national front-runner, was barely touched — either by moderators or his rivals. CNN moderator Abby Phillip opened a line of questioning on the recent feud between Sanders and Sen. Elizabeth Warren: “CNN reported yesterday, and, Sen. Sanders, Sen. Warren confirmed in a statement that in 2018 you told her that you did not believe that a woman could win the election. Why did you say that?” The moderator’s use of Warren to confirm a version of the story that originally came from Warren’s account of the meeting at the time signaled which side CNN was taking in the he-said/she-said, but it was confirmed by the framing of the question — “Why did you say that?” — rather than asking whether he said it.

Sanders denied the accusation, noting that he had been ready to stand aside for Warren to run in 2016, though she declined to. Phillip pressed to be clear he was denying the charge, then pivoted to Warren, and waved away his denial with such force — “Sen. Warren, what did you think when Sen. Sanders told you a woman could not win the election?” — that Sanders and the audience laughed. After the debate, the candidates shook hands — all except Warren and Sanders. Warren pulled her hand back and the two had a tense exchange that couldn’t be heard as the mics had been cut off, but left both walking tersely off, Sanders turning his back on Warren.

The debate opened with a long discussion of war in Iran and Iraq, which included no mention of the costs of occupation.Yet CNN moderators did eventually ask Sanders how he would pay for Medicare for All, among other plans. Host Wolf Blitzer asked why the government should do anything to lower drug prices when nobody trusts the government. Philip later asked Sanders how he would keep his plans “from bankrupting the country?”

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Politicians can’t resist the circus at this time of year.

McConnell: Senate Impeachment Trial To Start Next Tuesday (Hill)

Senate Majority Leader Mitch McConnell (R-Ky.) says the Senate will begin debating an organizing resolution to start the Senate trial on Tuesday of next week. The GOP leader said Chief Justice John Roberts will swear in senators as jurors this week, before the Martin Luther King Jr. holiday. “NEW: Sen. Mitch McConnell says “the House is likely to finally send the articles over to us tomorrow,” allowing Senate to take steps “which would set us up to begin the actual trial next Tuesday.” — ABC News Live (@ABCNewsLive) January 14, 2020.


McConnell said the House is expected to send over articles of impeachment on Wednesday and the Senate will then have to go through a series of preliminary steps and housekeeping measures. “We hope to achieve that by consent, which would set us up to begin the actual trial next Tuesday,” the GOP leader added. McConnell clarifying that a debate and vote on the organizing resolution, which will set up time for the House impeachment managers and the president’s defense team to make their opening arguments, as well as time for senators to ask questions, will happen next week. Then the Senate will notify the president’s defense team to appear for the Senate and give the White House several days to respond.

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There are Republicans who think Trump should shine in the circus.

GOP: There Aren’t 51 Votes To Dismiss Trump Articles Of Impeachment (Hill)

Sen. Roy Blunt (R-Mo.) told reporters on Monday that the Senate Republican caucus doesn’t have the votes to dismiss the articles of impeachment against President Trump, who endorsed an “outright dismissal” over the weekend. “I think our members generally are not interested in a motion to dismiss. … Certainly there aren’t 51 votes for a motion to dismiss,” Blunt, the No. 4 Senate Republican, told reporters after a closed-door leadership meeting. Republicans have warned for months that they will not dismiss the two articles of impeachment against Trump, predicting a trial will end with votes on either acquitting or convicting him. But Trump revived talk of trying to dismiss the articles over the weekend, saying the Senate was “giving credence” to the allegations against him by having a trial.


“Many believe that by the Senate giving credence to a trial based on the no evidence, no crime, read the transcripts, ‘no pressure’ Impeachment Hoax, rather than an outright dismissal, it gives the partisan Democrat Witch Hunt credibility that it otherwise does not have. I agree!” Trump tweeted on Sunday. Dismissing the articles of impeachment would require 51 votes. Because no Democrats would support the effort, Senate Majority Leader Mitch McConnell (R-Ky.) could afford to lose only two GOP senators and still successfully dismiss the articles. Multiple Republicans, including Sens. Susan Collins (Maine) and Rob Portman (Ohio), have indicated they would oppose a motion to dismiss, arguing that both Trump’s legal team and House impeachment managers should be able to make their case.

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Is the fight over witnesses going to take longer than the actual trial?

McConnell Opens Door For Hunter Biden Testimony At Trump Trial (Hill)

Senate Majority Leader Mitch McConnell (R-Ky.) says Republicans could subpoena Hunter Biden to testify about his business dealings with a Ukrainian gas company if Democrats insist on having witnesses such as former National Security Adviser John Bolton testify at the Senate impeachment trial. “We’ll be dealing with the witness issue at the appropriate time into the trial and I think it’s certainly appropriate to point out that both sides would want to call witnesses they wanted to hear from,” McConnell told reporters Tuesday when asked about GOP senators who want Biden, former Vice President Joe Biden’s son, to testify. “When you get to that issue, I can’t imagine that only the witnesses that our Democratic colleagues would want to call would be called,” he said.


The GOP leader also noted “there is little or no sentiment in the Republican conference for a motion to dismiss” the articles of impeachment immediately, adding, “our members feel that we have an obligation to listen to the arguments.” McConnell confirmed that all 53 Republican senators support passing an organizing resolution at the start of President Trump’s trial that would set up time for the House prosecutors and the president’s defense team to lay out their opening arguments and for senators to submit questions to the chair in writing. Votes on subpoenaing witnesses such as Bolton or acting White House chief of staff Mick Mulvaney will be considered after what McConnell calls “phase one of the trial.”

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When prosecutors say Flynn grew “antagonistic”, what they mean is he hired Sidney Powell. Who’s not going to stop at getting him exonerated. She’ll demand a huge amount in damages.

Michael Flynn Seeks To Withdraw Guilty Plea (G.)

Michael Flynn, the former national security adviser to Donald Trump who was due to be sentenced for lying to federal investigators, is seeking to withdraw his guilty plea “because of the government’s bad faith, vindictiveness, and breach of the plea agreement”, his lawyers said in a court document filed Tuesday. Flynn was the first senior White House official to cut a deal in the special counsel Robert Mueller’s investigation into Russia’s 2016 election interference. After pleading guilty to lying to the FBI about conversations with the Russian ambassador during the presidential transition between Barack Obama and Trump, he went on to provide extensive information to federal prosecutors in exchange for leniency.

But in recent months, he grew less cooperative and suggested he hadn’t committed any crimes, leading prosecutors to recommend that he should be sentenced to up to six months in prison. “Far from accepting the consequences of his unlawful actions, he has sought to blame almost every other person and entity involved in his case, including his former counsel,” prosecutors wrote in a document filed last week. It appears Flynn and his legal team have doubled down, saying that the federal government breached the plea agreement with Flynn. They allege that prosecutors asked him to lie in another investigation, into his former business partner, Bijan Rafiekian. Rafiekian was convicted for illegally lobbying to have a Turkish exile returned from the US, but a federal judge threw out the conviction, citing a lack of sufficient evidence.

In the court filing, Flynn’s lawyers said the justice department was attempting to “rewrite history” by suggesting he had not been forthcoming and should receive prison time. “Mr Flynn has cooperated with the government in good faith for two years. He gave the prosecution his full cooperation,” Flynn’s legal team wrote. “He endured massive, unnecessary, and frankly counterproductive demands on his time, his family, his scarce resources, and his life.” As part of his plea deal, Flynn admitted he had lied to the FBI about discussing US sanctions on Russia with Sergey Kislyak, the Russian ambassador at the time. Flynn also said he lied about conversations with Kislyak discussing a UN security council resolution condemning Israel.

[..] Federal prosecutors had initially said Flynn was entitled to avoid jail time, before reversing course after Flynn grew antagonistic. In June, Flynn fired his longtime attorneys and replaced them with a new team that included the former federal prosecutor Sidney Powell, a fierce critic of the Mueller investigation.

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It’s much easier for the Fed and the Treasury to create a false picture of a strong economy when they help build huge monopolies.

Five Biggest US Stocks Are Dwarfing The Rest Of The Stock Market (CNBC)

It’s no secret that a handful of tech giants have been dominating the stock market, but their leadership has reached a level that is raising eyebrows on Wall Street as being unsustainable. The top five U.S. companies — Apple, Microsoft, Alphabet, Amazon and Facebook — now make up 18% of the total market capitalization of the S&P 500, the highest percentage in history, according to Morgan Stanley. “A ratio like this is unprecedented, including during the tech bubble,” Mike Wilson, the bank’s head of U.S. equity strategy, said in a note Sunday. “Capital concentration is following corporate inequality like never before.”

These mega tech firms have been the front-runners in this record-long bull market as investors bet on superior growth and dominant market share in their respective industries. They were the biggest contributors to the market’s historic gains last year and the trend shows no signs of stopping in 2020. However, multiple Wall Street strategists are sounding alarms on the increasing dominance of Big Tech, warning of a potential pullback in the stocks ahead. Apple’s weighting in the S&P 500 surpassed 4% in October, the sixth time the iPhone maker has crossed that threshold. But if history is any guide, it could be a ominous sign for the stock, according to Leuthold Group analyst Phil Segner.


He noted during the previous five times when Apple topped the 4% threshold, the stock underperformed the S&P 500 by nearly 9% on average in the next 12 months. “With history as a guide, its most recent climb into the 4% Club looks like another selling opportunity,” Segner said in a note. Going back to 1990, only five stocks — Apple, Microsoft, Generic Electric, Cisco Systems and Exxon Mobil — have claimed more than 4% of the S&P 500, and their leader status has typically been short-lived, Segner noted. General Electric stayed the longest — 15 months — above the threshold, while Cisco only lasted a month, he said.

Apple and Microsoft, which surged 86% and 55% in 2019, respectively, together accounted for nearly 15% of the S&P 5002 s advance last year. No other stock even came close to their contribution. The megacap stocks are leading the market again in the new year. In fact, the 50 largest stocks in the S&P 500 are up the most this year with an average gain of 1.22%, according to Bespoke Investment Group. “The larger, the better so far in 2020,” Paul Hickey, Bespoke’s co-founder, said in a note Friday. “Market cap has seemingly been the most important factor in terms of performance so far this year.”

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Lap dogs.

Non-Commitment Probe Into Iran By France, Germany & UK ‘Groundless’ – Russia (RT)

The European trio’s accusation that Iran violates the key restrictions of the nuclear deal are unjustified, the Russian Foreign Ministry said urging the countries not to increase tensions that could endanger the pact. Paris, Berlin and London officially reported Iran’s non-compliance with the 2015 agreement to the Joint Commission under the Dispute Resolution Mechanism. This step could potentially lead to the UN Security Council being forced to decide on whether or not to bring back sanctions against Tehran. “We can’t rule out that the ill-considered actions of the European trio will lead to a new escalation around the JCPOA (Joint Comprehensive Plan of Action) and make the return to the implementation of the ‘nuclear deal’ in its initially agreed format unachievable,” Russia’s Foreign Ministry said in a statement.


Iran rolled back on its uranium enrichment constraints detailed in the international agreement earlier this month after one of its top military commanders, Qassem Soleimani, was assassinated in an American drone strike in Iraq. Tehran’s decision to put its commitments on hold was a response to the actions of the US, which unilaterally withdrew from the deal in May 2018 and reintroduced restrictions against Iran, the ministry reminded. However, the country keeps allowing the International Atomic Energy Agency (IAEA) monitors to its nuclear sites – and “the transparency of the Iranian nuclear program has been one of the key clauses of the nuclear deal.”

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His days are counted.

Australia PM Backs Coal After BlackRock Quits (AFR)

Prime Minister Scott Morrison has rejected criticism of Australia’s $70 billion coal export industry and its links to global warming after the world’s largest fund manager announced it was quitting thermal coal. BlackRock is dumping more than half a billion dollars in thermal coal shares from all of its actively managed portfolios, as part of a more active global stance on climate change driven by chief executive Larry Fink. Asked about BlackRock’s announced withdrawal from thermal coal, Mr Morrison said the resources industry was “incredibly important to Australia” and that coal exports were worth about $70 billion a year. “This is important to so many communities across the country,” the Prime Minister said on Wednesday.


“Our government’s plan is to meet and beat our emissions reduction targets … without putting higher taxes on people and without putting up electricity prices and not pulling the rug from regional communities.” Mr Morrison famously showed off a lump of black coal during Parliament’s question time in 2017. Thermal coal, which is burnt to generate electricity, accounted for $26 billion in export income last financial year. This was a relatively small share of Australia’s total resource and energy export earnings forecast of $281 billion for 2019-20. Metallurgical coal, which is used to make steel, delivered $44 billion in export revenue.

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China’s Catch 22: it has to open up if it wants to expand its economical role, but Xi doesn’t want the potential risk to his power.

“In principle, we support the rights and work of human rights defenders around the world.”. Yeah, just not in China.

‘Orwellian’ China Silencing Dissent At Home And Abroad – HRW Chief (G.)

The head of Human Rights Watch has accused the Chinese government of not only constructing “an Orwellian high-tech surveillance state” at home but using its growing economic clout to silence critics abroad. Kenneth Roth said on Tuesday that China was carrying out “the most intense attack on the global system for enforcing human rights since that system began to emerge in the mid-20th century”. He warned that if human rights weren’t defended, the world could face “a dystopian future in which no one is beyond the reach of Chinese censors”, with a global rights system so weakened that it can no longer serve as a check on government repression.

Roth was speaking at the UN Correspondents Association in New York after being denied entry to Hong Kong, where he had been scheduled to release the rights group’s annual report. It begins with his keynote essay entitled China’s Global Threat to Human Rights. A Chinese foreign ministry spokesman, Geng Shuang, said on Monday that: “It is China’s sovereignty to allow one’s entry or not.” He indicated that Human Rights Watch is among organisations that support and instigate “anti-China activists … to engage in radical violent crimes, and incite separatist activities hyping Hong Kong independence.” “These organisations deserve sanctions and must pay a price,” he said.


UN spokesman Stephane Dujarric, asked on Tuesday about Roth’s denial of entry to Hong Kong, said: “In principle, we support the rights and work of human rights defenders around the world.” Chinese diplomat Xing Jisheng, who attended the UN press launch, spoke at the end and said the was report “very prejudicial”, saying it has “fabrications” and telling journalists “we completely reject the content”. In the essay, Roth said the Chinese Communist Party is “worried that permitting political freedom would jeopardise its grasp on power” and “is running scared of its own people”. “The consequence under President Xi Jinping is China’s most pervasive and brutal oppression in decades,” he said.

