Jan 092024
 


René Magritte Youth 1924

 

Ukraine Has Lost 500,000 Troops – Ex Prosecutor General (RT)
Ukraine May Resort to Printing Money if Western Cash Dries Up (Sp.)
Russia Must Be Asia’s Peace Maker (Hayes)
Poland Covered Up For Nord Stream Attackers – WSJ (RT)
Biden Refills Strategic Petroleum Reserve At Twice The Historic Average (Sp.)
Biden Is Asking For Mexican Help To Stop The Record Surge Of Migrants (NBC)
27 States File to Oppose Colorado’s Disqualification of Trump (Turley)
Donald Trump Will Attend Tuesday Arguments For Immunity Motion In J6 Case (PM)
Trump Co-Defendant: Improper Relationship Between Georgia DA, Prosecutor (NYP)
Musk Responds To WSJ ‘Hit Piece’ (RT)
Hunter Biden Contempt Resolutions Introduced In House (ZH)
Most Germans Want Scholz To Step Down – Poll (RT)
House Freedom Caucus Slams Speaker Johnson’s Proposed Spending Deal (JTN)
“It’s Okay to Be Fat” and Obesity Should be “Normalized” (MN)

 

 

 

 

Tucker Jan 6

 

 

Riveted
https://twitter.com/i/status/1744415213053522390

 

 

Biden plagiarism

 

 

“They plunder, they slaughter, and they steal: this they falsely name Empire, and where they make a wasteland, they call it peace.”
– Tacitus

 

 

 

 

To achieve what?

Ukraine Has Lost 500,000 Troops – Ex Prosecutor General (RT)

Ukraine’s leaders should frankly admit that they have lost 500,000 service members since the start of the conflict with Russia, and that the monthly casualty rate is at around 30,000, former prosecutor general Yury Lutsenko has said. President Vladimir Zelensky’s goverment could convince reluctant citizens to join the fight by publicly admitting the heavy losses on the battlefield and declaring that the country’s very existence is in jeopardy, he believes. Ukrainians “must know how many have died, and then all debates about the mobilization will be settled,” he added. Speaking to the country’s media on Wednesday, the former official proposed a number of steps to address the draft-dodging and corruption that is hampering the country’s conscription efforts.

He suggested that new legislation must be introduced by Ukrainian President Vladimir Zelensky, the country’s defense minister, and top army general to emphasize the seriousness of the situation. “They should say how many Ukrainians have died. I know that this news will be received badly. But there is no other way to bring out of the comfort zone millions of those who hide behind bogus stories that everyone can serve except me,” Lutsenko said. According to Lutsenko, this “shock” would lead to large queues at recruitment offices, as had occurred in February 2022. Another important measure, according to the former official, would be the campaign to send members of the Ukrainian elite to the frontline.

“The army should not be all workers and peasants. Everyone should fight for Ukraine,” he stated, arguing that this would encourage ordinary citizens who he said have a very strong sense of justice. Zelensky said in December that the Ukrainian military had asked him to mobilize another 450,000 or 500,000 soldiers to make up for battlefield losses. Later that month, the government introduced a mobilization bill proposing to lower the recruitment age from 27 to 25 and eliminate exemptions for some categories of disabled people. The initiative comes after Ukraine launched a large counteroffensive in early June, which failed to gain any substantial ground. Moscow has described Kiev’s losses as catastrophic, estimating them at around 160,000 since the start of the push. Ukraine, however, has been reluctant to officially publish data on its casualties.

Ukr TV

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“The West reportedly pays for a whopping 70 percent of the Ukrainian government’s expenses..”

Ukraine May Resort to Printing Money if Western Cash Dries Up (Sp.)

The Wall Street Journal has crunched some numbers on the Ukrainian crisis and concluded that Ukraine might have to resort to drastic measures if Western support stops flowing. Pointing to “dwindling” Western financial assistance; lesser interest in continuing to fund the proxy crisis; and Russia outguning Ukraine militarily and economically, the outlet warned that “without sufficient support, Ukraine may have to resort to painful spending cuts or even printing money to fill its deficit” to keep the lights on and the war effort going. Such a policy “would pose a grave risk to the health of its economy,” the newspaper said, hinting at the danger of hyperinflation which traditionally hits countries that print money to try to fill budget gaps.

The analysis likewise showed that Russia’s military budget and weapons manufacturing capacity has expanded dramatically. On the other hand, Ukraine’s production has been stagnant since 2022 and today is “no match for a much larger Russian military-industrial complex running at full steam.” The study found, for example, that Russian forces are presently producing and using five times more shells than Ukraine on the front. Politically too, the paper’s analysis pointed to dropping support for the proxy war in both the US and Europe. Meanwhile, in Ukraine, there have been “some declines” in “trust levels” for President Zelensky’s government. Internal polling conducted late last year found Zelensky’s approval rating had sunk to just 32 percent.

US lawmakers have been wrangling with the White House over President Biden’s request to commit another $61 billion in military backing to Kiev. Ukrainian officials have admitted they “don’t have a plan B” if the support, which they insist is “not charity” but “an investment in the protection of NATO,” falls through. In Europe also, deliveries of fresh military and economic support have dropped dramatically in recent months, with the Kiel Institute for the World Economy’s Ukraine Support Tracker showing nearly a 90 percent drop in Western assistance overall between August and October 2023 compared to the same period a year earlier. Western officials have repeatedly warned that Ukraine would be “certain to fail” without a renewed IV drip of financial and military support – confirming nearly two years of statements by Russian officials that the NATO-backed regime would collapse without Western backing.

Ukraine’s deputy prime minister warned last month that salary and pension delays were imminent if Western support was not immediately forthcoming. At the front, foreign mercenaries have reportedly been trickling out of the country after payments to them were halted and they found more lucrative opportunities elsewhere. The West reportedly pays for a whopping 70 percent of the Ukrainian government’s expenses, with Kiev racking up a record-high debt of $157 billion in 2023 – less than ten percent shy of the 100 percent of GDP mark. Debt is forecast to grow precipitously in the coming years, reaching up to $313 billion by 2028.

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“Contrary to what our Nazi-saluting, cat-strangling, welfare cheque-cashing friends in Kiev might think, there is no other power beside Russia in a position to get all sides in Asia to come together to cool things down..”

Russia Must Be Asia’s Peace Maker (Hayes)

Although China and its adversaries have a number of symmetric and asymmetric options available to them that range from Nordstream style no claim no blame attacks on hostile shipping to blowing up, in pre-emptive strikes, the Three Gorges Dam and thereby drowning the 1 billion or so Chinese unfortunates who live in the Lower Yanzgtse Valley, outside the lunatic asylums of Washington, most of those are not realistic choices. That said, China’s reaction to the results of Taiwan’s pending 13 January elections might bring unwanted fireworks to bear on what already is a tense tinderbox. Should William Lai Ching-te, the incumbent vice president and the candidate of the ruling Democratic Progressive Party (DPP), prevail over Hou Yu-ih from the opposition Kuomintang (KMT) Party, China will most likely spit the dummy again and launch massive military drills around the island or even grab Penghu Island as a sign it is serious about subjugating Taiwan.

Though China certainly carries a big stick, it doesn’t yet seem to grasp the notion that one should speak softly and only wave or use the stick as a last recourse. That is where the diplomats of Russia, which currently chairs the loose and untested BRIICS alliance, comes in. As a long standing ally of Vietnam, China and India, and as one which understands the nuanced goals of all three of those countries, Russia can bring a lot to the table. Not only did Russia help broker peace in the 1965 2nd Kashmir war between Pakistan and India but Russia fully understands that India and Vietnam both want strategic autonomy, and that neither will ever submit to being a vassal of a revanchist China. Taiwan currently leads the world in the crucial field of semiconductors and that is unlikely to change any time soon.

And nor is Taiwan’s status as, for Taiwan to revert to the 1683-1895 era when it paid tribute to the Qing Dynasty, would mean empowering China to annex the entire region as Imperial Japan did in late 1941 from its Taiwanese/Formosan base. Because Japan, India, Vietnam and even the Philippines cannot accept that, China is thereby opening up the door for NATO’s carrier groups and sundry other legacy defence systems and that is far from being an optimal state of affairs if peace and trade, rather than war and all it entails are the goals. There are two or even three ways out of this morass, only one of which is really acceptable. The first of these is to duke it out across the Taiwan Strait and every other strait or reef that is deemed important along the String of Pearls from Siberia to Somalia.

The second way is for China to goose step ahead with its neomercantalism until the global economy revolves around it and it alone. The third and best way is for the BRIICS and allied countries to take the opportunity Russia’s chairmanship of that group offers and chart some way through all the straits and reefs they might sink or run aground on. Contrary to what our Nazi-saluting, cat-strangling, welfare cheque-cashing friends in Kiev might think, there is no other power beside Russia in a position to get all sides in Asia to come together to cool things down. And, because there is still a pivotal role not only for diplomacy but for those like Russian Foreign Minister Lavrov and his standing army of fellow Russian diplomats who retain those vital skills the West so stupidly jettisoned, there still mind be time to avoid this looming Armageddon of the Eastern Seas and all it entails.

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The story of the little yacht must be kept alive. It is used to cast doubt on US involvement.

Poland Covered Up For Nord Stream Attackers – WSJ (RT)

Polish officials have withheld evidence and attempted to stall an international probe into the bombing of the Nord Stream gas pipelines, making investigators “suspicious of Warsaw’s role and motives,” the Wall Street Journal reported on Monday. The Nord Stream 1 and Nord Stream 2 gas lines – which linked Russia with Germany through the Baltic Sea – were destroyed in a series of explosions near the Danish island of Bornholm in September 2022. A joint inquiry by Germany, Denmark, and Sweden is ongoing, with investigators theorizing that a Ukrainian team rented a yacht in Germany from a Polish company, which they used to transport explosives to the blast sites. When these alleged leads were chaned in Poland, investigators were stonewalled by government officials and law enforcement agents, the Journal reported, citing sources within the investigation.

Polish authorities failed to turn over testimony from eyewitnesses who allegedly encountered the yacht’s six-person crew in the Polish port of Kolobrzeg until pushed to do so by German police, the sources said. CCTV footage from the port was then withheld, and Poland’s internal security agency, the ABW, “failed to answer queries, obfuscated or gave contradictory information,” the newspaper stated. Polish prosecutors said they found no traces of explosives on the yacht, despite never having boarded it to check, the investigators claimed. The investigation would later find explosive residue on the vessel, according to media reports. The prosecutors reportedly told European investigators that the boat arrived in Kolobrzeg at 4pm September 19, when it actually moored seven hours earlier. Later in the investigation, the ABW told its sister agencies in Europe that the yacht “had links with Russian espionage,” the newspaper reported, adding that investigators considered this “disinformation.”

According to all available information, no Western governments or intelligence agencies suspect that Russia was behind the bombings. Gas sold to Europe via the Nord Stream lines was a lucrative source of revenue for Moscow, and was seen as a powerful instrument of leverage for the Kremlin. Poland’s efforts to hinder the investigators have made them “increasingly suspicious of Warsaw’s role and motives,” the Wall Street Journal noted. All of the alleged misdirection and obfuscation took place under Poland’s previous government, however, and unnamed “senior European officials” told the newspaper that they are considering contacting Poland’s new prime minister, Donald Tusk, in the hope that he will grant them access to police and security personnel who may have previously been pressured to stay silent.

According to an alternate theory put forward by American journalist Seymour Hersh, the CIA was responsible for the Nord Stream blasts. Citing sources within the intelligence community, Hersh argued that CIA divers working with the Norwegian Navy planted remotely-triggered bombs on the lines last summer, using a NATO exercise in the region as cover. Bolstering this theory was a tweet by former Polish Foreign Minister Radoslaw Sikorski, who within hours of the explosions shared an image of a giant gas leak at the blast site along with the caption “Thank you, USA.” Russian President Vladimir Putin has backed this explanation, stating last month that the sabotage operation “was done, most likely, by the Americans or someone at their instruction.”

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“They could have picked up several hundred million barrels at $15, but because it was what President Trump wanted, Congress said no..”

“..it will take a whopping 75 months to bring the SPR back to the level at which it was before US President Joe Biden started draining it..”

“..the Biden administration is buying oil at twice the historic average to replenish the SPR..”

Biden Refills Strategic Petroleum Reserve At Twice The Historic Average (Sp.)

The US Department of Energy (DOE) is currently buying three million barrels a month to refill the nation’s SPR in the wake of Joe Biden’s release of over 225 million barrels of oil between March 2022 and August 2023, dumping levels in the reserve to the lowest in 40 years. Tim Stewart, president of the US Oil and Gas Association, alleges that Team Biden is doing nothing short of damage control ahead of the 2024 election given that the nation’s depleted SPR has recently become the public’s concern. “Prior to 2022, the average person knew nothing about the SPR. That has completely changed. When the lovely 75-year-old blue-haired lady at church complains to me how Biden has drained the SPR – they must have caught the public’s attention,” Stewart told Just the News, an independent US media outlet founded by award-winning investigative journalist John Solomon.

Apparently, the Biden administration would have bought “refill barrels” at a greater pace, but it is facing limits on how much crude can be funneled into the reserve per month. That means it will take a whopping 75 months to bring the SPR back to the level at which it was before US President Joe Biden started draining it. To sweeten the pill, the US administration triumphantly claims that it is buying oil for the SPR at an average price of $77.31 per barrel, which is considerably below the average of $95 per barrel it was in 2022. Per Stewart, it’s by no means “a good deal for American taxpayers”: one should bear in mind that the average price paid per barrel in the SPR has been $29.70 per barrel, the expert pointed out. It appears that the Biden administration is guided by its own political interests rather than those of the nation.

It began draining the SPR in spring of 2022, ahead of the midterm election: at the time gasoline prices went up and American voters were not happy with that. Still, Just the News failed to mention that the hike in prices was partially caused by Team Biden’s energy sanctions slapped on Russia over Moscow’s special military operation in Ukraine. If one digs deeper, one would learn that the special military operation started after the Biden administration snubbed Moscow’s draft security agreement aimed at safeguarding Europe’s peace, protecting Russia’s borders and restoring the balance of forces vis-à-vis NATO. Now, the Biden administration is buying oil at twice the historic average to replenish the SPR before the 2024 presidential election in a bid to look good in the eyes of the US voters.

The crux of the matter is that the US administration and the Democratic Party in general may have avoided this tricky situation ahead of the election if it had green-lighted Donald Trump’s initiative to fill the SPR at the time when oil prices were extremely low, per Stewart. Back in 2020, in the midst of the COVID pandemic, then US President Donald Trump moved to buy oil for the SPR when West Texas Intermediate (WTI) oil prices were under $25 per barrel. Trump requested $3 billion from the US Congress to jump at this lucrative opportunity, but Democratic lawmakers nipped the president’s endeavor in the bud. Per Just the News, Democratic lawmakers bragged at the time that they had “eliminated a $3 billion bailout for big oil.” “They could have picked up several hundred million barrels at $15, but because it was what President Trump wanted, Congress said no,” Stewart told the media outlet.

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At the same time that they’re suing Texas for trying to… “Stop The Record Surge Of Migrants..”

Biden Is Asking For Mexican Help To Stop The Record Surge Of Migrants (NBC)

The Biden administration is increasingly leaning on Mexico to curb the record flow of migrants crossing into the U.S., but Mexico has its own lists of ambitious asks for the U.S., say officials from both governments familiar with the discussions. Previous measures taken by the Biden administration to stem the migrant surge have led to only temporary dips in the numbers, and in late December, Homeland Security Secretary Alejandro Mayorkas and Secretary of State Antony Blinken went to Mexico to meet with Mexican President Andrés Manuel López Obrador to ask for greater assistance. Those conversations were “preliminary,” the officials said, and did not result in hard promises from either side. In a press conference on Friday, López Obrador called on the U.S. to approve a plan that would deploy $20 billion to Latin American and Caribbean countries, suspend the U.S. blockade of Cuba, remove all sanctions against Venezuela and grant at least 10 million Hispanics living in the U.S. the right to remain and work legally.

All of those are extremely tall demands of an administration headed into a re-election campaign that may hinge on how firmly Biden is able to get control of the southern U.S. border, which saw a record 300,000 migrants processed by Customs and Border Protection in December. Responding to those requests, a senior Biden administration official told NBC News that AMLO, as López Obrador is commonly called, “has a very ambitious agenda. For some of these things, we would need Congress to act. We share the vision that we need to lift up the region.” The two countries are expected to continue talks in Washington later this month. Mexico brings significant leverage to the negotiations, the U.S. and Mexican officials said. López Obrador’s administration would prefer that President Joe Biden win re-election in November, given Donald Trump’s rhetoric and actions during his time in office.

But Biden is quickly running out of options to fix a problem that is driving down his poll numbers without increased support from Mexico, three U.S. officials told NBC News. On Capitol Hill, negotiations over border security measures between Republicans and Democrats continue into their second month with no clear breakthrough. And new asylum policies introduced by the Biden administration in May failed to deter migrants, as evidenced by the record surge. To bring the numbers down, the Biden administration needs Mexico to let it push more non-Mexican immigrants back across the U.S. southern border, as the U.S. was able to do through early 2023. During the Covid pandemic, the Trump and Biden administrations used a public health order known as Title 42 to push migrants back into Mexico without an asylum screening. During that policy, which ended in May, Mexico took back migrants over 1 million times each year for three years. Under current policies, Mexico has agreed to take back 30,000 migrants per month, but that is only 10% of December’s tally.

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“.. The Western elites have become a symbol of total, unprincipled lies.”

DC Has Resurrected the Specter of Nuclear Armageddon (Paul Craig Roberts)

The US and Israel have isolated themselves as the two most evil governments on earth. By complying with Washington’s foreign policy, the European puppet governments find themselves despised by their citizens. Eleven months ago Russia’s president Vladimir Putin described the West to the Russian Federal Assembly: “They behaved just as shamelessly and duplicitously when destroying Yugoslavia, Iraq, Libya, and Syria. They will never be able to wash off this shame. The concepts of honor, trust, and decency are not for them. Over the long centuries of colonialism, diktat and hegemony, they got used to being allowed everything. They grew accustomed to spitting on the whole world.

“It turned out that they treat people living in their own countries with the same disdain, like a master. They cynically deceived them too, tricked them with tall stories about the search for peace, about adherence to the UN Security Council resolutions on Donbass. The Western elites have become a symbol of total, unprincipled lies.” It took Russian politicians and journalists a long time to recover from their delusion that with the demise of communism the world was a community governed by agreed-upon rules. Many Russian intellectuals and journalists had an idealized picture of the United States which kept the Russian government off balance in understanding Washington’s intentions toward Russia. How else to explain Russia’s lack of preparedness when Washington overthrew the elected government of Ukraine and when Georgia invaded South Ossetia?

As Putin now understands, the consequences of the Russian government’s mistaken expectation of fair and honorable relations with the West have been severe. Unless the West’s degradation results in collapse, war is inevitable. American and European peoples have no impact on their governments who serve the agendas of the financially powerful. Now that the West has demonstrated for all to see that the West suffers no shame from participation in genocide, even the most westernized Russians are likely to keep a safe distance from Washington’s snares. Now that the West has completely shattered the trust built during the Soviet era, the threat of nuclear Armageddon again holds sway over the Earth. In the face of this threat, all other threats recede into nothingness.

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“The attorneys general of Indiana, West Virginia and 25 other states, warn the court that this novel theory will produce “chaos” in the country.”

27 States File to Oppose Colorado’s Disqualification of Trump (Turley)

The majority of Americans oppose the decisions in Colorado and Maine to disqualify former President Donald Trump from the 2024 ballot. Other polls put the balance slightly in favor, but all polls show a deeply divided country on this effort. The Maine decision will now be reviewed by the Maine state courts, but the Colorado decision is scheduled for oral argument in a matter of weeks. A reversal of the Colorado decision is now supported by 27 states, which filed with the Supreme Court to oppose the underlying theory under the Fourteenth Amendment. It is relatively rare to see states opposing the expansion of their own authority vis-a-vis Congress. The brief reinforces the view of states like Colorado as outliers in the country in embracing this anti-democratic theory. The attorneys general of Indiana, West Virginia and 25 other states, warn the court that this novel theory will produce “chaos” in the country.

“The Colorado Supreme Court has cast itself into a ‘political thicket,’ Evenwel v. Abbott, 578 U.S. 54, 58, (2016), and it is now up to this Court to pull it out. ‘Confidence in the integrity of our electoral processes is essential to the functioning of our participatory democracy.’ Purcell v. Gonzalez, 549 U.S. 1, 4 (2006) (per curiam). If the Colorado decision stands, that critical confidence will be harmed. Many Americans will become convinced that a few partisan actors have contrived to take a political decision out of ordinary voters’ hands.” Advocates are pushing this dangerous theory at a time of deepening divisions in our country. As I have previously said, the four Colorado justices are recklessly throwing matches at a powder keg. That is why I am hopeful that at least one of the liberal justices will follow the lead of the three democratically appointed Colorado justices, who dissent from this anti-democratic decision.

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Federal appeals court.

Donald Trump Will Attend Tuesday Arguments For Immunity Motion In J6 Case (PM)

Former President Donald Turmp will be attending Tuesday’s arguments regarding his presidential immunity motion in the Jan. 6 case being led by Jack Smith. In a post to Truth Social, Trump made the announcement that he would be attending the arguments come Tuesday.

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Crazy story of the day.

Trump Co-Defendant: Improper Relationship Between Georgia DA, Prosecutor (NYP)

Fulton County District Attorney Fani Willis had an “improper” and “clandestine” relationship with the married special prosecutor who assisted in securing the Georgia grand jury indictment against former President Donald Trump, a co-defendant in the election interference case alleged Monday. The bombshell court filing made by former Trump 2020 campaign official Michael Roman argues that Willis should be disqualified from the case and the charges against him dropped because “the district attorney chose to appoint her romantic partner, who at all times relevant to this prosecution has been a married man” to the case.

Roman contends that Nathan Wade, a private attorney with the Atlanta-based Wade & Campbell Firm, used some of the nearly $654,000 in legal fees that he’s been compensated for by the Fulton County DA’s office for his work on the Trump case to take Willis on lavish vacations to “Napa Valley, California, Florida and the Caribbean.” “Mr. Roman … moves the Court for an order disqualifying the district attorney, her office, and the special prosecutor from further prosecuting the instant matter on the grounds that the district attorney and the special prosecutor have been engaged in an improper, clandestine personal relationship during the pendency of this case, which has resulted in the special prosecutor, and, in turn, the district attorney, profiting significantly from this prosecution at the expense of the taxpayers,” the 127-page filing states.

“Accordingly, the district attorney and the special prosecutor have violated laws regulating the use of public monies, suffer from irreparable conflicts of interest, and have violated their oaths of office under the Georgia Rules of Professional Conduct and should be disqualified from prosecuting this matter,” it continues. Roman’s filing claims that “sources close to both the special prosecutor and the district attorney” have confirmed that Willis and Wade had an ongoing fling, and that Wade filed for divorce in Cobb County, Ga., “a day after his first contract with Willis commenced” in November 2021. “In addition, the district attorney and the special prosecutor have been seen in private together (in a personal relationship capacity) in and about the Atlanta area and believed to have co-habited in some form or fashion at a location that neither of them owned,” the filing alleges.


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“@WSJ is not fit to line a parrot cage for bird,” he concluded, adding a “poop” emoji.”

Musk Responds To WSJ ‘Hit Piece’ (RT)

SpaceX CEO Elon Musk hit back at the Wall Street Journal in a post on his X platform (formerly Twitter) on Sunday, a day after the paper published a lengthy article detailing company executives’ purported concerns over his use of illegal drugs. Referring to an infamous 2018 interview with podcaster Joe Rogan, during which Musk smoked marijuana on camera, the Tesla tycoon explained: “after that one puff with Rogan, I agreed, at NASA’s request, to do 3 years of random drug testing. Not even trace quantities were found of any drugs or alcohol.” “@WSJ is not fit to line a parrot cage for bird,” he concluded, adding a “poop” emoji.

In its article, headlined: “Elon Musk Has Used Illegal Drugs, Worrying Leaders at Tesla and SpaceX,” the Journal claimed multiple company executives and board members at both companies were concerned that what they viewed as Musk’s erratic behavior was caused by the use of illegal drugs. These supposedly included not only the cannabis he was seen smoking with Rogan, but also ketamine – for which he has claimed to have a legal prescription – LSD, cocaine, ecstasy, and magic mushrooms. Musk’s brother Kimbal and at least one current SpaceX board member reportedly took drugs with Musk, though it was not stated whether they were among those supposedly concerned about the billionaire’s habits. Musk has allegedly used drugs at “private parties around the world,” where attendees were made to sign non-disclosure agreements or turn in their phones.

While “people close to Musk” were said to be “concerned [his drug use] could cause a health crisis,” the Journal focused more on the potential implications for his businesses, specifically the fate of $14 billion in government contracts enjoyed by SpaceX. “Drug abuse” – the use of controlled or illegal substances “in a manner that deviates from approved medical direction” – could jeopardize Musk’s security clearance and would violate federal contractor requirements. Following the Rogan incident, SpaceX randomly deployed drug-sniffing dogs on company property and executives “began warning employees to follow company rules at all times, including to not use illegal drugs even outside of the office,” insider sources told the WSJ.

Despite focusing on drugs, the report acknowledged that even those concerned about Musk’s behavior were not sure whether to attribute it to substance use or other issues like his “consistent lack of sleep,” being on the autism spectrum, or (self-diagnosed) bipolar disorder. Few investors complained about his behavior when his companies were performing as well as they were in recent years, it admitted. Musk fans on X have condemned the “hit piece,” which think-tank director Jeffrey Tucker decried as “the kind of vicious thing you would expect to see in East Germany or the old Soviet Union.”

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“..by pulling a Bannon, Hunter now faces the expectation in many circles that he will get the full Bannon treatment from Garland.”

Hunter Biden Contempt Resolutions Introduced In House (ZH)

House Republicans on Monday introduced contempt resolutions against Hunter Biden, recommending that he be held in Contempt of Congress for failing to comply with subpoenas and appear for testimony in front of the House Oversight and Judiciary Committees on Dec. 13. Hunter, who was handsomely compensated for doing nothing on the board of Ukrainian energy giant Burisma (right before his father strong armed the Ukrainians into firing their chief prosecutor – who was investigating Burisma), skipped out on his closed-door deposition, and instead said he would only appear for public testimony – where questions would be far more limited. According to the committees, “Biden has violated federal law, and must be held in contempt of Congres.”

The committees said they want to get information from Hunter Biden to determine whether his father, President Joe Biden, was involved in any bribery schemes, abused his positions of political power as president or vice president, or knowingly participated in any scheme to enrich himself or his family, including through contact with foreign entities. -Just the News. As Constitutional law professor Jonathan Turley noted in December; “Few people expected Hunter to testify in the deposition. The evidence against him is overwhelming, as shown in his second federal indictment on tax charges. He and his uncles were allegedly engaged in one of the largest influence-peddling operations in history involving millions of dollars from various foreign sources. Hunter simply could have done what prior witnesses have done: Go in and take the Fifth. That is what attorney and former IRS official Lois Lerner did — twice — when House Republicans wanted to ask her about the Obama administration targeting conservative groups.”

It was a no-brainer that someone appears to have radically over-thought on the Hunter Biden legal team. Hunter can now be held in contempt of Congress. That will force the hand of Attorney General Merrick Garland, who aggressively pursued Trump figures for contempt, including former Trump adviser Steve Bannon. Despite some of us writing to the contrary, Bannon claimed his lawyers told him he did not have to appear before a House committee. He was swiftly charged and convicted by Garland’s prosecutors. In this instance, the contempt case would go to the U.S. Attorney in D.C., Matthew Graves, who previously declined to assist in bringing tax charges against the president’s son. Yet by pulling a Bannon, Hunter now faces the expectation in many circles that he will get the full Bannon treatment from Garland.

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Sounds like Biden: “Bild described Scholz as “the most unpopular chancellor of all time.”

Most Germans Want Scholz To Step Down – Poll (RT)

Public support for German Chancellor Olaf Scholz has fallen to record lows, the tabloid Bild reported on Monday, citing a fresh survey conducted by the INSA polling institute. Almost two-thirds of Germans want him to resign before the next federal election, scheduled for October 2025, the data suggests. As many as 64% of respondents told INSA that Scholz should vacate his position and hand it over to Defense Minister Boris Pistorius, who is a fellow Social Democrat. Less than a quarter of Germans opposed that prospect. Scholz would also lose an election versus any of his major rivals, the poll showed. Only 23% of Germans would support the current chancellor against Friedrich Merz, the leader of the opposition Christian Democratic Union (CDU). Merz himself would enjoy the backing of 26% of voters.

Should Scholz face off against Markus Soeder, leader of the Christian Social Union (CSU) – the traditional CDU ally in Bavaria – Soeder would secure a clear victory with 36% to 20%. Pistorius would claim a narrow victory against Merz with 25% to 23%, but would still lose to Soeder 25% to 34%, the survey said. Under German law, the chancellor is confirmed by MPs on the proposal of the federal president. Soeder currently serves as governor of Germany’s most populous state and is known for his criticism of Scholz’s policies. In November, he warned that Germany was in a “serious crisis,” particularly slamming the chancellor’s cabinet over its budget and police failures, adding that the “government has gone bankrupt.” The Bavarian politician also criticized the federal government’s strategy of using only subsidies to combat price hikes resulting from forgoing Russian energy supplies. He also criticized Berlin for, as he said, prioritizing military aid to Ukraine over the nation’s own security.

The INSA poll showed that Olaf Scholz’s Social Democratic Party (SPD) had the support of just 16% of Germans, 15 percentage points behind the CDU and seven percentage points behind the right-wing Alternative for Germany (AfD) party. Scholz has been losing public support for quite some time. In early December, a YouGov poll showed that 74% of Germans believed he was doing a poor job as chancellor, with only 20% seeing his performance in a positive light. As many as 73% said they were unhappy with his entire cabinet. Some 77% said they placed little or no trust in the way Scholz is governing Germany. Even among SPD supporters, this figure reached 60%. Later in the month, Der Spiegel reported that Scholz’s personal approval had slipped to just 30%, down from 44% in June 2023. On Monday, Bild described Scholz as “the most unpopular chancellor of all time.”

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“This is total failure.”

House Freedom Caucus Slams Speaker Johnson’s Proposed Spending Deal (JTN)

The conservative House Freedom Caucus slammed House Speaker Mike Johnson’s proposed top-line spending deal with Senate Democrats as a “total failure,” arguing the potential agreement costs about $68 billion more than the Louisiana Republican said it would.Johnson told members of Congress on Sunday that he reached a $1.590 trillion spending deal with the Senate and White House, but the Freedom Caucus slammed the proposal later that evening in a post on X, formerly Twitter. “It’s even worse than we thought,” the caucus wrote. “Don’t believe the spin. Once you break through typical Washington math, the true total programmatic spending level is $1.658 trillion — not $1.59 trillion. This is total failure.”

At the end of last month, the Freedom Caucus released a statement titled, “House GOP’s New Year Resolution Must Be Cutting Spending,” which stated that the U.S. is “on the path to fiscal ruin” but that Congress has “done little to force a course correction from this calamity.” With a slim Republican majority, the 45-member Freedom Caucus holds a significant amount of sway in the 435-member House, and most recently played an integral role in deciding the House speaker. Now, the House needs to pass a deal before government funding completely expires on Feb. 2.

Johnson

Read more …

“The medical field is determined to kill whatever shred of credibility it still has left. And it is succeeding.”

“It’s Okay to Be Fat” and Obesity Should be “Normalized” (MN)

A doctor at Cedars-Sinai posted a TikTok video saying “it is okay to be fat,” and that being fat “needs to be normalized,” despite obesity-related diseases being the biggest killer in America. Yes, really. “Here’s my hot take as a doctor, I totally agree, it is okay to be fat, we don’t say that enough, but it needs to be normalized,” remarked Dr. Nicole Vangroningen. Vangroningen went on to claim that being fat is “typically not a problem that requires immediate solving.” Presumably, it only needs “solving” once an obese person has developed numerous fat-related diseases that greatly increase their risk of dying. Perhaps even more ludicrously, the doctor said “it is okay to not be healthy,” suggesting that people who suggest otherwise are engaging in “healthism,” adding “a good doctor will not judge you for being fat, they will not judge you for being unhealthy.”

Vangroningen completely removes any responsibility from the equation, telling potential patients, “We are also here to help you if you decide to not make any changes at all”. God forbid anyone end up under her “care”. According to the CDC, “In the United States and worldwide, obesity is also associated with the leading causes of death, including deaths from diabetes, heart disease, stroke, and some types of cancer.” “We now have doctors speaking out against “healthism,” commented Matt Walsh. “The medical field is determined to kill whatever shred of credibility it still has left. And it is succeeding.” As we document in the video below, the ‘body positivity’ movement has been triumphed by the culture and the establishment despite literally killing some of its leading advocates.

Read more …

 

 

 

 

Picnic

 

 

Gorilla mom

 

 

Orchestra

 

 

Microlight
https://twitter.com/i/status/1744307961122443769

 

 


Reminder that experiencing awe quite literally improves your health.
Awe, which has only been studied properly in the last two decades, has been shown to:
• Reduce stress
• Trigger the release of oxytocin
• Lower levels of inflammatory cytokines

Being made to feel small (experiencing “self-diminishment”) even quells our negative self-talk, by deactivating the part of the cortex involved with how we perceive ourselves. Through awe we become less attuned to ourselves and more attuned to the wider world. Dacher Keltner at UC Berkeley said: “We are at this cultural moment of narcissism and self-shame and criticism and entitlement; awe gets us out of that.” Neuroscientists define awe it as the emotional response to something vast that defies (and changes) our existing frame of reference of something.

What’s one way to experience it? Travel to your nearest cathedral and gaze upwards. Gothic architecture was built for this very purpose – through maximum height and maximum light. Achieving this at vast scale was a critical breakthrough by medieval engineers, who pioneered the flying buttresses, the pointed arch, and various other innovations which made taller and thinner walls possible. Those builders also believed that light itself was divine, and that when it poured in through the great windows it elevated one’s consciousness to the heavens. As English poet Samuel Taylor Coleridge said: “The principle of the Gothic architecture is infinity made imaginable.”

 

 

 

 

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Nov 122020
 
 November 12, 2020  Posted by at 7:28 pm Finance Tagged with: , , , , , , , , ,  7 Responses »


Pablo Picasso Dans l’atelier 1954

 

 

“There is nothing in Afghanistan worth the life of a single American soldier.”

– Douglas Macgregor

 

I’m having a bit of a problem finding the right format for this essay. I want to highlight a whole number of quotes, but I also would like you to read the original setting they came from. Please bear with me.

CNN: “A Pentagon spokesman confirmed Wednesday that retired Army Col. Douglas Macgregor “will be serving as a Senior Advisor to the Acting Secretary of Defense. Mr. MacGregor’s decades of military experience will be used to assist in the continued implementation of the President’s national security priorities.”

Also CNN: “Macgregor once advocated for the use of lethal force against unarmed migrants [..] and has made a litany of racist comments.”

I must admit even my encyclopedic brain had never heard of Macgregor, and I’m sure most of you hadn’t either, but I’m taking a liking to the man. “The use of lethal force against unarmed migrants” sounds bogus off the bat, that’s “Putin eats babies” territory, and accusing someone of “a litany of racist comments” without naming even one, doesn’t do it for me either.

And even then. The man wants to bring US troops home. Oh wait, but that’s why you accuse him of all these unsubstantiated “facts”. Gotcha. What I do know is for instance this Nov 6 2019 interview Macgregor did with Tucker Carlson, in which he sounds like a reasonable yet worried man. And while opinions may differ on how big of a threat drug cartels may be to the US, his view appears to have its merit.

 

 

Macgregor Nov 6 2019 interview with Tucker Carlson
https://twitter.com/i/status/1192276635426279424

 

 

But then the press come in. We can’t have troop withdrawals (though a vast majority of Americans wants to bring the troops home). So let’s start by labeling Macgregor “divisive”. What does that mean? That he doesn’t agree with “official” military policy. What is that policy? Warmongering. Keeping troops in Afghanistan for 18 years. If Biden ever becomes president, will he bow to that policy and start sending US troops back in?

This here is from Axios. And all I can think is: what ever happened to journalism? My comments below.

Divisive Pentagon Hire May Rush Troop Withdrawals Before Trump’s Exit

President Trump’s newly installed acting Pentagon chief is bringing on a senior adviser in a sign the administration wants to accelerate the withdrawal of U.S. troops from the Middle East before the end of his presidency in January, three people familiar with the move told Axios. A senior administration official says a wave of firings at the Pentagon and the hiring of Ret. Army Col. Douglas Macgregor is in part a settling of Trump’s personal scores — but senior White House officials also have made clear “they want them more publicly to talk about getting out of Afghanistan by the end of the year.” Trump, who ran in 2016 on a promise to bring U.S. troops home, is frustrated with the slow pace of withdrawing troops from the Middle East, another senior administration official said.

The president has told advisers on numerous occasions he wants troops home from Afghanistan by Christmas.In a 2019 interview with Fox’s Tucker Carlson, Macgregor said he would advise the president to get out of Afghanistan “as soon as possible,” including removing the U.S. embassy from Kabul, and that talking to the Taliban was unnecessary. Macgregor also said the U.S. needs to pull its troops out of Syria immediately and America had no national interest there. He said, “We need to listen very carefully to the Iranians … find out what their interests are and look for areas where we can cooperate” and that the U.S. needs to “turn the operational control of the [Korean] Peninsula militarily over to President Moon and the Koreans.”

The Pentagon, in a statement to Axios, confirmed Macgregor has been hired as a senior adviser to acting Defense Secretary Christopher Miller. It said Macgregor’s “decades of military experience will be used to assist in the continued implementation of the President’s national security priorities.” Since Joe Biden became president-elect, Trump has refused to concede the race — but he’s also moved rapidly this week to fire top officials in the Pentagon’s civilian leadership. That includes Mark Esper, as well as the former Defense secretary’s chief of staff and other high-level officials in charge of intelligence and policy. He is replacing them with those perceived as loyal to him.

Macgregor, a decorated combat veteran, is a Trump loyalist and regular Fox News commentator. He’s known for his questioning of conventional Army leadership and decision-making , including strategies in Iraq and Afghanistan, as well as his extreme rhetoric about Muslims and undocumented immigrants. He was passed over earlier this year for the Pentagon’s top policy job amid reports Esper had concerns about him.

 

 

Let’s see:

the hiring of Ret. Army Col. Douglas Macgregor is in part a settling of Trump’s personal scores

Personal scores as in how and what? As in not wanting to accept his own failed effort to bring the troops home, the effort that’s been frustrated for four years running now? And that he may be trying to correct as we speak?

Trump, who ran in 2016 on a promise to bring U.S. troops home, is frustrated with the slow pace of withdrawing troops from the Middle East

Of being frustrated by being frustrated with the pace at which his orders and wishes as commander in chief have been executed?

The president has told advisers on numerous occasions he wants troops home from Afghanistan by Christmas.

How, pray tell, is that not a good thing? Why on earth would you want to present it as such? Asking for 320 million friends.

Since Joe Biden became president-elect, Trump has refused to concede the race

Biden is not the president-elect. Not one single state has so far certified its election results. It is bogus and you know it. Cut the nonsense. You have no clothes on.

He’s known for his questioning of conventional Army leadership and decision-making

Isn’t that part of a healthy process, that you question “official” policies which put the lives of young Americans at risk, that you do that every single moment of every single day, because those lives are precious and valuable? In my book, this is a big plus for the man. As it should be for every single American.

He was passed over earlier this year for the Pentagon’s top policy job amid reports Esper had concerns about him.

And that’s why Esper is gone. He was one more wrong choice Trump was led into. And yeah, Trump shares the blame for that.

 

 

Moving on to CNN’s comment on the Macgregor nomination. Mostly the same as that from Axios, with some added BS. Again, my comments below:

Trump Administration Installs Advocate For Quick Afghanistan Withdrawal At Pentagon

An ardent opponent of the US military’s presence in Afghanistan who once called for the use of lethal force against illegal immigrants and has made a litany of racist comments has been made a senior adviser at the Pentagon. A Pentagon spokesman confirmed Wednesday that retired Army Col. Douglas Macgregor “will be serving as a Senior Advisor to the Acting Secretary of Defense. Mr. MacGregor’s decades of military experience will be used to assist in the continued implementation of the President’s national security priorities.” Macgregor’s appointment is the latest in a series of sweeping changes at the Pentagon that has put defense officials on edge and fueled a growing sense of alarm among military and civilian officials, who are concerned about what could come next.

Four senior Pentagon officials have been fired or have resigned since Monday, including Defense Secretary Mark Esper who was fired in a tweet by President Donald Trump, Esper’s chief of staff and the top officials overseeing policy and intelligence. The moves will likely only add to the sense of chaos within the Pentagon following Trump’s firing of Esper, which came two days after his Democratic opponent, Joe Biden, was projected as the winner of the presidential election — a conclusion that Trump has refused to accept. Esper was replaced by Christopher Miller, the director of the National Counterterrorism Center.

Those who assumed new roles included controversial retired Brig. Gen. Anthony Tata, who moved into the Pentagon’s top policy role, taking over the duties of James Anderson, who resigned Tuesday, according to another US defense official. Macgregor has been a vocal opponent of the US military’s mission in Afghanistan and has called for a total withdrawal of US troops and the American Embassy despite the continued presence of terrorist groups there.

Knowledgeable sources told CNN’s Jake Tapper on Tuesday that the White House-directed purge at the Defense Department may have been motivated by the fact Esper and his team were pushing back on a premature withdrawal from Afghanistan that would be carried out before the required conditions on the ground were met, and other pending security issues.

US military officials have long stressed that the US withdrawal from Afghanistan is conditions based, with those conditions including the Taliban’s breaking its ties to al Qaeda and making progress in peace talks with the Afghan government, two conditions that have yet to be met. But despite the lack of progress, the Trump administration has already substantially reduced US troops in the country by more than 50%, bringing the number of US military personnel there down to about 4,500, the lowest levels since the earliest days of the post 9/11 campaign.

Trump’s national security adviser, Robert O’Brien, has advocated for a more accelerated withdrawal from Afghanistan irrespective of conditions on the ground, something made more feasible by the installation of White House loyalists in senior defense posts. He has also called for an immediate end to the US military effort in Syria, where a small number of US troops back the Kurdish-led Syrian Democratic Forces in their fight against ISIS.

Macgregor once advocated for the use of lethal force against unarmed migrants to deter illegal immigration from Mexico and Central America. He was nominated by Trump this summer to be the ambassador to Germany but faced fierce opposition for his remarks uncovered by CNN’s KFILE. KFILE reviewed dozens of radio and television interviews with Macgregor and found he often demonized immigrants and refugees. He warned Mexican cartels were “driving millions of Mexicans with no education, no skills and the wrong culture into the United States, placing them essentially as wards of the American people.” He repeatedly advocated instituting martial law at the US-Mexico border and to “shoot people” if necessary.

He has also called for an immediate end to the US military effort in Syria, where a small number of US troops back the Kurdish-led Syrian Democratic Forces in their fight against ISIS. He also said that Eastern Ukrainians are “Russians” on the Russian state-controlled TV network RT in 2014 after Russia tried to annex Crimea and began an ongoing war with Ukraine over the territory — positions not supported by the European Union and United States.


He lamented that the US government intervened against Serbian forces, who engaged in ethnic cleansing and war crimes, during the Kosovo War in the 1990s to “put, essentially, a Muslim drug mafia in charge of that country.”

Yeah, Bill Clinton’s intervention in former Yugoslavia was a highlight of US politics and intervention for the good of all mankind.

 

 

Again, let’s see:

An ardent opponent of the US military’s presence in Afghanistan who once called for the use of lethal force against illegal immigrants and has made a litany of racist comments

Pretty sure he was talking about the cartels, not unarmed people. But yeah, prove me wrong. And let’s see some of those racist comments.

Macgregor has been a vocal opponent of the US military’s mission in Afghanistan and has called for a total withdrawal of US troops and the American Embassy despite the continued presence of terrorist groups there.

Oh, get a life. It’s been 18 years and dick all has been accomplished. The country has always only ever been the CIA’s opium factory, providing the funds for its most secretive operations. You will find it in the thesaurus under “bottomless pit”.

the White House-directed purge at the Defense Department may have been motivated by the fact Esper and his team were pushing back on a premature withdrawal from Afghanistan

Again, yes, exactly. Why would a president leave someone in place whose policies contradict his own, who refuses to follow his orders?

US military officials have long stressed that the US withdrawal from Afghanistan is conditions based

Yeah, sure, and who decides what those conditions are? They themselves do. But there is still only one commander in chief.

despite the lack of progress, the Trump administration has already substantially reduced US troops in the country by more than 50%

That is, the progress towards the military’s “conditions”, not the progress towards their commander-in-chief’s goal of bringing the troops home.

Trump’s national security adviser, Robert O’Brien, has advocated for a more accelerated withdrawal from Afghanistan irrespective of conditions on the ground

Like him already.

Macgregor once advocated for the use of lethal force against unarmed migrants to deter illegal immigration from Mexico and Central America.

That’s quite a slanderous accusation if you have no examples. All I’ve seen is his comments on drug cartels who push people into the US.

He also said that Eastern Ukrainians are “Russians”

Oh, now we’re getting into Russiagate. How convenient. Why don’t we ask the Eastern Ukrainians themselves how they feel, or, you know, look at their history?

He lamented that the US government intervened against Serbian forces, who engaged in ethnic cleansing and war crimes, during the Kosovo War in the 1990s to “put, essentially, a Muslim drug mafia in charge of that country.”

And just like that, he’s right again. Coincidence, or you think maybe he understands more than you do, and has more knowledge of the whole shebang? You know, being a 30-year veteran an all that? Or would you rather put your faith into a “journalist” at Axios or CNN?

Me, personally, I think about the families of the US troops stationed in the Middle East, and who want nothing more than to have their young loved ones home for Christmas. Alive and in one piece. Douglas Macgregor and Donald Trump may yet make that happen. But you have bigger interests and vistas in mind, you want to say?

 

 

 

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Tucker Macgregor Afghanistan
https://twitter.com/i/status/1326630978824007681

Macgregor Tucker May 1 2018

 

 

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Jul 042020
 


Kennedy and Johnson Morning of Nov 22 1963

 

Trump Signs Order To Create ‘National Garden’ Of Statues (Hill)
CNN Refers to Washington and Jefferson as Just ‘Two Slave Owners’ (GP)
Mexico Closes US Border In Arizona To Stop July 4th Visitors (ST)
Widespread Use Of Face Masks Could Save Tens Of Thousands Of Lives (NPR)
Mutiny on the Bounties (Ray McGovern)
Canada Suspends Its Extradition Treaty With Hong Kong (R.)
Epstein’s Ponzi Scheme Partner: Ghislaine Will ‘Crack In Two Seconds’ (DC)
Ghislaine Maxwell ‘Sat On Buckingham Palace Throne’ (Ind.)
Fitch Downgrades Record Number Of Sovereign Ratings Due To Coronavirus (CNBC)
The Stakes Of Losing This DICE Game Are Enormous (M.)

 

 

What drags me down a little more each day is the amount of venom that’s being spread around seemingly indiscriminately. I don’t see a single voice calling for dialogue.

I don’t think that our main task today should be to make the past APPEAR less terrible, but to make our own times BE less terrible.

One way to do that must certainly be to slow down or halt the war machine, but while everyone’s heating up about statues, the House passes a resolution that blocks US soldiers from coming home.

And Julian Assange is still pining away.

Time to focus on what really matters.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add your own preferences.

Trump Signs Order To Create ‘National Garden’ Of Statues (Hill)

The White House unveiled an executive order Friday evening to create a “National Garden of American Heroes” that will feature statues of prominent Americans. The executive order, which President Trump announced during a Fourth of July celebration at Mount Rushmore, comes as the nation grapples with calls to tear down Confederate statues across the country and address other racist iconography. “These statues are silent teachers in solid form of stone and metal. They preserve the memory of our American story and stir in us a spirit of responsibility for the chapters yet unwritten. These works of art call forth gratitude for the accomplishments and sacrifices of our exceptional fellow citizens who, despite their flaws, placed their virtues, their talents, and their lives in the service of our Nation,” reads the executive order, which was disseminated by the White House.

The executive order establishes the Task Force for Building and Rebuilding Monuments to American Heroes, which will be empowered to use funding from the Interior Department to establish the site. The task force has 60 days to submit a report to the White House detailing options for the creation of the National Garden, including potential locations. The executive order says the garden will include statues of John Adams, Susan B. Anthony, Clara Barton, Daniel Boone, Davy Crockett, Frederick Douglass, Amelia Earhart, Benjamin Franklin, Thomas Jefferson, Martin Luther King Jr., Abraham Lincoln, Ronald Reagan, Jackie Robinson and Harriet Tubman, among others.

The garden will also “separately maintain a collection of statues for temporary display at appropriate sites around the United States that are accessible to the general public.” Under the order, the garden will be open prior to July 4, 2026, the 250th anniversary of the proclamation of the Declaration of Independence. The executive order also address current calls to topple Confederate statues, underscoring that other activists have called for the dismantling of monuments to figures who owned slaves but were not in the Confederacy, including former presidents George Washington and Thomas Jefferson.

“To destroy a monument is to desecrate our common inheritance. In recent weeks, in the midst of protests across America, many monuments have been vandalized or destroyed. Some local governments have responded by taking their monuments down,” the order reads. “These statues are not ours alone, to be discarded at the whim of those inflamed by fashionable political passions; they belong to generations that have come before us and to generations yet unborn.”

Read more …

Flavor of the day politics.

CNN Refers to Washington and Jefferson as Just ‘Two Slave Owners’ (GP)

The resentment for America at CNN was on full display during Independence Day weekend, particularly as a CNN pundit referred to the Founding Fathers as just a couple of slave owners. During the network’s coverage of President Donald Trump’s speech at Mt. Rushmore, Leyla Santiago said that “President Trump will be at Mount Rushmore, where he’ll be standing in front of a monument of two slave owners and on land wrestled away from Native Americans.” The remarkably anti-American commentary lit social media ablaze, with patriots absolutely shredding the network for their hostility towards our nation.

“CNN has reduced the Founding Fathers of America, George Washington and Thomas Jefferson to just ‘two slave owners,’” JT Lewis, whose brother was killed during the school shooting in Sandy Hook, tweeted. “CNN hates America.” The segment was wildly different than how they covered Bernie Sanders appearing at Mt. Rushmore in 2016.

Read more …

Funniest comment of the day was to this:

“It happened! Mexico is paying for the wall!”

Mexico Closes US Border In Arizona To Stop July 4th Visitors (ST)

As coronavirus cases surge across the U.S., one Mexican state is closing itself off from its northern neighbor out of concern for safety, outlets report. Officials in Sonora, Mexico moved quickly to slam the border shut before the start of the July Fourth weekend, traditionally a peak tourism time as Americans flock south to celebrate, the Arizona Daily Star reported. Officials have not announced a reopening date. Sonora is in a difficult position. It’s struggling to control the pandemic within its own borders, and just above is Arizona, one of the most afflicted states in the U.S..


“We are all going to be on alert at this time to prevent them from coming, whether they are Mexicans living in the U.S., Americans or those who want to come to spend the weekend and put a greater burden on us regarding COVID,” Senora Gov. Claudia Pavlovich said in a statement, according to the Daily Star. Arizona has seen more than 90,000 infections and nearly 1,800 deaths as of Friday, state data shows. It hit a one-day record on Wednesday with 4,878 new COVID-19 cases.

Read more …

There’s Fauci again.

Widespread Use Of Face Masks Could Save Tens Of Thousands Of Lives (NPR)

More widespread wearing of face masks could prevent tens of thousands of deaths by COVID-19, epidemiologists and mathematicians project. A model from the University of Washington’s Institute for Health Metrics and Evaluation shows that near-universal wearing of cloth or homemade masks could prevent between 17,742 and 28,030 deaths across the US before Oct. 1. The group, which advises the White House as well as state and local governments, is submitting the model for peer review, says Theo Vos, Professor of Health Metrics Sciences at IHME. Another projection developed by researchers at Arizona State University in April showed that 24–65% of projected deaths could be prevented in Washington state in April and May if 80% of people wore cloth or homemade masks in public.

These projections shed light on the promises face masks might hold as COVID-19 cases surge in some states and more local authorities mandate the wearing of face masks. Texas is now mandating face masks in public in most of the state; Jacksonville Fl, host city of the Republican National Convention in August, mandated wearing face masks in public and indoor locations where people cannot otherwise social distance on June 29. Republican leaders including Vice President Mike Pence, Majority Leader Mitch McConnell, Tim Scott of South Carolina, Lamar Alexander of Tennessee and Marco Rubio of Florida, have joined public health officials urging the public to wear facemasks.


Dr. Anthony Fauci and members of Congress appealed to the public to wear face masks in a congressional hearing Tuesday. And President Trump, in a change of tone, told Fox Business on Wednesday he’s ‘all for masks.’ But public health professionals lament that trust in face masks is hampered by the government’s earlier recommendation against them. Fauci told TheStreet mid-June that he did not recommend face masks at the beginning of the outbreak to conserve supplies for healthcare workers. On Thursday Fauci told NPR that the administration’s initial ambivalence towards face masks was ‘detrimental in getting the message across.’

Read more …

Good to see the condemnation of the Dems/Cheney deal is broad.

Mutiny on the Bounties (Ray McGovern)

Corporate media are binging on leaked Kool Aid not unlike the WMD concoction they offered 18 years ago to “justify” the U.S.-UK war of aggression on Iraq. Now Michael McFaul, ambassador to Russia under President Obama, has been enlisted by The Washington Post’s editorial page honcho, Fred Hiatt, to draw on his expertise (read, incurable Russophobia) to help stick President Donald Trump back into “Putin’s pocket.” (This has become increasingly urgent as the canard of “Russiagate” — including the linchpin claim that Russia hacked the DNC — lies gasping for air.) In an oped on Thursday McFaul presented a long list of Vladimir Putin’s alleged crimes, offering a more ostensibly sophisticated version of amateur Russian specialist, Rep. Jason Crow’s (D-CO) claim that: “Vladimir Putin wakes up every morning and goes to bed every night trying to figure out how to destroy American democracy.”

McFaul had — well, let’s call it an undistinguished career in Moscow. He arrived with a huge chip on his shoulder and proceeded to alienate just about all his hosts, save for the rabidly anti-Putin folks he openly and proudly cultivated. In a sense, McFaul became the epitome of what Henry Wooton described as the role of ambassador — “an honest man sent to lie abroad for the good of his country.” What should not be so readily accepted is an ambassador who comes back home and just can’t stop misleading. Not to doubt McFaul’s ulterior motives; one must assume him to be an “honest man” — however misguided, in my opinion. He seems to be a disciple of the James Clapper-Curtis LeMay-Joe McCarthy School of Russian Analysis.


Clapper, a graduate summa cum laude, certainly had the Russians pegged! Clapper was allowed to stay as Barack Obama’s director of national intelligence for three and a half years after perjuring himself in formal Senate testimony (on NSA’s illegal eavesdropping). On May 28, 2017 Clapper told NBC’s Chuck Todd about “the historical practices of the Russians, who typically, are almost genetically driven to co-opt, penetrate, gain favor, whatever, which is a typical Russian technique.” As a finale, in full knowledge of Clapper’s proclivities regarding Russia, Obama appointed him to prepare the evidence-impoverished, misnomered “Intelligence Community Assessment” claiming that Putin did all he could, including hacking the DNC, to help Trump get elected — the most embarrassing such “intelligence assessment” I have seen in half a century .

Read more …

If you don’t extradite to China, you can’t extradite to Hong Konng anymore.

Canada Suspends Its Extradition Treaty With Hong Kong (R.)

Canada is suspending its extradition treaty with Hong Kong in the wake of new Chinese national security legislation and could boost immigration from the former British colony, top officials said on Friday. China imposed the legislation this week despite protests from Hong Kongers and Western nations, setting what is a major financial hub on a more authoritarian track. Prime Minister Justin Trudeau said Canada would continue to stand up for Hong Kong, which is home to 300,000 Canadians. Canada will not permit the export of sensitive military items to Hong Kong, he told reporters.


“We are also suspending the Canada-Hong Kong extradition treaty … we are also looking at additional measures, including around immigration,” he said. He did not give details. Foreign Minister Francois-Philippe Champagne condemned the “secretive” way the legislation had been enacted and said Canada had been forced to reassess existing arrangements. “This is a significant step back in terms of freedom and liberty … we had been hoping Beijing would listen to the international community and reverse course,” he said by phone.

Read more …

This guy served 18 years. Epstein walked away free.

Epstein’s Ponzi Scheme Partner: Ghislaine Will ‘Crack In Two Seconds’ (DC)

Convicted sex offender Jeffrey Epstein’s cohort Ghislaine Maxwell will fully cooperate with authorities, according to Epstein’s Ponzi scheme partner Steven Hoffenberg. A grand jury indicted the British socialite and heiress on charges of conspiracy to entice minors to engage in illegal sex acts, conspiracy to transport minors for illegal sex acts, transportation of a minor to engage in illegal sex acts, and perjury. She was arrested at 8:30 am Thursday morning in Bradford, New Hampshire. Seventy-five-year-old Hoffenberg, who served 18 years in prison for masterminding one of the biggest Ponzi schemes in history with Epstein, told The Sun that Maxwell will “totally cooperate” with authorities.

Epstein avoided jail time for his role in the Ponzi scheme, according to Hoffenberg, but later died of apparent suicide in a New York City jail in August 2019 after being convicted of sex crimes. “They knew where she was all the time [in New Hampshire],” Hoffenberg told the publication. “It was a question if America was going to take the case or not, now America has made up its mind to take the case.” Hoffenberg reportedly maintains contact with Maxwell’s spokesperson, and told the Sun that Maxwell did not think she would be arrested. “If they keep her in prison, she’ll crack in two seconds,” he said. “She’s not able to take that sort of cruel punishment, prison is too tough and hard, she’ll have to be in solitary confinement, and she’ll snap.”


“She’s going to cooperate and be very important,” he added, before noting that her words might implicate high profile people including the UK’s Prince Andrew. “Andrew may be very concerned, and there’s a lot of people very worried, a lot of powerful people been named [in the scandal], and she knows everything.”

Read more …

Nice group of people. Spacey, Clinton, Maxwell, Prince Andrew. Just lovely.

Meanwhile Dershowitz wrote a Mea Not-at-All Culpa, but I don’t want to touch that. Check at your own risk.