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Not at all surprising, but first time I see this confirmed: a new leadership team who had previously worked on Boeing’s military projects began overseeing work on the commercial airliner.

Former Boeing Quality Manager: Fly Something Else (Big Think)

Slipping through the cracks of the Boeing controversy – which has taken on new twists and turns almost daily – were comments we recently uncovered by a former Boeing quality manager, who said last month that he thinks Boeing’s problems aren’t just limited to the 737. John Barnett was a quality manager for Boeing for 30 years before he was transferred to South Carolina to work on the 787, according to Big Think. It was there that a new leadership team who had previously worked on Boeing’s military projects began overseeing work on the commercial airliner. Barnett says that team lowered safety standards significantly. He stated: “They started pressuring us to not document defects, to work outside the procedures, to allow defective material to be installed without being corrected.

“They started bypassing procedures and not maintaining configurement control of airplanes, not maintaining control of non-conforming parts — they just wanted to get the planes pushed out the door and make the cash register ring.” At first, it was just administrative issues, Barnett said. But then, it got worse. “Over time it got worse and worse. They began to ignore defective parts installed on the planes and basic issues related to aircraft safety,” he said. According to Barnett, one audit uncovered that 25% of oxygen masks didn’t work. Defective parts were getting lost in the system before being discovered flying on aircraft. Barnett says he remembered “several defective bulkheads being installed without having been repaired.”


He also said that there was an issue with metal slivers. 3-inch-long slivers of razor-sharp metal would fall into areas where planes have sensitive wiring and electronics, he said. He continued: “That surface below the floor board is where all of your flight control wires are, that’s where all of your electronic equipment is. It controls systems on the airplane, it controls the power of the airplane. All of your electronic equipment is down where all of these metal slivers are falling.” He said these slivers would cause shorts and fires at the plant. As planes vibrate, these metal slivers work their way into wire bundles and can cause issues during flights, he said. Barnett filed complaints with multiple members of the Boeing team, which he said led to his reassignment to a department that isolated him.

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The military division will have to make up the losses.

Delta is surging because it doesn’t fly any 737MAX.

Boeing Sees Lowest Orders In Decades (BBC)

Boeing has reported its worst annual orders in at least two decades – as it remains in crisis over its 737 Max model. The company also said deliveries of its planes slumped to an 11-year low last year. It means the US firm has lost its title as the world’s biggest plane maker to European rival Airbus. The 737 Max has been grounded since March after two crashes in which 346 people were killed. Boeing said net orders after cancellations for 2019 totalled just 54 planes. That compares with 893 the previous year. At the same time deliveries fell by 53% to 380 planes, the lowest number since 2007. The company last month halted production of what had been its best-selling commercial airliner.


The grounding of the 737 Max means it is impossible for the firm to deliver the planes to customers. In comparison, Boeing’s main rival Airbus said earlier this month that it delivered a record 863 planes in 2019 and racked up a net 768 orders after cancellations. A bright spot for the Chicago-based plane maker was a record number of deliveries of 787 Dreamliners in the last three months of 2019. The company delivered 45 of the wide-body passenger jets, which first went into service in 2011. Boeing’s new chief executive David Calhoun took the helm of the manufacturer on Monday. Mr Calhoun said he is “confident in the future” of the firm, telling staff his “primary focus” will be returning the 737 Max to the skies.

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Plus Virgin Australia, Norwegian Air, Jet Airways, keep ’em coming.

Malaysia Airlines Suspends Boeing 737 MAX Deliveries Due To Grounding (R.)

Malaysia Airlines said on Wednesday it had suspended deliveries of 25 Boeing 737 MAX jets, citing the plane’s delayed return to service since it was grounded last year following two fatal crashes. The decision represents another setback for Boeing, which on Tuesday reported its worst annual net orders in decades, along with its lowest number of plane deliveries in 11 years, as the grounding of the 737 MAX saw it fall far behind main competitor Airbus. “In view of the production stoppage and the delayed return to service of the 737-MAX, Malaysia Airlines has suspended the delivery of its orders,” the airline said in an email, without saying when it wanted the deliveries to resume.

“As there is no clarity yet from various authorities on its return to service, our technical due diligence is still ongoing,” Malaysia Airlines said. The airline said it had previously planned to have five 737 MAX jets delivered this year, the first in July. Last year, its chief executive had said it was possible the craft’s introduction to service could slide beyond July. Boeing said it was sorry for the disruption the 737 MAX situation had caused Malaysia Airlines. “We are working to support them and all of our customers in every way possible to ensure complete confidence in the 737 MAX and a safe return to commercial flight,” Boeing said in a statement.


Analysts said cash-strapped carriers like Malaysia Airlines that over-ordered planes could take advantage of the 737 MAX grounding to negotiate with Boeing to restructure their orders. Virgin Australia said last year it would delay taking the first deliveries of 737 MAX jets for nearly two years to reduce capital spending. Norwegian Air said last year its Dublin-based leasing subsidiary had reached an agreement with Boeing to postpone delivery of 14 737 MAX planes that were originally due in 2020 and 2021. Boeing on Tuesday reported a net negative of 183 orders for the 737 MAX in 2019 including cancellations, but many were associated with the collapse of a major customer, India’s Jet Airways.

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Jan 072020
 


Jack Delano Worker inspecting locomotive, Proviso Yard 1942

 

China Pledges ‘Prudence’ In Diversifying Foreign Exchange Reserves (SCMP)
Experts Urge Fed To Consider Radical Approaches To Fight Next Recession (MW)
Iran ‘Not Interested’ In Having Nukes – UN Envoy (RT)
McConnell Urges Lawmakers To Wait For Facts On Soleimani Killing (R.)
McConnell Has The Votes To Block Democrats’ Impeachment Witness Demands (Hill)
A Very Real Scenario Of A Protracted, Bizarro World Democratic Primary (Pol.)
China Must Cancel New Coal Plants To Achieve Climate Goals (R.)
American Airlines Reaches Secret Settlement With Boeing Over 737 MAX (R.)
Chelsea Clinton Reaps $9 Million From Corporate Board Position (Hill)
Australia To Kill Thousands Of Camels As They Drink Too Much Water (Hill)
Australian Owners Say Cultural Burning Saved Their Property (Age)
New Neural Activity Suggests Our Brains Even More Powerful Than We Think (RT)

 

 

Read between the lines. China suffers from capital flight. It can’t keep the dollars at home. But sure, it’s tempting to call this diversifying.

China Pledges ‘Prudence’ In Diversifying Foreign Exchange Reserves (SCMP)

China will “steadily and prudently” diversify its US$3.1 trillion foreign exchange reserve holdings, the government agency managing the assets pledged in its 2020 work plan, suggesting a subtle policy change in the way Beijing uses its hard currency holdings. The careful approach would “promote the diversified use … and ensure the safety, flow, and preservation and appreciation of foreign exchange reserve assets,” China’s State Administration of Foreign Exchange (SAFE) said in a statement published on Sunday, which summarised the results of its annual work conference last week. It is the first time that SAFE, headed by Pan Gongsheng, deputy governor of the People’s Bank of China, has called for “prudence” in diversifying China’s reserve assets in its annual work conference statement.

The regulator also vowed to improve its management of reserves “with Chinese characteristics”, although it did not explain what that meant. SAFE added it would prevent risks caused by external shocks endangering “national economic and financial security” in 2020. China’s diversification strategy for its foreign exchange reserves – which generally indicates a reduction in holdings of US government bonds for other riskier assets – has gained speed in the past decade after the creation of a separate sovereign wealth fund in 2007. SAFE has created a special office of lending dollars to institutions like the China Development Bank to finance overseas projects and launched a number of overseas offices for investment.

In its 2018 annual report, SAFE revealed for the first time the share of US dollar denominated assets in its reserves portfolio for the period 2005 to 2014. Dollar assets accounted for 58 per cent of China’s total reserves by 2014 – the most recent data provided – down from 79 per cent in 2005, the report showed. By international standards, the share of US dollar assets in China’s reserves in 2014 was below average. The latest data from the International Monetary Fund showed that 61.8 per cent of the world’s reserves assets were denominated in US dollars at the end of the third quarter last year.

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Ha ha! Larry Summers as the expert.

Experts Urge Fed To Consider Radical Approaches To Fight Next Recession (MW)

Two monetary-policy experts, contradicting former Fed Chairman Ben Bernanke, said they wanted the central bank to consider new “radical” approaches to fight the next recession, out of a concern that existing tools might not be as effective as they were in the last crisis. In a Sunday morning panel at the American Economic Association annual meeting, former Treasury Secretary Lawrence Summers said the Fed’s QE program, in which the central bank would buy government bonds to bring down long-term rates, might not pack so much punch because the 10-year Treasury note is already close to 1%. “I’m less optimistic about the incremental efficacy of QE,” Summers said.

“I don’t think pushing 10-year rates down from 100 basis points to 50 basis points or 20 basis points has [a] significant incremental effect.” In a speech to the AEA on Saturday night, former Fed chairman Ben Bernanke said he thought the Fed had to the tools, including QE, to successfully combat a severe downturn. Bernanke said he thought QE, and verbal guidance from the Fed, would be equivalent to a 300-basis-point easing of the central bank’s benchmark federal funds rate. Adam Posen, a former policy maker at the Bank of England, urged the Fed to consider “radical” approaches, including a new tool called “yield-curve control” to fight the next downturn.

The Bank of Japan has already been using yield-curve control since 2016 to fight deflation. “The BOJ has gotten it right. Yield-curve control is a success story,” Posen said. Under this policy, last used in the U.S. during World War II, the Fed would announce it intended to peg the 10-year Treasury rate at a specific low rate. Low rates would help spur activity. And with the Fed guaranteeing low rates, Congress could boost government spending. “It enables fiscal policy, it doesn’t judge it,” Posen said. It was used during World War II precisely because the government needed to boost fiscal spending.

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A consistent point of view. The west makes sure nobody here believes it, but Iran has said the same thing for many years. It’s a religious issue. And just because we warp Christian values to allow for the inclusion of nukes, doesn’t mean they should do the same with the Islam.

Iran ‘Not Interested’ In Having Nukes – UN Envoy (RT)

Prohibited by the supreme leader’s decree, nuclear weapons are inconsistent with Iran’s defensive doctrine, the country’s UN envoy said after Tehran announced the suspension of limits under the 2015 deal. Iran’s decision to lift restrictions on uranium enrichment – after a US drone strike killed General Qassem Soleimani near Baghdad International Airport – made headlines in Western media, with some speculating that the Islamic Republic could be seeking nuclear weapons. However, Iran’s ambassador to the UN, Majid Takht-Ravanchi, reassured the public that this is not the case – even though the 2015 Joint Comprehensive Plan of Action (JCPOA) is now in jeopardy.


There is “no place for nuclear weapons in Iran’s defensive doctrine,” he told PBS Newshour, adding that the country is also abiding by the Non-Proliferation Treaty – a 1968 pact that aims for nuclear disarmament and sets standards for arms control. We are not interested in having a nuclear weapon, because we have a very clear, clear-cut religious edict by our supreme leader prohibiting nuclear weapons. Tehran has meticulously followed the provisions of the nuclear deal even, though it has received “almost nothing in return,” Takht-Ravanchi said. And while the European parties to the JCPOA (from which Tehran expected to receive benefits) “didn’t act in accordance with the deal,” Iran has chosen not to abandon it completely. “If Iran is given the benefits of the deal, we will go back to the full implementation of it,” the ambassador stated.

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That’s not how social media work these days, Mitch. Everyone needs to form an opinion within seconds.

McConnell Urges Lawmakers To Wait For Facts On Soleimani Killing (R.)

U.S. Senate Majority Leader Mitch McConnell said on Monday U.S. lawmakers should wait for the facts before criticizing President Donald Trump’s decision to kill top Iranian military leader Qassem Soleimani in a drone strike in Baghdad last week. “We can and we should learn more about the intelligence and thinking that led to this operation and the plan to defend American personnel and interests in the wake of it,” McConnell said at the U.S. Capitol after lawmakers returned from winter break. “Unfortunately, in this toxic political environment, some of our colleagues rushed to blame our own government before even knowing the facts. Rushed to split hairs about intelligence before being briefed on it.”

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So that’s that?!

McConnell Has The Votes To Block Democrats’ Impeachment Witness Demands (Hill)

Senate Majority Leader Mitch McConnell (R-Ky.) has the votes to quash Senate Democratic Leader Charles Schumer’s (N.Y.) demands to require additional witnesses testify at the start of President Trump’s impeachment trial. Two key moderate senators, Susan Collins (R-Maine) and Lisa Murkowski (R-Alaska), on Monday evening backed McConnell’s position that the Senate should follow the precedent of the 1999 Clinton impeachment trial and defer until later in the process the question of calling additional witnesses. Collins told reporters at Monday evening votes that the Senate should follow the 1999 precedent and consider the question of subpoenaing additional witnesses and documents only after House impeachment managers and Trump’s defense team present their opening arguments.


She noted in a statement Monday that then-Senate Majority Leader Trent Lott (R-Miss.) and Democratic Leader Tom Daschle (D-S.D.) adopted a resolution in 1999 to set out the rules for the proceeding that didn’t include any agreement for specific witnesses to testify. “The process moved to a period during which the Senate debated and voted that three witnesses should be deposed. I believe that this process — the Clinton approach — worked well,” she said. Murkowski also urged colleagues to follow the path laid out during the Clinton trial. “I think we need to do what they did the last time they did this unfortunate process and that was to go through a first phase and then they reassessed after that,” she told reporters.

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A whole new game. Maybe Bloomberg still has a shot. But really, the time between Super Tuesday and the elections should be used to form a united front. Not going to happen. Trump is the only thing that keeps the Dems together.

A Very Real Scenario Of A Protracted, Bizarro World Democratic Primary (Pol.)

Democrats are now beginning to confront a very real scenario where the nomination — and the winnowing — will not be decided in states where campaigns have been plowing ground for more than a year, but in places and calendar dates so deep into primary season that until recently they’ve received almost no attention at all. The Iowa field is bunched together with little daylight between a handful of well-funded candidates. Each of the four early voting states continues to present the prospect of a different winner. And, at the end of that gauntlet on Super Tuesday, a free-spending billionaire — Michael Bloomberg, the former New York City mayor — is waiting to challenge whichever candidate or candidates emerge.