Ghislaine Maxwell ‘Sat On Buckingham Palace Throne’ (Ind.)

Ghislaine Maxwell sat on the Queen’s throne during a private tour of Buckingham Palace organised by the Duke of York, it has been reported. A photograph printed by the Daily Telegraph appears to show the British socialite reclining in the ceremonial chair next to actor Keven Spacey in 2002. They were on a private tour of the palace organised by the Duke of York for former US president Bill Clinton, according to the newspaper. It comes after Maxwell was arrested in New Hampshire on Thursday over allegations she helped disgraced financier Jeffrey Epstein, her former boyfriend, “identify, befriend and groom” girls, including one as young as 14. Epstein was not on the palace tour when the picture was taken, the Telegraph said.


[..] Prince Andrew is now being urged to provide information to the FBI in relation to the investigation into Ms Maxwell, after she appeared in court accused of facilitating Epstein’s sexual exploitation of underage girls between 1994 and 1997. However, a lawyer for dozens of Epstein’s alleged victims has accused him of “deliberately evading authorities” and a US prosecutor described him as “falsely portraying himself as willing and eager to cooperate”. On Thursday, Maxwell was ordered to remain in custody by a magistrate while she is transferred to New York for a detention hearing. [..] Authorities also claim that Maxwell, who is also charged with two counts of perjury, lied when being questioned under oath in 2016. She has previously denied any wrongdoing or knowledge of sexual misconduct by Epstein.

Read more …

And the downgrades hit the ratings even more.

Fitch Downgrades Record Number Of Sovereign Ratings Due To Coronavirus (CNBC)

Fitch Ratings has downgraded a record 33 sovereign ratings in the first half of this year — and the agency is not done yet as the coronavirus pandemic pummels government finances. James McCormack, Fitch’s global head of sovereign ratings, said the agency has placed the credit ratings of 40 countries or sovereign entities on a “negative” outlook. That means those ratings have the potential to be downgraded. “We’ve never in the history of Fitch Ratings had 40 countries on negative outlook at the same time,” he told CNBC’s “Capital Connection” on Friday. “That comes after we’ve already downgraded in the first half of the year 33 sovereigns. We’ve never downgraded 33 in any given year, so we’ve already done it in half a year,” he added.


Sovereign credit ratings that Fitch has downgraded include the U.K., Australia and Hong Kong. McCormack explained many governments have increased spending to shelter their economies from being severely hit by the coronavirus pandemic. That’s expected to cause a deterioration in the financial positions of all 119 countries rated by Fitch, he said. Such deterioration could take the form of larger deficits or smaller surpluses in the government budgets, or an increase in debt, he added. The IMF has said that lockdown measures imposed in many countries to curb the spread of the coronavirus have hurt the global economy more than expected. The fund warned that global public debt could reach an all-time high of over 100% of the world’s GDP.

Read more …

GDP and CO2.

The Stakes Of Losing This DICE Game Are Enormous (M.)

The critique of Nordhaus’s DICE model came from the enormously creative, though admittedly heterodox, post-Keynesian Australian economist Professor Steve Keen. I have listened to some of Keen’s YouTube lectures about debt levels — he was one of a few maverick economists that correctly predicted the 2008–2009 mortgage crisis — but did not know that he had done any work on climate change economics.** To be honest, I had never looked carefully at the DICE model before for one very good reason: it is clearly ridiculous. According to DICE, the global economy will suffer an aggregate drop in GDP (i.e., all-in over the next 130 years, not annually in perpetuity) of a few percentage points even assuming a temperature increase high enough to cause agricultural output to plummet.

While Ivy League economists may not have a visceral sense of this, it is clear to your correspondent that large swathes of the workforce might be marginally less productive if they were only able to consume 500 food calories a day. Keen is a better man than I in that, like me, he could see that the output of the DICE model was ridiculous, but still took the time and effort to crawl through the details to figure out why. According to Keen, DICE’s egregious errors are threefold: • The assumption that the small effects on GDP from the modest changes in global temperature to date can be extrapolated into a future of much more extreme temperature increases, • The assumption that a complex adaptive (i.e., non-linear) system like our planet’s ecosystem would respond to extreme stimuli in a linear way, • A dubious mischaracterization of climate scientists’ assessment of ecological “tipping points” that leads to an assumption these potentially catastrophic points will never be reached.


No admirer of the statistician Box would expect the DICE model to be anything but wrong, but — considering that the UN’s IPCC is relying upon DICE to inform the opinion of policy makers — we should at least expect it to be useful. Reading Keen’s critique, however, I have realized that DICE acts as a literal weapon of mass destruction since it has the effect of breeding climate complacency among world leaders. If what I say is true, why is DICE not roundly criticized and ignored? I believe it has been adopted and its creator lauded because it represents the kind of palatable fiction that human decision makers find so comforting. Unfortunately, in investing as in life, the bug of palatable fiction sooner or later finds a windshield of harsh reality. Or, as a more eloquent Robert Louis Stevenson wrote, “Everybody, soon or late, sits down at a banquet of consequences.”

Read more …

 

 

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Jun 232020
 


G. G. Bain Katherine Stinson, “the flying schoolgirl,” Sheepshead Bay Speedway, Brooklyn 1918

 

Protesters Fail To Bring Down Andrew Jackson Statue Near White House (R.)
To Kill A Mockingbird, Huckleberry Finn Banned From Minnesota Syllabuses (SOTT)
WHO Reports Largest Single-Day Increase In COVID19 Cases (SCMP)
Mexico Reports 5,343 New Coronavirus Infections And 1,044 Deaths (R.)
Surge In Coronavirus Cases Linked To More Texans In Their 20s (TT)
Complete Shutdown Could Be Only Way To Stop Coronavirus in Utah (SacBee)
Judge’s Ruling Opens Door For Bolton To Be Sued Or Prosecuted (JTN)
Jerry Nadler Preparing To Subpoena Bill Barr (NBC)
Fired NY Prosecutor Given Biden-Ukraine Info In 2018, Didn’t Follow Up (JTN)
Ghislaine Maxwell Hiding Behind French Extradition Laws (ZH)
Bayer Wins Court Ruling Restricting California’s Roundup Warning (R.)
BlackRock, the New Great Vampire Squid (Ellen Brown)

 

 

I have a hard time getting back to the daily grind. Also think maybe I should adapt the format somewhat. It’s clear that the virus will be with us for a long time. Deaths are increasing again:

 

 

 

Worldometer reports new cases for June 22 (midnight to midnight GMT+0) at + 138,975 .

 

 

 

 

 

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

 

 

From Worldometer:

 

 

From COVID19Info.live:

 

 

 

 

https://twitter.com/DrEricDing/status/1274940547824783360

 

 

 

 

I told you guys: you’re going to have to rename the capital AND the country.

Protesters Fail To Bring Down Andrew Jackson Statue Near White House (R.)

Protesters tried tearing down a statue of Andrew Jackson, the seventh president of the United States, in a park near the White House on Monday, scrawling “killer scum” on its pedestal and pulling on the monument with ropes before police intervened. The confrontation unfolded in Lafayette Square, where crowds peacefully protesting the death of George Floyd under the knee of a police officer were forcibly displaced three weeks ago to make way for staged photos of President Trump holding up a bible in front of a nearby church. The thwarted effort to topple the famed bronze likeness of Jackson astride a rearing horse was the latest bid, in protests fuelled by Floyd’s death, to destroy monuments of historical figures considered racist or divisive.

President Donald Trump took to Twitter here saying that many people were arrested for the “disgraceful vandalism” in Lafayette Park and also for defacing the exterior of St. John’s Church. “Ten years in prison under the Veteran’s Memorial Preservation Act. Beware!” he warned. Monday’s incident began around dusk with scores of protesters, most wearing masks against coronavirus infection, breaking through a 6-foot-tall fence erected in recent days around the statute at the center of the park.

Protesters then climbed onto the monument, fastening ropes and cords around the sculpted heads of both Jackson and his horse and dousing the marble pedestal with yellow paint before the crowd began trying to yank the statute from its base. Dozens of law enforcement officers, led by U.S. Park Police, stormed into the square, swinging batons and firing chemical agents to scatter protesters. By dark, police had taken control and outnumbered demonstrators in the immediate area. Jackson, a former U.S. Army general nicknamed “Old Hickory,” served two terms in the White House, from 1829 to 1837, espousing a populist political style that has sometimes been compared with that of Trump.

Read more …

This is a story that has no beginning and no end. There are some pretty offensive stories in the Bible. Go for it.

To Kill A Mockingbird, Huckleberry Finn Banned From Minnesota Syllabuses (SOTT)

Two classic American novels have been banned from syllabuses at schools in Minnesota, USA. The reason being a concern that racial slurs used in Harper Lee’s To Kill a Mockingbird and Mark Twain’s The Adventures of Huckleberry Finn, could make pupils feel “humiliated or marginalised”. According to The Telegraph, The Duluth school district, which includes over 20 schools, is removing the books from the curriculum for ninth and 11th grade English classes. However, copies of Lee and Twain’s classics will remain in the school libraries. While Duluth district’s curriculum director Michael Cary has said To Kill A Mockingbird and Huckleberry Finn will be replaced by books that “teach the same lessons” without using racial slurs.

The American Library Association have listed the two novels as among the most banned books from 2001-2009, mainly due to the offensive language used by some characters. To Kill a Mockingbird deals with racial injustice in segregated 1930s Alabama. While Huckleberry Finn is set in the 19th century before slavery was abolished. The American Library Association stated that most of the complaints were from black parents concerned about books on the curriculum containing racial slurs. Both books were temporarily removed from Virginia schools in 2016 after a parental complaint. While just this October Mississippi schools banned To Kill a Mockingbird from their syllabuses. However, students with parental permission can take part in a study of Lee’s novel.

The Pulitzer Prize-winning author died in 2016 after publishing just two books. The second was Go Set a Watchman, her first draft of To Kill a Mockingbird, written decades ago and published in 2015. Amazon said it was their most pre-ordered book ever since Harry Potter and the Deathly Hallows in 2007. Last year, Harry Potter books were banned from a school in Nashville, Tennessee. According to The Tennessean, pupils at St Edward Catholic School will no longer be able to borrow JK Rowling’s fantasy books to read from its library. The magical adventures have been censored from the school library because of their content, after Reverend Dan Reehil, a pastor of the Roman Catholic school wrote an email voicing his concerns. The email said: “These books present magic as both good and evil, which is not true, but in fact a clever deception.”

Read more …

They did it only 3 days after I signaled this. Keep your eye on India, Mexico.

WHO Reports Largest Single-Day Increase In COVID19 Cases (SCMP)

The World Health Organisation on Sunday reported the largest single-day increase in coronavirus cases by its count, at more than 183,000 new cases in the latest 24 hours. The UN health agency said Brazil led the way with 54,771 cases tallied. The Brazilian government has since announced that the country’s death toll has passed 50,000. The US was next at 36,617 infections, while over 15,400 were in India. Experts said rising case counts can reflect multiple factors including more widespread testing as well as broader infection. Testing continues to be a contentious issue in the US, with a White House aide defending President Donald Trump’s latest remarks on the issue.

Trump had drawn criticism after saying at a campaign rally in Tulsa, Oklahoma, on Saturday that the US has tested 25 million people, but the “bad part” is that it found more cases. “When you do testing to that extent, you’re going to find more people, you’re going to find more cases,” Trump said. “So I said to my people, ‘Slow the testing down, please’.” White House trade adviser Peter Navarro said on CNN that Trump was being “tongue-in-cheek” and made the comment in a “light mood.” Democratic rival Joe Biden’s campaign accused Trump of “putting politics ahead of the safety and economic well-being of the American people”.

The US has the world’s highest number of reported infections, over 2.2 million, and the highest death toll, at about 120,000, according to a tally by Johns Hopkins University. Health officials say robust testing is vital for tracking outbreaks and keeping the virus in check. Overall in the pandemic, WHO reported 8,708,008 cases – 183,020 in the last 24 hours – with 461,715 deaths worldwide, with a daily increase of 4,743. More than two-thirds of those new deaths were reported in the Americas. Brazil’s Health Ministry said on Monday that the country had a total of 1,085,038 confirmed cases and 50,617 deaths.

Read more …

This was on Sunday. Yesterday they had “only” 758 deaths.

Mexico Reports 5,343 New Coronavirus Infections And 1,044 Deaths (R.)

Mexico on Sunday reported 5,343 new infections and 1,044 additional deaths from the coronavirus that causes COVID-19, the health ministry said, bringing the totals for the country to 180,545 cases and 21,825 deaths. The government has said the actual number of infected people is likely significantly higher than the confirmed cases.

Read more …

Party!

Surge In Coronavirus Cases Linked To More Texans In Their 20s (TT)

Texans under the age of 30 are testing positive for the new coronavirus at a higher rate than previously seen since the pandemic began, contributing to a recent surge in the number of cases in the state, Gov. Greg Abbott said during a press conference Tuesday. Data from several counties and health experts confirms the trend in younger people testing positive across Texas. “There are certain counties where a majority of the people who are tested positive in that county are under the age of 30, and this typically results from people going to bars,” Abbott said during the conference. “That is the case in Lubbock County, Bexar County, Cameron County.” mAbbott said that it’s unclear why more young people are contracting the virus, but he speculated that it could be from increased activity over Memorial Day weekend, visits to bars or other types of social gatherings.


This comes as Texas businesses have begun to reopen with relaxed restrictions under Abbott’s executive orders. As of last Friday, restaurants can operate at 75% capacity, while almost all other businesses can operate at 50%. Texas water parks and amusement parks have been allowed to reopen as well. In recent weeks, thousands of Texans have also flooded the streets of some of the largest cities to protest police brutality in the wake of George Floyd’s death. One of the areas of concern Abbott mentioned was Hays County, where 476 of the 938 confirmed cases are people ages 20 to 29. People in their 20s accounted for 50.7% of all the cases in Hays County as of Monday, an increase from Friday, when the age group made up 42% of total cases.

Read more …

Not just in Utah, I would venture.

Complete Shutdown Could Be Only Way To Stop Coronavirus in Utah (SacBee)

With coronavirus cases climbing fast in Utah, the state’s top health official is warning that if something doesn’t change soon, a full-scale shutdown will be the only way to control the virus’ spread, outlets report. “We are quickly getting to a point where the only viable option to manage spread and deaths will be a complete shutdown,” a memo state epidemiologist Dr. Angela Dunn shared with state and local health officials, said, according to KUTV Dunn went on to say that Utah must achieve an average daily case count of 200, for seven consecutive days, by July 1, KUTV reported, or else raise the threat level to orange.


Doing so “will send the message to Utahns that this outbreak continues to be a serious problem, and state leadership is committed to saving lives and preventing a complete economic shutdown.” Gov. Gary Herbert downgraded the alert status to yellow on May 15, and 12 days later, coronavirus spread began to accelerate, Dunn said, The Salt Lake Tribune reported. The memo, released on Friday, came the same day Gov. Herbert downgraded most of rural Utah’s status to green, the lowest alert level, according to The Salt Lake Tribune.

Read more …

“These guys shouldn’t be joining administrations to write books and enrich themselves..”

Judge’s Ruling Opens Door For Bolton To Be Sued Or Prosecuted (JTN)

John Bolton’s legal troubles may be far from over. The former National Security Advisor won a limited but notable victory in court Saturday when a federal judge ruled that he would not prevent his tell-all book, “The Room Where It Happened,” from being published. The Trump administration had sued to stop the book’s publication, claiming it contained classified information that would endanger national security if it were to be released to the general public. U.S. District Judge Royce Lamberth ruled in favor of Bolton, stating that since the book has already been circulated among numerous journalists and media outlets the question of injunction was mostly moot. Yet he acknowledged in his ruling that Bolton may still have “expose[d] himself to criminal liability” in publishing the exposé.

Alan Dershowitz agreed. Dershowitz, the storied Harvard law professor and noted proponent of civil liberties, told Just the News on Saturday that there “may be a basis for a lawsuit against Bolton by the government.” Dershowitz pointed to the 1980 Supreme Court case Snepp v. United States as the controlling precedent. In that case, Frank Snepp — a CIA intelligence analyst in Saigon during the Vietnam War —published the book “Decent Interval” following his departure from the agency. The government sued Snepp over the book, which was drawn from an after-action report he had written for the CIA following his service in Saigon. The government argued that Snepp had broken his contractual obligation to submit his book to the CIA prior to publication.

The Supreme Court eventually ruled against Snepp, forcing him to surrender his monetary earnings to the federal government and enjoining him from future publication without prepublication review from the government. Dershowitz represented Snepp in the controlling case. “We argued the rule was unconstitutional. We lost,” he told Just the News. “I don’t approve of that decision,” he said. “I think it’s wrong on the law, and I think it’s wrong on the Constitution. But it may be a basis for a lawsuit against Bolton by the government.”

Kevin Brock, meanwhile — the former FBI assistant director for intelligence — suggested that it appeared Bolton had worked for the Trump administration just to line his own pockets. “Everybody who’s at the SCS level in government has to sign documentation that they’re not going to disclose information that they collect while they’re performing their duties without first getting approval,” Brock said. “It seems like more and more executives are ignoring that, and the courts haven’t really tested it or enforced it that I’m aware of.” “These guys shouldn’t be joining administrations to write books and enrich themselves,” he said. “It’s like they’re accepting jobs with an eye to enriching themselves after serving.”

Read more …

Sure, subpoena people who are willing to come voluntarily, and then talk about it on the Rachel Maddow show. Prediction: Barr will come when he wants, not Nadler.

Jerry Nadler Preparing To Subpoena Bill Barr (NBC)

The Democrat who leads the House Judiciary Committee is set to subpoena Attorney General William Barr for testimony early next month, NBC News has confirmed. Rep. Jerry Nadler, D-N.Y., is preparing to subpoena testimony on July 2, a committee spokesperson confirmed Monday night. “We have begun the process to issue that subpoena,” Nadler said Monday night on MSNBC’s “The Rachel Maddow Show.” News of the planned subpoena was reported earlier Monday by Axios. Barr has been criticized in recent days for the abrupt removal of the top prosecutor for the influential Southern District of New York, U.S. Attorney Geoffrey Berman, over the weekend.

Nadler said Sunday on CNN that Barr deserves to be impeached but that doing so would be a waste of time because the majority-Republican Senate would never convict him. Barr had been scheduled to testify before the Judiciary Committee in March, but his testimony was canceled because of the coronavirus pandemic. In a letter, Rep. Jim Jordan of Ohio, the ranking Republican on the Judiciary Committee, acknowledged that Nadler intends to subpoena Barr, but he objected to it. “Attorney General Barr remains willing to testify voluntarily once the pandemic concludes,” wrote Jordan, a staunch ally of President Donald Trump’s. “Accordingly, there is no legitimate basis for you to compel his testimony at this time.”

Jordan also wrote that circumstances had not changed enough since March to warrant a subpoena. When Barr and House Democrats reached an agreement on testimony this spring, Democrats wrote that they planned to ask him about the Justice Department’s decision to overrule career prosecutors and propose a reduction in the prison sentence for Trump confidant Roger Stone.

Read more …

To be continued.

Fired NY Prosecutor Given Biden-Ukraine Info In 2018, Didn’t Follow Up (JTN)

Could the impeachment scandal have been prevented if the now-fired U.S. Attorney Geoffrey Berman had followed up on Ukrainian allegations about Joe Biden and his family in 2018? That’s the tantalizing question raised by emails from fall 2018 between an American lawyer and the chief federal prosecutor in Manhattan that were obtained by Just the News. The memos show that well before Ukrainian prosecutors reached out to Rudy Giuliani, President Trump’s lawyer, in 2019 to talk about the Bidens and alleged 2016 election interference they first approached Berman’s office in New York in October 2018 via another American lawyer.

The memos show Little Rock, Ark., lawyer Bud Cummins, a former U.S. attorney himself, reached out at least five times in October 2018 to Berman seeking to arrange a meeting with then-Ukrainian Prosecutor General Yuriy Lutsenko.Lutsenko, who emerged as a key figure in the impeachment scandal, wanted to confidentially share with federal prosecutors in New York evidence he claimed to possess that raised concerns about the Bidens’ behavior as well as alleged wrongdoing in the Paul Manafort corruption case. “Prosecutor General Yuriy Lutsenko is offering to come to U.S. meet with high-level law enforcement to share the fruits of investigations within Ukraine which have produced evidence of two basic alleged crimes,” Cummins wrote Berman on Oct. 4, 2018, one day after the two had talked on the phone about the allegations.

The allegations included that Joe Biden had “exercised influence to protect Burisma Holdings” after his son Hunter and his son’s business partner Devon Archer had joined the Ukrainian gas company’s board of directors and “substantial sums of money were paid to them,” Cummins wrote. At the time Hunter Biden and Archer joined Burisma in 2014, the company was under criminal investigation in both England and Ukraine for alleged corruption. The British case was dropped in 2015, and the Ukraine cases were eventually settled in the final days of the Obama administration.

Joe Biden boasted during a 2018 public appearance that he forced the firing on Lutsenko’s predecessor, Viktor Shokin, back in 2016by threatening to withhold $1 billion in U.S. aid to Ukraine. At the time, Shokin was leading the investigation into Burisma. Biden denies the investigation factored into his decision. Biden’s and Archer’s firm received more than $3 million in payments from Burisma between 2014 and 2016, bank records obtained by the FBI show.

Read more …

“Under French law anyone born on French soil is safe from extradition to another country, regardless of the alleged crime.”

Ghislaine Maxwell Hiding Behind French Extradition Laws (ZH)

Jeffrey Epstein’s accused ‘madam’ is reportedly holed up in a luxury apartment on Paris’s Avenue Matignon – just a five minute drive from the dead pedophile’s $8.6 million flat, according to the Daily Mail. Maxwell “is moving locations every month to keep private investigators off her tail and is staying at the residences of trusted colleagues and contacts,” according to a source. “She wants to remain in France for as long as she can to take advantage of extradition laws and has a huge network of contacts willing to keep her hidden,” they added. “Under French law anyone born on French soil is safe from extradition to another country, regardless of the alleged crime.”

It doesn’t mean she won’t be prosecuted for her links to Epstein but if she does end up facing charges it will be in France and not the US. The French apartment is linked to a Normandy-based business contact, according to the report. Epstein and Maxwell began dating in the early 1990s, after which she became his ‘madam’ and helicopter pilot – allegedly ferrying underage girls to his multiple properties around the world. In 2003, Epstein told a reporter with Vanity Fair that Maxwell was his “best friend.”

Maxwell comes from money. Her father was publisher Robert Maxwell – who himself faced accusations of being a Mossad double (and possibly triple) agent and a “bad character” who was “almost certainly financed by Russia,” according to the British Foreign Office. Robert Maxwell died in 1991 when he fell from his yacht, the Lady Ghislaine – however the circumstances surrounding his demise have been rife with speculation (including that it was a Mossad assassination – a theory which attorney and longtime Epstein associate Alan Dershowitz slammed in a 2003 op-ed). Ghislaine has been accused by three women of procuring and training young girls to perform massage and sexual acts on Epstein and his associates.

Read more …

Whenever Bayer wins, everyone else loses..

Bayer Wins Court Ruling Restricting California’s Roundup Warning (R.)

Bayer AG won a court ruling blocking California from requiring the German-based company to tell consumers that a chemical in its Roundup herbicide is known to cause cancer, Bloomberg News reported on Monday. A federal judge in Sacramento on Monday granted Bayer’s request to block the state from requiring the company or any businesses from providing a “clear and reasonable warning before exposing any individual to glyphosate,” the report said. Bayer, which acquired Roundup manufacturer Monsanto in a $63 billion deal in 2018, to date has faced three juries over claims that Roundup causes cancer. The company has denied the allegations made by more than 42,700 plaintiffs in the United States, saying decades of studies have shown Roundup and glyphosate are safe for human use.

Read more …

“It is the world’s largest asset manager and “shadow bank,” larger than the world’s largest bank (which is in China)..”

BlackRock, the New Great Vampire Squid (Ellen Brown)

To most people, if they are familiar with it at all, BlackRock is an asset manager that helps pension funds and retirees manage their savings through “passive” investments that track the stock market. But working behind the scenes, it is much more than that. BlackRock has been called “the most powerful institution in the financial system,” “the most powerful company in the world” and the “secret power.” It is the world’s largest asset manager and “shadow bank,” larger than the world’s largest bank (which is in China), with over $7 trillion in assets under direct management and another $20 trillion managed through its Aladdin risk-monitoring software. BlackRock has also been called “the fourth branch of government” and “almost a shadow government”, but no part of it actually belongs to the government.

Despite its size and global power, BlackRock is not even regulated as a “Systemically Important Financial Institution” under the Dodd-Frank Act, thanks to pressure from its CEO Larry Fink, who has long had “cozy” relationships with government officials. BlackRock’s strategic importance and political weight were evident when four BlackRock executives, led by former Swiss National Bank head Philipp Hildebrand, presented a proposal at the annual meeting of central bankers in Jackson Hole, Wyoming, in August 2019 for an economic reset that was actually put into effect in March 2020. Acknowledging that central bankers were running out of ammunition for controlling the money supply and the economy, the BlackRock group argued that it was time for the central bank to abandon its long-vaunted independence and join monetary policy (the usual province of the central bank) with fiscal policy (the usual province of the legislature).

They proposed that the central bank maintain a “Standing Emergency Fiscal Facility” that would be activated when interest rate manipulation was no longer working to avoid deflation. The Facility would be deployed by an “independent expert” appointed by the central bank. The COVID-19 crisis presented the perfect opportunity to execute this proposal in the US, with BlackRock itself appointed to administer it. In March 2020, it was awarded a no-bid contract under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to deploy a $454 billion slush fund established by the Treasury in partnership with the Federal Reserve. This fund in turn could be leveraged to provide over $4 trillion in Federal Reserve credit. While the public was distracted with protests, riots and lockdowns, BlackRock suddenly emerged from the shadows to become the “fourth branch of government,” managing the controls to the central bank’s print-on-demand fiat money.

Read more …

 

 

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Jun 192020
 


NPC “Largest electric locomotive and Congressman John C. Schafer” 1924 (he’d be in an electric car today)

 

Mainland China Reports 32 New Coronavirus Cases, 25 Of Them In Beijing (R.)
Mexico Posts Record Number Of New Coronavirus Infections (R.)
AMC Theaters To Reopen, Say Face Masks A “Political Controversy” (V.)
John Bolton’s Bad Reviews Don’t Stop Him Topping Us Book Charts (G.)
Bolton, Pelosi Agree: Trump Unfit To Be US President (R.)
Japan’s Deflation Gathers Momentum As Prices Extend Declines (R.)
Fed Chair: Keep Private Entities Out Of Central Bank Digital Currencies (CD)
EU Car Sales Crash 57% In May As Europe Amid Inventory Glut (ZH)
Australia Sees China As Main Suspect In State-Based Cyberattacks (R.)
Report Reveals CIA Incompetence To Blame For Vault 7 Breach (RT)
Americans Are Unhappiest They’ve Been In Nearly 50 Years (Ind.)
Indian Primate Jailed For Life After Carnivorous Rampage (RT)

 

 

Happy Juneteenth!

I made sure to check quite a few times, but it is what it is: according to Worldometer data, over the past 24 hours global new cases went from an almost record 141,872 on June 17 to an all-records shattering 177,168 on June 18. Maybe something’s off, but right now I couldn’t say what.

 

Worldometer reports new cases for June 18 (midnight to midnight GMT+0) at + 140,528. Third consecutive day above 140,000.

My count 6AM EDT to 6AM EDT based on Worldometer numbers is much higher today at 177,168.

 

 

 

 

New cases past 24 hours in:

• US + 29,180
• Brazil + 23,050
• Russia + 7,790
• India + 13,827
• Mexico + 5,662

 

 

Cases 8,602,359 (+ 177,168 from yesterday’s 8,425,191)

Deaths 456,802 (+ 4,994 from yesterday’s 451,808)

 

 

 

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

 

 

From Worldometer:

 

 

From COVID19Info.live:

 

 

 

 

 

 

Hunan we have a problem.

Mainland China Reports 32 New Coronavirus Cases, 25 Of Them In Beijing (R.)

Mainland China reported 32 new coronavirus cases as of the end of June 18, 25 of which were reported in the capital city Beijing, China’s National Health Commission said on Friday. This compared with 28 confirmed cases a day earlier, 21 of which were in Beijing. Local authorities are restricting movement of people in the capital and stepping up other measures to prevent the virus from spreading further following a series of local infections. Another five asymptomatic COVID-19 patients, those who are infected with the coronavirus but show no symptoms, were also reported as of June 18 compared with eight a day earlier. China does not count these patients as confirmed cases.

Read more …

Did we close the borders yet?

Mexico Posts Record Number Of New Coronavirus Infections (R.)

Mexico’s health ministry reported on Thursday a record 5,662 new confirmed cases of coronavirus infections and 667 additional fatalities, bringing the total in the country to 165,455 cases and 19,747 deaths. The government has said the real number of infected people is likely significantly higher than the confirmed cases.

Read more …

“AMC Theater CEO Adam Aron says their cinemas won’t require masks upon reopening because they didn’t “want to be drawn into a political controversy.”

Is testing also a political viewpoint? How about COVID19 treatment at hospitals? Can we deny that to people who have political issues with facemasks?

AMC Theaters To Reopen, Say Face Masks A “Political Controversy” (V.)

AMC Theatres, the world’s largest exhibitor, has unveiled plans to re-open after coronavirus forced it to close its more than 600 venues in the U.S. for nearly four months. The company is expected to resume operations in 450 of those locations on July 15 and expects to be almost fully operational by the time that Disney’s “Mulan” debuts on July 24 and Warner Bros.’ “Tenet” bows on July 31. As part of that process, AMC is reducing its seating capacity in order to help people social distance, it is implementing new cleaning procedures, placing hand-sanitizing stations throughout its theaters and encouraging contact-less and cash-free concessions. “We didn’t rush to reopen,” AMC CEO and president Adam Aron said in an interview with Variety.

“There were some jurisdictions in some states, such as Georgia and Texas, that allowed people to reopen theaters in mid-May. We opted to remain closed, so we could give the country time to get a better handle on coronavirus. We wanted to use this time to figure out how best to open and how to do so safely.” AMC’s competitors Regal and Cinemark announced their own plans to resume business earlier this week, targeting a similar mid-July timeframe for when they expect to be fully operational. [..] Prior to coronavirus there was a great deal of consolidation in the exhibition space, much of it made possible by debt financing. AMC’s decision to acquire rivals such as Odeon Cinemas, UCI Cinemas and Carmike Cinemas left it heavily leveraged with more than $5 billion in debt. In recent filings, AMC acknowledged that the coronavirus pandemic could push it into bankruptcy. [..]

AMC will not mandate that all guests wear masks, although employees will be required to do so. Nor will AMC perform temperature checks on customers, though it will monitor its employees’ temperatures and have them undergo screenings to check for signs of coronavirus. The situation will be different in states and cities that require residents to wear a mask when they’re in public, but Aron said that AMC was wary of wading into a public health issue that has become politicized. “We did not want to be drawn into a political controversy,” said Aron. “We thought it might be counterproductive if we forced mask wearing on those people who believe strongly that it is not necessary. We think that the vast majority of AMC guests will be wearing masks. When I go to an AMC feature, I will certainly be wearing a mask and leading by example.”

[..] the theater chain said that it is going to lean heavily on technological solutions such as deploying electrostatic sprayers, HEPA vacuums and upgraded MERV 13 ventilation filters, which would eliminate airborne particles and reduce the chance that COVID-19 will spread. Other procedures being implemented include cleaning auditoriums between each showtime and allowing extra time between screenings for disinfection; blocking out every other row of seats to decrease congestion; pushing guests to use online ticketing and kiosks to limit interactions with staff, and designating various points within theaters for one-way foot traffic.

Read more …

“Orange Man Bad” beats Black Lives Matter.

John Bolton’s Bad Reviews Don’t Stop Him Topping Us Book Charts (G.)

John Bolton’s damning indictment of the Trump presidency is soaring up online charts in the US a week before its release, despite withering reviews describing it as “bloated with self-importance”, as the Trump administration makes a last-ditch attempt to prevent its publication. In the teeth of a series of critical assessments from papers including the New York Times and the Washington Post, Bolton’s The Room Where It Happened is currently No 1 on Amazon’s US charts. Its sales are just ahead of another scathing take on Donald Trump, this time his niece Mary Trump’s forthcoming Too Much and Never Enough, which is subtitled How My Family Created the World’s Most Dangerous Man. Bolton’s book, which is out on 23 June, and Mary Trump’s, scheduled for 28 July, have knocked anti-racism titles by authors including Ibram X Kendi, Ijeoma Oluo and Robin DiAngelo off the top spots.

As the US justice department on Wednesday sought an emergency order to block publication of Bolton’s memoir, copies of the book were leaked to news outlets which revealed a series of explosive claims from the former national security adviser. According to Bolton, Trump pleaded with China to help him with his 2020 re-election campaign, praised China’s president Xi Jinping for his country’s internment camps, and was willing to halt criminal investigations to “give personal favours to dictators he liked”. Trump also weighed in, claiming on Twitter that the book is “made up of lies & fake stories”. Early reviews of the book have not been favourable. The New York Times said the memoir was “bloated with self-importance, even though what it mostly recounts is Bolton not being able to accomplish very much”.

Filled with “minute and often extraneous details”, the review continued, it “toggles between two discordant registers: exceedingly tedious and slightly unhinged”. The Washington Post said that “for a memoir that is startlingly candid about many things, Bolton’s utter lack of self-criticism is one of the book’s significant shortcomings”, while NPR found that Bolton “clearly does not expect to attract the casual reader, or anyone else unable to digest sentences such as this one on the third page: ‘Constant personnel turnover obviously didn’t help, nor did the White House’s Hobbesian bellum omnium contra omnes (war of all against all)’.”

Read more …

Bolton, Pelosi Agree: Trump Unfit To Be US President (R.)

President Donald Trump came under attack from both sides of the American political spectrum on Thursday as liberal Democratic leader Nancy Pelosi and former White House aide and conservative hawk John Bolton both declared him unfit to lead the country. “President Trump is clearly ethically unfit and intellectually unprepared to be the president of the United States,” Pelosi, the speaker of the U.S. House of Representatives, told a news briefing. In a new book, Bolton, Trump’s former national security adviser, has accused the Republican president of sweeping misdeeds, including explicitly seeking Chinese President Xi Jinping’s aid to win re-election in November. “I don’t think he’s fit for office,” Bolton told ABC News in part of an interview aired on Thursday.

“There really isn’t any guiding principle that I was able to discern other than what’s good for Donald Trump’s re-election.” Pelosi told a weekly news conference she was consulting with her fellow Democrats on whether to subpoena Bolton about the allegations in the book, which has not yet been distributed. If Bolton testifies before Congress, it could revive the issue of Trump’s competence as he faces a stiff challenge on Nov. 3 from Joe Biden, the Democrats’ presumptive presidential nominee, and fends off criticism over his handling of the coronavirus pandemic and protests over racial injustice and police brutality. Bolton refused to testify in the House’s impeachment probe last year and threatened to sue if subpoenaed. He offered to testify in the subsequent trial in the Senate, but the Republican-controlled chamber did not take him up on the offer.

[..] Adam Schiff, the House Intelligence Committee chairman who led the impeachment inquiry, sharply criticized Bolton as unpatriotic for withholding information from the probe. The new allegations are “further proof” that Trump’s actions in Ukraine were part of a pattern of abusing his power and the U.S. government for personal political gain, Schiff said in a statement.

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Abenomics will die with Abe’s political career regardless.

Japan’s Deflation Gathers Momentum As Prices Extend Declines (R.)

Japan’s core consumer prices fell for a second straight month in May, reinforcing deflation expectations and raising the challenge for policymakers battling to revive an economy reeling from the coronavirus pandemic. The data will likely complicate the Bank of Japan’s job of restoring growth and inflation, with a raft of recent indicators suggesting the nation is in the grip of its worst postwar economic slump. Several BOJ board members warned that stronger monetary support and closer policy coordination with the government were needed to prevent Japan from returning to deflation, minutes of the bank’s April meeting showed.

“With the pandemic hurting the economy, there’s a good chance Japan may slide into deflation. Downward pressure on prices will likely persist throughout this year,” said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. The nationwide core consumer price index (CPI), which includes oil but excludes volatile fresh food prices, fell 0.2% in May from a year earlier, government data showed on Friday. That compared with market forecasts of a 0.1% fall and followed a 0.2% drop in April, which was the first year-on-year decline since December 2016. The BOJ kept policy steady this week after expanding stimulus in March and April. But governor Haruhiko Kuroda conceded that inflation would remain well short of its 2% target for years to come.

[..} Some BOJ policymakers were concerned that bolder steps are needed to prevent the country from slipping back to sustained period of damaging price declines, the April minutes showed. “Japan is now facing the risk of deflation, so it’s possible to further enhance coordination between fiscal and monetary policies,” one BOJ board member was quoted as saying.

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“The private sector is not involved in creating the money supply, that’s something the central bank does.”

Fed Chair: Keep Private Entities Out Of Central Bank Digital Currencies (CD)

Private entities aren’t needed to build central bank digital currencies, said the head of the U.S. central bank on Wednesday. Federal Reserve Chairman Jerome Powell, speaking before the House Financial Services Committee, said the idea of a digital dollar – a blockchain-based version of the current world reserve currency – is complex, and one that the Fed takes seriously, but also that the idea needs to be studied further before one can be created and implemented. However, in response to a question from Rep. Tom Emmer (R-Minn.), Powell said he believed private entities did not have a role in designing a digital dollar.

“I do think this is something that the central banks have to design,” he said. “The private sector is not involved in creating the money supply, that’s something the central bank does.” Emmer was asking specifically about a recommendation from the Digital Dollar Project, which was launched earlier this year by former Commodities Futures Trading Commission Chairman J. Christopher Giancarlo, Chief Innovation Officer Daniel Gorfine and Accenture Director David Treat. The project suggested a digital dollar be issued by the Fed but designed in partnership with the private sector and accessible through a two-tiered banking system similar to the one in place in the U.S. today.

Powell said the general public may not be receptive to the idea of private employees being responsible for the money supply because they’re not accountable to “the public good.” Still, the idea is apparently being examined. A group of central banks have gotten together to discuss and better understand the concept as well as evaluate the implications on financial inclusion and concerns around cybersecurity, he said. “If this is something that is going to be good for the United States economy and for the world’s reserve currency, which is the dollar, then we need to be there and we need to understand it first and best,” Powell said. “So we’re working hard on it.”

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A guy I know said he was driving from Holland to Germany this week to pick up a car he bought, an 8-month old BMW at half the new price.

EU Car Sales Crash 57% In May As Europe Amid Inventory Glut (ZH)

New car sales in the EU plunged in May, falling 57% to 623,812, as Europe grapples with the same problem that the U.S. has had for weeks: a glut of inventory, despite re-opening some factories and re-starting production in certain areas. All 27 EU member states posted double digit declines in new car sales, with the U.K. falling an astounding 89%, according to MarketWatch. Production coming out of the EU remains “well blow” pre-crisis levels but the lack of demand continues to contribute to a growing inventory problem. This, in turn, has created a slowdown in an industry that’s already moving at a crawl to begin with. Jobs and profits are both threatened from the glut, in addition to the monumental threat they both still continue to face from the ongoing global pandemic.

Unsold cars on dealer lots are “at least 30% above normal” according to industry analysts, while unsold inventory in Germany alone was about $17 billion worth. Antje Woltermann, managing director of the ZDK industry group: “Unsold stocks are climbing, and on the other hand vehicles are not leaving the lots.” While Europe is struggling, many have looked to China, where sales were up 6% in May, for signs of optimism. For example, Stephan Wöllenstein, chief executive of Volkswagen Group China said: “The return of these kinds of figures is encouraging and gives us continued cautious optimism going forward.”

But those numbers don’t account for the recent second wave of lockdowns, including in Beijing, that China now faces. Countries like France and Germany continues to try and spur sales with government incentives, but Germany is focusing primarily on EVs while the glut is in traditional ICE cars. Recall, in May, we were ahead of the curve when we noted that European car registrations had plunged 76% in April. According to the European Automobile Manufacturers Association, the number of new cars sold fell from 1,143,046 to just 270,682 YOY in that month.

Read more …

Australia is but a lap dog.

The story changed overnight to name China as the main “suspect”. Of course what would be really suspect is if China DID NOT spy on Australia.

Australia Sees China As Main Suspect In State-based Cyberattacks (R.)

Australia views China as the chief suspect in a spate of cyber-attacks of increasing frequency in recent months, three sources familiar with the government’s thinking told Reuters on Friday. The comments came after Prime Minister Scott Morrison said a “sophisticated state-based actor” had spent months trying to hack all levels of the government, political bodies, essential service providers and operators of critical infrastructure. “We know it is a sophisticated state-based cyber actor because of the scale and nature of the targeting,” Morrison told reporters in the capital, Canberra, but declined to say who Australia believed was responsible.


Three sources briefed on the matter said Australia believed China is responsible, however. “There is a high degree of confidence that China is behind the attacks,” one Australian government source told Reuters, seeking anonymity as he was not authorised to speak to media. Australian intelligence has flagged similarities between the recent attacks and a cyber-attack on parliament and the three largest political parties in March 2019.Last year, Reuters reported that Australia had quietly concluded China was responsible for that cyber-attack. Australia has never publicly identified the source of that attack, however, and China denied it was responsible.

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Russiagate revisited.

Report Reveals CIA Incompetence To Blame For Vault 7 Breach (RT)

According to a just-released internal CIA report, “CCI had prioritized building cyber weapons at the expense of securing their own systems. Day-to-day security practices had become woefully lax.” “Most of our sensitive cyber weapons were not compartmented, users shared systems administrator-level passwords, there were no effective removable media controls, and historical data was available to users indefinitely,” the report goes on to say. The heavily-redacted document actually dates back to October 2017 and was only made public Tuesday by Senator Ron Wyden (D-Oregon), in an effort to pressure the new Director of National Intelligence John Ratcliffe into imposing new security measures. While the CIA ineptitude is the obvious takeaway, no one seems to have noticed the real bombshell: the timing of the breach and its implications.

The report says the CIA “did not realize the loss had occurred until a year later, when WikiLeaks publicly announced it in March 2017.” Now, what all was happening between March 2016 and a year later? You guessed it: Russiagate! Even as his own cyber arsenal was getting swiped from under his very nose, CIA chief John Brennan was obsessing about “Russian hackers” of the Democratic National Committee, or Hillary Clinton’s emails, or something – and pushing the bogus ‘Steele Dossier’ alleging Donald Trump’s collusion with Russia, which eventually made it into the infamous ‘Intelligence Community Assessment’ that accused Moscow of meddling in the 2016 US presidential election. It gets worse. According to the report, “Had the data been stolen for the benefit of a state adversary and not published, we might still be unaware of the loss—as would be true for the vast majority of data on Agency mission systems.”

So if the mythic bogeymen ‘Russian hackers’ had actually wanted to harm the US, they could have just used the CIA’s own, unprotected cyberweapons to stage false flags and wreak havoc across the world? None of which happened, obviously. Yet Brennan and his confederates have been telling everyone for years that the Kremlins wanted to “hack our democracy” by publishing some Democrat emails and posting memes on social media! [..] As for how Vault 7 got to WikiLeaks, the jury is still out on that. Joshua Schulte, the employee charged with leaking the files, is being prosecuted again after a hung jury at his first trial in March. His lawyers have argued the CIA security was so lax, anyone else on the team, or even outsiders, could have done it. The next time the media report some incendiary claim based on US intelligence “assessments,” try to keep all this in mind.

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How cann you be lonely when you have a TV set to keep you company?

Americans Are Unhappiest They’ve Been In Nearly 50 Years (Ind.)

Happiness among Americans has fallen to the lowest level in nearly five decades during the coronavirus pandemic, according to a new poll. The Covid Response Tracking Study, conducted by the National Opinion Research Center (NORC), found that morale was at the lowest point it has ever been since tracking emotional health trends began in 1972. The number of people who described themselves as very happy fell by 17 points to just 14 per cent in 2020. The previous record low – seen shortly after the 2007/8 Financial Crisis – was 29%. For the first time in 48 years, more people said they were unhappy than very happy. More than 60 per cent of Americans reported being “pretty happy”.


Interviews of the 2,279 US adults that took part in the survey took place between 21-29 May, while large parts of the country were under some form of lockdown designed to contain the spread of the Covid-19 virus. Feelings of loneliness have also increased as a result of the coronavirus lockdown, with half of all respondents saying they felt isolated either very often, often or sometimes. When asked the same question two years previously, less than a quarter of respondents said they experienced feelings of isolation.

Read more …

An alcoholic pet monkey…

Indian Primate Jailed For Life After Carnivorous Rampage (RT)

An alcoholic pet monkey has been locked up for good in Uttar Pradesh after a terror spree that left 250 people injured and one dead. Efforts to rehabilitate the animal were scrapped and zoo doctors affirm he’s a menace to society. The six-year-old monkey, named Kalua, received a life sentence of solitary confinement at India’s Kanpur Zoo this week after repeated attempts at normalizing his behavior left zookeepers and other monkeys much the worse for wear. Zoo doctor Mohd Nasir told local media the savage simian would harm people wherever he went if set free, explaining “he remains as aggressive as he was” when first brought to the zoo three years ago.

Kalua formerly belonged to an occultist in Mirzapur district, who fed him a diet of meat and copious alcohol. When his owner died, the grieving pet apparently went into withdrawal, becoming vicious and attacking locals. By the time forest and zoo teams succeeded in apprehending the aggressive creature, he had bitten over 250 people, including 30 children. One of his victims died of the injuries, while others – Kalua apparently has a thing for attacking women and girls – were left in need of plastic surgery. While the zookeepers had hoped to calm Kalua down, substituting a vegetarian diet for the human flesh he’d apparently come to rely on, they didn’t have much luck. The carnivorous creature has stayed hostile, especially toward female zookeepers, and plans to release him back into the wild a changed monkey have been shelved.

Kalua’s misbehavior predates the coronavirus outbreak, but he’s not the only monkey in Uttar Pradesh to make the news in recent weeks. A gang of monkeys attacked a lab technician in Meerut last month, stealing several blood samples taken from Covid-19 patients and running off with them in a scene that seemed lifted straight out of a Hollywood pandemic film.

Read more …

 

 

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Jun 102020
 


Banksy June 2020

 

WHO Walks Back Claim On Asymptomatic Transmission Of Coronavirus (RT)
Coronavirus Patients Most Infectious When They First Feel Unwell: WHO (R.)
WHO Urges Pakistan To Return To Lockdown As Hospitals Struggle (GH.)
California, Southwest Face New Coronavirus Woes As US Economy Reopens (R.)
Mexico’s Coronavirus Peak Still Weeks Off, 600 New Deaths In One Day (R.)
Widespread Mask-Wearing Could Prevent COVID19 Second Waves (R.)
DC National Guard Members Test Positive After Protests Response (McC)
Chicago Professor Removes Post That Appeared To Call For A Military Coup (Turley)
Tory Minister Says Eating Chlorinated Chicken Should Be Up To Consumer (Ind.)
World Faces Worst Food Crisis For At Least 50 Years – UN (G.)
ECB Prepares ‘Bad Bank’ Plan For Wave Of Coronavirus Toxic Debt (R.)
The Illusion of a Rapid US Recovery (Galbraith)
Misfortune vs. Carelessness (Ben Hunt)
Banksy Reveals Plan For Bristol’s Toppled Colston Statue (CB)

 

 

Worldometer has global new cases for June 8 (midnight to midnight GMT+0) at + 121,751.

My count from about 6 am EDT to 6 am EDT is about + 125,033 cases.

The decrease we saw for a few days did not last. New deaths also rose from 2,599 yesterday back up to 5,032.

 

 

 

 

New cases past 24 hours in:

• US + 19,056
• Brazil + 30,197
• Russia + 8,595
• India + 9,548
• Pakistan + 5,385

 

 

Cases 7,344,220 (+ 125,033 from yesterday’s 7,219,187)

Deaths 414,140 (+ 5,032 from yesterday’s 409,108)

 

 

 

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

 

 

From Worldometer:

 

 

From COVID19Info.live:

 

 

 

 

 

 

 

 

The WHO keeps on piling on “mistakes”. If it isn’t China, it’s HCQ, and if not that, it’s asymptomatic patients.

WHO Walks Back Claim On Asymptomatic Transmission Of Coronavirus (RT)

The World Health Organization has qualified its bombshell claim that asymptomatic people rarely infect others with Covid-19, scrambling to explain how its earlier statement was misinterpreted and based on a “misunderstanding.” WHO coronavirus lead Maria Van Kerkhove attempted on Tuesday to clear up controversy around her previous claim that asymptomatic transmission was “very rare,” insisting she had been speaking based on the results of just “two or three” studies. To claim asymptomatic transmission is rare globally would be a “misunderstanding,” she explained.

“I was just responding to a question, I wasn’t stating a policy of WHO or anything like that,” she backpedaled, explaining that asymptomatic transmission estimates come from dubiously-accurate models. “That’s a big open question, and that remains an open question.” Some 16 percent of infected people may be asymptomatic, she said, citing studies – while some scientific models claim as much as 40 percent of global transmission may come from asymptomatic individuals. Given that sloppy disease modeling has been responsible for some of the most disastrous overreactions to the pandemic, Van Kerkhove’s reluctance to include these supposedly scientific speculations in the previous day’s briefing could be forgiven, but WHO emergency director Mike Ryan acknowledged his colleague’s words were likely “misinterpreted.”

[..] Harvard Global Health Institute had flat-out refused to accept Van Kerkhove’s claim, declaring “all of the best evidence suggests that people without symptoms can and do readily spread SARS-CoV-2” in a statement on Tuesday. The institute warned that “communicating preliminary data…without much context can have tremendous negative impact” on public and government responses to the pandemic, and indeed, Van Kerkhove’s comments had touched off a chain-reaction of second-guessing, pearl-clutching, and general existential crises among lockdown proponents as the number of confirmed Covid-19 cases continues to climb.

Read more …

A.k.a. the exact moment they should start taking hydroxychloroquine.

Coronavirus Patients Most Infectious When They First Feel Unwell: WHO (R.)

Studies show people with the coronavirus are most infectious just at the point when they first begin to feel unwell, World Health Organization (WHO) experts said on Tuesday. This feature has made it so hard to control spread of the virus that causes COVID-19 disease, but it can be done through rigorous testing and social distancing, they said. “It appears from very limited information we have right now that people have more virus in their body at or around the time that they develop symptoms, so very early on,” Maria van Kerkhove, a WHO epidemiologist and technical lead on the pandemic, told a live session on social media. Preliminary studies from Germany and the United States suggest that people with mild symptoms can be infectious for up to 8-9 days, and “it can be a lot longer for people who are more severely ill”, she said.

Earlier, some disease experts questioned her statement on Monday that transmission of COVID-19 by people with no symptoms is “very rare”, saying this guidance could pose problems for governments as they seek to lift lockdowns. Van Kerkhove, citing disease-modelling studies, clarified on Tuesday that some people do not develop symptoms, but can still infect others. “Some estimates of around 40 percent of transmission may be due to asymptomatic (cases), but those are from models. So I didn’t include that in my answer yesterday but wanted to make sure that I made that clear,” she said.

Dr. Mike Ryan, WHO’s top emergencies expert, said that the novel coronavirus lodges in the upper respiratory tract, making it easier to transmit by droplets than related viruses such as SARS or MERS, which are in the lower tract. “Now as we look at COVID-19, we have an infectious pathogen that is present in the upper airway for which the viral loads are peaking at the time you are just beginning to get sick,” he said. “That means you could be in the restaurant feeling perfectly well and start to get a fever, you are feeling ok, you didn’t think to stay home, but that’s the moment at which your viral load could be actually quite high,” he said.

Read more …

You try getting 212 million people on a second lockdown.

WHO Urges Pakistan To Return To Lockdown As Hospitals Struggle (GH.)

The World Health Organization has taken the unusual step of urging Pakistan to return to lockdown, suggesting the country implement restrictions in a cycle of two weeks on, two weeks off. While Pakistan has relatively low testing rates, one in four people who are tested return a positive result, the WHO said in a letter to Punjab’s provincial health minister, Yasmin Rashid. Prime Minister Imran Khan has resisted a national lockdown, arguing the country cannot afford it, and provinces have instead introduced patchwork lockdowns. Last week Khan said these would be lifted. But, with 108,317 known cases and 2,172 confirmed deaths, hospitals across the south Asian country say they are at or near capacity, with some turning Covid-19 patients away. Globally, the WHO confirmed the biggest ever one-day rise in confirmed cases this week, with 136,000 cases in 24 hours, according to director general Tedros Adhanom Ghebreyesus. Most were from south Asia and the Americas.


[..] Dr Anthony Fauci, the top infectious diseases expert in the US, warned on Tuesday the pandemic was “far from over,” and that he was surprised at how “rapidly it just took over the planet”. Speaking in a videotaped discussion at a Biotechnology Innovation Organization conference, Fauci said: “I mean, Ebola was scary. But Ebola would never be easily transmitted in a global way.” He added: “HIV, as important as it is, was drawn out over an extended period of time.” He warned that the world was still at the start of seeing the coronavirus pandemic’s effects. “Oh my goodness,” Fauci said. “Where is it going to end? We’re still at the beginning of it.” On Tuesday, 21 US states reported weekly increases in new cases. Arizona, Utah and New Mexico all posted rises of 40% or higher for the week ending Sunday, compared with the prior seven days, according to a Reuters analysis.

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“21 U.S. states reported weekly increases [..] Arizona, Utah and New Mexico all posted rises of 40% or higher for the week..”

California, Southwest Face New Coronavirus Woes As US Economy Reopens (R.)

Coronavirus cases and hospitalizations are spiking in parts of California and the U.S. Southwest, prompting Arizona to reactivate its emergency plan for medical facilities and California to place counties where half its population lives on a watch list. The uptick in cases, which could lead authorities to reimpose or tighten public health restrictions aimed at slowing the virus’ spread, complicates efforts to reopen the U.S. economy, which has been devastated by shelter-at-home rules. New Jersey, one of the states hit hardest by the pandemic, with over 12,000 deaths, lifted its stay-at-home order on Tuesday. More than 18 million of California’s 39 million residents live in counties now on the watch list, which includes Los Angeles, Santa Clara and Fresno, a Reuters analysis showed.


“Many of the cases that are showing up in hospitals are linked to gatherings that are taking place in homes – birthday parties and funerals,” said Olivia Kasirye, public health director of Sacramento County, one of the nine counties on the state watch list that may eventually require them to roll back reopening efforts. Arizona was among the first states to reopen in mid-May and its cases have increased 115% since then, leading a former state health chief to warn that a new stay-at-home order or field hospitals may be needed. According to a Reuters tally, there were 1,983,825 coronavirus cases in the United States and 111,747 deaths as of Tuesday. On Tuesday, 21 U.S. states reported weekly increases in new cases of COVID-19.

[..] Arizona, Utah and New Mexico all posted rises of 40% or higher for the week ended Sunday, compared with the prior seven days, according to a Reuters analysis. Some of the new cases are linked to better testing. But many stem from loosened public health restrictions that have allowed people to gather in groups and go inside stores to shop, said public health officers in two California counties. Health officials believe other cases have been passed along by people not following social-distancing recommendations. It is too soon to see whether cases will also spike after protests swept the country [..]

Read more …

“The government previously predicted the pandemic would peak in early May, and under U.S. pressure, has begun reopening its carmaking industry..”

Mexico’s Coronavirus Peak Still Weeks Off, 600 New Deaths In One Day (R.)

New coronavirus cases in Mexico are expected to keep rising, a top health official said on Tuesday, even as the government pushes a gradual reopening of the economy launched at the beginning of this month. “We still haven’t reached the maximum point,” Deputy Health Minister Hugo Lopez-Gatell told a morning news conference. “For several more weeks, we will keep announcing there are more cases today than yesterday.” His assessment was largely echoed by officials from the World Health Organization and its Pan American Health Organization during a webcast news conference later in the day. While Mexico has yet to reach peak infections, they said, officials should boost testing before any wide-scale economic reopening and stick to safety measures, including social distancing.


Government figures released on Tuesday night showed nearly 600 deaths added to the official count as total infections rose to 124,301. Overall, reported deaths stood at 14,649. In recent weeks, Latin America has emerged as the epicenter of the pandemic, with a spike in cases even as the tide of infection recedes elsewhere. Mexican officials have gradually raised the projections of total fatalities and now forecast up to 35,000 deaths through October. A study by the Institute for Health Metrics and Evaluation at the University of Washington last week forecast up to 75,516 deaths by August. The government previously predicted the pandemic would peak in early May, and under U.S. pressure, has begun reopening its carmaking industry, which has since been deemed essential. But plans to further relax social-distancing measures were put on hold as infection rates continued to rise.

Read more …

That this is studied at all tells you how insane the west is. Asians don’t waste money on that, they just wear them.

Widespread Mask-Wearing Could Prevent COVID19 Second Waves (R.)

Population-wide facemask use could push COVID-19 transmission down to controllable levels for national epidemics and could prevent further waves of the pandemic disease when combined with lockdowns, according to a UK study published Wednesday. The research, led by scientists at the Britain’s Cambridge and Greenwich Universities, suggests lockdowns alone will not stop the resurgence of the new SARS-CoV-2 coronavirus, but that even homemade masks can dramatically reduce transmission rates if enough people wear them in public. “Our analyses support the immediate and universal adoption of facemasks by the public,” said Richard Stutt, who co-led the study at Cambridge.

He said the findings showed that if widespread mask use were combined with social distancing and some lockdown measures, this could be “an acceptable way of managing the pandemic and re-opening economic activity” long before the development and public availability of an effective vaccine against COVID-19, the respiratory illness caused by the coronavirus. The study’s findings were published in the “Proceedings of the Royal Society A” scientific journal. The World Health Organization updated its guidance on Friday to recommend that governments ask everyone to wear fabric face masks in public areas where there is a risk to reduce the spread of the disease.

In this study, researchers linked the dynamics of spread between people with population-level models to assess the effect on the disease’s reproduction rate, or R value, of different scenarios of mask adoption combined with periods of lockdown. The R value measures the average number of people that one infected person will pass the disease on to. An R value above 1 can lead to exponential growth. The study found that if people wear masks whenever they are in public it is twice as effective at reducing the R value than if masks are only worn after symptoms appear. In all scenarios the study looked at, routine facemask use by 50% or more of the population reduced COVID-19 spread to an R of less than 1.0, flattening future disease waves and allowing for less stringent lockdowns.