It’s a unique set of circumstances that has the campaigns — and party officials — scrambling to make sense of the reconfigured landscape. Looking at the possibility of a still-contested nomination even after Super Tuesday’s massive delegate allocation on March 3, Washington state Democratic Party chair Tina Podlodowski said mid-March will “probably matter more than ever before.” One strategist working with a presidential candidate said, “We’ve never had a situation where we get past Super Tuesday and there’s still five people in the field,” predicting that possibility this year. “We’re in bizarro world here,” the strategist said.

[..] “Super Tuesday is typically a wild scramble, and anybody who’s still surviving is usually limping a little bit in terms of money. They’re spread thin in terms of where to go,” said Doug Herman, a Democratic strategist. “Campaigns can’t pay to have simultaneous overhead in all of the early states and all of the next round of states with quality people. So they put all of their best people in early states and then cut and paste them into the next states.” For later states, said Matt Bennett, a veteran of the 2004 presidential campaign and a co-founder of the center-left group Third Way, “The strategy is wait and pray. There is no other strategy … I just think you basically ignore it, and then they’ll frantically run around in those states for a week.”

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Look at per capita emissions. In the end that’s all that counts. Now imagine Europe, China and the US at the same levels as India. That’s our future.

China Must Cancel New Coal Plants To Achieve Climate Goals (R.)

China must end the construction of all new coal-fired power plants in order to meet long-term climate goals in the most economically feasible manner, according to a study co-authored by a government-backed research institute. China’s energy strategy over the next decade is under close scrutiny as it aims to bring climate warming carbon emissions to a peak by 2030 and fulfill a pledge made as part of the 2015 Paris agreement. But with economic growth at its slowest pace in nearly 30 years, Beijing has continued to approve new coal-fired plants, raising fears the world’s biggest producer of greenhouse gas is backtracking on its commitments.

Beijing is capable of phasing out coal to help meet a global target to keep temperature rises to 1.5 degrees Celsius by 2050, but only if it embarks on a “structured and sustainable” closure strategy to minimize the economic impact, according to the study by Chinese government researchers and the University of Maryland Center for Global Sustainability published on Monday. The report, which evaluated more than 1,000 existing coal-fired power plants, said China must first end new construction and then rapidly close older and inefficient plants. As much as 112 gigawatts (GW) does not meet environmental standards and could be shut down immediately, it said.

China currently has over 1,000 GW of coal-fired power, accounting for about 60% of the country’s total installed generation capacity. “Well-designed policies can help lower the cost of coal-power deep decarbonization,” said Jiang Kejun, research professor with the Chinese government-backed Energy Research Institute, one of the report’s authors. [..] Beijing promised last year to show the “highest possible ambition” when drawing up new climate pledges for the coming decade, but it has built 42.9 GW of new coal-fired power capacity since the start of 2018, with another 121 GW under construction.

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We need a whistleblower.

American Airlines Reaches Secret Settlement With Boeing Over 737 MAX (R.)

American Airlines said on Monday it had reached a confidential agreement with Boeing to address damages the airline incurred in 2019 due to the ongoing grounding of its fleet of Boeing 737 MAX aircraft. American, the largest U.S. airline, said the compensation will be received over several years. The airline will use more than $30 million of the compensation for the airline’s 2019 employee profit-sharing program. American said it does not expect any material financial impact of the agreement to be realized in its fourth-quarter 2019 earnings and it will continue talks regarding compensation for damages related to the MAX grounding beyond 2019. The Association of Professional Flight Attendants, which represents American Airlines’ 28,000 flight attendants, said it welcomed the news about compensation, and was evaluating the details.

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Et tu, Hunter?

Chelsea Clinton Reaps $9 Million From Corporate Board Position (Hill)

Chelsea Clinton has reaped $9 million in compensation since 2011 for serving on the board of an internet investment company, according to Barron’s, the financial publication. Barron’s reported Sunday that Clinton has profited handsomely as a board member for IAC/InterActiveCorp, a media and internet investment company that has an ownership stake in 150 well-known brands, such as Vimeo, Tinder, Angie’s List and Home Advisor. Clinton, the only child of former President Bill Clinton and former Secretary of State Hillary Clinton, has served on IAC’s board since 2011 and receives an annual $50,000 retainer and $250,000 worth of restricted IAC stock units, Barron’s reports.


She reported owning $8.95 million worth of IAC stock to the Securities and Exchange Commission at the end of December. Barron’s notes that IAC’s stock has risen 89 percent, 50 percent and 36 percent in 2017, 2018 and 2019, respectively, a far steeper rise than the broader stock market. Clinton’s public profile has proved a valuable commodity. She earned an annual salary of $600,000 working as a special correspondent for NBC News in 2013 and part of 2014. Clinton was named to the board of Expedia Group in March of 2017, a position that typically earned $250,000 in 2015, according to a report at the time by The Guardian. Both IAC and Expedia are controlled by Barry Diller, the business and television mogul, who is a friend of Hillary Clinton.

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It’s all their fault, of course.

Australia To Kill Thousands Of Camels As They Drink Too Much Water (Hill)

Officials will kill thousands of camels in Australia as they drink too much water amid the wildfires. Leaders in the Anangu Pitjantjatjara Yankunytjatjara (APY) Lands in northwest Australia will send helicopters to kill up to 10,000 camels in a five-day campaign starting Wednesday, The Australian reported. The order to kill comes as a drought makes the camels more desperate for water, causing chaos in local communities. Marita Baker, an APY executive board member, told the newspaper that the camels were causing problems in her community of Kanypi. “We have been stuck in stinking hot and uncomfortable conditions, feeling unwell, because the camels are coming in and knocking down fences, getting in around the houses and trying to get to water through air conditioners,’’ she said.


The State Department for Environment and Water will send the helicopters up. The camels’ bodies will be burnt or buried if they are accessible, but in remote areas, their bodies will be left. The camels are also being removed due to concerns about greenhouse gas emissions, since camels emit one ton of carbon dioxide per year. The animal’s population also doubles every nine years if not regulated. The National Feral Camel Management Plan estimated about one million camels lived in three states and the Northern territory in 2010, according to the newspaper. One million camels is the equivalent of having 400,000 more cars on the roads, Tim Moore, chief executive of carbon farming specialists RegenCo, told the newspaper.

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Think the white Aussies will change their ways now?

Australian Owners Say Cultural Burning Saved Their Property (Age)

Aboriginal cultural fire practitioner Dennis Barber led a series of cultural burns on six hectares of bushland at Ngurrumpaa in 2015 and 2016 – the first burns in the area since a wildfire swept through in 1994. “There’s nothing more powerful than doing it and feeling like you’re doing the right thing, and seeing the results,” he said. Unlike hazard reduction burning, cultural burns are cooler and slower moving, usually no taller than knee height, leaving tree canopies untouched and allowing animals to take refuge from the flames. Small fires are lit with matches, instead of drip torches, and burn in a circular pattern. Mr Barber says the ancient practice is informed by thousands of years of traditional knowledge.

“It’s more than just putting the fire on the ground – it’s actually knowing the country, knowing what’s there … the soil types, the geology, the trees, the animals, the breeding times of animals, the flowering times of plants,” he said. The timing and frequency of burns depend on the environmental “system”. A former park ranger with 15 years’ professional firefighting experience, Mr Barber says he had a “light bulb moment” at a cultural burning workshop with Indigenous elders in far north Queensland in 2010. “Everything that I’d been doing as a professional firefighter, thinking that I was doing the right thing, was wrong, because I viewed fire in the landscape totally differently after that week,” he said.

“That’s where I got the bug to come back and actually spread that knowledge and see it happening in other parts of Australia.” The Wiradjuri man started Koori Country Firesticks in 2016 to promote cultural burning as an alternative to hazard reduction techniques in NSW. The organisation has culturally burnt around 50 hectares of land across the Hunter Valley and Sydney, mainly on private properties at the request of owners. But the 55-year-old has met plenty of resistance from governments, professional firefighters, national parks and even ecologists. “It’s been a little bit frustrating, but I’ve just decided I’m not going to let that stand in the way anymore,” he said.

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Wait. If our brains are indeed more powerful than we think, why are we not already thinking that?

New Neural Activity Suggests Our Brains Even More Powerful Than We Think (RT)

Scientists have discovered a new form of brain activity related to how cells process information. The incredible find suggests our brains might be even more powerful than previously thought, according to the team. The new research, conducted by German and Greek scientists and published in Science, centers on signals sent and received by the ends of neurons, known as ‘dendrites.’ The information passed by these parts of the brain is key to how the organ decides subsequent actions. Working with slices of human brain tissue, the team found unexpectedly complex electrical activity in the dendrites of human pyramidal neurons.


Modeling this activity then showed that single neurons were capable of solving computational problems which were thought to need a lot more brain power. “The dendrites are central to understanding the brain because they are at the core of what determines the computational power of single neurons,”said study co-author Matthew Larkum, a neuroscientist at Humboldt University of Berlin. “There was a ‘eureka’ moment when we saw the dendritic action potentials for the first time.” Little is currently known about how dendrites operate in other species, or if this kind of high-computational activity is uniquely human. However, it’s incredibly difficult to record dendrite activity in humans or animals while they’re alive, and Larkum says more research is needed to fill in these blanks.

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Dec 242019
 
 December 24, 2019  Posted by at 10:45 am Finance Tagged with: , , , , , , , , ,  19 Responses »


George N. Barnard Federal picket post near Atlanta, Georgia 1864

 

Impeachment Foot-Dragging Is Proof Dems Have Nothing On Trump (McCaughey)
‘Stop Playing Games’: Graham Warns Pelosi Senate May ‘Strike Back’ (ZH)
Hunter Biden Allegedly Linked To Multiple Criminal Probes (NYP)
US Govt Blew $3 Trillion On Afghanistan, Congress Adds Another Trillion (OP)
Christmas in Flyover Land (Kunstler)
Medical Opinion, Torture and Julian Assange (AIM)
Russia Ready To Share All Info Required By MH17 Crash Investigators (RT)
New Russia-Crimea Rail Link Condemned By EU (BBC)
World ‘Faces 80% Calorie Increase By End Of Century’ (BBC)
For Her Head Cold, Insurer Coughed Up $25,865 (NPR)
‘Epstein Didn’t Kill Himself’ Goodies Hottest Holiday Merch This Xmas (NYP)

 

 

Betsy McCaughey is a former lieutenant governor of New York.

She has some intriguing arguments: “they are trying to strong-arm McConnell into calling witnesses. Yet they are forgetting that McConnell can’t negotiate away executive privilege. It’s not his to surrender.”

The discussion is far from over.

Impeachment Foot-Dragging Is Proof Dems Have Nothing On Trump (McCaughey)

McConnell is proposing that House Dems and then White House lawyers make their arguments to the senators. The trial could be wrapped up in a couple of weeks, unless senators ≠decide after hearing the arguments that they need to hear witnesses. But Schumer wants more witnesses guaranteed upfront. After 17 witnesses, 8,000 pages of testimony and legal arguments, 106 House staff members working full-time, six high-paid outside lawyers and millions of dollars spent to produce a party-line vote in the House to impeach, Senate Democrats are hankering for another long, drawn-out spectacle. They aren’t outsmarting anyone except themselves. The witnesses they are seeking are unlikely to show up, no matter what political tricks the Democrats try.

Meanwhile, national support for impeachment is steadily falling, and every day Democrats spend on impeachment lessens their chances of unseating Trump in November. Schumer wants four White House officials, including Acting Chief of Staff Mick Mulvaney and ex-National Security Adviser John Bolton, to testify. But Democrats lost their chance to bring in these witnesses by voting to impeach. Close advisers to any president are protected by executive privilege. That isn’t a Trump invention. Presidents, including George Washington, have said “no” when Congress demanded access to evidence of White House decision-making. President Barack Obama’s attorney general, Eric Holder, was especially aggressive about asserting privilege.

The Constitution creates three equal branches of government, and the president has a duty to protect his branch from congressional overreach. When these two branches clash, the federal courts are the referee. That’s true generally, but House Dems took a shortcut. When Trump refused to provide certain witnesses, House Intelligence Chairman Adam Schiff balked at “a lengthy game of rope-a-dope with the courts.” It was a short-sighted move. Once House Dems voted to impeach, they lost any chance to have the federal courts order Trump’s advisers to appear. The Supreme Court ruled in 1993 that judges cannot interfere in impeachment trials, because the Senate has “the sole power” over them.

In fact, minutes after the vote, federal appeals judges asked Congress to show why its case to compel the testimony of former White House lawyer Don McGahn isn’t abruptly ended because “the articles of impeachment render the case moot.” With the courthouse doors slammed shut on impeachers, they are trying to strong-arm McConnell into calling witnesses. Yet they are forgetting that McConnell can’t negotiate away executive privilege. It’s not his to surrender.

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The only thing left for Pelosi appears to try and draw it out.

‘Stop Playing Games’: Graham Warns Pelosi Senate May ‘Strike Back’ (ZH)

Senate Judiciary Committee Chairman Lindsey Graham (R-SC) said on Monday that the “Constitutional outrage” by House Speaker Nancy Pelosi (D-CA) “needs to end,” and that if it continues into 2020, “the Senate needs to strike back.” “The Senate will decide how we dispose of this sham created by the house,” Graham tweeted, referring to the impasse created by Pelosi – who is refusing to transmit two articles of impeachment against President Trump until the Senate agrees to her terms. President Trump also had words for Pelosi on Monday after the Speaker called for “fairness” in a Senate trial.

“Pelosi gives us the most unfair trial in the history of the U.S. Congress, and now she is crying for fairness in the Senate, and breaking all rules while doing so,” Trump tweeted, adding “She lost Congress once, she will do it again!” Pelosi says she will only transmit the impeachment articles to the Senate after Senate Majority Leader Mitch McConnell (R-KY) announces the process they will use for Trump’s trial. McConnell has advocated for a similar process to Bill Clinton’s 1999 impeachment, which included an initial agreement to first hear the case, followed by a vote on whether to call witnesses.

Speaking with “Fox and Friends” on Monday, McConnell said “we’re at an impasse” and “we can’t do anything until the speaker sends the papers over, so everybody enjoy the holidays.” McConnell blasted Pelosi for trying to “tell us how to run the trial.” “Look, what we need to do is to listen to the arguments, have a written questioning period, and then decide whether we need witnesses or not,” McConnell said, adding that some Republican senators “have said, ‘I am thinking of myself as a juror,'” while others believe “the case against President Trump is very thin.” -NBC News

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Either Joe drops Hunter or the Dems will drop Joe.

Hunter Biden Allegedly Linked To Multiple Criminal Probes (NYP)

Hunter Biden is the subject of multiple criminal investigations related to “fraud, money laundering and a counterfeiting scheme,” it’s claimed in court documents filed Monday in his Arkansas paternity case. The claims were put forward by a Florida-based private-eye firm, D&A Investigations, in Biden’s ongoing case against alleged baby mama Lunden Alexis Roberts, a former Washington, DC, stripper who went by “Dallas.” Soon after the claims were filed, a judge struck the allegations down because they were filed by an “intervener,” according to court papers. Biden filed a motion to strike down the claims, arguing “the notice is filed by a non-party simply to make scandalous allegations in the pending suit to gain some media attention.”

Biden, 49, “is the subject of more than one criminal investigation involving fraud, money laundering and a counterfeiting scheme,” the filing alleges. One of those purported investigations relates to Burisma Holdings, the Ukrainian energy company with which Biden held a lucrative board post while his father, Joe, was vice president — drawing allegations of impropriety from Republicans including President Trump. Biden and a group of business associates “established bank and financial accounts with Morgan Stanley … for Burisma Holdings Limited … for the money laundering scheme,” D&A claims, further alleging that the accounts showed an average account value of nearly $6.8 million between March 2014 and December 2015.

Biden and the others — including Devon Archer, John Galanis and Bevan Cooney — allegedly “utilized a counterfeiting scheme to conceal the Morgan Stanley et al Average Account Value,” D&A claims in the papers filed at the Circuit Court of Independence County, Arkansas. The filing additionally alleges that Biden had a hand in a plot including Galanis, Cooney and Archer to rip off Sioux Native Americans to the tune of $60 million through the shady sale of tribal bonds. Galanis, Archer and Cooney were found guilty for their roles in June 2018, following a lengthy trial in Manhattan federal court. In November, Archer’s conviction was overturned by a Manhattan federal judge.

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In case you were wondering who really rules the USA.

US Govt Blew $3 Trillion On Afghanistan, Congress Adds Another Trillion (OP)

It’s rare that I read something on the Washington Post that I don’t find highly biased, even repugnant. But with their recent article on the Afghanistan Papers, they truly knocked the ball out of the park. The facts they shared should have every American protesting in the streets. Trillions of dollars have been spent on a war that the Pentagon knew was unwinnable all along. More than 2300 American soldiers died there and more than 20,000 have been injured. More than 150,000 Afghanis were killed, many of them civilians, including women and children. And they lied to us constantly. Congress just proved that the truth doesn’t matter, though. A mere 22 hours after the release of this document, the new National Defense Authorization Act that breezed through the House and Senate was signed by the President.

That bill authorized $738 billion in military spending for 2020, actually increasing the budget by $22 billion over previous years. So, how is your representation in Washington, DC working out for you? [..] I know, I know – WaPo. But believe me when I tell you this is something all Americans need to see. This was an article that took three years of legal battles to bring to light. WaPo acquired the documents using the Freedom of Information Act and got more than 2000 pages of insider interviews with “people who played a direct role in the war, from generals and diplomats to aid workers and Afghan officials.” These documents were originally part of a federal investigation into the “root failures” of the longest conflict in US history – more than 18 years now.

Three presidents, George W. Bush, Barack Obama, and Donald Trump, have been involved in this ongoing war. It turns out that officials knew the entire time this war was “unwinnable” yet they kept throwing American lives and American money at it.

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“Pottersville is way more appealing than 99 percent of America’s small towns today, dead as they are.”

Christmas in Flyover Land (Kunstler)

When you get down to it, the sickness at the heart of our nation these days is the result of countless bad choices, large and small, that we’ve made collectively over decades, including the ones made by our elected officialdom. The good news is that we could potentially move in the opposite direction and start making better choices. However deficient and unappetizing you think Mr. Trump is, and how crudely unorthodox his behavior, that equation is what got enough people to vote for him. The strenuous efforts to antagonize him, disable him, and get rid of him by any means necessary — including police-state tactics, bad faith inquisitions, and outright sedition — have prevented the nation as a whole from entertaining a realistic new consensus for making better choices. In fact, it has achieved just the opposite: a near civil war, edition 2.0.

All the people of America, including the flyovers, are responsible for the sad situation we’re in: this failure to reestablish a common culture of values most people can subscribe to and use it to rebuild our towns into places worth caring about. Main Street, as it has come to be, is the physical manifestation of that failure. The businesses that used to occupy the storefronts are gone, except for second-hand stores. Nobody in 1952 would have believed this could happen. And yet, there it is: the desolation is stark and heartbreaking. Even George Bailey’s “nightmare” scene in It’s a Wonderful Life depicts the supposedly evil Pottersville as a very lively place, only programmed for old-fashioned wickedness: gin mills and streetwalkers.

Watch the movie and see for yourself. Pottersville is way more appealing than 99 percent of America’s small towns today, dead as they are. The dynamics that led to this are not hard to understand. The concentration of retail commerce in a very few gigantic corporations was a swindle that the public fell for. Enthralled like little children by the dazzle and gigantism of the big boxes, and the free parking, we allowed ourselves to be played. The excuse was “bargain shopping,” which actually meant we have sent the factories to distant lands and eliminated your jobs, and all the meaning and purpose in your lives — and cheap stuff from Asia is your consolation prize. Enjoy…

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After Doctors For Assange, it’s high time for Lawyers For Assange. Take the governments involved to court in their own countries.

Medical Opinion, Torture and Julian Assange (AIM)

The medical degrading of Assange has assumed ever greater importance, suggesting unwavering state complicity. On November 22, over 65 notable medical doctors sent the UK Home Secretary a note based on Melzer’s November 1 findings and Assange’s state at the October 21 case management hearing at Westminster Magistrates Court. “It is our opinion that Mr Assange requires urgent expert medical assessment of both his physical and psychological state of health. Any medical treatment indicated should be administered in a properly equipped and expertly staffed university teaching hospital (tertiary care).”

In a second open letter to the UK Lord Chancellor and Secretary of State for Justice dated December 4, the Doctors for Assange collective warned that the UK’s “refusal to take the required measures to protect Mr Assange’s rights, health and dignity appears [to] be reckless at best and deliberate at worst and, in both cases, unlawfully and unnecessarily exposes Mr Assange to potentially irreversible risks.” The same grounds were reiterated in a December 16 letter to Australian Foreign Minister Marise Payne, with a curt reminder that she had “an undeniable legal obligation to protect your citizen against the abuse of his fundamental rights, stemming from US efforts to extradite Mr Assange for journalism and publishing that exposed US war crimes.” In the event that Payne took no action on the matter, “people would want to know what you […] did to prevent his death.”

In the addendum to the open letter, further to reiterating the precarious state of Assange’s health and medical status as a torture victim, the doctors elaborate on the circular cruelty facing the publisher. An individual deemed “a victim of psychological torture cannot be adequately medically treated while continuing to be held under the very conditions constituting psychological torture, as is currently the case for Julian Assange.” Appropriate medical treatment was hardly possible through a prison hospital ward. A lesson in understanding mental torture is also proffered. “Contrary to popular misconception, the injuries caused by psychological torture are real and extremely serious. The term psychological torture is not a synonym for mere hardship, suffering or distress.”

At Assange’s case management hearing on December 19, restrictions on medical opinion were again implemented; psychiatrist Marco Chiesa and psychologist David Morgan were prevented from attending. Both had been signatories to the spray of open letters. According to Morgan, he had hoped to “provide some observations about Julian Assange’s health, psychologically, and with my colleagues, physically.” Instead, it transpired that access was denied, according to psychologist Lissa Johnson, “despite members of the public offering to give up seats for them.”

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They have been for 5.5 years. But they have already been found guilty before any trial. The “investigators” went with Ukraine and Bellingcat instead, and are now so deeply invested they can’t get out anymore.

Russia Ready To Share All Info Required By MH17 Crash Investigators (RT)

Moscow is poised to give assistance in the investigation of the crash of flight MH17 in 2014, as it always has been, a Russian EU envoy has assured stakeholders, responding to a call for cooperation by the Dutch foreign minister. “We are ready to cooperate in clarifying all the circumstances of the incident,” Vladimir Chizhov, Russia’s envoy to the European Union, told media on Monday. In fact, Moscow has always been poised to do so, but its proposals were brushed aside, the diplomat recalled. Moscow is also prepared to hand over “the data we have” to its Dutch counterparts, ahead of a court trial that will look at the evidence collected by the Netherlands-led Joint Investigation Team (JIT) in March next year, Chizhov said.

The envoy spoke shortly after Stef Blok, the foreign minister of the Netherlands, said Russia’s contribution is needed to find some missing facts about the crash, which killed 298 passengers and crew. The Hague had “asked the Russian Federation to cooperate in a factual investigation into the closing of airspace above and around Ukraine,” Blok wrote to Dutch lawmakers on Sunday. Blok’s letter comes two months after Chris van Dam, spokesman for the MH17 probe, announced the inquiry will focus on why Ukraine’s airspace “was not closed” over Donetsk at the time of intense hostilities between the government military and rebel forces in the breakaway Donbass region.

Back in 2015, a report released by the Dutch Safety Board confirmed that, while it was hard to find out who was behind downing of flight MH17, the airspace over Ukraine should have been closed. Meanwhile, lawyers representing some victims of the crash maintain that it was Ukraine’s responsibility to ensure the safety of civilian air traffic during the fighting. [..] Moscow has consistently said that, despite not being included in the investigation team, it is still open to cooperation. Russia has already provided radar records, declassified military data on a missile thought to have downed the plane, and files proving that the projectile which downed the plane had been in Ukraine since the 1980s – but the data was persistently rejected as the probe proceeded.

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St Petersburg to Sevastopol: a 43-hour train ride.

New Russia-Crimea Rail Link Condemned By EU (BBC)

President Vladimir Putin has heralded the opening of a railway bridge to the Russian-annexed Crimea peninsula by posing in the driver’s cab and praising construction workers. But opening of the railway was immediately condemned by the European Union as “another violation” by Russia of Ukraine’s sovereignty and territory. Russia’s 19km (12-mile) bridge to Crimea first opened in May last year. President Putin marked that occasion by driving a lorry over it. On Monday he asserted that millions of cars had already crossed the bridge and said the rail link “was a big deal as well”, with plans to carry 14 million passengers and 13 million tonnes of freight in 2020. Until the bridge was built, Russia had to rely on sea and air to supply the peninsula, which it seized from Ukraine in February 2014 before annexing it through a referendum rejected by the United Nations as invalid.


The $3.6bn (£2.8bn; €3.2bn) bridge was built by a close friend of the president, Arkady Rotenberg. Mr Rotenberg and several of his companies had EU and US sanctions imposed on them. Russia’s president said the Kerch Strait bridge, with its new rail link, would have an impact on Russia’s economy as a whole. In a tweet, the presidency declared the bridge open to railway traffic. Mr Putin boarded a three-carriage train in the Crimean city of Kerch, stood in the cab beside the driver and sounded the horn, before sitting with Mr Rotenberg as well as Russian and local officials as they travelled across the strait to Taman in southern Russia. Mr Putin told construction workers that there had only been three times in 145 years that the rail route from St Petersburg to Sevastopol in Crimea had been broken: during the Russian revolution, during World War Two and in 2014.

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Some things simply won’t happen because they can’t.

World ‘Faces 80% Calorie Increase By End Of Century’ (BBC)

The amount of food needed to feed the world’s population by the end of the century could increase by almost 80%, a study has suggested. Researchers from Germany said a trend of increasing Body Mass Index (BMI) is resulting in individuals requiring more calories. The authors warn that failure to meet the need for more calories could lead to greater global inequality. The findings have been published in the journal Plos One. The study, carried out by a team from the University of Gottingen, calculated that 60% of the calorie increase would be a result of the growing number of people in the world.


According to the UN World Population Prospects, the global population was estimated to increase from almost seven billion in 2010 to almost 11 billion in 2100. Yet, more that 18% of the increase in the calories from 2010 levels would come from a projected increase in height and weight figures in the global population. “The increase in the average daily required energy rises by 253 kcal per person between 2010 and 2100 in our estimations, assuming a rising BMI and height,” explained co-author Lutz Depenbusch from the World Vegetable Center. He told BBC News: “On a global scale, we calculate that the effect of the BMI and height increases in our model would lead to additional calorie requirements that match the 2010 requirements of India and Nigeria combined.”

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The system many people claim would be too expensive to repair or replace. Sounds like pretty straightforward fraud to me.

For Her Head Cold, Insurer Coughed Up $25,865 (NPR)

Alexa Kasdan had a cold and a sore throat. The 40-year-old public policy consultant from Brooklyn, N.Y., didn’t want her upcoming vacation trip ruined by strep throat. So after it had lingered for more than a week, she decided to get it checked out. Kasdan visited her primary care physician, Roya Fathollahi, at Manhattan Specialty Care, just off Park Avenue South and not far from tony Gramercy Park. The visit was quick. Kasdan got her throat swabbed, gave a tube of blood and was sent out the door with a prescription for antibiotics. She soon felt better, and the trip went off without a hitch. Then the bill came. The news was that her insurance company was mailing her family a check — for more than $25,000 — to cover some out-of-network lab tests.

The actual bill was $28,395.50, but the doctor’s office said it would waive her portion of the bill: $2,530.26. “I thought it was a mistake,” she says. “I thought maybe they meant $250. I couldn’t fathom in what universe I would go to a doctor for a strep throat culture and some antibiotics and I would end up with a $25,000 bill.” The doctor’s office kept assuring Kasdan by phone and by email that the tests and charges were perfectly normal. The office sent a courier to her house to pick up the check. How could a throat swab possibly cost that much? Let us count three reasons. First, the doctor sent Kasdan’s throat swab for a sophisticated smorgasbord of DNA tests looking for viruses and bacteria that might explain Kasdan’s cold symptoms.

Dr. Ranit Mishori, professor of family medicine at the Georgetown University School of Medicine, says such scrutiny was unnecessary. “In my 20 years of being a doctor, I’ve never ordered any of these tests, let alone seen any of my colleagues, students and other physicians order anything like that in the outpatient setting,” she says. “I have no idea why they were ordered.” The tests might conceivably make sense for a patient in the intensive care unit or with a difficult case of pneumonia, Mishori says. The ones for influenza are potentially useful, since there are medicines that can help, but there’s a cheap rapid test that could have been used instead.