Read more …

But the Dems like the protests! Stopping them would be interfering with the election!

DC National Guard Members Test Positive After Protests Response (McC)

Members of the D.C. National Guard who were responding to protests in the nation’s capital over the death of George Floyd have tested positive for COVID-19, a spokeswoman said on Tuesday. The service members were part of the 1,300 D.C. National Guard members called up to help law enforcement respond initially to rioting on May 31, that was followed by days of peaceful protests. A Guard spokeswoman did not identify how many positive tests the unit has recorded. “We can confirm that we have had COVID-19 positive tests with the DCNG,” said D.C. National Guard spokeswoman Air Force Lt. Col. Brooke Davis. “The safety and security of our personnel is always a concern, especially in light of the COVID-19 era.”


The news follows reports that two members of the Nebraska National Guard who were activated in response to protests in Lincoln, Neb., have also tested positive. The D.C. National Guard was supported by approximately 3,900 additional Guardsmen from Florida, Idaho, Indiana, Maryland, Missouri, Mississippi, New Jersey, Ohio, South Carolina, Tennessee and Utah to protect national monuments and ensure peaceful demonstrations as tens of thousands of protesters took to district streets last week. In the largest protest Saturday, participants squeezed past each other, some with masks, some not, as they chanted and sang near the White House.

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“Trump is Hitler” died about 3 years ago. The MSM have brought it back.

Chicago Professor Removes Post That Appeared To Call For A Military Coup (Turley)

Figures from Glenn Greenwald to Tucker Carlson have raised the recent posting by University of Chicago Professor Brian Leiter saying that military leaders should “depose” President Donald Trump and jail him. The posting was either a poor attempt at a coup or comedy. The real problem is that in today’s environment it was unclear and, worse yet, unremarkable. On Reddit, readers were directed to “Brian Leiter (UoC professor) calls for a military coup: “Trump should be deposed and jailed” Leiter removed the statement and blamed the lack of a sense of humor on those who objected. He was not calling for a coup d’état, just musing about the possibility of a coup d’état.

On his site, Leiter discussed the criticism of Trump by General Mattis and stated that Mattis now “needs to encourage his military colleagues who share his respect for American democracy and the rule of law to do what he should have done while in office: Trump should be deposed and jailed.” Leiter later removed the statement with an addendum reading: “I’ve removed my little joke about a military coup in favor of VP Pence. I have, it appears, more faith in the U.S. military, and its commitment to the rule of law, than most readers.” The incident however raises a more concerning problem. Many could not tell. It is now routine for academics to make sweeping and irresponsible statements about how to deal with Trump and his Administration.

This is not a reference to the distortion of the criminal code to declare a host of criminal acts that are unsupportable under controlling case law. It is superheated rhetoric of professors denouncing the Trump Administration as a fascist regime and even endorsing violent protests as a form of speech. Harvard Professor Lawrence Tribe retweeted a comparison of Trump to Hitler engaging in similar gestures and calling it “horrifying,” He later took done the tweet and said “I’m not saying Trump is becoming Hitler, so don’t bother tweeting the distinctions.” Many are still making the comparison. Indeed, I have had other professors make the same comparison in conversations.

A professor who said that he teaches a course on fascism insisted that the comparison to fascism is apt and that violence is warranted, including the attack on journalist Andy Ngo: “I don’t have a problem with it. There are children dying of lack of medication in concentration camps in the U.S. If one fascist gets a milkshake thrown at him… And beaten up. I don’t have a problem with it.” This is why people do not get the joke because many academics are not joking. Indeed, we have discussed cases where faculty have been physically attacked and intimidated.

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Let them eat shit.

Tory Minister Says Eating Chlorinated Chicken Should Be Up To Consumer (Ind.)

A minister has stoked fears that low-welfare American meat could soon be on its way to British supermarkets and cafeterias after suggesting that the government would “trust the consumer” on whether to buy it or not. In the latest exchange in parliament on the issue, Cabinet Office minister Penny Mordaunt refused to say a ban would remain on chlorinated chicken, hormone-fed beef and other US imports after an upcoming trade deal with Donald Trump. The minister said she believed “we should be trusting the consumer” on the issue and suggested some people did not want to “put their faith in government” regulations. Despite the talk of consumer choice, in reality many meat products, such as in restaurants, hospitals, and school cafeterias, do not have a country of origin label, making it impossible for consumers to differentiate.

Where such labelling does currently exist, the US also regards it as an illegitimate barrier to its exports and pushes to have the practice banned as part of trade agreements it signs with other countries. US negotiators have made clear that opening the door to American agricultural exports, which are produced to much lower welfare standards than their European counterparts, is their primary demand in talks with the UK. While the government’s own best-case scenario shows an agreement with the US would lead to a tiny boost to the UK economy of just 0.16 per cent of GDP, failing to sign such a deal would be highly politically embarrassing for Boris Johnson, who has presented such an arrangement as part of the alternative to EU membership.

[..] As recently as January, Theresa Villiers, then environment secretary, reiterated that “we will not be importing chlorinated chicken” – but since then US trade chiefs have put pressure on the UK to change its position, leading the government to change tack. American meat factories use chlorine to wash chickens so that they can operate a less sanitary production environment otherwise, an approach which saves money and allows them to undercut other producers. [..] If US food exports do make it to the UK, British consumers may be denied information about which products are American to help them get a foothold in the market. The US government’s “Foreign Trade Barriers” document for 2019 catalogues policies in countries around the world the US wants ended.

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We now blame the virus for everything. Next up: corona causes climate change.

World Faces Worst Food Crisis For At Least 50 Years – UN (G.)

The world stands on the brink of a food crisis worse than any seen for at least 50 years, the UN has warned as it urged governments to act swiftly to avoid disaster. Better social protections for poor people are urgently needed as the looming recession following the coronavirus pandemic may put basic nutrition beyond their reach, the UN secretary general, António Guterres, said on Tuesday. “Unless immediate action is taken, it is increasingly clear that there is an impending global food emergency that could have long-term impacts on hundreds of millions of children and adults,” he said. “We need to act now to avoid the worst impacts of our efforts to control the pandemic.”

Although harvests of staple crops are holding up, and the export bans and protectionism that experts feared have so far been largely avoided, the worst of the impacts of the pandemic and ensuing recession are yet to be felt. Guterres warned: “Even in countries with abundant food, we see risks of disruption in the food supply chain.” About 50 million people risk falling into extreme poverty this year owing to the pandemic, but the long-term effects will be even worse, as poor nutrition in childhood causes lifelong suffering. Already, one in five children around the world are stunted in their growth by the age of five, and millions more are likely to suffer the same fate if poverty rates soar.

Guterres laid out a three-point plan to repair the world’s ailing food systems and prevent further harm. These are: to focus aid on the worst-stricken regions to stave off immediate disaster, and for governments to prioritise food supply chains; to strengthen social protections so that young children, pregnant and breastfeeding women and other at-risk groups – including children who are not receiving school meals in lockdown – receive adequate nutrition; and to invest in the future, by building a global recovery from the pandemic that prioritises healthy and environmentally sustainable food systems.

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The ECB is there ONLY for the banks, not at all for anyone else. The bad bank issues bonds with bad loans as collateral, banks buy those, and hand them to the ECB as … collateral. Circle jerk.

“The bad bank would then issue bonds which commercial banks would buy in exchange for portfolios of unpaid loans, neutralising the virus shock for Europe’s lenders. The banks could then lodge those bonds with the ECB as collateral for central bank funding.. “

ECB Prepares ‘Bad Bank’ Plan For Wave Of Coronavirus Toxic Debt (R.)

European Central Bank officials are drawing up a scheme to cope with potentially hundreds of billions of euros of unpaid loans in the wake of the coronavirus outbreak, two people familiar with the matter told Reuters. The project, which comes as Europe mobilises trillions of euros to bolster the region’s economy, is aimed at shielding commercial banks from any second fallout from the crisis, if rising unemployment chokes off the income needed to repay loans. One of the people familiar with the plan said the ECB had set up a task force to look at the idea of a “bad bank” to warehouse unpaid euro debt and that work on the scheme had accelerated in recent weeks. The amount of debt in the euro zone that is considered unlikely to ever be fully repaid already stands at more than half a trillion euros, including credit cards, car loans and mortgages, according to official statistics.

That is set to rise as the COVID-19 outbreak squeezes borrowers and could even double to one trillion euros, weighing on already fragile banks and hindering new lending, the people familiar with the ECB plans said. While the idea for a euro zone bad bank was discussed and shelved over two years ago, the ECB, under its new President Christine Lagarde, has consulted banks and EU officials about a scheme in recent weeks, one of the people said. As the euro zone’s most powerful institution, ECB backing for the project is critical but it would also require the blessing of Germany, the bloc’s biggest economy. Berlin has long opposed schemes that accept shared responsibility for debts in other countries although it recently had an unexpected change of heart, agreeing to pool EU borrowing for a coronavirus recovery fund.

One blueprint under discussion would involve the European Stability Mechanism, an EU institution which can provide financial assistance to euro zone countries or lenders, standing in as guarantor for the bad bank, the people said. The bad bank would then issue bonds which commercial banks would buy in exchange for portfolios of unpaid loans, neutralising the virus shock for Europe’s lenders. The banks could then lodge those bonds with the ECB as collateral for central bank funding, one of the people said. Major European commercial banks could be called on to join forces to underpin the scheme, the second person said.

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There are calls for Jay Powell to stop supporting the stock markets, because he’s helping Trump.

The Illusion of a Rapid US Recovery (Galbraith)

Furman, Krugman, and the CBO share a mental model. They regard the pandemic as an economic shock, like an earthquake or the 9/11 terrorist attacks. It is a disruption to a solid structure, a deviation from normal growth. To get America moving again, what is mainly needed is confidence, perhaps aided by stimulus. If consumers channel their pent-up demand into new spending, this “shock-stimulus” model dictates, then businesses will revive investment, and soon enough, all will be well once again.This is how mainstream center-left economists and policymakers have thought about recessions and recoveries since at least the 1960s, when President John F. Kennedy and his successor, Lyndon B. Johnson, pushed through tax cuts. But it ignores three major changes in the US economy since then: globalization, the rise of services in consumption and employment, and the impact of personal and corporate debts.

In the 1960s, the US had a balanced economy that produced goods for both businesses and households, at all levels of technology, with a fairly small (and tightly regulated) financial sector. It produced largely for itself, importing mainly commodities. Today, the US produces for the world, mainly advanced investment goods and services, in sectors such as aerospace, information technology, arms, oilfield services, and finance. And it imports far more consumer goods, such as clothing, electronics, cars, and car parts, than it did a half-century ago. And whereas cars, televisions, and household appliances drove US consumer demand in the 1960s, a much larger share of domestic spending today goes (or went) to restaurants, bars, hotels, resorts, gyms, salons, coffee shops, and tattoo parlors, as well as college tuition and doctor’s visits.

Tens of millions of Americans work in these sectors.Finally, American household spending in the 1960s was powered by rising wages and growing home equity. But wages have been largely stagnant since at least 2000, and spending increases since 2010 were powered by rising personal and corporate debts. House values are now stagnant at best, and will likely fall in the months ahead. Mainstream economics pays little attention to such structural questions. Instead, it assumes that business investment responds mostly to the consumer, whose spending is dictated equally by income and desire. The distinction between “essential” and “superfluous” does not exist. Debt burdens are largely ignored.

But demand for many US-made capital goods now depends on global conditions. Orders for new aircraft will not recover while half of all existing planes are grounded. At current prices, the global oil industry is not drilling new wells. Even at home, though existing construction projects may be completed, plans for new office towers or retail outlets won’t be launched soon. And as people commute less, cars will last longer, so demand for them (and gasoline) will suffer.Faced with radical uncertainty, US consumers will save more and spend less. Even if the government replaces their lost incomes for a time, people know that stimulus is short term. What they do not know is when the next job offer – or layoff – will come along.

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“To lose one parent, Mr. Worthing, may be regarded as a misfortune; to lose both looks like carelessness.”
-Oscar Wilde, “The Importance of Being Earnest”

Misfortune vs. Carelessness (Ben Hunt)

Back in 2013 – in some of my very first Epsilon Theory notes – I wrote about how unemployment data was chronically misreported during Barack Obama’s first term, with an outrageous bias towards making the employment news flow in the United States look much better in narrative than it was in fact. [..] the skinny is this: for a period of some years in the aftermath of the Great Financial Crisis, initial unemployment claims were systematically undercounted. Amazingly enough, this systematic misreporting in unemployment data stopped after Obama was re-elected for a second term.

Was this an intentional act of malfeasance and corruption by the Obama-era Bureau of Labor Statistics (BLS), who at the time weren’t even responsible for collecting the weekly initial unemployment claims data? Nope. Did the Obama-era BLS recognize the systematic error and direction of bias in the initial unemployment claims data? Absolutely. Could the Obama-era BLS have fixed the systematic error and direction of bias in the initial unemployment claims data if they had wanted to? In a heartbeat.

It’s exactly the same thing with the Trump-era Bureau of Labor Statistics and the reporting of weekly and monthly employment data. The measurement error we’ve seen in the monthly jobs report – and keep in mind that it is exactly the SAME ERROR being made for the past THREE MONTHS – is not an intentional mistake. But the failure to correct these errors – the conscious effort required to allow known and obvious errors to persist and create a market-moving and election-moving cartoon – well, I think that IS intentional.

Accidents happen. Misfortune occurs. Mistakes are made. But when the same accident happens over and over again, in exactly the same way and with exactly the same bias … What’s happening with the Bureau of Labor Statistics – and of course it’s not only the Bureau of Labor Statistics – is an intentional carelessness. It is an intentional, political carelessness that supports status quo cartoons of control, regardless of which political party happens to be championing the status quo today. It’s not a Democrat thing and it’s not a Republican thing. It’s a power thing.

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I see a global industry emerging.

Banksy Reveals Plan For Bristol’s Toppled Colston Statue (CB)

Protests in support of the Black Lives Matter movement have been taking place across the world over the last few weeks, after the death of George Floyd at the hands of Minneapolis police officers. In one of the most symbolic images from this weekend’s protests, the statue of 18th century slave trader Edward Colston was toppled in Bristol, and pushed into the harbour. As debate rages over whether the statue should be reinstated, left in the harbour, or pulled out and put in the city’s museum, the mysterious Bristol-based street artist Banksy has proposed a solution (below) to keep “everyone happy”. He suggests putting the statue back on its plinth, but with the addition of other life-size statues of the protestors pulling it down.

“What should we do with the empty plinth in the middle of Bristol? Here’s an idea that caters for both those who miss the Colston statue and those who don’t. We drag him out the water, put him back on the plinth, tie cable round his neck and commission some life size bronze statues of protestors in the act of pulling him down. Everyone happy. A famous day commemorated.”

Read more …

 

 

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May 132020
 


Harris&Ewing Treasury Building, Fifteenth Street, Washington, DC 1918

 

Don’t Let Governors Fool You About Reopening (Yaneer Bar-yam)
GOP Rejects Pelosi’s $3 Trillion HEROES Act Package (WE)
House Bill Would Provide Some As Young As 16 With $2,000 Monthly Payments (JTN)
HEROES Act Delivers A Win To The Health Insurance Industry (IC)
US Fossil Fuel Giants Set For A Coronavirus Bailout Bonanza (G.)
US COVID19 Death Forecast Revised Upward Again (R.)
Gilead Ties Up With Generic Drugmakers For COVID19 Drug Supply (R.)
Mexico Sees 353 Deaths In Most Lethal Coronavirus Day (R.)
Cuba Begins Mass Testing For COVID19 With Fewer Than 20 New Cases Per Day (G.)
How Hong Kong Did It (Atl.)
EU Faces ‘Existential Threat’ If Coronavirus Recovery Is Uneven (G.)
China’s April Air Passenger Numbers Down 68.5% Year-on-Year (R.)
US Airlines Tell Crews Not To Force Passengers To Wear Masks (R.)
Contacts Exposed Between US Kyiv Embassy, Yovanovitch, Burisma (Solomon)
Judge Delays Flynn Dismissal Decision, Invites Outside Opinions (JTN)

 

 

• US adds 1,894 coronavirus deaths in 24 hours. Monday: 830, Sunday: 776.

 

 

Russia had its 10th consecutive day of more than 10,000 cases

 

 


 

 

 

Cases 4,358,220 (+ 85,116 from yesterday’s 4,273,104)

Deaths 293,236 (+ 5,615 from yesterday’s 287,621)

 

 

 

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

 

 

From Worldometer

 

 

From SCMP:

 

 

From COVID19Info.live:

 

 

 

 

 

 

Do the states that are doing well risk seeing their progress wiped out?

Don’t Let Governors Fool You About Reopening (Yaneer Bar-yam)

In March, I called on the US to impose a strict five-week national lockdown with internal and external travel restrictions to bring us to near zero infections. While measures were taken in many parts of the country, it was too little, too late. Now, I and many others are issuing another warning: the decisions of some US governors to prematurely ease social distancing is a disastrous mistake and citizens need to ignore them. Our research — and common sense — show that lifting social restrictions will lead to an explosion of Covid-19 cases and cause countless more deaths. The correct way to relax restrictions is to start with parts of a state that are Covid-free for 14 days and allow only essential travel to those parts of the state with 14-day quarantines for inbound travelers. Why will going along with reopening lead to catastrophe?

First, we must understand that coronavirus is very deadly. Those who claim the death rate is exaggerated are plain wrong and downplaying the emergency. While death rate estimates have varied, recent data from China, the United Kingdom and France, reflecting deaths outside hospitals, including in nursing homes, puts the Covid-19 global fatality rate at around 6.8%, based upon analysis we did at endcoronavirus.org, using data from Johns Hopkins University. Second, almost all reopening states, from California to Pennsylvania, currently have a critical mass of new cases of existing infections that could see new outbreaks in the coming days and weeks. Third, without extreme preventive measures, we’ve seen how coronavirus infections doubled every two to three days at one point in different areas — which equated to about a tenfold increase per week.

That means that a state with 1,000 new cases could have well over 100,000 more in two weeks, if social distancing is loosened. States like Texas have announced precautions to mitigate harm from reopening with measures like limiting restaurants and shopping malls to operating at a 25% or 50% capacity depending on the amount of cases in their areas. But we know from months of studying this disease that communities need more aggressive measures to stop the exponential spread of Covid-19. We prevented the contagion from being much worse by putting in place protective measures throughout the US. We expanded testing capacity. We ramped up our hospitals’ capacity to care for critically ill patients. But this “flattening the curve” isn’t enough. If we lighten up on our protective measures now, all the progress we’ve made will vanish, and we’ll suffer an enormous setback. We need to push even harder to win.

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View from the right wing.

GOP Rejects Pelosi’s $3 Trillion HEROES Act Package (WE)

Senate Republicans flatly rejected a $3 trillion coronavirus aid package House Democrats introduced Tuesday and said they’ll wait to decide whether more legislation is necessary. “If we reach a decision, along with the administration to move to another phase, that’ll be the time to interact with the Democrats,” Senate Majority Leader Mitch McConnell told reporters Tuesday. “But what you’ve seen in the House is not something designed to deal with reality but designed to deal with aspirations. This is not a time for aspirational legislation. This is a time for practical response to the coronavirus pandemic.” Democrats blasted McConnell’s reaction to the massive bill.

Senate Minority Leader Chuck Schumer, a New York Democrat, accused McConnell of ignoring the desperate needs of people out of work and left without paychecks. “We need big, bold action, and yet, Leader McConnell seems totally divorced from that reality,” Schumer said. “We need to act in a big and bold way. The House has started the ball rolling. Republicans and the president ought to understand that and help us move in a big, bold way, not stand in the way.” The House measures are massive in both cost and scope. It provides new $1,200 cash payments to individuals and more than $1 trillion to state, local, and municipal governments. It includes a bailout for troubled state pensions and the U.S. Postal Service and “hazard pay” for healthcare workers and other workers who are unable to stay at home during the coronavirus.

Republicans have no appetite for the wide-ranging measure, they said. Congress has already enacted $2.8 trillion in federal coronavirus relief aid, and both the GOP and President Trump say they plan to wait for that funding to roll out and for economies to begin reopening before assessing the need for new federal spending legislation. Sen. John Thune, the majority whip, said the House bill “is nothing more than a messaging exercise by the House Democrats.” The South Dakota Republican said the bill “is not going anywhere” and said the Senate “will be working in a bipartisan way with the White House” when considering new coronavirus funding.

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I think we can safely label this UBI. If people making up to $250,000 are eligible, the few percent that remain are negligible.

House Bill Would Provide Some As Young As 16 With $2,000 Monthly Payments (JTN)

House Democrats are proposing a $2,000-a-month stimulus payment for individuals 16 and older to help them during the coronavirus. Reps. Ro Khanna of California and Tim Ryan of Ohio have introduced the proposal as stand-alone legislation titled the Emergency Money for the People Act. A spokesperson for Ryan’s office told Just The News on Tuesday that he is working with House leadership to include his bill in future coronavirus stimulus legislation. The Khanna-Ryan proposal would provide the monthly payments to qualified recipients for one year. To qualify, individual recipients must make less than $130,000 annually and couples filing joint tax returns would have to make less than $260,000.


The proposal has 37 co-sponsors including Reps. Rashida Tlaib, of Michigan, Alexandria Ocasio-Cortez, of New York, and Ted Lieu, of California. Khanna’s office said 16-year-olds would not have to file tax returns to qualify for the $2,000 per month. “They would have to fill out an online form that must be accessible via mobile phone to fill out” with their Venmo, Paypal, “other mobile money or direct deposit” information, a Khanna spokesperson said. Khanna’s office also told Just The News that illegal immigrants and non-citizens who file tax returns with tax ID numbers would qualify for the monthly direct payments in the bill.

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Here’s what you get for rejecting Medicare For All.

HEROES Act Delivers A Win To The Health Insurance Industry (IC)

The Heroes Act, the new coronavirus relief bill introduced by House Democrats on Tuesday, includes protections for employer-sponsored insurance plans, which the health care industry has been lobbying Congress on for weeks. The proposed legislation includes subsidies for continued coverage for furloughed workers and people using COBRA, a continuing health coverage plan for those who have lost work, even if they don’t pay their premiums. The bill also creates avenues for premium assistance for certain categories of people who want to pay those premiums anyway and would open a special insurance enrollment period a week from the date it’s enacted into law. It also provides nine months of premium payments to health insurance plan administrators who don’t receive them during the ongoing pandemic.

The push to protect insurance premiums comes as some health care companies, like UnitedHealth, Humana, and Cigna, have reported profits during the pandemic amid record-high unemployment levels and have boasted that they don’t expect to take a financial hit. In late April, dozens of industry groups — including the influential, conservative Chamber of Commerce — sent a letter to congressional leadership asking for direct subsidies for COBRA, expanding uses for health savings accounts, and increasing eligibility to access health insurance marketplaces.

A couple of weeks earlier, the nations’ second-largest health insurance lobby, America’s Health Insurance Plans, joined a congressional call with members of the conservative Democratic Blue Dog Caucus to ask for protections for employer coverage. According to two sources familiar with the April 13 call, AHIP’s CEO discussed the importance of protecting employer-sponsored plans. One person on the call, who works for an insurer and was not authorized to speak publicly about the conversation, said AHIP’s push for targeted relief to employers who pay premiums to insurance companies was puzzling, given that insurance companies have seen recent profits.

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The US is no longer capable of passing any law without both parties appropriating huge sums of money to their corporate sponsors. Every single bill that is passed increases inequality.

US Fossil Fuel Giants Set For A Coronavirus Bailout Bonanza (G.)

Fossil fuel companies and coal-powered utilities in the US are set for a potential bonanza under federal government plans for a bond bailout, part of the rescue package for the coronavirus crisis. At least 90 fossil fuel companies, many of them established giants such as ExxonMobil, Chevron and Koch Industries, stand to gain from the Federal Reserve’s coronavirus bond buyback programme, alongside more than 150 utilities including coal-heavy firms such as American Electric Power and Duke Energy, according to a new analysis. The bond buyback scheme is expected to be worth at least $750bn altogether and to benefit thousands of companies by the end of September, and the size of the payout that could go to fossil fuels and utilities is as yet unknown.


The scheme is to be discussed in the US Senate on Tuesday. Jason Disterhoft, a senior campaigner at Rainforest Action Network, which conducted the study, said public money should be used to bail out companies only with strict conditions attached. “Our concern is that these recovery funds should be prioritising people and communities and they are going instead to big companies to pay down their debts,” he said. Ten out of the top 40 fracking companies would be eligible to apply, according to the analysis, which examined all US fossil fuel companies and energy utilities to check whether they would qualify under the published scheme rules. It is not known whether any of these companies will apply for the support, though many are expected to do so.

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The modeling gets more useless with each update. Just say you don’t know.

US COVID19 Death Forecast Revised Upward Again (R.)

The latest forecast here from the University of Washington’s Institute for Health Metrics and Evaluation (IHME) reflects “key drivers of viral transmission like changes in testing and mobility, as well as easing of distancing policies,” the report said. The revision reinforced public health warnings, including U.S. Senate testimony on Tuesday from Dr. Anthony Fauci, the nation’s top infectious disease expert, that prematurely lifting lockdowns could lead to more outbreaks of the respiratory virus. Fauci and other medical experts have urged caution in relaxing restraints on commerce before diagnostic testing and the ability to trace close contacts of infected individuals can be vastly expanded, along with other safeguards.

IHME researchers acknowledged that precise consequences of moves to reopen shuttered businesses and loosen stay-at-home orders are difficult to gauge. “The full potential effects of recent actions to ease social distancing policies, especially if robust containment measures have yet to be fully scaled up, may not be fully known for a few weeks due to the time periods between viral exposure, possible infection and full disease progression,” the report said. COVID-19 has already claimed nearly 81,000 lives in the United States, out of more than 1.36 million known infections, according to a Reuters tally.

[..] The projections are presented as a range, with the latest forecast – 147,00-plus deaths – representing the average between a best-case scenario of 102,783 lives lost and a worst-case scenario of 223,489 fatalities. The forecasts have fluctuated over the past couple of months, with a projected death toll as low as 60,000 on April 18.

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It’s become normal to label remdesivir an “experimental COVID-19 treatment”.

Gilead Ties Up With Generic Drugmakers For COVID19 Drug Supply (R.)

Gilead Sciences Inc said on Tuesday it has signed non-exclusive licensing pacts with five generic drugmakers based in India and Pakistan to expand the supply of its experimental COVID-19 treatment remdesivir. The pacts allow the companies – Jubilant Life Sciences Ltd, Cipla Ltd , Hetero Labs Ltd, Mylan NV and Ferozsons Laboratories Ltd – to make and sell the drug in 127 countries. The countries consist of nearly all low-income and lower-middle income ones, as well as several that are upper-middle- and high-income, the drugmaker said. Afghanistan, India, North Korea, Pakistan and South Africa are among the countries.


The licensees will also set their own prices for the generic product they produce, Gilead said. The licenses are royalty-free until the World Health Organization declares the end of the public health emergency regarding COVID-19, or until a product other than remdesivir or a vaccine is approved to treat or prevent COVID-19, the company said. Gilead’s antiviral drug remdesivir earlier this month received the U.S. Food and Drug Administration’s emergency use authorization to treat COVID-19 patients.

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Rising in the charts. Close the borders.

Mexico Sees 353 Deaths In Most Lethal Coronavirus Day (R.)

Mexico’s health ministry confirmed 1,997 new cases of coronavirus infections on Tuesday, along with 353 additional deaths, the most deadly day since the pandemic began. The new infections brought confirmed coronavirus cases to 38,324 and 3,926 deaths in total, according to the official tally. Mexico’s previous highest daily death toll was on Thursday, when Mexico reported 257 fatalities.

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It’s easier for islands. And Cuba has a much better health care system than just about any country, that helps too.

Cuba Begins Mass Testing For COVID19 With Fewer Than 20 New Cases Per Day (G.)

Cuba has begun mass testing for coronavirus as it appeared to have contained infections, amid a partial shutdown that has exacerbated a shortage of basic goods. New cases have fallen to fewer than 20 per day from a peak of around 50 in April. Since the first Covid-19 illness was reported two months ago, there have been 1,804 confirmed cases, of which 70.7% have recovered and 78 people have died. Cuba has closed its borders and the tourism industry, schools and public transportation. Masks are mandatory and eating at restaurants, bars and social gatherings prohibited. Cubans have been urged to stay at home and practice social distancing.

But the public has not been confined to quarters and has taken to trudging about in search of basic supplies, waiting in long lines and even dusting off bicycles from the dark days following the fall of the Soviet Union. [..] While Communist-run Cuba’s universal and free healthcare system has proved key in containing Covid-19, the pandemic has exacerbated shortages of basic goods and a chaotic retail system caused largely by US sanctions and the centralized, state-dominated economy. Cuba’s top epidemiologist, Francisco Durán, said on Monday that mass testing would help better define the prevalence of the coronavirus as many people found to be infected showed no symptoms.

“The objective is to find new cases and then intervene, isolate, seek contacts, and take all possible measures to ensure that Cuba continues as it is now,” he said during his daily virus update broadcast to the nation. Many experts believe Cuba has managed to control the outbreak better than many countries in the region due to its well-staffed preventive healthcare system, mobilization of activists to track cases, a centralized system that allows a better focus, and willingness to quarantine large numbers of people. Cuban scientists announced last week they had adapted a computerized system developed locally to quickly detect antibodies of the new virus, allowing for mass testing in hospitals and clinics at little cost. Until now, the Caribbean island nation has used expensive tests – often donated – that take days to process, old-fashioned door knocking by health personnel and medical students to trace contacts, and isolation.