The second reason behind the high price is that the doctor sent the throat swab to an out-of-network lab for analysis. In-network labs settle on contract rates with insurers. But out-of-network labs can set their own prices for tests, and in this case the lab settled on list prices that are 20 times higher than average for other labs in the same ZIP code. In this case, if the doctor had sent the throat swab off to LabCorp -Kasdan’s in-network provider- it would have billed her insurance company about $653 for “all the ordered tests, or an equivalent,” LabCorp told NPR. The third reason for the high bill may be the connection between the lab and Kasdan’s doctor. Kasdan’s bill shows that the lab service was provided by Manhattan Gastroenterology, which has the same phone number and locations as her doctor’s office.

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A fitting end to the year.

‘Epstein Didn’t Kill Himself’ Goodies Hottest Holiday Merch This Xmas (NYP)

It’s the most controversial time of the year. Following the August death of convicted pedophile Jeffrey Epstein, a rash of sweaters, Christmas tree ornaments and other holiday goods have appeared on retail sites like Amazon and Etsy touting conspiracies that the 66-year-old was murdered. “Christmas lights are a lot like Epstein — they don’t hang themselves,” reads one $19.80 sweater on Amazon featuring the 66-year-old in a Santa hat. Plenty of ornaments also include the allegation, including this one, which also features a noose.

“During Christmas, an elf may sit on a shelf, but Epstein didn’t kill himself,” says another Amazon sweater, available starting at $29.99 in eight different colors.“Dasher & dancer & prancer & Epstein & didn’t & kill himself & Donner & Blitzen,” reads one $18.99 T-shirt. An almost-classic gingerbread-themed ornament has a naughty box, a nice box — and an “Epstein didn’t kill himself” box, which is checked. “Merry Christmas!” reads the cover of a $6.99 notebook, “Epstein didn’t kill himself.” A ransom-style note sweater with “Epstein Didn’t Kill Himself,” is available in designs featuring Donald Trump, Hillary Clinton and Kim Jong-un.

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Oct 182019
 
 October 18, 2019  Posted by at 9:10 am Finance Tagged with: , , , , , , , , , , , , ,  9 Responses »


Salvador Dali The three pines 1919

 

McConnell: Senate Impeachment Trial ‘As Soon As Thanksgiving’ (ZH)
Trump Florida Golf Course To Host G7 Summit (BBC)
Turkey To Suspend Syria Offensive, Mike Pence Announces (BBC)
Washington is Wrong Once Again – Kurds Join Assad to Defend Syria (Ron Paul)
Media And Pundits Misread The ‘Everyone Wins’ Plan For Syria (MoA)
UK Agrees To Best Of Worst Possible Brexit Deals (MW)
EU Leaves Door Open To Brexit Extension, In Blow To Boris Johnson (G.)
UK MPs Win Bid To Vote On 2nd Brexit Referendum In Saturday Showdown (Ind.)
How Slashing Pentagon Budget Could Pay for Medicare for All (Conley)
Going Dutch? Low Interest Rates Rattle ‘World’s Best’ Pension System (R.)

 

 

And you thought you had seen absurd theater so far… Biden and Comey and Strzok testifying. Hillary?! Wasserman-Schultz?

“..you’d have basically Thanksgiving to Christmas — which would be wonderful because there’s no deadline in the world like the next break to motivate senators..”

McConnell: Senate Impeachment Trial ‘As Soon As Thanksgiving’ (ZH)

Senate Majority Leader Mitch McConnell (R-KY) told Republican Senators on Wednesday to prepare for an impeachment trial of President Trump as soon as Thanksgiving, according to the Boston Globe. The announcement comes as House Democrats roll the dice on a second-hand claim from a CIA ‘whistleblower’ that President Trump pressured Ukraine’s president to investigate former VP Joe Biden – who the whistleblower worked for – and Biden’s son Hunter [..] .. while Trump will almost certainly be impeached by the Democrat-controlled House, the GOP-controlled Senate will be able to pick apart the entire affair.

“In their closed-door weekly luncheon, McConnell gave a presentation about the impeachment process and fielded questions alongside his staff and Senate Judiciary Committee Chairman Lindsey Graham, Republican of South Carolina, who was a manager for the 1998 impeachment of President Bill Clinton. “Impeachment is the first step to remove a president, with the House voting on formal charges and the Senate holding a trial in which it either convicts or acquits him. -Boston Globe “There’s sort of a planned expectation that it would be sometime around Thanksgiving, so you’d have basically Thanksgiving to Christmas — which would be wonderful because there’s no deadline in the world like the next break to motivate senators,” said Sen. Kevin Cramer (R-ND) following the meeting.


McConnell has previously said that if the House impeaches Trump, Senate rules would force him to begin a trial – one which could force the Bidens to testify. “Not only could Mr. Biden be forced to be in D.C. at a critical moment in the presidential campaign, but so could many of his chief rivals — the half-dozen senators also vying for Democrats’ presidential nomination, impeachment experts said. For that matter, if the House chooses to impeach Mr. Trump on charges stemming from the special counsel’s Russia investigation, aides said it could open the door to witnesses such as fired FBI Agent Peter Strzok or even major figures from the Obama administration. Mr. Trump could even be present for the entire spectacle. Experts said the Senate would have a hard time refusing him if he demanded to confront the witnesses against him.” -Washington Times

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Uber trolling.

Trump Florida Golf Course To Host G7 Summit (BBC)

One of President Donald Trump’s golf resorts in Florida will host the G7 summit next June, the White House says. White House chief of staff Mick Mulvaney denied President Trump would profit from the event. The aide said “Donald Trump’s brand is probably strong enough as it is”, so he did not need a branding boost. Mr Trump has previously said he is not involved with the daily operations of the Trump Organization and that his sons run the business. Mr Mulvaney told reporters on Thursday that an advance team of scouts had started with a list of possible locations for the summit in about a dozen states. The team, he said, went to visit the venues in California, Colorado, Hawaii, Florida, North Carolina, Michigan, Tennessee and Utah.

“And it became apparent at the end of that process that Doral was by far and away, far and away, the best physical facility for this meeting. “In fact I was talking to one of the advance teams when they came back and I said, ‘What was it like?’ And they said, ‘You’re not going to believe this but it’s almost like they built this facility to host this type of event.'” The chief of staff said the event would be made available “at cost” and that using the Doral would save millions of dollars and was cheaper than the other potential sites. Earlier this year the US president floated the idea of his Doral property hosting the G7. But Mr Mulvaney denied on Thursday that his boss was profiting from the presidency, pointing out that he donates his salary to charity.


“It’s the most recognisable name in the English language [Trump] and probably around the world right now, so no, that has nothing to do with that,” he said. Mr Mulvaney said he had initially been sceptical about the idea and “aware of the political sort of criticism that we’d come under for doing it at Doral”. He added: “I get the criticisms, so does he. Basically, he’d be criticised regardless of what he’d chose to do, but no there’s no issue here on him profiting from this any way, shape or form.”

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120 hours. Followed by a ceasefire.

Turkey To Suspend Syria Offensive, Mike Pence Announces (BBC)

Turkey has agreed to a ceasefire in northern Syria to let Kurdish-led forces withdraw, US Vice-President Mike Pence has announced. All military operations will be paused for five days, and the US will help facilitate an “orderly withdrawal” of Kurdish-led troops from what Turkey has termed a “safe zone” on the border. Turkey launched its assault last week. It aimed to repel a Kurdish militia that it views as a terrorist group, and resettle Syrian refugees in the area. Critics fear this could lead to ethnic cleansing of the local Kurdish population.


The cross-border offensive came after US President Donald Trump pulled US forces out of the border region. His decision prompted a raft of criticism at home and abroad, with some accusing him of giving Turkish President Recep Tayyip Erdogan a “green light” for the operation. Mr Trump tweeted about the ceasefire before Mr Pence announced it, writing that “millions of lives will be saved!” Mr Pence thanked Donald Trump’s “strong leadership” during the announcement. “He wanted a ceasefire. He wanted to stop the violence,” the vice-president said.

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It’s obvious where Ron Paul stands, he always has: The best way to help the Kurds and everyone else in the region is to just come home.

Washington is Wrong Once Again – Kurds Join Assad to Defend Syria (Ron Paul)

When President Trump Tweeted last week that “it is time for us to get out of these ridiculous endless wars,” adding that the US would be withdrawing from Syria, Washington went into a panic. Suddenly Republicans, Democrats, the media, the think tanks, and the war industry all discovered and quickly became experts on “the Kurds,” who we were told were an “ally” being sent to their slaughter by an ignorant President Trump. But it was all just another bipartisan ploy to keep the “forever war” gravy train rolling through the Beltway. Interventionists will do anything to prevent US troops from ever coming home, and their favorite tactic is promoting “mission creep.”

As President Trump Tweeted, we were told in 2014 by President Obama that the US military would go into Syria for just 30 days to save the Yazidi minority that they claimed were threatened. Then that mission crept into “we must fight ISIS” and so the US military continued to illegally occupy and bomb Syria for five more years. Even though it was the Syrian army with its Russian and Iranian allies that did the bulk of the fighting against al-Qaeda and ISIS in Syria, President Trump took credit and called for the troops to come home. But when the military comes home, the military-industrial-Congressional-media complex loses its cash cow, so a new rationale had to be invented.


The latest “mission creep” was that we had to stay in Syria to save our “allies” the Kurds. All of a sudden our military presence in Syria was not about fighting terrorism but rather about putting US troops between our NATO ally Turkey and our proxy fighting force, the Kurds. Do they really want us to believe that it is “pro-American” for our troops to fight and die refereeing a long-standing dispute between the Turks and Kurds?

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Moon of Alabama is the first I’ve seen mention that the YPG “will be disbanded and integrated into the Syrian army.”

As I wrote a few days ago in Trump Talks To Putin. But How?, this whole thing has been planned and co-ordinated, much more than western media report.

Media And Pundits Misread The ‘Everyone Wins’ Plan For Syria (MoA)

The U.S. media get yesterday’s talks between U.S. Vice President Mike Pence and the Turkish President Recep Tayyip Erdogan all wrong. Those talks were just a show to soothe the criticism against President Donald Trump’s decision to withdraw U.S. troops from northeast Syria. The fake negotiations did not change the larger win-win-win-win plan or the facts on the ground. The Syrian Arab Army is replacing the Kurdish PKK/YPG troops at the border with Turkey. The armed PKK/YPG forces, which had deceivingly renamed themselves (vid) “Syrian Democratic Forces” to win U.S. support, will be disbanded and integrated into the Syrian army. Those moves are sufficient to give Turkey the security guarantees it needs. They will prevent any further Turkish invasion.

[..] The U.S. can not “allow Turkey to annex a portion of Syria”. The U.S. does not own Syria. It is completely bollocks to think that it has the power to allow Turkey to annex parts of it. Turkey will not “gain territory”. There will be no Turkish “security corridor”. The Kurdish civilians in Kobani, Ras al Ain and Qamishli areas will not go anywhere. The Turks will not touch those Kurdish majority areas because they are, or soon will be, under control of the Syrian government and its army. [..] The Turkish Foreign Minister Cavusoglu confirmed that Turkey agrees with the Syrian government moves: “Russia “promised that the PKK or YPG will not be on the other side of the border,” Cavusoglu said in an interview with the BBC. “If Russia, accompanied by the Syrian army, removes YPG elements from the region, we will not oppose this.”


These moves have been planned all along. The Turkish invasion in northeast Syria was designed to give Trump a reason to withdraw U.S. troops. It was designed to push the Kurdish forces to finally submit to the Syrian government. Behind the scene Russia had already organized the replacement of the Kurdish forces with Syrian government troops. It has coordinated the Syrian army moves with the U.S. military. Turkey had agreed that Syrian government control would be sufficient to alleviate its concern about a Kurdish guerilla and a Kurdish proto-state at its border. Any further Turkish invasion of Syria is thereby unnecessary. The plan has everyone winning. Turkey will be free of a Kurdish threat. Syria regains its territory. The U.S. can leave without further trouble. Russia and Iran gain standing. The Kurds get taken care of.

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“Boris Johnson has signed a deal he said he didn’t need, creating a border he didn’t want, under the authority of a Court he didn’t accept, to be submitted to a Parliament he doesn’t control. ”

UK Agrees To Best Of Worst Possible Brexit Deals (MW)

Boris Johnson has signed a deal he said he didn’t need, creating a border he didn’t want, under the authority of a Court he didn’t accept, to be submitted to a Parliament he doesn’t control. The one “great” thing about the agreement with the European Union that the U.K. prime minister hailed Thursday is that it reduces – if slightly – the possibility of a hard Brexit, and the associated foreseeable economic crisis. But beyond the forex market’s obvious relief at the possible end of three years of uncertainty — the pound jumped almost 1% on the news, before reversing — this is still a deal that will hurt the British economy. On a scale of 1 to 10 — from no-pain, remain in the EU to maximum damage, no-deal Brexit — the agreement concluded just a few hours before an EU leaders summit in Brussels registers as an 8 or 9.


Its economic impact will be worse than the deal negotiated by Johnson’s predecessor Theresa May and rejected three times by the U.K. Parliament earlier this year. That is true both in the short term and in the long term. In the short term, it leaves the U.K. outside the customs union where it would have stayed under the infamous “backstop” negotiated by the previous government. But more uncertainty is also hanging over the near term economic future. The dearth of investment in the last three years has been the main drag on the U.K. economy, which explains why the country’s GDP is now 1-to-3% lower than it would have been if voters had opted for remain in 2016.

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People are pressed to vote for a deal they don’t want. Is that really such a good idea?

EU Leaves Door Open To Brexit Extension, In Blow To Boris Johnson (G.)

EU leaders have left open the option of extending Brexit beyond 31 October if the new deal is voted down by the Commons, in a blow to Boris Johnson’s strategy. The prime minister had been seeking to pitch Saturday’s vote in the Commons as a choice between deal or no deal after coming to an agreement with the EU. Johnson was helped by comments from Jean-Claude Juncker casting doubt on the possibility of a further Brexit delay, but the heads of state and government did not follow the European commission president’s lead. A summit communique issued after two hours of discussion tasked the commission and European parliament with taking “the necessary steps to ensure that the agreement can enter into force on November 1”.


But a senior EU official said that the leaders would follow events on Saturday, and reflect on the next steps if they were in a “different situation”. A second diplomatic source said they had chosen not to interfere in a “sensitive domestic debate … but they leave the door open to the possibility of an extension, to be discussed at a later stage – if required”. Johnson is facing an uphill battle to build a majority after the Northern Irish Democratic Unionist party rejected the revised deal, describing it as driving “a coach and horses through the professed sanctity of the Belfast agreement”. Juncker had tried to help sell the deal by pouring doubt on a further Brexit extension in the event of it being rejected.

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So even if the deal is accepted, it may still not be?

UK MPs Win Bid To Vote On 2nd Brexit Referendum In Saturday Showdown (Ind.)

MPs have won a key parliamentary vote paving the way for a Commons bid to secure a second referendum on Saturday. Ex-Tory backbencher Sir Oliver Letwin led a successful attempt to allow backbench MPs to amend Boris Johnson’s Brexit plans, in a knife-edge vote that passed by 287 votes to 275. MPs also approved a rare Saturday sitting to scrutinise Mr Johnson’s new plan – but the government’s proposal for a short debate on a motion to either “approve the deal or approve a no-deal Brexit” were derailed by the backbench victory. The move now clears the way for pro-EU MPs to force a vote on a second referendum, by tacking on an amendment calling for another public vote on the prime minister’s Brexit blueprint.


Sir Oliver said the plan would allow MPs to move any amendment to the government’s proposal and for them to be voted upon, if selected by Speaker John Bercow. He suggested that it could close a loophole in the so-called Benn Act – which requires the PM to seek a Brexit delay if he does not have a deal by 19 October. The law only compels the PM to seek an extension if MPs fail to pass a motion. Sir Oliver told MPs: “That will enable those of us, like me, who wish to support and carry through and eventually see the ratification of this deal, not to put us in the position of allowing the government off the Benn Act hook on Saturday, but only at a time when the bill has been taken through both Houses of Parliament and legislated on.”

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A discussion you won’t be able to escape. It might be good to get the terminology straight. I think Tucker Carlson called Medicare for All pure socialism, but that would mean Canada, the UK, most of Europe and Asian countries like Thailand all pure socialist countries. Hard to maintain.

How Slashing Pentagon Budget Could Pay for Medicare for All (Conley)

The Institute for Policy Studies on Thursday shared the results of extensive research into how the $750 billion U.S. military budget could be significantly slashed, freeing up annual funding to cover the cost of Medicare for All—calling into question the notion that the program needs to create any tax burden whatsoever for working families. Lindsay Koshgarian, director of the National Priorities Project at the Institute for Policy Studies (IPS), took aim in a New York Timesop-ed at a “chorus of scolds” from both sides of the aisle who say that raising middle class taxes is the only way to pay for Medicare for All. The pervasive claim was a primary focus of Tuesday night’s debate, while Medicare for All proponents Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) attempted to focus on the dire need for a universal healthcare program.

At the Democratic presidential primary debate on CNN Tuesday night, Sen. Elizabeth Warren (D-Mass.) was criticized by some opponents for saying that “costs will go down for hardworking, middle-class families” under Medicare for All, without using the word “taxes.” Sen. Bernie Sanders (I-Vt.), on the other hand, clearly stated that taxes may go up for some middle class families but pointed out that the increase would be more than offset by the fact that they’ll no longer have to pay monthly premiums, deductibles, and other medical costs. “All these ambitious policies of course will come with a hefty price tag,” wrote Koshgarian. “Proposals to fund Medicare for All have focused on raising taxes. But what if we could imagine another way entirely?”


“Over 18 years, the United States has spent $4.9 trillion on wars, with only more intractable violence in the Middle East and beyond to show for it,” she added. “That’s nearly the $300 billion per year over the current system that is estimated to cover Medicare for All (though estimates vary).” “While we can’t un-spend that $4.9 trillion,” Koshgarian continued, “imagine if we could make different choices for the next 20 years.”

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The state of denial. Pensions funds have all moved into risk assets, so if stocks start falling, it’s over and out. Moreover, there will be far more elderly people soon vs the young, which will reduce contributions enormously while increasing payouts. At least try some realism. Zero interest rates klill pensions. Period.

Going Dutch? Low Interest Rates Rattle ‘World’s Best’ Pension System (R.)

The planned reductions, due to take effect from January 2020, have shaken a country renowned for having one of the world’s strongest pension systems, and are an early warning to others about the impact of record low interest rates. [..] The European Central Bank’s (ECB) stimulus policies, which have helped drive interest rates into negative territory, are blamed in part for the impending cuts in the Netherlands and have triggered a fierce debate over how the funding of pensions should be calculated. ECB President Mario Draghi said last month that the central bank was “very concerned” about the side effects of negative rates, but maintained they were required for economic growth.

At the heart of the Dutch debate is a technical question over how to calculate the cost of future pension payouts while the ECB helps keep rates low. Actuaries make assumptions about how long pensioners will live, count up the future payments that have been promised to them and then use an assumed interest rate to “discount” how much must be put away to pay them. The lower this interest rate, “rekenrente” in Dutch, the more conservative the accounting, and the more it costs to meet future liabilities. The rekenrente is derived from government bond yields — which have turned negative across Europe as interest rates steadily fell this summer.


Each 1% fall in interest rates has led to roughly a 12% fall in the coverage ratio between assets and liabilities in pension pots, the Dutch central bank says. As a January deadline approaches, cuts appear inevitable. That has led several funds and some experts to argue that the rekenrente, which is around 0.3%, should be raised instead. Many blame ECB policy and see its effects as temporary. Increasing the rekenrente to 2% or 3% would restore the funds to full solvency. Corien Wortmann-Kool, the chairwoman of the 456 billion euro ABP civil servants fund, told Reuters she opposes pension cuts as “unnecessary” for now.

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Mar 272019
 


Pablo Picasso Mandolin and guitar 1924

 

The EU’s Censorious Copyright Directive Will Create Two Internets (CapX)
All New UK Cars To Have Speed Limiters By 2022 Under EU Plans (G.)
Brexit Extension Could Be Until 31 March 2020 (G.)
Brexiters Demand May Exit Date To Back Deal (G.)
EU Cannot Betray ‘Increasing Majority’ Who Want To Cancel Brexit – Tusk (G.)
McConnell Backs Push For Investigation Of Russia Probe Missteps (R.)
Mueller Report Details To Be Issued In ‘Weeks, Not Months’ (R.)
Ecuador Ambassador Tells Assange to ‘Shut up’ and Accept Spying (GP)
Boeing 737 MAX Software Fix: Easy To Upload, Harder To Approve (R.)
US Jury To Determine Liability, Damages In Roundup Cancer Trial (R.)
Widespread Losses Of Pollinating Insects Revealed Across Britain (G.)

 

 

Behemoth overreach. It’s like they’re trying to tell the British that leaving is a really good idea.

Sure, there are things that can be improved, but Brussels wants to do BIG.

The EU’s Censorious Copyright Directive Will Create Two Internets (CapX)

The European Parliament’s approval of the Copyright Directive today is the end of the internet as we know it. This new regulation creates substantial new controls on what we can share online which threaten freedom of expression, undermine creativity, and cement the dominance of technology giants. The Copyright Directive will create two internets. The first, a heavily censored version for European users, including filters to prevent you from uploading content. The second, a free internet where creativity is encouraged, for everyone else. The directive represents everything that’s wrong with the EU’s policymaking process. It was written at a substantial distance from Europeans, heavily influenced by lobbyists and national compromises.


There is a serious lack of accountability. The opposition to the directive was substantial, but it didn’t seem to matter. Over 200 intellectual property academics have warned that the directive serves “narrow sectional interests”. Even substantial parts of the European music industry have raised concerns about the scheme. The Change.org petition opposing the directive has reached over 5.1 million signatories, the most in the website’s history. Last weekend – while some Brits were marching to stay in the EU – thousands of Europeans took to the street in Save the Internet marches.

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More overreach.

“Safety campaigners described the move as one of the biggest leaps forward in 50 years and said it could save 25,000 lives by 2037..”

Oh yeah? How many lives could be saved by designing your infrastructure to make cars unnecessary?

All New UK Cars To Have Speed Limiters By 2022 Under EU Plans (G.)

All new cars sold in the UK and Europe are to be fitted with devices to automatically stop drivers from exceeding the speed limit under sweeping changes to vehicle safety rules provisionally agreed by the EU. Although Britain may no longer be part of the EU when the rules come into effect, the UK regulator, the Vehicle Certification Agency, has said it will mirror safety standards for vehicles in the UK. The speed limiter is one of a range of safety features to be made mandatory from 2022, along with automated emergency braking, electronic data recorders and improved visibility built into lorries for drivers to see vulnerable cyclists and pedestrians around the vehicle.


Safety campaigners described the move as one of the biggest leaps forward in 50 years and said it could save 25,000 lives by 2037. The package of measures needs to be ratified by the European parliament, which is likely by September. The speed limiter device, called intelligent speed assistance, or ISA, uses GPS data and sign recognition cameras to detect speed limits where the car is travelling, and then will sound a warning and automatically slow down the vehicle if it is exceeding the limit. However, drivers will be able to override the device simply by pushing hard on the accelerator, reassuring some motoring groups that have argued that in certain situations – such as when trying to swiftly overtake a vehicle in front – speeding up could be safer.

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A long extension appears to be the only way forward.

Brexit Extension Could Be Until 31 March 2020 (G.)

The EU has pencilled in April Fools’ Day 2020 as a leading option for Britain’s first day outside the bloc, should the UK government ask Brussels for a lengthy extension of article 50 in three weeks’ time, it can be revealed. The date was to be offered at the leaders’ summit last week if Theresa May had followed through on her promise to request a short extension in the event of passing her Brexit deal, and a longer one should it be rejected again by the House of Commons. Such was the disapproval of her cabinet, the prime minister only sought a short delay until 30 June in her formal letter. She was subsequently given an unconditional extension until 12 April, or a longer one to 22 May in the unlikely event of the withdrawal agreement being ratified this week.


Without having received a request from Downing Street for a prolonged extension, the EU’s leaders instead left open the offer of a lengthy delay should there be a new political process or event before 12 April, such as a general election or second referendum, but they did not stipulate its potential length. A one-year extension, ending on 31 March 2020, was, however, written into internal EU papers before the summit as an offer that could be made to May should she formally seek a longer extension, sources said. It will likely remain an option if May comes back to Brussels having failed to ratify her deal. Such a UK departure date would ensure the British government would not have any opportunity to meddle in the EU’s long-term plans, including its budget, sources suggested.

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The same deal they fought so hard against.

Brexiters Demand May Exit Date To Back Deal (G.)

Theresa May is under intense pressure to set out a timetable for her departure from Downing Street to seal the support of Brexit hardliners for her twice-rejected deal. The prime minister will address Conservative MPs at a meeting of the 1922 Committee of backbenchers on Wednesday as the House of Commons prepares to vote on alternatives to her Brexit deal. There are renewed signs that leavers are reluctantly preparing to back her in a third meaningful vote rather than risk seeing Brexit slip away altogether. MPs will hold a series of “indicative votes” on alternative Brexit options on Wednesday after three ministers resigned to back a motion to seize control of the parliamentary timetable from the government.


Leavers fear this could lead to what May has a called a “slow Brexit” – a lengthy delay to the article 50 process, leading to a closer future relationship with the EU. Options for MPs to consider may include revocation of article 50, a second referendum, leaving with no deal and backing a Norway-style deal that would include single market membership and a customs arrangement. Boris Johnson appeared to pave the way for a climbdown over May’s deal on Tuesday night. Asked at a Telegraph event whether he would vote for it, the leading Brexiter said: “I am not there yet.” He described it as a “terrible deal, something which I bitterly opposed for a long time”. However, he said he needed “to see that the second phase of the negotiations will be different from the first” and highlighted the “appreciable risk” that not voting for the deal could lead to no Brexit.

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“In a pantomime moment, Farage turned to those sat behind him to ask whether they really wanted him to return as an MEP.”

EU Cannot Betray ‘Increasing Majority’ Who Want To Cancel Brexit – Tusk (G.)

Donald Tusk has issued a rallying call to the “increasing majority” of British people who want to cancel Brexit and stay in the European Union. In a stirring intervention, the European council president hailed those who marched on the streets of London and the millions who are petitioning the government to revoke article 50. Speaking to the European parliament, Tusk reprimanded those who voiced concerns about a potential lengthy extension to article 50 in the event of the Commons rejecting the withdrawal agreement again this week.

Tusk said: “Let me make one personal remark to the members of this parliament. Before the European council, I said that we should be open to a long extension if the UK wishes to rethink its Brexit strategy, which would of course mean the UK’s participation in the European parliament elections. And then there were voices saying that this would be harmful or inconvenient to some of you. “Let me be clear: such thinking is unacceptable. You cannot betray the 6 million people who signed the petition to revoke article 50, the 1 million people who marched for a people’s vote, or the increasing majority of people who want to remain in the European Union”

To heckling from Ukip MEPs, Tusk went on: “They may feel that they are not sufficiently represented by the UK Parliament, but they must feel that they are represented by you in this chamber. Because they are Europeans.” The former Ukip leader, Nigel Farage, responded to Tusk by describing him as “deluded” and claiming that a second referendum would deliver a larger majority for leave. Initial suggestions that 1 million people marched last weekend in favour of remaining in the EU have been questioned in recent days. In a pantomime moment, Farage turned to those sat behind him to ask whether they really wanted him to return as an MEP. He ended his speech to the parliament by appealing to the EU’s leaders to “get the British out”.

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2nd Special Counsel.

McConnell Backs Push For Investigation Of Russia Probe Missteps (R.)

The top Republican in the U.S. Senate said on Tuesday he supported a push by a Republican colleague for an inquiry into potential law enforcement missteps in a probe of possible collusion between President Donald Trump’s campaign and Russia. “I think Senator (Lindsey) Graham has raised a legitimate question,” Senate Majority Leader Mitch McConnell told reporters. “I think it’s not inappropriate for the chairman of the Judiciary Committee, with jurisdiction over the Justice Department, to investigate possible misbehaviors.”


Graham, who heads the panel, said on Monday he wanted to see a special counsel appointed to look into the origins of a Foreign Intelligence Surveillance Act warrant for former Trump adviser Carter Page. The warrant was based in part on information in a dossier on Trump compiled by Christopher Steele, a former British intelligence officer who co-founded a private intelligence firm. Graham said he would use the panel’s subpoena power if necessary, whether or not a special counsel is appointed, to look into the matter.

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Barr’s on his way to becoming America’s new punchbag.

Mueller Report Details To Be Issued In ‘Weeks, Not Months’ (R.)

U.S. Attorney General William Barr plans to issue a public version of Special Counsel Robert Mueller’s report on the investigation into Russian interference in the 2016 presidential election within “weeks, not months,” a Justice Department official said on Tuesday. Barr released his own summary of the report’s central findings on Sunday, but said he needed more time to review the report to determine how much of it could be made public. He relayed his plans to release a public version of the report in the coming weeks to Senate Judiciary Committee Chairman Lindsey Graham during a phone call this week, the official said.