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Organizing at a small-scale level works.

How Hong Kong Did It (Atl.)

[..] there is no unchecked, devastating COVID-19 epidemic in Hong Kong. The city beat back the original wave, and also beat back a second resurgence due to imported cases. But unlike in Taiwan or South Korea, this success can’t be attributed to an executive that acted early and with good governance backed by the people. The secret sauce of Hong Kong’s response was its people and, crucially, the movement that engulfed the city in 2019. Seared with the memory of SARS, and already mobilized for the past year against their unpopular government, the city’s citizens acted swiftly, collectively, and efficiently, in effect saving themselves. [..]

On the very day the first known coronavirus case in Hong Kong was announced, the same protest team behind the candidate information sites immediately created a new website—this time to track cases of COVID-19, monitor hot spots, warn people of places selling fake PPE, and report hospital wait times and other relevant information. Many of the key information sources for Hong Kong protesters had been anonymous channels in the popular app Telegram and their own online forums. These anonymous formats protected the protesters from government repression but created a constant threat of misinformation, as someone could always pretend to be a protester or just be wrong or trolling.

Consequently, the protesters learned to become incessant fact-checkers, used to looking up multiple sources and critically analyzing information. Now they turned their powers to critical analysis to the coronavirus: criticizing their own officials, as well as the World Health Organization, which did not advise wearing masks or travel restrictions, and China, which they saw as covering up the initial epidemic (they were right on all counts). In response to the crisis, Hong Kongers spontaneously adopted near-universal masking on their own, defying the government’s ban on masks. When Lam oscillated between not wearing a mask in public and wearing one but incorrectly, they blasted her online and mocked her incorrect mask wearing.

In response to the mask shortage, the foot soldiers of the protest movement set up mask brigades—acquiring and distributing masks, especially to the poor and elderly, who may not be able to spend hours in lines. An “army of volunteers” also spread among the intensely crowded and often decrepit tenement buildings to install and keep filled hand-sanitizer dispensers. When the government refused at first to close the border with mainland China, more than 7,000 medical workers went on an unprecedented strike, demanding border closures and PPE for hospital workers. This strike was only possible because labor unions were formed during the protests. Now they came in handy for collective action.

Read more …

Since the recovery is 100% sure to be uneven, the ‘Existential Threat’ is inevitable.

EU Faces ‘Existential Threat’ If Coronavirus Recovery Is Uneven (G.)

The risk of an uneven economic recovery from the coronavirus crisis poses an “existential threat” to the European Union, one of its most senior economic policymakers has said. Paolo Gentiloni, a former Italian prime minister and now the EU’s economy commissioner, said the bloc also had a “historic opportunity” as it charts a plan to rescue Europe’s economy. In an interview a few days after the commission said Europe had entered “the deepest economic recession in its history”, Gentiloni said the EU needed a “sound recovery plan” to avoid the risks of economic division. Shuttered shops and factories, grounded planes and stay-at-home consumers as a result of lockdown restrictions mean the EU economy is expected to shrink by 7.5% in 2020, a deeper fall than the 2009 financial crisis.

Gentiloni is concerned that countries do not have the same resources to recover from this economic shock. The hardest hit countries – Greece, Italy, Spain and Croatia – face falls in economic output (GDP) in excess of 9% in 2020, while Germany’s economy is set to contract by 6.5% and Austria’s by 5.5%. Meanwhile countries have varying levels of state resources to rescue ailing companies and pay workers’ wages – emergency measures that have become easier since Brussels relaxed state aid rules to deal with the crisis. Gentiloni said state aid requests from EU member states were very imbalanced.

“What is clear is the uneven level of the recovery and the risks this creates to our single market and the necessary convergence, especially within the euro area. This is something that I could even define as an existential threat to the building of the Union,” he told a group of European newspapers, including the Guardian. “If we want to look from a more optimistic way it is not only an existential threat but also in some sense a historic opportunity to fill the void we have in common tools of economic and fiscal policies.”

Read more …

Good.

China’s April Air Passenger Numbers Down 68.5% Year-on-Year (R.)

China’s passenger numbers fell 68.5% in April from a year ago, for a drop smaller than in March, the aviation regulator said on Wednesday, pointing to a fragile industry recovery from the coronavirus pandemic as other nations reopen economies. The global tourism industry is closely watching trends in China for clues to travel patterns in other major markets as countries race to lift travel curbs. Air passengers numbered 16.72 million in April, Xiong Jie, a spokesman of the Civil Aviation Administration of China, told an online news conference. That compared with a decline of 71.7% on the year in March, when passengers numbered 15.13 million.


China’s tourism sector showed encouraging signs of recovery over the May Day holiday with 115 million trips made, many by car and by younger people emerging from weeks of virus lockdown measures. More than 30% of capacity has returned in the Chinese domestic market in the last two months, aviation data provider Cirium said on Tuesday. But the number of passenger flights in China has not yet recovered to 60% of the levels seen in past years, Jin Junhao, another CAAC official, sadi during Wednesday’s conference.

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There are few places where you’re more likely to get infected than inside a plane (or a train, subway).

US Airlines Tell Crews Not To Force Passengers To Wear Masks (R.)

The top three U.S. airlines have told their flight attendants not to force passengers to comply with their new policy requiring face coverings, just encourage them to do so, according to employee policies reviewed by Reuters. American Airlines , Delta Air Lines and United Airlines have told employees that they may deny boarding at the gate to anyone not wearing a face covering, and are providing masks to passengers who do not have them, the three carriers told Reuters. Inside the plane, enforcement becomes more difficult.

“Once on board and off the gate, the face covering policy becomes more lenient. The flight attendant’s role is informational, not enforcement, with respect to the face covering policy,” American told its pilots in a message seen by Reuters explaining its policy, which went into effect on Monday. “Bottom line to the pilots: a passenger on board your aircraft who is being compliant with the exception of wearing a face covering is NOT considered disruptive enough to trigger a Threat Level 1 response,” referring to some kind of intentional disruption by a passenger that could cause the captain to divert the flight. American spokesman Joshua Freed said: “American, like other U.S. airlines, requires customers to wear a face covering while on board, and this requirement is enforced at the gate while boarding. We also remind customers with announcements both during boarding and at departure.”

[..] U.S. travel demand has fallen by about 94% in the midst of the coronavirus pandemic, prompting carriers to slash their flying schedules to roughly 30% of normal this month. With fewer planes in the skies, some are flying near capacity. Global airlines body IATA came out last week in favor of passengers wearing masks onboard, as debate intensifies in the United States on the role that government agencies should play in mandating new safety measures for flying before a vaccine is developed.

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Certainly in 2016, there was no way to become US ambassador to Ukraine without the approval of Victoria Nuland et al. So another “hero” falls.

Contacts Exposed Between US Kyiv Embassy, Yovanovitch, Burisma (Solomon)

During President Trump’s impeachment, former U.S. Ambassador Marie Yovanovitch testified to Congress that she knew little beyond an initial briefing and “press reports” about Burisma Holdings, the Ukrainian natural gas firm that had hired Vice President Joe Biden’s son Hunter and was dogged by a corruption investigation. “It just wasn’t a big deal,” she declared under oath on Oct. 11, 2019. But newly unearthed State Department memos obtained under the Freedom of Information Act show Yovanovitch’s embassy in Kiev, including the ambassador herself, was engaged in several discussions and meetings about Burisma as the gas firm scrambled during the 2016 election and transition to settle a long-running corruption investigation and polish its image before President Trump took office.

Yovanovitch, for instance, was specifically warned in an email by her top deputy in September 2016 — three years before her testimony — that Burisma had hired an American firm with deep Democratic connections called Blue Star Strategies to “rehabilitate the reputation” of the Ukrainian gas firm and that it had placed “Hunter Biden on its board,” the memos show. She also met directly with a representative for Burisma in her embassy office, less than 45 days before Trump took office, a contact she did not mention during her impeachment deposition. The discussions about Burisma inside Yovanovitch’s embassy were so extensive, in fact, that they filled more than 160 pages of emails, memos and correspondence in fall 2016 alone, according to the State Department records obtained under FOIA by the conservative group Citizens United.

[..] The impeachment hearings last fall, which focused on efforts by Trump and his lawyer Rudy Guiliani to find evidence inside Ukraine on the Bidens and Burisma and to remove Yovanovitch from her job as U.S. ambassador, included testimony from Yovanovitch herself. During that deposition in October 2016, she made no mention of direct contact with Burisma representatives and instead suggested her knowledge about the company and its legal travails was limited mostly to a briefing she received in preparation for Senate confirmation as ambassador in summer 2016 and subsequent news media reports.

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Curious decision.

Judge Delays Flynn Dismissal Decision, Invites Outside Opinions (JTN)

US District Judge Emmet Sullivan on Tuesday delayed a decision on whether to dismiss Michael Flynn’s conviction for lying, indicating he plans to allow for the submission of outside opinions in the form of amicus curiae briefs. Last week, the Justice Department moved to drop the charges against Trump’s former national security advisor, but the judge’s plan to allow for the submission of friend of the court briefs means that the case will not be closed immediately. Sullivan has not issued a decision on the DOJ’s request to drop the charges. Flynn’s legal team blasted the idea of allowing for the submission of amicus briefs, which allow for parties interested in but not involved in a case to present their views.


“It is no accident that amicus briefs are excluded in criminal cases,” Flynn’s lawyers wrote in a filing according to The Hill. “A criminal case is a dispute between the United States and a criminal defendant. There is no place for third parties to meddle in the dispute, and certainly not to usurp the role of the government’s counsel. For the Court to allow another to stand in the place of the government would be a violation of the separation of powers.” Flynn in 2017 pleaded guilty to lying to the FBI, but later sought to withdraw his guilty plea. Evidence that has since emerged suggested the FBI had no case against Flynn but set up an interview in hopes it would catch him lying, his lawyers and Justice officials have said.

Read more …

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Support the Automatic Earth in virustime.

 

May 122020
 


Edward Hopper Night in the park 1921

 

Letter from Hong Kong to Covid Ravaged UK: What On Earth Are You Doing? (HKFP)
14 Million Wuhan Residents To Be Tested For COVID19 In 10 Days (SCMP)
As US Meat Workers Fall Sick And Supplies Dwindle, Exports To China Soar (R.)
Mexican Border Town Uses ‘Sanitizing Tunnels’ To Disinfect US Visitors (G.)
Tesla’s Musk Says Ready For Arrest As He Reopens California Plant (R.)
The Sum of All Broken Promises (Kunstler) ;
Record Unemployment Drives Forbearances Up (NMN)
The Bailout Is Working — for the Rich (Eisinger)
Bitcoin Goes Through Third ‘Halving’ (R.)
BOJ Will Do ‘Whatever It Can’ To Combat Pandemic Fallout: Kuroda (R.)
Trump And Biden Trade Anti-China Ads (IC)
Jan 5 Oval Office Meeting Key To Entire Anti-Trump Operation (Hemingway)
List Of Obama Officials Involved In Unmasking Declassified (SAC)
Another Former Obama Official Contradicts Her Public Statements (Turley)
2,000 Former DOJ, FBI Officials Demand Barr Resign Over Flynn Case (UPI)

 

 

• US registers less than 900 #coronavirus deaths in 24-hours for second day

• US records 830 #coronavirus deaths in the past 24 hours, bringing the total to 80,352, according to Johns Hopkins University. The figure followed Sunday’s toll of 776, the lowest daily tally since March,

 

 

 

 

 

 

 

 

 

Cases 4,273,104 (+ 72,174 from yesterday’s 4,200,957)

Deaths 287,621 (+ 3,471 from yesterday’s 284,150)

 

 

 

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

 

 

From Worldometer

 

 

From SCMP:

 

 

From COVID19Info.live:

 

 

 

 

“At the moment the number of deaths in Hong Kong [..] is four. Not 4,000, not 400, not 40. Four, as in number of gospel writers.”

Letter from Hong Kong to Covid Ravaged UK: What On Earth Are You Doing? (HKFP)

Five years ago I passed a landmark of no significance to anyone else but me: I had spent more than half of my life in Hong Kong. But I still wish you well. [..] And I need to ask, from one crowded island to another, what the hell have you been getting up to. My Facebook feed is bulging with lockdown stories. And it is horrifying to read the news that total deaths from Covid 19 in your place have passed, at the time of writing, 30,000. It seemed to me entirely irrelevant that, the week before, the total casualty toll had passed the tally of British Army deaths on the first day of the Battle of the Somme. When two highly industrialised nations put hundreds of thousands of young men in a field with instructions to kill each other you expect the blood to flow.

But we are all, give or take a few civil wars a safe distance away, at peace at the moment. And the excuse that this massacre is all inevitable, the result of a medical problem which nobody could have foreseen and for which there was no immediate remedy, doesn’t wash because the consequences have been so variable. I understand it is too early to say whether the UK will achieve the unwanted distinction of the highest death rate in Europe. But why is it even in the running for this title? At the moment the number of deaths in Hong Kong, whose government enjoys neither democratic legitimacy nor a reputation for unusual efficiency, is four. Not 4,000, not 400, not 40. Four, as in number of gospel writers.

This is in a territory with a land border to the mainland, where it all started. So we had less warning and more opportunities for imported infections. Taiwan and Thailand, similarly disadvantaged, have also managed strikingly low numbers, and Viet Nam claims to have no cases at all. [..] There is an interesting irony here, at least for the moment. It seems your government is not getting the blame it has richly earned. Ours, which has had a good epidemic so far, is not getting much credit. Partly, this is because of events in the year before the arrival of the new disease. Our Chief Executive has trodden in too many political cowpats to have a shot at the Hong Kong’s sweetheart title, whatever she does about viruses.

It is also partly because the government was propelled towards some precautions, like closing the border, by public agitation. But I think the main reason is because Hong Kong people, while they do not trust the words of their government, and still less those of the government over the boundary on the mainland, did not need to be persuaded to take the whole matter seriously. This made a big difference. Why so serious? We participated extensively in the SARS epidemic in 2003, still fresh in many memories. Indeed I imagine many households, like mine, still had a box of face masks which were tucked away when that epidemic subsided. Hygiene was already a thing.

In countries that have not seen a real epidemic since the Spanish flu in 1918 this awareness would of course be absent. But this is where, in a democratic society with a literate population and free media, public information should have come in. Instead governments dithered, at best, or denied there was a problem, at worst. I do not allow the defence that they were relying on scientific opinion. This is a contradiction in terms. Science, in its slow, tentative way, produces factual observations. The opinions of scientists about matters on which science has not yet determined the facts are not scientific. They are just opinions. You may think they are expert opinions, but expert opinions about the future (see the works of Philip Tetlock) are lamentably unreliable.

Read more …

I suggest we call this a test drive.

We can only wish the west would be as thorough. China understands Crush the Curve. It just took them a fateful 5-6 weeks too long to figure it out.

14 Million Wuhan Residents To Be Tested For COVID19 In 10 Days (SCMP)

Authorities in the central Chinese city of Wuhan, where the pandemic coronavirus was first detected, have ordered fresh Covid-19 tests for all of its 14 million residents after a cluster of new community cases. The Wuhan Covid-19 Epidemic Prevention Headquarters ordered all districts in the city to come up with plans for a 10-day barrage of nucleic tests and submit the plans by noon on Tuesday. The tests should cover both permanent residents and mobile populations, and target residential estates and densely populated areas, the headquarters said in the orders. The unprecedented move came after reports on the weekend of six new coronavirus cases from the same residential compound, known as Sanmin.

The cases were the first in the city since its last local Covid-19 patient was reported on April 3. One Sanmin resident, an 89-year-old man, showed symptoms as early as March but was not confirmed as a coronavirus patient until Saturday. The confirmation prompted authorities to test around 5,000 people from the complex, uncovering five more cases. Zhang Yuxin, who had been serving as the Communist Party secretary in charge of the Sanmin area, was sacked for poor management, state media reported on Monday. A Chinese professor of epidemiology, who declined to be named because he was not authorised to speak to the media, said large-scale testing was needed to prevent a new wave of infections.


“The new cases in Wuhan show there is a real risk of a second wave of potential transmission in the community by the asymptomatic carriers or mild symptoms. Covid-19 started with a few after all,” he said. “Tests on such a broad scale can help find these hidden carriers and eliminate that risk.”

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If so many people get infected in meat plants, there appears to be a serious hygiene problem right where your food comes from, and maybe the entire industry should be revised.

Q: what are the similarities between meat plants and care homes, other then they’re all virus clusters?

As US Meat Workers Fall Sick And Supplies Dwindle, Exports To China Soar (R.)

U.S. President Donald Trump ordered meat processing plants to stay open to protect the nation’s food supply even as workers got sick and died. Yet the plants have increasingly been exporting to China while U.S. consumers face shortages, a Reuters analysis of government data showed. Trump, who is in an acrimonious public dispute with Beijing over its handling of the coronavirus outbreak, invoked the 1950 Defense Production Act on April 28 to keep plants open. Now he is facing criticism from some lawmakers, consumers and plant employees for putting workers at risk in part to help ensure China’s meat supply.

Meat buyers in China ramped up imports from around the world as a pig disease decimated its herd, the world’s largest, and pushed Chinese pork prices to record highs. The supply shock drove China to pay more for U.S. meat than other countries, and even U.S. consumers, since late 2019. “We know that over time exports are critically important. I think we need to focus on meeting domestic demand at this point,” said Mike Naig, the agriculture secretary in the top U.S. pork-producing state of Iowa who supported Trump’s order. Processors including Smithfield Foods, owned by China’s WH Group Ltd, Brazilian-owned JBS USA and Tyson Foods Inc temporarily closed about 20 U.S. meat plants as the virus infected thousands of employees, prompting meatpackers and grocers to warn of shortages.


Some plants have resumed limited operations as workers afraid of getting sick stay home. The disruptions mean consumers could see 30% less meat in supermarkets by the end of May, at prices 20% higher than last year, according to Will Sawyer, lead economist at agricultural lender CoBank. While pork supplies tightened as the number of pigs slaughtered each day plunged by about 40% since mid-March, shipments of American pork to China more than quadrupled over the same period, according to U.S. Department of Agriculture data.

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Makes me think of how the Japanese 500 years ago called westerners dirty pigs.

Mexican Border Town Uses ‘Sanitizing Tunnels’ To Disinfect US Visitors (G.)

Fears of foreigners bringing infectious disease into the country. Enhanced border checkpoints. And the use of disinfectant spray to sanitize human beings. These aren’t notes from one of Donald Trump’s freewheeling press conferences. The United States’ troubled response to the coronavirus pandemic is such that the Mexican border city of Nogales, Sonora, has set up “sanitizing tunnels” to disinfect people leaving the US through Nogales, Arizona. On the Mexican side of two major border crossings, drivers coming from Arizona must exit their vehicles and step into an inflatable tunnel that sprays them with a cleansing solution.

Videos posted to social media by the municipal government of Nogales, Sonora, show people rotate under the vapor, stretch their arms and lean over to allow the disinfectant to reach their entire bodies. In a press release, the Nogales government states that the cleansing solution is biodegradable and protects from “any virus or bacteria, including Covid-19” for up to 24 hours. It adds that the tunnels “reduce the chances that a foreign citizen or citizen of this city who presents symptoms of the disease will infect other people on the Mexican side”.


The border city’s mayor has told Mexican news outlets that a majority of the people who have tested positive for Covid-19 in Nogales, Sonora, had recently returned from the US. The Mexican border city plans to install five sanitizing tunnels to disinfect people arriving through its two main ports of entry from Nogales, Arizona. A sanitizing tunnel is also stationed outside a hospital in Nogales, Sonora, where visitors must brush open or duck through clear plastic curtains to be washed with the disinfectant mist.

https://twitter.com/Underground_RT/status/1259856428145278976

Read more …

Now talk to the shareholders.

Tesla’s Musk Says Ready For Arrest As He Reopens California Plant (R.)

Tesla Inc Chief Executive Elon Musk on Monday said production was resuming at the automaker’s sole U.S. vehicle factory, in California, defying an order to stay closed and saying if anyone had to be arrested it should be him. The move comes as states and cities around the United States experiment with ways to safely reopen their economies after the coronavirus outbreak shuttered businesses and forced tens of millions of Americans out of work. Musk over the weekend threatened to leave California for Texas or Nevada over his factory’s closure. His move has highlighted the competition for jobs and ignited a rush to woo the billionaire executive by states that have reopened their economies more quickly in response to encouragement from U.S. President Donald Trump.

In an email on Monday, Tesla referred to an order on Thursday by California’s governor allowing manufacturers to resume operations and said that as of Sunday, previously furloughed employees were back to their regular employment status. “We’re happy to get back to work and have implemented very detailed plans to help you keep safe as you return,” according to the email seen by Reuters and titled “Furlough Has Ended And We Are Back To Work in Production!” Musk in a tweet said production was resuming on Monday, adding that he would join workers on the assembly line. “If anyone is arrested, I ask that it only be me,” he wrote.


[..] Health officials in Alameda County, where the Fremont factory is based, late on Monday said they were aware that Tesla had opened beyond the so-called minimum basic operations allowed during lockdown, and had notified the company it could not operate without a county-approved plan. In a statement, officials said they expected a proposal from Tesla later on Monday and “hope Tesla will likewise comply without further enforcement measures.”

Read more …

People have been getting so used to dire stories about the economy, they can no longer tell when things are really going south.

The Sum of All Broken Promises (Kunstler) ;

[..] one reason the markets may not keep chugging is that money is disappearing into the ol’ black hole of extinction even faster than the Fed can enter keystrokes that magically represent new money. The reason: if, in fact, money is loaned into existence, it is defaulted out of existence when the loans are not paid back. After all, that’s what a loan is: money advanced on a promise to be paid back, generally at interest, interest representing the time-value of money, that is, the duration of the loan. Do you have any idea how many loans are not being paid back, and may now never be paid back?

Start with houses. 63 percent of homeowners pay a mortgage (a loan) every month. The national average outstanding mortgage debt is $148,000. Total mortgage debt is $10.3 trillion. Now cars: There are roughly 260 million passenger vehicles registered in America, with upward of 100 million of them bought on loans that are still active, amounting to $1.2 trillion, enough to buy 53 million Ford Fusions at $23,000 each. Now credit card debt: total for the US is $3.9 trillion with an average carried balance of $9,333. Meanwhile, 45 percent of adult Americans have no savings.


[..] Consider that a trillion is a thousand billion (and a billion is a thousand million). In an ordinary reality, a reality-based reality, that is, with reality-based money, that would be a lot of money (and a lot of debt)! It’s hard to project an exact figure, but with over 20 percent of the US work-force idle, with no income, there’s liable to be a lot of debt that’s not being paid back, will never be paid back, and a lot of money headed into extinction. That will translate into a lot of people with no money. Until all that money they owed is finished not being paid back, and the new money that Fed is busy creating, with no relationship to the production of things of value, overcomes the old money that’s finished disappearing. Then Americans will have plenty of money. The catch is that the money will be worthless. Thus, the two ways of going broke: having no money; or having lots of money that’s too worthless to buy anything. So it goes.

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Oh well, houses are way overpriced anyway.

Record Unemployment Drives Forbearances Up (NMN)

The number of mortgages in coronavirus-related forbearance rose by 37 basis points between April 27 and May 3 as the unemployment rate kept growing, according to the Mortgage Bankers Association. Nearly 4 million mortgages sat in forbearance plans as of May 3. About 7.91% of all outstanding loans went into forbearance, compared to 7.54% the week before. The share of loans in forbearance at independent mortgage bank servicers saw a greater increase than the industry-wide average, growing to 7.54% from 7.13% over that period. At depositories, that share increased to 8.75% from 8.41%.


“With the calendar turning to May, the share of loans in forbearance increased, but the pace of the increase and incoming forbearance requests continued to slow,” Mike Fratantoni, the MBA’s senior vice president and chief economist, said in a press release. “The dreadful April jobs report showed a decline of more than 20 million jobs, and a spike in the unemployment rate to the highest level since the Great Depression. It will not be surprising if the forbearance numbers continue to rise.” In April, the largest spike came in the first full week of the month. Some projections show the same could be in store for May. Forbearance requests as a percentage of servicing portfolio volume declined 12 basis points for the week ended May 3 to 0.51 % from 0.63. But call center volume as a percentage of portfolio volume increased to 8.6% from 7.2% the previous week.

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That’s the whole idea. But the rich still live in the same country. Let the economy fail and they’re no longer rich.

A bit unreal that the Fed uses the language of MMT.

The Bailout Is Working — for the Rich (Eisinger)

Ten weeks into the worst crisis in 90 years, the government’s effort to save the economy has been both a spectacular success and a catastrophic failure. The clearest illustration of that came on Friday, when the government reported that 20.5 million people lost their jobs in April. It marked a period of unfathomable pain across the country not seen since the Great Depression. Also on Friday, the stock market rallied. The S&P 500 is now up 30% from its lows in mid-March and back to where it was last October, when the outlook for 2020 corporate earnings looked sunshiny. Companies have sold record amounts of debt in recent weeks for investment-grade companies. Junk bonds, historically dodgy during an economic swoon, have roared back.

If you’re looking for investors’ verdict on who has won the bailout, consider these returns: Shares of Apollo Group, the giant private equity firm, have soared 80% from their lows. The stock of Blackstone, another private equity behemoth, has risen 50%. The reason: Asset holders like Apollo and Blackstone — disproportionately the wealthiest and most influential — have been insured by the world’s most powerful central bank. This largess is boundless and without conditions. “Even if a second wave of outbreaks were to occur,” JPMorgan economists wrote in a celebratory note on Friday, “the Fed has explicitly indicated that there is no dollar limit and no danger of running out of ammunition.”


Many aspects of the coronavirus bailout that assist individuals or small businesses, meanwhile, are short-term or contingent. Aid to small businesses comes with conditions on what they can do with the money. The sums allocated by the CARES Act for stimulus and expanded unemployment insurance are vast by historical standards. But the relief they provide didn’t prevent tens of millions from losing their jobs. The assistance runs out in weeks, and the jobless live at the mercy of a divided Congress, which will decide whether that help gets extended and, if so, for how long.


The Nasdaq has put in six consecutive daily gains of 0.50% or more. The last time we saw such a streak was 17 years ago on 9/4/2003

Read more …

The Fed props up the stock market, not bitcoin.

Bitcoin Goes Through Third ‘Halving’ (R.)

Bitcoin slid on Monday in volatile trading, after it went through a technical adjustment that reduced the rate at which new coins are created, but the outlook remained upbeat as the increase in supply slows down. Monday’s “halving” cuts the rewards given to those who “mine” bitcoin to 6.25 new coins from 12.5. The next halving will be in 2024. Bitcoin relies on so-called “mining” computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded new bitcoins. In late afternoon trading, bitcoin was last down 1.3% at $8,620.43 against the dollar on the Bitstamp platform. It briefly turned higher.

“The incentive is less for miners now to mine bitcoin and they will probably switch to more profitable cryptocurrencies. So in the short term, there’s going to be pressure for bitcoin,” said Edward Moya, senior market analyst at OANDA in New York. “But longer term, you’re probably going to see higher prices. With all the fiscal and monetary stimulus that’s being pumped into the global economy, there’s renewed interest from institutional traders looking for alternatives to modern government-backed currencies.” Bitcoin has gained more than 20% since the beginning of the year. It touched $10,000 last week, a roughly three-month high, after Bloomberg reported that hedge fund manager Paul Tudor Jones has backed bitcoin as a hedge against inflation.


Traders said the prospect of bitcoin’s halving has fueled gains in the asset this year. Bitcoin two earlier “halvings”— one in November 2012 and the other in July 2016 — had signaled the start of bitcoin’s most dramatic bull runs over a period of several years, although not before a brief sell-off. The previous two bitcoin events propelled rallies of about 10,000% from late 2012 to 2014, and roughly 2,500% from mid-2016 to the currency’s all-time high just shy of $20,000 in December 2017, according to traders.

Read more …

Kuroda’s been head of the BOJ for over 7 years. The outcome? “Japan’s economy is in an increasingly severe state…”

BOJ Will Do ‘Whatever It Can’ To Combat Pandemic Fallout: Kuroda (R.)

The Bank of Japan will do “whatever it can” to mitigate the growing fallout from the coronavirus pandemic, Governor Haruhiko Kuroda said on Tuesday, warning that a collapse in global activity has had severe consequences on the the economy. The central bank has various tools at its disposal if it were to ramp up stimulus such as accelerating money printing, increasing market operation tools and cutting interest rates, Kuroda said in a semi-annual testimony to parliament. He signalled that any further steps the BOJ takes will focus on helping cash-strapped firms, rather than stimulating demand. “What’s most important for us is to take steps to smoothen corporate financing and stabilise markets,” Kuroda said.

“We will do whatever we can as a central bank, working closely with the government.” Kuroda ruled out the possibility of adding municipal bonds to the list of assets the BOJ buys, however, saying he saw no need to do so for the time being. The world’s third-largest economy is on the cusp of a deep recession with many analysts projecting a double-digit contraction in the current quarter, as the pandemic forces households to stay home and businesses to shut down. While the government plans to lift the state of emergency for some prefectures that saw infection numbers stabilise, many big cities including Tokyo will likely see current restrictions kept in place at least for the rest of this month.


Kuroda said Japan did not face an imminent risk of a sharp credit contraction, as many financial institutions have sufficient buffers to weather the pain from the pandemic. But he warned the outlook for Japan’s economy was “highly uncertain” and dependent on when the pandemic is contained, with risks skewed to the downside. “Japan’s economy is in an increasingly severe state. The outlook will remain severe for the time being,” he said.

Read more …

When will Biden start up the anti-Putin ads?

Trump And Biden Trade Anti-China Ads (IC)

As coronavirus deaths mount, President Donald Trump’s China-bashing has evolved from a short-term political tactic into a full-fledged election strategy. Take the ad “Travel Ban,” which was unveiled last week by pro-Trump Super PAC America First Action. The spot is one of several anti-China ads released by the group over the past few weeks, and it revisits some standard Trump campaign tropes: There are images of Biden from the Obama years, clips of the former vice president stumbling over his words, and allusions to the decades Biden spent in Washington. But the ad, which is part of a larger attempt to dub the presumptive Democratic nominee “Beijing Biden,” reserves its greatest ire for Biden’s purported ties to China, zooming in on a shot of him shaking hands with Chinese leader Xi Jinping.

“China is killing our jobs and now killing our people,” a male voice intones ominously. Instead of taking the high road, the Biden campaign has offered its own version of xenophobic hype. A Biden campaign spot released in mid-April juxtaposes Chinese medical workers in Tyvex suits with lines of Americans waiting to get tested for the virus. “Trump rolled over for the Chinese,” a narrator says. Both ads have angered Asian American activists. The Biden spot in particular has upset people who view him as a potential ally at a time of rising xenophobia.


They worry that even without going to extremes like calling Covid-19 the “Chinese virus” and the “kung-flu” — terms used by Trump and officials in his administration over the past few months — images of Asian faces and offhanded mentions of “the Chinese” are just a slightly subtler form of racist dog-whistling, and harmful at a moment when hate crimes against Asian Americans are on the rise. “There’s a clear link between the rhetoric that’s being used and the increased harm to our community,” said John Yang, president of Asian Americans Advancing Justice-AAJC. “We are equally concerned about both parties. We are concerned that there will be a race to the bottom.”

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I don’t think the DOJ will go after Obama, only Sidney Powell would.

Jan 5 Oval Office Meeting Key To Entire Anti-Trump Operation (Hemingway)

Information released in the Justice Department’s motion to dismiss the case it brought against Lt. Gen. Michael Flynn confirms the significance of a January 5, 2017, meeting at the Obama White House. It was at this meeting that Obama gave guidance to key officials who would be tasked with protecting his administration’s utilization of secretly funded Clinton campaign research, which alleged Trump was involved in a treasonous plot to collude with Russia, from being discovered or stopped by the incoming administration. “President Obama said he wants to be sure that, as we engage with the incoming team, we are mindful to ascertain if there is any reason that we cannot share information fully as it relates to Russia,”

National Security Advisor Susan Rice wrote in an unusual email to herself about the meeting that was also attended by Deputy Attorney General Sally Yates, FBI Director James Comey, and Vice President Joe Biden. A clearer picture is emerging of the drastic steps that were taken to accomplish Obama’s goal in the following weeks and months. Shortly thereafter, high-level operatives began intensely leaking selective information supporting a supposed Russia-Trump conspiracy theory, the incoming National Security Advisor was ambushed, and the incoming Attorney General was forced to recuse himself from oversight of investigations of President Trump. At each major point in the operation, explosive media leaks were a key strategy in the operation to take down Trump.

Not only was information on Russia not fully shared with the incoming Trump team, as Obama directs, the leaks and ambushes made the transition chaotic, scared quality individuals away from working in the administration, made effective governance almost impossible, and materially damaged national security. When Comey was finally fired on May 9, in part for his duplicitousness regarding his handling of the Russia collusion theory, he orchestrated the launch of a Special Counsel probe that continued his efforts for another two years. That probe ended with Mueller finding no evidence of any American colluding with Russia to steal the 2016 election, much less Trump or anyone connected to him.

An analysis of the timeline from early 2017 shows a clear pattern of behavior from the federal officials running the collusion operation against the Trump campaign. It also shows how essential media leaks were to their strategy to sideline key law enforcement and intelligence officials and cripple the ability of the incoming Trump administration to run the country. Here’s a timeline of the key moments and news articles of the efforts, per Obama’s direction, to prevent the Trump administration from learning about the FBI’s operation against it.

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Can I get this straight? Susan Rice was Obama’s national security advisor. She unmasked US officials while she was no longer at the job. Even if individuals are unmasked, their identities remain highly classified. But they were leaked in substantial numbers. Which is in turn highly illegal.

Samantha Power was United Nations Ambassador. She also unmasked Trump officials. In fact she made 260 requests for unmasking. Only, she didn’t. Someone else did in her name.

List Of Obama Officials Involved In Unmasking Declassified (SAC)

In 2017, information published by this reporter and John Solomon, then with Circa, a online news organization under Sinclair Media, exposed that former Obama national security advisor Susan Rice had unmasked a number of U.S. officials connected to then President Donald Trump’s campaign. On Monday night, reports surfaced, first with ABC News and then others, that the acting Director Of National Intelligence Richard Grenell had authorized the declassification of the list of senior Obama officials that had unmasked Americans exponentially in the last months of the Obama administration. A U.S. official familiar with the declassification process confirmed to SaraACarter.com that the list of officials has been declassified and should be made public shortly.

In May, 2019 President Donald Trump authorized the Department of Justice to declassify the list, as well as all the other documentation pertaining to the Foreign Intelligence Surveillance warrant used to spy on short term campaign volunteer Carter Page. Department of Justice Inspector General Michael Horowitz revealed in several recent reports that the FBI and DOJ failed to validate the evidence used to obtain the warrants to spy on Page and omitted evidence that would have stopped the secret court from authorizing the warrant to spy on the campaign. The most egregious unmasking was that of Army Lt. Gen. Michael Flynn, whose prosecution has now been overturned by the Justice Department.

In January, 2017 Flynn’s name and the contents of his conversation with former Russian Ambassador Sergey Kislyak was revealed to a Washington Post reporter by a senior official in the Obama administration. The contents of the conversation were later outed in a column by Washington Post writer David Ignatius. The highly classified information led to the false allegations that Flynn and the Trump campaign were conspiring with Russia. Still, no one has been held accountable for the highly classified leak. However, sources tell this reporter there has been an ongoing DOJ investigation into the matter.

Rice, who hid her role in unmasking Trump officials, eventually admitted that she had requested unmasking of officials in the campaign. However, it was in April, 2017, when Trump White House lawyers were informed that Rice had requested the identities of U.S. persons in the raw intelligence reports. Usually in the raw reports Americans are identified as U.S. Person 1 or U.S. Person 2. Those identities are considered top secret and are limited to only a few persons. Further, there was an abundance of evidence that former United Nations Ambassador Samantha Power, unlike any former U.N. Ambassador before her, was also unmasking American’s identities in these highly classified reports at an extraordinary rate.

Then, in October, 2017, House Oversight & Government Reform Committee Chairman Trey Gowdy revealed that Power had admitted under testimony that not all the “unmaskings” attributed to her were made by her but instead were done by someone else who signed in her name. She allegedly made 260 requests to “unmask” Americans who had been in communication with non-U.S. citizens that were under surveillance. Recent testimony, declassified by Grenell has shown that to be the case and Power’s testimony coincides with Gowdy’s recollection of the events. “I think if she were on your show, she would say those requests to unmask may have been attributed to her, but they greatly exceed by an exponential factor the requests she actually made,” said Gowdy, in October 2017 to Fox News.

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There are now quite a few people known who said completely different things in public from what they said under oath.

Another Former Obama Official Contradicts Her Public Statements (Turley)

The long-delayed release of testimony from the House Intelligence Committee has proved embarrassing for a variety of former Obama officials who have been extensively quoted on the allegedly strong evidence of collusion by the Trump campaign and the Russians. Figures like James Clapper, who is a CNN expert, long indicated hat the evidence from the Obama Administration was strong and alarming. However, in testimony, Clapper denied seeing any such evidence.

One of the most embarrassing is the testimony of Evelyn Farkas, a former Obama Administration official who was widely quoted in her plea to Congress to gather the evidence that she knew was found in by the Obama Administration. In her testimony under oath Farkas repeatedly stated that she knew of no such evidence of collusion. Farkas, who served as the deputy assistant secretary of Defense for Russia/Ukraine/Eurasia, was widely quoted when she said on MSNBC in 2017 that she feared that evidence she knew about would be destroyed by the Trump Administration.

She stated: “..was urging my former colleagues, and, frankly speaking, the people on the Hill… Get as much information as you can, get as much intelligence as you can, before President Obama leaves the administration, because I had a fear that somehow that information would disappear with the senior people that left. So it would be hidden away in the bureaucracy . . . the Trump folks, if they found out how we knew what we knew about their, the staff, the Trump staff’s dealing with Russians, that they would try to compromise those sources and methods, meaning we would no longer have access to that intelligence. So I became very worried, because not enough was coming out into the open, and I knew that there was more.”

MSNBC never seriously questioned the statements despite the fact that Farkas left the Obama Administration in 2015 before any such investigation could have occurred. As we have seen before, the factual and legal basis for such statements are largely immaterial in the age of echo journalism. The statement fit the narrative even if it lacked any plausible basis. Not surprisingly, the House Intelligence Committee was eager to have Farkas share all that she stated she “knew about [“the Trump folks”], their staff, the Trump’s staff’s dealing with Russian” and wanted to get “into the open.” After all, she told MSNBC that “I knew that there was more.”

She was finally put under oath in the closed classified sessions and there was nothing but classified crickets. Farkas was repeatedly asked to share that information that electrified the MSNBC hosts and audience. She repeatedly denied any such knowledge, telling then Rep. Trey Gowdy (R, S.C.), “I didn’t know anything.” Gowdy noted that Farkas left the Obama administration in 2015 and asked “Then how did you know?” She repeated again “I didn’t know anything.”

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“If any of us [..] were to lie to federal investigators in the course of a properly predicated counterintelligence investigation..”

Isn’t that exactly the point? Barr said it was not properly predicated?!

2,000 Former DOJ, FBI Officials Demand Barr Resign Over Flynn Case (UPI)

Almost 2,000 former federal prosecutors and members of the Federal Bureau of Investigation published an open letter Monday calling for the resignation of Attorney General William P. Barr over the dropping of the Michael Flynn case in federal court. Former U.S. Department of Justice and FBI officials, identifying themselves as both Republicans and Democrats, said Barr’s decision to drop prosecution of Flynn, President Donald Trump’s first national security advisor, was a case of using “the Department as a tool to further President Trump’s personal and political interests,” the letter said. “Make no mistake: The Department’s action is extraordinarily rare, if not unprecedented,” the letter added.

“If any of us, or anyone reading this statement who is not a friend of the President, were to lie to federal investigators in the course of a properly predicated counterintelligence investigation, and admit we did so under oath, we would be prosecuted for it.” Last week, Barr’s prosecutors asked a U.S. District judge to dismiss the charge of making false statements to the FBI with prejudice against Flynn, a retired U.S. Army lieutenant general. Co-signers of the letter said Barr earlier overruled sentencing recommendations to seek favorable treatment for President Trump’s close associate, Roger Stone, showing that Barr was doing the president’s bidding as Attorney General.


[..] “[Barr’s actions flout] the core principle that politics must never enter into the Department’s law enforcement decisions and undermined its mission to ensure equal justice under the law,” the letter said. Co-signers included former federal prosecutors and some former presidential appointees. The highest-ranking signee was Stuart Gerson, who served during the Clinton administration as acting attorney general, NBC News reported. The letter urged District Court Judge Emmet Sullivan, who’s in charge of the Flynn case, to examine the DOJ’s rationale for dismissing the charges, and to hold hearings with witnesses if necessary, then to “deny the motion and proceed with sentencing if appropriate.” Along with urging Barr’s resignation, the group urged Congress to reschedule a House Judiciary Committee meeting to censure Barr, “and demand that he answer for his abuses of power.”

Read more …

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Apr 062020
 


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Coronavirus Has Lit The Fuse On A Time Bomb In China’s Economy (SCMP)
Consider the Possibility That Trump Is Right About China (Schadlow)
Head Of WHO Accused Of Putting Lives At Risk By Parroting China’s Lies (DM)
China Owes US £351 Billion (DM)
It Started In China, But Europe Is The Hub For Global Coronavirus Spread (IC)
Japan To Declare State Of Emergency On April 7 (ZH)
Tracking Site Suggests White House Model Overestimates Hospitalizations (JTN)
Illinois Adjusts On The Fly To Meet Medical Supply Needs In ‘Wild West’ (CST)
Mexico’s President Has ‘Unorthodox’ Coronavirus Plan To Help Economy, Poor (R.)
Bailing Out the Bailout (Matt Taibbi)
Boris Johnson Received Oxygen Treatment After Being Admitted To Hospital (BI)
Dr.Zelenko Has Now Treated 699 Coronavirus Patients With 100% Success (TSU)
COVID-19 Attacks The 1-Beta Chain of Hemoglobin (Chemrxiv)

 

 

Are things actually calming down a little? Seems much too early to say. Some countries may apprear to be slowing down, but others have just started.

And perhaps some numbers have been exaggerated, but we all know many numbers have been lowballed for a long time too.

If the US has less than 3,000 deaths in 10 days, then maybe.

 

 

Cases 1,282,383 (+ 67,896 from yesterday’s 1214487)

Deaths 70,183 (+ 4,578 from yesterday’s 65605)

 

 

 

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

 

 

From Worldometer -NOTE: mortality rate for closed cases is at 21% !

 

 

From SCMP:

 

 

From COVID2019Info.live:

 

 

 

 

Someone called it the end of the Asian century.

Coronavirus Has Lit The Fuse On A Time Bomb In China’s Economy (SCMP)

The coronavirus outbreak has already taken a great toll on the Chinese economy, with all headline readings pointing towards a record slowdown in growth during the first two months of the year. But there is an even greater danger for what was once the world’s fastest-growing major economy: that Covid-19 will become the catalyst that will bring its many long-simmering problems to the boil. At the centre of these problems is a rising systemic risk in its banking and financial systems caused by a high level of debt accrued over the past decade. The outbreak could not have occurred at a worse time. The past 10 years have not only seen the economy saddled with this debt, but it has also involved a steady structural slowdown that last year saw the growth rate fall to 6.1 per cent, the lowest in decades.


Now, just at the very time the country might consider spending more to prop up that growth rate, a raging pandemic means it will be making much less money than usual. The latest data from the Chinese Ministry of Finance shows fiscal revenue plunged by 9.9 per cent in the January-February period, the steepest drop since 2009. Overall tax revenue fell 11.2 per cent, driven by a 19 per cent slump in value-added tax (VAT) revenue, the main source of fiscal income. These drops come just as the government has offered a handsome tax cut in response to the pandemic. Meanwhile, the escalation of the pandemic in the rest of the world will only further weigh on China’s economic growth, corporate profits and personal income. In turn, this will inevitably drag down government revenue in months to come.

Beijing’s proposed stimulus spending will only exacerbate China’s already-massive debt pile, which had reached 310 per cent of gross domestic product by the end of last year, according to the Institute of International Finance. Many economies that have experienced such levels of debt have gone on to suffer a financial crash or economic crisis. China now accounts for about 60 per cent of the US$72.5 trillion emerging market debt. A deleveraging campaign had reduced Beijing’s debt mountain in 2018. But it has since returned to credit-driven stimulus to support growth and combat the effects of its trade war with the United States. About 80 per cent of China’s debt stock was accumulated over the past decade as the country strived to achieve the politically significant milestone of doubling its economic sizefrom 2010 to 2020. The milestone was a key goal in President Xi Jinping’s Chinese dream of “national rejuvenation”.


While the coronavirus threat has receded in China itself, any hope of an early recovery is forlorn as Covid-19 is still ripping through the major developed economies – essentially, China’s customers and trade partners. Plunging demand from abroad will create a second shock wave that will hit China’s export-oriented economy just as it is recovering from the first shock of having to lock down its cities. China’s balance sheet will be hit by both dwindling revenue and a spiralling demand for spending. Rising corporate debt, surging local government borrowings, and soaring non-performing loans for commercial banks are three areas that could wreck its fragile financial and banking systems. The non-financial corporate debt-to-GDP ratio jumped from 93 per cent in 2009 to 153 per cent last year [..]

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Nadia Schadlow is a former deputy national-security adviser for strategy.

Consider the Possibility That Trump Is Right About China (Schadlow)

China, America’s most powerful rival, has played a particularly harmful role in the current crisis, which began on its soil. Initially, that country’s lack of transparency prevented prompt action that might have contained the virus. In Wuhan, the epicenter of the outbreak, Chinese officials initially punished citizens for “spreading rumors” about the disease. The lab in Shanghai that first published the genome of the virus on open platforms was shut down the next day for “rectification,” as the Hong Kong-based South China Morning Post reported in February. Apparently at the behest of officials at the Wuhan health commission, news reports indicate, visiting teams of experts from elsewhere in China were prevented from speaking freely to doctors in the infectious-disease wards.

Some experts had suspected human-to-human transmission, but their inquiries were rebuffed. “They didn’t tell us the truth,” one team member said of the local authorities, “and from what we now know of the real situation then, they were lying” to us. Now China’s propagandists are competing to create a narrative that obscures the origins of the crisis and that blames the United States for the virus.

This irresponsible behavior and lack of transparency revealed what Trump’s National Security Strategy had identified early on: that “contrary to our hopes, China expanded its power at the expense of others.” Instead of becoming a “responsible stakeholder”—a term George W. Bush’s administration used to describe the role it hoped Beijing would play following China’s entry into the World Trade Organization in 2001—the Chinese Communist Party used the advantages of WTO membership to advance a political and economic system at odds with America’s free and open society. Previous National Security Strategy documents had tiptoed around China’s adversarial conduct, as if calling out that country as a competitor—as the 2017 document unequivocally did—was somehow impolite.


[..] Dependence on China for crucial medical equipment throughout the pandemic has illuminated the dangers of a hyper-globalized economy. Experts had warned of American dependence on key drug ingredients from China. The Wall Street Journal has reported that China is the only maker of key ingredients for certain classes of drugs, including established antibiotics that treat a range of bacterial infections such as pneumonia. American reliance on Chinese suppliers for other pharmaceuticals and medical supplies is also worrisome. Americans should not depend on an authoritarian rival state for its citizens’ health—any more than the United States and other free and open societies should give Chinese companies, and by extension the Chinese Communist Party, control over communications infrastructure and sensitive personal data.

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The Daily Mail does not take prisoners.

“The British and US governments fund about a quarter of WHO’s $2.2 billion annual budget, while China gave $44.3 million last year.”

Head Of WHO Accused Of Putting Lives At Risk By Parroting China’s Lies (DM)

It seems the new virus first began appearing in Wuhan last November to the bafflement of local doctors. On December 31, China reported a cluster of pneumonia-like cases to the WHO. On the same day, Taiwan tipped off the Geneva-based body that it had learned of medical staff in China falling ill – a clear sign of human-to-human transmission. Yet it said the information was not shared since the nation is excluded from a key WHO platform. Chen Chien-jen, Taiwan’s vice-president and an epidemiologist, said the WHO’s failure to obtain first-hand information on human transmission led to crucial delay. ‘An opportunity to raise the alert level both in China and the wider world was lost.’

The WHO confirms receiving an email mentioning ‘news reports of atypical pneumonia reported in Wuhan, and that Wuhan authorities said they believed it was not SARS’ but denies there was any mention of medical staff falling ill. There are suggestions Chinese authorities knew of human-to-human transmissions early in January, even as they detained doctors desperately trying to warn about a potential epidemic and accused them of spreading false ‘rumours’. Taiwan sent its own team to Wuhan in mid-January after failing to obtain clarification through official channels, which confirmed human transmission. There have also been credible claims on Chinese social media, repeated by online news reports, that an infected disease specialist in Wuhan alerted a senior WHO official in Asia because they had trained together and remained friends.

On January 11, a Chinese government respiratory expert who initially said the virus was ‘under control’ admitted he might have been infected in Wuhan. Media reports show medical staff were being treated in hospital for symptoms by January 15. Yet on January 14, the WHO confidently told the world that ‘the Chinese authorities have found no clear evidence of human-to-human transmission of the novel coronavirus identified in Wuhan’. It seems the new virus first began appearing in Wuhan last November to the bafflement of local doctors. On December 31, China reported a cluster of pneumonia-like cases to the WHO. On the same day, Taiwan tipped off the Geneva-based body that it had learned of medical staff in China falling ill – a clear sign of human-to-human transmission.

Yet it said the information was not shared since the nation is excluded from a key WHO platform. Chen Chien-jen, Taiwan’s vice-president and an epidemiologist, said the WHO’s failure to obtain first-hand information on human transmission led to crucial delay. ‘An opportunity to raise the alert level both in China and the wider world was lost.’ The WHO confirms receiving an email mentioning ‘news reports of atypical pneumonia reported in Wuhan, and that Wuhan authorities said they believed it was not SARS’ but denies there was any mention of medical staff falling ill. There are suggestions Chinese authorities knew of human-to-human transmissions early in January, even as they detained doctors desperately trying to warn about a potential epidemic and accused them of spreading false ‘rumours’.

Taiwan sent its own team to Wuhan in mid-January after failing to obtain clarification through official channels, which confirmed human transmission. There have also been credible claims on Chinese social media, repeated by online news reports, that an infected disease specialist in Wuhan alerted a senior WHO official in Asia because they had trained together and remained friends. On January 11, a Chinese government respiratory expert who initially said the virus was ‘under control’ admitted he might have been infected in Wuhan. Media reports show medical staff were being treated in hospital for symptoms by January 15. Yet on January 14, the WHO confidently told the world that ‘the Chinese authorities have found no clear evidence of human-to-human transmission of the novel coronavirus identified in Wuhan’.

Read more …

More Daily Mail. Because it’s a quiet Monday morning.

China Owes US £351 Billion (DM)

Britain should pursue the Chinese government through international courts for £351 billion in coronavirus compensation, a major study into the crisis has concluded. It comes as 15 senior Tories led by former Deputy Prime Minister Damian Green write to Boris Johnson to demand a ‘rethink and a reset’ in relations with Beijing. The first comprehensive investigation into the global economic impact of the outbreak concludes that the G7 group of the world’s leading economies have been hit by a £3.2 trillion bill that could have been avoided if the Chinese Communist Party had been open and honest about the outbreak late last year.

Britain’s slice of the compensation sum includes the full cost of Chancellor Rishi Sunak’s economic bailout and hike in NHS spending in response to the crisis. The landmark study also directly highlights crunch British policy decisions made earlier this year – such as not cancelling flights from London to Wuhan in January – that were hampered or directly affected by misinformation from China and the acquiescent World Health Organisation. The report, to be published tomorrow by the Henry Jackson Society, a British foreign policy think-tank, says there is evidence that China directly breached international healthcare treaty responsibilities, and outlines ten legal avenues major nations could take to pursue damages from them.


It is titled ‘Coronavirus Compensation: Assessing China’s potential culpability and avenues of legal response’ and concludes: ‘The CCP (Chinese Communist Party) sought to conceal bad news at the top, and to conceal bad news from the outside world. Now China has responded by deploying an advanced and sophisticated disinformation campaign to convince the world that it is not to blame for the crisis, and that instead the world should be grateful for all that China is doing. ‘The truth is that China is responsible for Covid-19 – and if legal claims were brought against Beijing they could amount to trillions of pounds.’ Legal avenues include bringing a case at the Permanent Court of Arbitration at The Hague against China for breaking sanitary commitments, going to the UN and International Court of Justice, or the WTO.

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Europe was very late. Maybe Americans should take note.

It Started In China, But Europe Is The Hub For Global Coronavirus Spread (IC)

When the coronavirus began to spread, Mongolia took sensible precautions. It halted border crossings from China, with which it shares a 2,877-mile border. Mongolia also imposed travel bans on people from South Korea and Japan, the other epicenters of the pandemic at the time. Yet the virus nonetheless found its way to Mongolia, where the first infected person — known as the “index case” — was a Frenchman who had come to the country from France via Moscow. The story is the same for many other countries that became part of the pandemic due to infected people carrying it from Europe. South Africa’s first coronavirus cases had gone to northern Italy for a skiing trip. South America’s first case was a Brazilian who had traveled to Italy’s Lombardy region, and Bangladesh’s first cases were Bangladeshis who had also come from Italy.


Panama’s index case was imported from Spain, and Nigeria’s first experience with coronavirus was an Italian business traveler. Jordan’s was imported from Italy. As Covid-19 cripples the U.S. and ravages many countries in the world, politicians are battling to craft a narrative of who is to blame for its damage. The virus started in China, of course, but narratives of how it went from epidemic to global pandemic often leave out a crucial element: the role of Europe. European countries have been hit much harder than Asian nations and have spread the virus significantly more than other regions. The Intercept went through news reports of Covid-19 index cases across the world, and the results were startling. Travel from and within Europe preceded the first coronavirus cases in at least 93 countries across all five continents, accounting for more than half of the world’s index cases.

Travel from Italy alone preceded index cases in at least 46 countries, compared to 27 countries associated with travel from China. One of the reasons European travel facilitated the spread of the coronavirus was because those countries were late to close air links. Italy closed one terminal of Milan’s main airport on March 16, when the northern region of Lombardy already had 3,760 cases in a population of 10 million people. By contrast, China had shut down flights out of Hubei province on January 23, when there were 500 reported cases worldwide and 17 deaths in Hubei among a population of 58 million. London’s Heathrow and Paris’s Charles De Gaulle airports are still open as cases soar in both of those cities, while Spain’s air operators only closed major terminals in Madrid and Barcelona when air traffic had ground to a halt anyway.

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Any state of emergency that doesn’t start the moment it’s announced is suspicious. Why not next week, month?

Japan To Declare State Of Emergency On April 7 (ZH)

Japan’s Prime Minister Shinzo Abe has decided to declare a coronavirus emergency, according to the Nikkei, as new cases in the capital surged at a record pace. And while the Japanese publication notes that the government will hold an unofficial meeting of a panel of experts and start preparing for the declaration, Kyodo reported moments ago that Japan will declare a state of emergency on April 7, which would take effect on April 8. An emergency declaration gives governors in the areas covered formal powers, such as issuing requests that people stay home; Tokyo and surrounding areas, as well as Osaka, are expected to be affected by the declaration.

Abe has been criticized for not having already declared an emergency – a hesitance thought by many to stem from a strong desire to hold the Olympics this summer in Tokyo as originally planned. The International Olympic Committee decided in late March to postpone the games to 2021 after consulting with the prime minister and others. And yet, a conflict is set to emerge almost instantly because Japan’s constitution does not permit the government to demand that individuals stay home, owing to civil liberties concerns. Is Japan – which already buys billions in stocks just to avoid a market crash and preserve social order – about to also have a constituational crisis?


In any case, we find it strange that there were almost “no cases” in the weeks leading up to Japan’s reluctant decision to postpone this year’s Olympics, only to see a sudden record surge afterwards as Japan’s cases “mysteriously” soared, demonstrating once again that the coronavirus – or rather the tracking of its case and death toll – is first and foremost a political priority. Abe met with parties including Health Minister Katsunobu Kato and Yasutoshi Nishimura, the economic and fiscal policy minister, on Sunday to discuss the spread of infections. “If necessary, we will decide [to declare an emergency] without hesitation,” said Nishimura, who heads the government’s coronavirus response, on a show of public broadcaster NHK on Sunday. “We are looking for signs of an overshoot,” he said, referring to an explosion in cases, and noted that the atmosphere has grown extremely tense.

Read more …

After going through model after model to make accouncements and set policy, Fauci says: “disease models “don’t tell you anything. You can’t really rely upon models..”

Tracking Site Suggests White House Model Overestimates Hospitalizations (JTN)

A web site that tracks actual hospital beds in use suggests the model used by top White House health officials to project the trajectory of the coronavirus has so far overestimated the number of Americans hospitalized by the disease by tens of thousands. Those projections, popularly known as the “Murray” model after the model’s lead author, University of Washington professor Christopher Murray, were explicitly cited by Dr. Deborah Birx, the response coordinator for the White House’s Coronavirus Task Force, at a press conference in the last week. Birx told reporters that Murray’s model, which predicts a shortage of tens of thousands of hospital beds throughout the country by the middle of April, underscored the task force’s “concern that we had with the growing number of potential fatalities” based on the model’s projections.

Yet a comparison of actual hospitalized patients by state and nationally suggests the model has so far overestimated the number of beds needed to treat pandemic patients. The forecast predicted, for example, that the United States would need around 164,750 hospital beds for COVID-19 patients on Saturday. Yet the COVID Tracking Project, a team of journalists and data analysts who collect and tabulate coronavirus data from state tallies around the country, reported only around 22,158 currently hospitalized coronavirus patients nationwide on Saturday. The discrepancies are also stark when looked at on a state-by-state basis. The model estimated that 65,434 patients would need hospital beds in New York State on Friday. In reality, there were 15,905 hospitalizations in that state by Sunday morning, according to the COVID Tracking Project.