The official said there is no plan to share an advanced copy of the report with the White House. Some portions of Mueller’s confidential report contain materials that arose during secret grand jury proceedings. Federal rules generally prohibit the government from releasing that information to the public. The report also contains information about ongoing criminal investigations that Mueller referred to other U.S. attorneys offices. Barr has not yet revealed a precise date for when the final public version might be ready.

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Cassandra Fairbanks’s intensely sad story.

Ecuador Ambassador Tells Assange to ‘Shut up’ and Accept Spying (GP)

It was meant to be a routine visit by a journalist to another journalist. Instead, I found myself locked in a cold, surveilled room for over an hour by Ecuadorian officials, as a furious argument raged between the country’s ambassador and Julian Assange on Monday. The room was inside the Ecuadorian Embassy in London, where 2019 Nobel Peace Prize nominee Julian Assange currently lives under the ostensible protection of political asylum. Yet the WikiLeaks publisher was barred from entering the room, where he was supposed to join me for a pre-approved meeting, because he refused to submit to a full-body search and continuous surveillance. In the fireworks that followed, Assange accused the ambassador of being an agent of the United States government.


The crackdown on visitors was felt before I even entered the embassy. It’s the third time I’ve visited in the past year, and each time the atmosphere seems progressively worse. Just like my previous visit, since new rules for visitors were enacted, I couldn’t take my phone into the meeting without giving the Ecuadorian officials a swathe of data. If you want to take it in with you, they request its brand, model, serial number, IMEI number, and telephone number. I was also advised that Ecuador could not be trusted to hold my phone while I met with Assange, so I left it behind and walked to the embassy phoneless, several minutes early to make sure I was on time.

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This is not going to be easy.

Boeing 737 MAX Software Fix: Easy To Upload, Harder To Approve (R.)

Boeing engineers armed with laptops and thumb drives will be able to upload a crucial software fix for the 737 MAX anti-stall system in about an hour. That’s the easy part. Before Boeing’s workhorse of the future can resume flying, the upgrade must first be approved by the U.S. Federal Aviation Administration (FAA) and then by wary regulators around the globe who have grounded it in the wake of two deadly crashes.R egulators in China, Europe and Canada have signaled they will not rubber stamp an FAA decision to allow the planes back into the air but conduct their own reviews. With the FAA under pressure for its role in certifying the newest 737, and other regulators challenging its leadership of the airline safety system, Boeing’s money-spinning jet could remain parked for months.


“We are guessing this thing’s not going to be put to bed until the July or August time frame,” said Charlie Smith, chief investment officer at Fort Smith Capital Group, which holds shares in Boeing. The world’s largest planemaker has been working on the upgrade for its MCAS stall-prevention system since October’s Lion Air crash, when pilots are believed to have lost a tug of war with software that repeatedly pushed the nose down. Acting FAA Administrator Dan Elwell told the U.S. Senate Tuesday in written testimony that the agency will agree to allow the 737 MAX to return to service “only when the FAA’s analysis of the facts and technical data indicate that it is appropriate.”

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“The case is only the second of more than 11,200 Roundup lawsuits to go to trial in the United States..”

US Jury To Determine Liability, Damages In Roundup Cancer Trial (R.)

A lawyer for a man who said his cancer was caused by Bayer AG’s glyphosate-based weed killer Roundup on Tuesday urged U.S. jurors to “send a message” to the company by holding it liable and awarding millions in damages. The case is only the second of more than 11,200 Roundup lawsuits to go to trial in the United States as litigation setbacks and a prior jury verdict against the company have sent Bayer shares plunging. “A responsible company would test its product. A responsible company would tell their customers if they knew it causes cancer,” Aimee Wagstaff, a lawyer for plaintiff Edwin Hardeman, said during closing arguments on Tuesday. She called conduct by Bayer’s Monsanto unit reckless and offensive.


Bayer, which bought Roundup maker Monsanto in a $63 billion deal last year, denies the allegations, saying decades of studies by independent scientists have shown glyphosate and Roundup to be safe for human use. In Hardeman’s case, the jury on March 19 found Roundup to have been a “substantial factor” in causing his non-Hodgkin’s lymphoma. That verdict followed a first phase of the trial that focused exclusively on science. The decision allowed the trial to proceed to a second phase in which the same jury will decide if Bayer is liable. In the second phase lawyers for Hardeman were able to present previously excluded internal documents allegedly showing the company’s efforts to influence scientists and regulators about the popular product’s safety.

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These findings have become our new normal: “the insects have been lost from a quarter of the places they were found in 1980.”

Widespread Losses Of Pollinating Insects Revealed Across Britain (G.)

A widespread loss of pollinating insects in recent decades has been revealed by the first national survey in Britain, which scientists say “highlights a fundamental deterioration” in nature. The analysis of 353 wild bee and hoverfly species found the insects have been lost from a quarter of the places they were found in 1980. A third of the species now occupy smaller ranges, with just one in 10 expanding their extent, and the average number of species found in a square kilometre fell by 11. A small group of 22 bee species known to be important in pollinating crops such as oilseed rape saw a rise in range, potentially due to farmers increasingly planting wild flowers around fields. However, the scientists found “severe” declines in other bee species from 2007, coinciding with the introduction of a widely used neonicotinoid insecticide, which has since been banned.


Researchers have become increasingly concerned about dramatic drops in populations of insects, which underpin much of nature. Some warned in February that these falls threaten a “catastrophic collapse of nature’s ecosystems”, while studies from Germany and Puerto Rico have shown plunging numbers in the last 25 to 35 years. The study, published in the journal Nature Communications, is based on more than 700,000 sightings made by volunteers across Britain from 1980 to 2013. These are used to map the range of each species of bee and hoverfly over time. The data did not allow the assessment of numbers of insects, but some researchers think populations have fallen faster than range.

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Dec 202018
 


Giovanni Bellini Madonna and Child with St. John the Baptist and Female Saint 1500-04

 

It’s 100 days to Brexit (Ind.)
Powell Breaks The Market (ZH)
A Major Technical Breakdown Just Occurred In Stocks (Colombo)
Peter Schiff : Not A Bear Market But ‘A House Of Cards The Fed Built’ (MW)
Asian Shares Battered After Fed Raises Rates For Fourth Time (G.)
Short-Term Funding Bill Announced To Stop Trump’s Government Shutdown (Ind.)
Trump Plans Full Withdrawal Of US Troops From Syria (AFP)
Don’t Hold Your Breath on US Troop Withdrawal from Syria (CN)
US Occupation of Middle East Doesn’t Suppress Terrorism, It Causes It (Murray)
Big Pharma Returning To US Price Hikes In January After Pause (R.)
Italy Avoids EU Sanctions After Reaching 2019 Budget Agreement (G.)
French Police Threaten To Join Protesters (NW)
London’s Gatwick Airport Shut Down After Drones Spotted Overhead (AP)
Der Spiegel Says Top Journalist Faked Stories For Years (G.)
Finless Porpoise, China’s Smiling Angel, Fights To Survive (AFP)

 

 

Yes it is. And so of course the UK talked about one thing only. Did Corbyn call Theresa May a ‘stupid woman’ or did he say ‘stupid people’ about a group of Tories, as a whole contingent of lipreaders claimed?

They sure know what’s important, and what not.

It’s 100 days to Brexit (Ind.)

The vote of the House of Commons on the Brexit deal will now be in the week beginning 14 January, the prime minister confirmed on Monday. She hopes that her MPs are slowly coming round to the deal as the least worst option. She may also hope that Jeremy Corbyn gives his MPs a free vote, in which case enough of them may vote for her deal as a way of avoiding another referendum. It still seems more likely that Theresa May will lose, in which case the Brexit timetable will slip further. She would probably then ask the Commons to vote again after it had rejected the other options.

The one that is easiest to eliminate would be that of leaving the EU without a deal, even if it were dressed up as a “managed no deal” – at least, it ought to be easy to eliminate this option, but, until all the hoops have been jumped through, a no-deal Brexit remains the default, which is why there was such a fuss about no-deal planning at yesterday’s cabinet. The more difficult course for parliament to rule out is that of postponing Brexit and holding a referendum. If Corbyn backs a final say referendum, a Commons vote could be close, but, if May can defeat that option, she could then ask MPs to vote again on her deal. That seems to be her plan: to wear parliament down. That way she might finally win the vote at a second attempt a week later, in the week beginning 21 January – or even after that.

By then, the country would be running out of time to complete Brexit by 29 March. The problem is that a vote to approve the deal, important though it is, is only one of the things that need to be done to take us out of the EU. Once the deal has been approved, parliament also has to pass legislation to give effect to the withdrawal agreement in UK law. This will be called the EU (Withdrawal Agreement) Bill – yet another bill that sounds similar to all the others. It will be a complex and contentious bill that will be tricky to get through a hung parliament. In particular, it will contain a mechanism to entrench parts of the withdrawal agreement in UK law and make it hard for future parliaments to change them.

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Well, not really. Powell and his predecessors built such a huge zombie that it can’t be called a market. So he’s not breaking a market but a zombie, and how exactly can that be a bad thing?

Powell Breaks The Market (ZH)

“Everything was awesome” and then Jay Powell said… Some years ago, we took away the lesson that the markets were very sensitive to news about the balance sheet, so we thought carefully about how to normalize it and thought to have it on automatic pilot, and use rates to adjust to incoming data. That has been a good decision, I think, I don’t see us changing that…. we don’t see balance sheet runoff as creating problems” And everything broke…

Overnight futures show hopeful buying – “surely The Fed will deliver and capitulate… for goodness sake, someone has to rescue my FANG portfolio!!??” – But The Fed did not – cutting their rate outlook by a mere one hike, with plenty still seeing 3 hikes ahead in 2019…

The market now expects 18bps of RATE CUTS in 2020!!!

And Futures collapsed…

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Same here with my buddie Jesse: comparing what happens with today’s zombie, with functioning markets of the past, is dangerous and of limited value.

A Major Technical Breakdown Just Occurred In Stocks (Colombo)

The much-anticipated December Fed meeting has finally come and gone, and the stock market did not like what it heard. The Fed raised rates by 0.25% and cut its expectation for 2019 rate hikes from three to two. Because the Fed didn’t sound as dovish as many investors would have liked, the S&P 500 promptly fell 1.54% to a fresh 2018 low. From a technical perspective, today’s action is extremely concerning because the S&P 500 broke the key 2,550 to 2,600 support zone that I’ve been showing for the past couple months. Today’s breakdown increases the probability of further bearish action unless the index somehow manages to close back above that zone.

The longer-term S&P 500 chart shows how critical today’s breakdown is. Today’s breakdown is the second important technical breakdown in recent months (the first one being the break below the trendline that formed in early-2016, which I said was a bad omen). Assuming today’s breakdown remains intact, 2,100 (the 2015 and 2016 highs) is the next price target and support level to watch.

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Peter Schiff appears to agree with me, only he calls it a house of cards, not a zombie.

Peter Schiff : Not A Bear Market But ‘A House Of Cards The Fed Built’ (MW)

Where in the world is Peter Schiff, as the stock market entered an apparent unraveling phase? Find the chief executive of Euro Pacific Capital, a longtime gold bug and market pundit, on a beach in Puerto Rico, where he’s taken up residence as he watches the equity market get rocked. “I’m watching the U.S. economy implode from the beach,” Schiff told MarketWatch during a recent phone interview. “We’re in a lot of trouble,” he said. “This isn’t a bear market, we’re in a house of cards that the Fed built,” he said. Indeed, despite recent attempts to rebound, the Dow Jones is on track for its worst year since 2008 — down by about 3.5% — when the financial crisis brought global markets to their knees, according to Dow Jones Market Data.

The same goes for the S&P 500 which would also notch its worst year in a decade, if its roughly 4% decline thus far this year hold. Schiff is a polarizing figure on Wall Street, a man that critics say has harbored a persistent and unrealized post-crisis narrative for the Fed’s monetary policy, with predictions of soaring inflation and a dollar collapse. However, the prominent investor should be worthy of investors’ attention, on the back of his prescient calls ahead of the 2008 financial crisis, which earned him plaudits as one of the few able to spot a global economic crisis emanating from the housing market.

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“The Fed’s been a huge friend of the stock market and they are now a little bit of an enemy and will probably become worse of an enemy..”

Asian Shares Battered After Fed Raises Rates For Fourth Time (G.)

Asian stock markets have taken a battering after the US Federal Reserve voted to raise borrowing costs for the fourth time this year, signalling a further squeeze on liquidity around the world. In Tokyo, the Nikkei closed down nearly 3% to its lowest point for 14 months as the Fed’s pledge to continue with “gradual” rate hikes next year sent shivers through financial markets. Shares in Hong Kong and Seoul were both down more than 1% while stocks in Sydney finished at a two-year low. Futures trading pointed to a drop of 2% in the FTSE100 index in London and the Dax in Frankfurt when when the markets open on Thursday morning.

Investors’ confidence that the global economy is headed for a significant slowdown was further weakened when China’s central bank introduced a new lending facility for small private businesses, which was seen as a targeted rate cut designed to kickstart the spluttering economy. The move by the People’s Bank of China shows the two biggest economies are out of step with Beijing responding to a rate hike in the US with a de facto cut. The Shanghai Composite share index was down nearly 1% in afternoon trade while the yuan wad fixed 0.22% lower against the US dollar. [..] “The Fed’s been a huge friend of the stock market and they are now a little bit of an enemy and will probably become worse of an enemy before this is all over,” Bob Doll, Nuveen chief equity strategist and senior portfolio manager, told Bloomberg.

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McConnell saves the day…

Short-Term Funding Bill Announced To Stop Trump’s Government Shutdown (Ind.)

Senate Majority Leader Mitch McConnell has introduced a short-term spending bill to finance the US government and avoid a shutdown at the end of the week Mr McConnell, the leading Republican in the Senate, said that the funding bill known as a continuing resolution “will ensure continuous funding for the federal government” until 8 February. The short-term bill needs to be approved by both the Senate and the House of Representatives before it can proceed to President Donald Trump’s desk to be signed into law. Mr McConnell’s bill comes as Congress races against time before funding for the government runs out on Friday at midnight, amid a contentious push by Mr Trump to make $5bn worth in funding for his controversial border wall a requirement for any spending agreement.

But, while Mr Trump had indicated that he would take responsibility for a shutdown in order to make a point about the wall, the White House has since stepped back from that threat. We have other ways that we can get to that $5 billion”, White House Press Secretary Sarah Huckabee Sanders said on Tuesday. On the Senate floor, Mr McConnell lashed out at Democrats, who will reclaim their House majority in January, for failing to give Mr Trump any of the $5bn he has asked for. “This seems to be the reality of our political moment,” Mr McConnell said. “It seems like political spite for the president may be winning out over sensible policy.”

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We’re going to see endless and contradictory ‘analyses’ of this. It’s already drawn out the likes of Lindsey Graham and Mario Rubio and exposed them as deep state soldiers.

Trump Plans Full Withdrawal Of US Troops From Syria (AFP)

The United States will withdraw its troops from Syria, a US official told AFP on Wednesday, after President Donald Trump said America has “defeated ISIS” in the war-ravaged country. The stunning move will have extraordinary geopolitical ramifications and throws into question the fate of US-backed Kurdish fighters who have been tackling Islamic State jihadists. “We have defeated ISIS in Syria, my only reason for being there during the Trump Presidency,” the Republican president tweeted. The US official told AFP that Trump’s decision was finalized Tuesday. “Full withdrawal, all means all,” the official said when asked if the troops would be pulled from all of Syria.

Currently, about 2,000 US forces are in Syria, most of them on a train-and-advise mission to support local forces fighting IS. The official would not provide a timeline for a withdrawal, saying only: “We will ensure force protection is adequately maintained, but as quickly as possible.” Echoing Trump, White House spokeswoman Sarah Sanders said IS has been defeated territorially, noting the US-led coalition that includes dozens of nations would continue fighting IS. “These victories over ISIS in Syria do not signal the end of the Global Coalition or its campaign,” Sanders said in a statement. “We have started returning United States troops home as we transition to the next phase of this campaign.”

[..] Republican Senator Lindsey Graham, a Trump ally, said the president’s decision was shortsighted. “President @realDonaldTrump is right to want to contain Iranian expansion,” Graham said on Twitter. “However, withdrawal of our forces in Syria mightily undercuts that effort and put our allies, the Kurds at risk.” Charles Lister, a senior fellow at the Middle East Institute, called the decision “extraordinarily short-sighted and naive.” “This move will look like a ‘withdrawal,’ not a ‘victory,’ and yet more evidence of the dangerous unpredictability of the US president,” Lister said. “This is not just a dream scenario for ISIS, but also for Russia, Iran and the Assad regime, all of whom stand to benefit substantially from a US withdrawal.”

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It is quite possible that the deep state will eventually swallow Trump’s announcement whole. However, if he had gone through the usual channels to make his announcement, they would have caught it before it became public. That’s why he has Twitter.

Don’t Hold Your Breath on US Troop Withdrawal from Syria (CN)

The announcement on Wednesday that the U.S. will withdraw all remaining troops from Syria within the next month looked at first like a rare victory for Donald Trump in his admittedly erratic opposition to senseless wars of adventure. “We have defeated ISIS in Syria, my only reason for being there,” the president tweeted with an unmistakable air of triumph. Don’t get your hopes up. Just about everything in these initial reports is either wrong or misleading. One, the U.S. did not defeat the Islamic State: The Syrian Arab Army, aided by Russia, Iran, and Hezbollah militias did. Two, hardly was ISIS the only reason the U.S. has maintained a presence in Syria. The intent for years was to support a coup against the Assad government in Damascus—in part by training and equipping jihadists often allied with ISIS.

For at least the past six months, the U.S. military’s intent in Syria has been to counter Iranian influence. Last and hardly least, the U.S. is not closing down its military presence in Syria. It is digging in for an indefinite period, making Raqqa the equivalent of the Green Zone in Baghdad. By the official count, there are 503 U.S. troops stationed in the Islamic State’s former capital. Unofficially, according to The Washington Post and other press reports, the figure is closer to 4,000—twice the number that is supposed to represent a “full withdrawal” from Syrian soil. It would be nice to think Washington has at last accepted defeat in Syria, given it is preposterous to pretend otherwise any longer.

Damascus is now well into its consolidation phase. Russia, Iran, and Turkey are currently working with Staffan de Mistura, the UN’s special envoy for Syria, to form a committee in January to begin drafting a new Syrian constitution. It would also be nice to think the president and commander-in-chief has the final say in his administration’s policies overseas, given the constitution by which we are supposed to be governed. But the misleading announcement on the withdrawal of troops, followed by Trump’s boastful tweet, suggest something close to exactly the opposite. As Trump finishes his second year in office, the pattern is plain: This president can have all the foreign policy ideas he wants, but the Pentagon, State, the intelligence apparatus, and the rest of what some call “the deep state” will either reverse, delay, or never implement any policy not to its liking.

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The Grand Coalition includes the media.

US Occupation of Middle East Doesn’t Suppress Terrorism, It Causes It (Murray)

Even the neo-con warmongers’ house journal The Guardian, furious at Trump’s attempts to pull US troops out of Syria, in producing a map to illustrate its point, could only produce one single, uncertain, very short pen stroke to describe the minute strip of territory it claims ISIS still control on the Iraqi border. Of course, the Guardian produces the argument that continued US military presence is necessary to ensure that ISIS does not spring back to life in Syria. The fallacy of that argument can be easily demonstrated. In Afghanistan, the USA has managed to drag out the long process of humiliating defeat in war even further than it did in Vietnam.

It is plain as a pikestaff that the presence of US occupation troops is itself the best recruiting sergeant for resistance. In Sikunder Burnes I trace how the battle lines of tribal alliances there today are precisely the same ones the British faced in 1841. We just attach labels like Taliban to hide the fact that invaders face national resistance. The secret to ending the strength of ISIS in Syria is not the continued presence of American troops. It is for America’s ever closer allies in Saudi Arabia and the Gulf to cut off the major artery of money and arms, which we should never forget in origin and for a long time had a strong US component. The US/Saudi/Israeli alliance against Iran is the most important geo-political factor in the region today.

It is high time this alliance stopped both funding ISIS and pretending to fight it; schizophrenia is not a foreign policy stance. There has been no significant Shia Islamic terrorist or other threat against the West in recent years. 9/11 was carried out by Saudi Sunni militants. Al Qaida, ISIS, Al Nusra, Boko Haram, these are all Sunni groups, and all Saudi sponsored. It is a matter of lunacy that the West has adopted the posture that it is Iran – which has sponsored not one attack on the West in recent memory – which is the threat in the Middle East.

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Trump will have to act, or risk looking like a fool.

Big Pharma Returning To US Price Hikes In January After Pause (R.)

Novartis and Bayer are among nearly 30 drugmakers that have taken steps to raise the U.S. prices of their medicines in January, ending a self-declared halt to increases made by a pharma industry under pressure from the Trump administration, according to documents seen by Reuters.The hikes will pose a new challenge to President Donald Trump’s pledge to lower the costs of prescription medications in the world’s most expensive pharmaceutical market. The U.S. Department of Health and Human Services (HHS) has proposed a slew of policies aimed at lowering prices and passing more of the discounts negotiated by health insurers on to patients.

Those measures are not expected to provide relief to consumers in the short-term, however, and fall short of giving government health agencies direct authority to negotiate or regulate drug prices. 28 drugmakers filed notifications with California agencies in early November disclosing that they planned to raise prices in 60 days or longer. Under a state law passed last year, companies are required to notify payers in California if they intend to raise the U.S. list price on any drug by more than 16 percent over a two-year period. [..] “Requests and public shaming haven’t worked” to lower drug prices, said Michael Rea, chief executive of RX Savings Solutions, which helps health plans and employers seek lower cost prescription medicines. “We expect the number of 2019 increases to be even greater than in past years.”

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I think Salvini will get away with presenting this as a victory. But I may be wrong. How far removed is it from what Tsipras pulled in summer 2015? And how much is it like Macron and the yellow vests?

Italy Avoids EU Sanctions After Reaching 2019 Budget Agreement (G.)

Italy has managed to avert EU sanctions after reaching a compromise with the European commission over its 2019 budget. The Italian prime minister, Giuseppe Conte, said the government had managed to reach an agreement to reduce the deficit target to 2.04% of GDP from 2.4%. This has been achieved without making drastic changes to key budget proposals such as the promise of a universal basic income and lowering the pension age. “Over the last few weeks we worked to bring the positions closer without ever moving backwards with respect to the objectives the Italian people set us in the 4 March election,” Conte said.

“The economic-financial estimates about the measures that attracted the most attention of our European partners revealed that the resources [needed] were less than forecast.” The yield, or effective interest rate, on Italian 10-year government bonds fell to 2.79%, the lowest level since September. Less than two months ago the yield, the price the Italian government has to pay to borrow, rose to 3.8%. However, Valdis Dombrovskis, a European commission vice-president, described the agreement with Italy as a “borderline compromise” that fails to provide long-term solutions to the country’s economic problems. “But it enables us, for now, to avoid opening a debt procedure, as long as the negotiated measures are fully applied,” he said at a press conference in Brussels.

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Hilarious: “Police have accumulated some 23 million hours of overtime that is yet to be paid.”

French Police Threaten To Join Protesters (NW)

The French government is desperately trying to keep its exhausted police force onside following weeks of violent protests demanding economic reforms, improved living standards and the resignation of President Emmanuel Macron. On Wednesday, French officials met with police trade union leaders to work out a deal to soothe anger in law enforcement ranks regarding overwork, unpaid overtime and difficult working conditions, Le Monde reported. But some activists are calling on police to walk out on government negotiations, close down police stations and join the “gilets jaunes”—or yellow vest—protesters with whom they have been facing off since November 17. Negotiations between three unions—Alliance, UNSA-Police and Unity-SGP-FO—and Interior Minister Christophe Castaner on Tuesday failed to reach a settlement.

As talks resumed on Wednesday, France 24 reported that activists were calling on forces across the country to commit to a “slowdown” and only respond to emergencies until the dispute had been settled. Police have accumulated some 23 million hours of overtime that is yet to be paid. According to The Local France, police union leader Frédéric Lagache explained, “Faced with this irresponsibility [of the government], we are forced to be irresponsible in our actions.” The Alliance and Unity-SGP-FO unions called for a “black day for the police” on Wednesday. The Alliance is using Twitter and Facebook to rally support for what it calls “Act 1” of the police protests, using the name given to the ongoing demonstrations held by the gilets jaunes. The group has also threatened to hold “Act II” and “Act III” if required.

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I’m thinking one word here: copycats. Too easy not to try at home.

London’s Gatwick Airport Shut Down After Drones Spotted Overhead (AP)

London’s Gatwick Airport shut down late Wednesday while officials urgently investigated reports that two drones were flying above the airfield. The airport suspended all flights, causing severe disruptions just days before Christmas during one of the heaviest travel times of the year. Police and aviation authorities were still investigating early Thursday as incoming flights were diverted to other locations in Britain and nearby countries. Passengers complained on Twitter that their flights had landed at London Heathrow, Manchester, Birmingham and other cities. Other flights were sent to France and the Netherlands. One traveler whose flight was diverted tweeted that passengers were not being told when they could continue to their destination.

Gatwick advised travelers via Twitter to check flights scheduled for Thursday before heading to the airport. It also advised anyone planning to pick up arriving passengers to check first. Any problem at Gatwick causes a ripple effect throughout Britain and continental Europe, particularly during a holiday period when the air traffic control system is under strain. It is a busy airport 27 miles south of London, hosting a variety of short- and long-haul flights and serving as a major hub for the budget carrier easyJet. Gatwick normally operates throughout the night but the number of flights is restricted because of noise limitations. The airport website says it usually handles 18 to 20 flights overnight during the winter months.

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Yes, it’s priceless to read the Guardian on fake news.

Craig Murray tweets: ..The Guardian today published a story about a German journalist who invented stories, but still has never apologised for its own 100% fabricated Luke Harding piece about Manafort’s “visits to Assange in the Embassy”, and Harding and Viner are still employed..

Der Spiegel Says Top Journalist Faked Stories For Years (G.)

The German news magazine Der Spiegel has been plunged into chaos after revealing that one of its top reporters had falsified stories over several years. The media world was stunned by the revelations that the award-winning journalist Claas Relotius had, according to the weekly, “made up stories and invented protagonists” in at least 14 out of 60 articles that appeared in its print and online editions, warning that other outlets could also be affected. Relotius, 33, resigned after admitting to the scam. He had written for the magazine for seven years and won numerous awards for his investigative journalism, including CNN Journalist of the Year in 2014.

Earlier this month, he won Germany’s Reporterpreis (Reporter of the Year) for his story about a young Syrian boy, which the jurors praised for its “lightness, poetry and relevance”. It has since emerged that all the sources for his reportage were at best hazy, and much of what he wrote was made up. The falsification came to light after a colleague who worked with him on a story along the US-Mexican border raised suspicions about some of the details in Relotius’s reporting, having harboured doubts about him for some time.

The colleague, Juan Moreno, eventually tracked down two alleged sources quoted extensively by Relotius in the article, which was published in November. Both said they had never met Relotius. Relotius had also lied about seeing a hand-painted sign that read “Mexicans keep out”, a subsequent investigation found. Other fraudulent stories included one about a Yemeni prisoner in Guantanamo Bay, and one about the American football star Colin Kaepernick.

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Sometimes I think that if all my friends are leaving, why would I stay behind?

Finless Porpoise, China’s Smiling Angel, Fights To Survive (AFP)

In an oxbow lake along the middle reaches of the Yangtze River, a breathy sigh pierces the surface stillness as one of China’s most endangered animals comes up for a gulp of hazy air. A slick black back with no dorsal fin arches briefly above the water line before plunging back down. Such glimpses of the shy Yangtze finless porpoise, the only aquatic mammal left in China’s longest river and known in Chinese as the “smiling angel” for its perma-grin, are increasingly rare. Pollution, overfishing, hydroelectric dams and shipping traffic have rendered them critically endangered, worse off even than China’s best-known symbol of animal conservation, the panda.


AFP Photo/Johannes EISELE

China’s government estimates there were 1,012 wild Yangtze finless porpoises in 2017, compared to more than 1,800 giant pandas, which is no longer endangered. But researchers see signs of hope. Porpoise numbers fell by nearly half from 2006-2012 to an estimated 1,040. But the rate of decline has slowed markedly since then, suggesting that conservation may be making a dent. A central component of the rescue effort is the introduction of porpoises to several conservation areas off the busy river, where researchers say numbers have been actually increasing. [..] Chinese officials are keen to avoid a repeat of the “baiji”, or Yangtze dolphin, the river’s only other aquatic mammal, which since 2006 has been considered extinct in a huge conservation setback for China. Losing the “smiling angel” would be a further tragedy, conservationists say.

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