Notably, the model touts its predictions as occurring under “full social distancing” through May of this year, meaning the projected hospitalizations are meant to occur even with significant quarantine measures. It is unclear why the model’s numbers are so significantly higher than the actual numbers observed in hospitals across the country. Officials have offered explanations for various model fluctuations ranging from data assumptions to the impact of stay-at-home orders. [..] at a White House press conference on Saturday, Birx said that coronavirus modelers are “re-evaluating all of their models in light of the level of the impact of the mitigation.” “Just to be clear, we won’t know how valid the models are until we move all the way through the epidemic,” she said.


Dr. Anthony Fauci, meanwhile, reportedly said during a recent meeting that disease models “don’t tell you anything. You can’t really rely upon models.” Fauci has elsewhere indicated a preference for overestimating the possible effect of the coronavirus pandemic in the United States, telling reporters in March: “I think we should be overly aggressive and get criticized for overreacting.”

https://twitter.com/AndyGrewal/status/1247010974974054406

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The entire west is wild. Most organizational models are horror material. No money in them, no political gain.

Illinois Adjusts On The Fly To Meet Medical Supply Needs In ‘Wild West’ (CST)

In a state where the government usually operates on the basis of buy now, pay later (often much, much later), the emergency of the coronavirus pandemic has required a decidedly different approach. About two weeks ago, Illinois officials tracked down a supply of 1.5 million potentially life-saving N95 respirator masks in China through a middleman in the Chicago area and negotiated a deal to buy them. One day before they were expecting to complete the purchase, they got a call in the morning from the supplier informing them he had to get a check to the bank by 2 p.m. that day, or the deal was off. Other bidders had surfaced.

Realizing there was no way the supplier could get to Springfield and back by the deadline, Illinois assistant comptroller Ellen Andres jumped in her car and raced north on I-55 with a check for $3,469,600. From the other end, Jeffrey Polen, president of The Moving Concierge in Lemont, drove south. Polen isn’t in the medical supply business, but he “knows a guy,” an old friend who specializes in working with China’s factories. As they drove, Andres and Polen arranged to meet in the parking lot of a McDonald’s restaurant just off the interstate in Dwight. They made the handoff there. Polen made it back to his bank with 20 minutes to spare. Illinois already has received part of the mask shipment. There’s more on the way.

That’s just a taste of the “Wild West” world of emergency procurement taking place over the past several weeks as the state fights for equipment and supplies to protect frontline workers and patients in the battle against COVID-19. Most of that work is being performed by Gov. J.B. Pritzker’s administration through a rapid-procurement strike team, pulling together procurement specialists from around state government under the auspices of the Illinois Emergency Management Agency. [..] They’re all looking for what we have come to know as PPE or personal protective equipment — masks, gloves, gowns and face shields — plus coronavirus testing kits and swabs and, most prized of all, ventilators to help those most seriously ill keep breathing.


There’s a separate team working just on ventilators, said Deputy Governor Christian Mitchell, who is overseeing the procurement efforts for Pritzker. When they find what they need, they have to move immediately to complete the purchase before losing out to another bidder — even as the competition causes prices to jump to levels that would have been ridiculous just a month ago.

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Not everybody had endless pockets. PEMEX must be hurting something bad.

Mexico’s President Has ‘Unorthodox’ Coronavirus Plan To Help Economy, Poor (R.)

Mexico’s president unveiled a plan on Sunday to lift the economy out of the coronavirus crisis, vowing to help the poor and create jobs, but his promise of fiscal discipline sparked criticism that the measures fell far short of what was needed. President Andres Manuel Lopez Obrador pledged Mexico would create 2 million new jobs in the next nine months and boost small business and housing loans. He also vowed to tighten public sector austerity to avoid debt. Governments worldwide have unleashed unprecedented spending pledges to minimise damage to their economies from the coronavirus, including a $2-trillion package by Mexico’s top trading partner, the United States.

But Mexico’s leftist leader, targeting measures for the “most vulnerable”, said he would use a budget stabilization fund and cash from public trusts to fund plans to shield the poor from a slump economists expect to be severe. “This crisis is temporary, transitory,” Lopez Obrador said in a televised speech. “Normality will return soon. We will defeat the coronavirus, we will reactivate the economy.” Last week, Lopez Obrador said about $10 billion was available from various rainy day funds, while the finance ministry said “buffers” for the economy included a stabilization fund of about $6.6 billion available from the end of 2019.


Known by his initials “AMLO”, the president said Mexico would announced next week investments in the energy sector worth 339 billion pesos ($13.5 billion) to boost the economy, which some private analysts forecast to contract by up to 10% in 2020. That sum is far less than $92 billion in energy investments the private sector has proposed to the president.

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“The coronavirus emergency is probably temporary. The bailout looks like forever.”

Bailing Out the Bailout (Matt Taibbi)

Congress needed a year of intense infighting to approve a $4.7 trillion budget, but just a single week to draft this $2 trillion deal. Although members quibbled over numbers before the vote — Bernie Sanders insisted on more unemployment insurance, while others worried about creating a “slush fund” for airlines and other industries — the bill ultimately cruised through, passing in a voice vote in the House and 96-0 in the Senate. The Emergency Economic Stabilization Act of 2008, the only comparable “We need a gazillion dollars in 10 minutes” legislation in recent history, passed after a bitter battle, with 63 House Democrats and 91 House Republicans opposing. Analysts and politicians insisted the new bailout, in the broad strokes, was uncontroversial, a fire hose of money for virus-ravaged hospitals, workers, and small businesses.

Even critics of Wall Street agreed that this one isn’t a complete washout compared with the last disaster, when the taxpayer was asked to bail out the very people who’d caused the crisis. “At least this bailout has a Main Street component,” says Dennis Kelleher of Better Markets, a financial watchdog group. There are serious logistical questions about how money is supposed to get to Main Street — like, for instance, the use of the tiny Small Business Administration to push $377 billion in emergency loans out the door — but the larger problem has to do with the meat of the bill: the backstopping of the financial sector. As happened in the run-up to September 2008, Wall Street in recent weeks warned of Armageddon if the Fed did not immediately start spending billions per minute to buy every conceivable kind of financial product.

The Fed responded by dusting off emergency lending facilities like the Term Asset-Backed Securities Loan Facility, the Commercial Paper Funding Facility, the Money Market Mutual Fund Liquidity Facility, the Primary Dealer Credit Facility, the Secondary Market Corporate Credit Facility, and the Primary Market Corporate Credit Facility, all of which saw action after the crash of 2008. Each would be used to step in and buy financial products in the various markets frozen due to virus panic.The Fed furthermore announced that on March 23rd it would begin buying $50 billion in government-backed mortgage securities, in addition to $75 billion in Treasury bills, every day.

They’ve since lowered those numbers, but the scale of these interventions dwarfs any of the Fed’s actions post-2008. A $50 billion buying spree roughly represents as much Fed support of mortgage markets in one day as was done across a month at the peak of the last round of Quantitative Easing. Taken in conjunction with the CARES Act, the Fed and the Treasury were now positioned to become a major ongoing buyer of everything from mortgages to U.S. government debt to exchange-traded funds to corporate bonds to money-market funds.

[..] The Fed “balance sheet” as of Friday was already at $5.3 trillion, nearly $800 billion higher than its previous peak in May 2016. Wall Street analysts are predicting this number will eventually reach $10 trillion, and why not? Fed chief Jerome Powell signaled that assistance would be unlimited when he said the central bank “would not run out of ammunition.” As with 2008, the emergency support is supposed to be temporary, but there’s less belief that this is even ostensibly true this time around. There will be a lot of howling over the irony: Trump when he ran for president in 2016 said then-Fed chief Janet Yellen should be “ashamed” of creating a “false stock market” for Barack Obama. Our future will be a parody of the Yellen economy. Short-term loans to make payroll and keep tenants in storefronts are only a part of the rescue. The coronavirus emergency is probably temporary. The bailout looks like forever.

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Bad sign. Who’s going to run the country appears up for grabs.

Boris Johnson Received Oxygen Treatment After Being Admitted To Hospital (BI)

UK Prime Minister Boris Johnson will remain in hospital on Monday after being admitted for “persistent symptoms of coronavirus,” ten days after first testing positive for it. The prime minister was admitted to St Thomas’ Hospital in Westminster at 8pm on Sunday on the advice of his doctor after continuing to exhibit a high temperature. A spokesperson insisted on Sunday that Johnson’s hospital admission was not an “emergency” measure but had merely been for precautionary reasons in order to carry out tests. However the Times of London newspaper reported that the prime minister was treated with oxygen on arrival. Downing Street has repeatedly insisted that Johnson was only experiencing “mild symptoms” of the virus.


However, aides have reportedly become “increasingly worried” about the prime minister’s health in recent days, according to multiple reports, with Johnson heard “coughing and spluttering” his way through conference calls. Johnson was “more seriously ill than either he or his officials were prepared to admit,” according to the Guardian, which reported a source suggesting that Johnson “was being seen by doctors who were concerned about his breathing.” The Sun newspaper reported a Downing Street source suggesting that Johnson would remain in hospital “as long as necessary.” Asked about the prime minister’s condition on Monday the Housing Secretary Robert Jenrick told the BBC that Johnson was “still very much in charge of the government.”

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He’s down to 99.9% now. One person died who wouldn’t stick to the regimen.

Dr.Zelenko Has Now Treated 699 Coronavirus Patients With 100% Success (TSU)

Last Wednesday, we published the success story from Dr. Vladimir Zelenko, a board-certified family practitioner in New York, after he successfully treated 350 coronavirus patients with 100 percent success using a cocktail of drugs: hydroxychloroquine, in combination with azithromycin (Z-Pak), an antibiotic to treat secondary infections, and zinc sulfate. Dr. Zelenko said he saw the symptom of shortness of breath resolved within four to six hours after treatment. Hydroxychloroquine is now being used worldwide, according to a map from French Dr. Didier Raoult. In the meantime, scientists at University of Pittsburgh School of Medicine believe they’ve found potential vaccine for coronavirus.

Now, Dr. Zelenko provides updates on the treatment after he successfully treated 699 COVID-19 patients in New York. In an exclusive interview with former New York Mayor, Rudy Giuliani, Dr. Vladmir Zelenko shares the results of his latest study, which showed that out of his 699 patients treated, zero patients died, zero patients intubated, and four hospitalizations. Dr. Zelenko said the whole treatment costs only $20 over a period of 5 days with 100% success. He defines success as “Not to die.” Dr. Zelenko first posted his Facebook video message last week calling on President Trump to “advise the country that they should be taking this medication.”

There are many other success stories about hydroxychloroquine across the country. Last week, Dr. William Grace, an oncologist at Lenox Hill Hospital in New York City, said they’ve not had a single death in their hospital because of hydroxychloroquine. “Thanks to hydroxychloroquine, we have not had a death in our hospital,’ Dr. Grace said.


Also, in a study conducted by the National Institute of Health (NIH) also confirmed some of Dr. Dr. Zelenko’s findings. The study by NIH showed that Zinc supplementation decreases the morbidity of lower respiratory tract infection in pediatric patients in the developing world. A second study also conducted by NIH titled: “In Vitro Antiviral Activity and Projection of Optimized Dosing Design of Hydroxychloroquine for the Treatment of Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2),” also showed hydroxychloroquine to be more potent in killing the virus off in vitro (in the test tube and not in the body).

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One for our medical commenters. A Chinese study that suggests the virus in first instance attacks blood cells, not lungs. This could also explain why chloroquine is effective. By the way, word has it that doctors are taking hydroxychloroquine on a regular basis to protect themselves. Note: It is no use when taken either too early or too late.

@yishan on Twitter: “Virus is disrupting the hemoglobin’s oxygen capacity. It is attacking our BLOOD first, not the lungs. It is NOT a respiratory ailment (primarily), lung breakdown symptoms are a consequence of the attack on blood hemoglobins. Hypoxia is happening BEFORE lungs are affected.”

COVID-19 Attacks The 1-Beta Chain of Hemoglobin (Chemrxiv)

The novel coronavirus pneumonia (COVID-19) is an infectious acute respiratory infection caused by the novel coronavirus. The virus is a positive-strand RNA virus with high homology to bat coronavirus. In this study, conserved domain analysis, homology modeling, and molecular docking were used to compare the biological roles of certain proteins of the novel coronavirus. The results showed the ORF8 and surface glycoprotein could bind to the porphyrin, respectively. At the same time, orf1ab, ORF10, and ORF3a proteins could coordinate attack the heme on the 1-beta chain of hemoglobin to dissociate the iron to form the porphyrin. The attack will cause less and less hemoglobin that can carry oxygen and carbon dioxide.


The lung cells have extremely intense poisoning and inflammatory due to the inability to exchange carbon dioxide and oxygen frequently, which eventually results in ground-glass-like lung images. The mechanism also interfered with the normal heme anabolic pathway of the human body, is expected to result in human disease. According to the validation analysis of these finds, chloroquine could prevent orf1ab, ORF3a, and ORF10 to attack the heme to form the porphyrin, and inhibit the binding of ORF8 and surface glycoproteins to porphyrins to a certain extent, effectively relieve the symptoms of respiratory distress. Favipiravir could inhibit the envelope protein and ORF7a protein bind to porphyrin, prevent the virus from entering host cells, and catching free porphyrins. Because the novel coronavirus is dependent on porphyrins, it may originate from an ancient virus.

Read more …

 

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Jun 062019
 
 June 6, 2019  Posted by at 9:54 am Finance Tagged with: , , , , , , , , , , ,  17 Responses »


Pablo Picasso Guitar 1925

 

The China Battle Has Just Started (Vague)
Beijing Warns US Farmers May Lose China Market For Good (SCMP)
Millennial Net Wealth Collapses (ZH)
Aftermath: Interview with James Rickards (Whalen)
Google, Facebook Have Tight Grip On Growing US Online Ad Market (R.)
For MMT (Mitchell/Fazi)
The Great Bilderberg Secret Of 2019 (Escobar)
Welsh Government Officially Switches To Campaign For Remain (TNE)
Fitch Downgrades Mexico And Moody’s Lowers Outlook (R.)
Fiat Chrysler Withdraws Merger Offer For Renault, Blames French Politics (R.)
Lavrov Says D-Day Memorials Are Part Of A ‘False’ History Of WWII (BI)
Russia to West: D-Day Wasn’t Decisive In Ending World War Two (R.)
People Eat At Least 50,000 Plastic Particles A Year (G.)

 

 

“It’s about wealth and power, not political systems or ideology.”

The China Battle Has Just Started (Vague)

Long-term, intense economic competition between China and the United States is inevitable. It’s simply a result of China’s new economic size. It’s about wealth and power, not political systems or ideology. Forget these two countries per se. Take any country that has been an uncontested economic leader for decades, add a rapidly rising country that is becoming an economic threat, and watch the battle for markets, trade, and intellectual property unfold. The current trade negotiations could get uglier and derail. But even if they don’t, both sides will likely feel they did not get what they needed, and future rounds could get worse. There’s almost never a situation where the two leaders in a market don’t get locked in a protracted, high-stakes struggle.

[..] It’s also worth noting the history of free trade. The United States was one of the most protectionist nations in history during most of the nineteenth and early twentieth centuries, the very period in which it rose to economic supremacy, with tariffs routinely as high as 50 percent. More politicians than not backed tariffs because they protected American industry. And supporters liked tariffs because they kept wages high. In addition, in the era before the income tax, tariffs were our chief source of revenue, and Washington relished the fact that they created a government surplus (and many a congressional debate of that era was about how to spend that surplus). The subject dominated the halls of Congress.

[..] Now that the United States has woken up, my best guess is that it is not going to sit idly and let China’s encroachment continue. Trump’s approach may be poorly conceived and ham-handed, but some kind of more assertive response was overdue. China’s raison d’être is its own wealth and preeminence, and it is not likely it will permanently stand down, even if it does so strategically from time to time. In fact, in discussing this trade negotiation, Xi is now invoking China’s almost mythic tale of heroic perseverance, the Long March. Absent a China implosion—a la Japan in the late 1990s—even occasional rapprochement won’t abate the ferocity of this competition. The only question is how polite or impolite, or even bellicose, it will be.

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Let China grow its own food. Nothing wrong with that.

Beijing Warns US Farmers May Lose China Market For Good (SCMP)

Farmers in the United States cannot afford to lose the Chinese market, but farmers in China will be able to withstand the impact of American tariffs, according to a top agriculture official in Beijing. Han Jun, vice-minister of agriculture and rural affairs, said China’s retaliatory tariffs on American products – the latest of which took effect on Saturday – now covered “virtually all US agricultural product exports to China”, warning that US farmers could lose the Chinese market for good. “If the US doesn’t lift all additional tariffs [levied on Chinese products], bilateral agricultural product trade between China and the US, including soybean trade, will never go back to normal,” Han told the official Xinhua news agency.

“If the US loses China’s market, it will be very difficult for the US to regain it.” Han, who is also a top policymaker as deputy head of the Office of the Central Leading Group for Rural Affairs, said the two rounds of aid offered by US President Donald Trump to American farmers would not be enough to cover their potential losses if they lost the Chinese market. But he said Chinese farmers would be able to weather the impact of American tariffs. In terms of the soybean trade, while China’s imports from the United States had plunged, it could find ways to diversify its sources, including encouraging Chinese farmers to grow more of the crop and buying more from other countries, Han said.

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Everybody gets poorer while the Fed pours trillions into the economy.

Millennial Net Wealth Collapses (ZH)

The net worth of millennials (18- to 35-year-old) has collapsed 34% since 1996, according to a new, shocking report from Deloitte. Millennials are financially worse off than any other generation before them. With student loans, auto and credit card debts, rising rents, and out of control, health-care costs have pushed their average net worth below $8,000. Deloitte told The Washington Post that their findings reveal that millennials are delaying home-buying and marriage because of massive debt loads and rising costs are making big ticketed items virtually unaffordable. “The narrative out there is that millennials are ruining everything, from breakfast cereal to weddings, but what matters to consumers today isn’t much different than it was 50 years ago,” chief retail officer Kasey Lobaugh told the Post.

“Generally speaking, there have not been dramatic changes in how consumers spend their money.” Lobaugh described the soaring wealth inequality gap as another reason why young adults have little or no net wealth. In a separate report, we highlighted in April that 60% of millennials don’t have $500 in savings. The Post said education expenses had climbed 65% in the past decade. Food prices have increased by 26%, health care costs are up 21%, housing jumped 16%, and transportation costs rose 11%. The study showed millennials had delayed the American dream of a house, family, and automobile because of their insurmountable debts. Since 2005, retail spending has increased by about 13%, to roughly $3 trillion per year, but Deloitte said much of that growth is due to population increase, not a robust consumer base.


In the past decade, the income growth of the top 10% of Americans jumped 1,305% more than the bottom 90% of Americans – which means millennials stuck in the gig-economy with multiple jobs and high debt loads will be trapped in a life of financial misery.

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“..the Fed has failed to distinguish between credit driven bubbles and mania driven bubbles..”

Aftermath: Interview with James Rickards (Whalen)

In the beginning of your book, you use the metaphor of The Odyssey to describe the choices facing the Federal Reserve Board going back to Alan Greenspan, who we knew as “Uncle Alan” in Washington years ago. You talk about how the Fed went from deflating bubbles before Greenspan, as with the “taking away the punch bowl” image, then to trying to maintain bubbles, and now overtly using monetary policy to stoke inflation and huge asset bubbles. Where does that leave us today?

Rickards: In the book I talk about how Greenspan defeated deflation in 2005 before he left office, but, this was a Pyrrhic victory. Low rates gave rise to the housing bubble and subprime debt crisis. Since 2008, we’ve had more of the same but a more extreme version of Greenspan’s anti-deflation medicine. If Greenspan’s three-year experiment with sub 2% rates gave rise to the Global Financial Crisis, what was the world to make of the Bernanke-Yellen policy of 0% for seven years? Bernanke’s Federal Reserve also engaged in a completely unprecedented money printing binge called quantitative easing.

[..] the Fed has failed to distinguish between credit driven bubbles and mania driven bubbles. The former are dangerous because they are connected with the credit system, the latter less so because people loose money but the crisis is not systemic. The 2000 dot.com bubble was speculative, but not credit driven so it did not turn into a systemic crisis when it popped. Of course 2008 was credit driven and it did metastasize throughout the system right up to the top of the food chain with large banks and the housing GSEs failing. When you are kicking around the idea of should I or should I not pop the bubble, this is a key distinction and the threshold question for policy.

[..] It’s one thing when loose monetary policy results in private credit extremes. The Fed can reign that in. But, what happens when public credit from the Fed is the source of the problem? The Bernanke choice of stoking asset price inflation via zero rates and QE is not something that can be reversed without a great deal of pain. Once you make that trade-off between promoting inflation and future market instability, you have no way out. You’re much better off taking the pain and accepting a lower level of economic growth in the short-run rather than deferring the pain but creating far larger asset bubbles down the road. There is no way out of the Bernanke policy choice without bigger bubbles and much larger market crash that results.

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Why they must be broken up.

Google, Facebook Have Tight Grip On Growing US Online Ad Market (R.)

The U.S. internet advertising industry is projected to hit $160 billion by 2023 from $107 billion last year, led by fast-growing categories like mobile video with Alphabet Inc’s Google and Facebook Inc firmly controlling the market, consultancy PwC said on Wednesday. The two tech giants together commanded nearly 60% of the U.S. internet advertising market in 2018, according to the report, up 3% from the previous year. Google’s YouTube dominates online video, while Facebook has been expanding its video product called Watch and adding advertising options. Google and Facebook are both currently under watch by U.S. regulators for possible antitrust concerns, as well as tech giants Apple Inc and Amazon.com Inc.


U.S. wireless carrier AT&T Inc despite spending $85 billion for media company Time Warner to transform into a media and advertising firm, has only managed to eke out single digit market share, according to PwC. Gaining market share is difficult because platforms must have features that are new and specific as well as some degree of emerging technology, said C.J. Bangah, a principal at PwC. An advantage the telecommunications companies like AT&T have over Google and Facebook is they will benefit from 5G, the next generation wireless network that is expected to bring technology like autonomous cars to reality.

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A discussion we will be having. Because what we have now has failed us.

For MMT (Mitchell/Fazi)

MMT is not a regime that you ‘apply’ or ‘switch to’ or ‘introduce’. Rather, it is a lens which allows us to see how our fiat monetary systems already work. How you decide to use that understanding depends on the value system or ideology you apply to it. It thus makes little sense to talk of ‘MMT-type prescription’ or an ‘MMT solution’. Indeed, governments already operate according to the framework offered by MMT, regardless of what they may claim in public (and the accounting smokescreens they may employ). Citizens are constantly told that the government cannot afford to invest more in education, healthcare, infrastructure, welfare and other public services.


Yet, there is never a lack of money when it comes tax cuts for the rich, bank bailouts, military activities and other programmes that benefit our political and economic elites. As of March 2006, approximately £4.5 billion had been spent by the UK in Iraq, enough to pay for the building of around 44 new hospitals and to fund the recruitment and retention of over 10,300 new teachers for ten years. Yet, there was never any debate about how the UK would ‘fund’ the war. Unfortunately, the mainstream macroeconomic narrative continues to plague large swathes of the left, particularly in Europe. Meadway’s article is representative. It concentrates ‘on the practical and political implications [of MMT], why they are wrong–and why Labour’s own economic programme makes more sense’. In that sense, he is really talking about a conception of the application of MMT according to a certain value set, rather than MMT itself.

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Pepe doesn’t convince me.

The Great Bilderberg Secret Of 2019 (Escobar)

The great Bilderberg secret of 2019 had to do with why, suddenly, the Trump administration has decided that it wants to talk to Iran “with no preconditions”. It all has to do with the Strait of Hormuz. Blocking the Strait could cut off oil and gas from Iraq, Kuwait, Bahrain, Qatar and Iran – 20% of the world’s oil. There has been some debate on whether this could occur – whether the US Fifth Fleet, which is stationed nearby, could stop Tehran doing this and if Iran, which has anti-ship missiles on its territory along the northern border of the Persian Gulf, would go that far. An American source said a series of studies hit President Trump’s desk and caused panic in Washington.

These showed that in the case of the Strait of Hormuz being shut down, whatever the reason, Iran has the power to hammer the world financial system, by causing global trade in derivatives to be blown apart. The Bank for International Settlements said last year that the “notional amount outstanding for derivatives contracts” was $542 trillion, although the gross market value was put at just $12.7 trillion. Others suggest it is $1.2 quadrillion or more. Tehran has not voiced this “nuclear option” openly. And yet General Qasem Soleimani, head of the Iranian Revolutionary Guards Corps’ Quds Force and a Pentagon bête noire, evoked it in internal Iranian discussions. The information was duly circulated to France, Britain and Germany, the EU-3 members of the Iran nuclear deal (or Joint Comprehensive Plan of Action), also causing a panic.

Oil derivative specialists know well that if the flow of energy in the Gulf is blocked it could lead to the price of oil reaching $200 a barrel, or much higher over an extended period. Crashing the derivatives market would create an unprecedented global depression. Trump’s former Goldman Sachs Treasury Secretary Steve Mnuchin should know as much. And Trump himself seems to have given the game away. He’s now on the record essentially saying that Iran has no strategic value to the US. According to the American source: “He really wants a face-saving way to get out of the problem his advisers Bolton and Pompeo got him into. Washington now needs a face-saving way out. Iran is not asking for meetings. The US is.”

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Quicksand. The entire country.

Welsh Government Officially Switches To Campaign For Remain (TNE)

Brexit minister Jeremy Miles said that efforts towards an acceptable Brexit had reached “the end of the road”. He said any Brexit deal must now be subject to a public vote, with remaining in the EU on the ballot paper. The Labour-led government, along with Plaid Cymru, had previously followed a 2017 policy outlined in the White Paper ‘Securing Wales’ Future’, that aimed to find “the least damaging kind of Brexit”, as Miles put it. But the government in Westminster have made this impossible, he said. “We as a government must recognise these realities and change course,” said Miles. “Parliament should now show the courage to admit it is deadlocked.” Although Wales voted to leave by 52%, public opinion has shifted towards Remain, said Miles.

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Strongarming?!

Fitch Downgrades Mexico And Moody’s Lowers Outlook (R.)

In a double blow for Mexico, credit ratings agency Fitch downgraded the nation’s sovereign debt rating on Wednesday, citing risks posed by heavily indebted oil company Pemex and trade tensions, while Moody’s lowered its outlook to negative. The Mexican peso weakened as much as 1.3% on the news. Cutting Mexico’s rating to BBB, nearing junk status, Fitch said the financial woes of state oil company Pemex were taking a toll on the nation’s prospects. Fitch said mounting trade tensions influenced its view, according to a statement issued shortly after the end of a meeting in the White House in which Mexican officials tried to stave off tariffs U.S. President Donald Trump has vowed to impose next week.


Following a surge in mostly Central American migrants arriving at the U.S. border, Trump threatened blanket tariffs on Mexican imports if it did not do more to stem the flow. “Growth continues to underperform, and downside risks are magnified by threats by U.S. President Trump,” Fitch said. Mexican President Andres Manuel Lopez Obrador took office in December with ambitious plans to build a $8 billion refinery, a decision ratings agencies and investors warned would divert funds from its more profitable production and exploration business. Lopez Obrador has said the ratings agencies were punishing Mexico for the “neo-liberal” policies of previous administrations. A Reuters analysis of Pemex accounts from the past decade shows debt increased by 75% during the term of Lopez Obrador’s predecessor, Enrique Pena Nieto, amid a landmark energy reform.

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The same governments that talk about going green own carmakers.

Fiat Chrysler Withdraws Merger Offer For Renault, Blames French Politics (R.)

Fiat Chrysler said it has abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world’s third-biggest automaker. A source close to the French carmaker’s board said Fiat Chrysler made the move after France sought to delay a decision on the deal in order to win the support of Nissan Motor Co, Renault’s Japanese alliance partner. French government officials had pushed for Nissan to support the merger. Nissan had said it would abstain. The French government, which owns a 15% stake in Renault, had also pushed Fiat Chrysler for guarantees that France would not lose jobs, and for a dividend to be paid to Renault shareholders, including the government, people familiar with the talks said.


Fiat Chrysler’s original proposal offered no special dividend to Renault shareholders. “It has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully,” Fiat Chrysler said in a statement issued early Thursday from London. Renault, in a separate statement, said its board was “unable to take a decision due to the request expressed by the representatives of the French state to postpone the vote to a later meeting.”

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Russia lost an entire generation of young men.

Lavrov Says D-Day Memorials Are Part Of A ‘False’ History Of WWII (BI)

Ahead of the 75th anniversary of the D-Day invasion of France, Russia’s foreign minister has written an article arguing that the commemorations of the event are part of a “false” history that belittles the contributions of the Soviet Union toward defeating Nazi Germany. Sergey Lavrov chastised Western powers in an article published in Russia’s International Affairs magazine on Tuesday, ahead of events in Europe to mark the D-Day landings on the Nazi-occupied Normandy coast. “False interpretations of history are being introduced into the Western education system with mystifications and pseudo-historical theories designed to belittle the feat of our ancestors,” Lavrov wrote.


“Young people are being told that the main credit in victory over Nazism and liberation of Europe goes not to the Soviet troops, but to the West due to the landing in Normandy, which took place less than a year before Nazism was defeated.” He added: “It was the peoples of the Soviet Union who broke the backbone of the Third Reich. That is a fact.” [..] Historians agree that the Soviets sustained the heaviest losses of all powers involved in World War II, placing the death toll for the Red Army at between 9 million and 11 million troops, part of an estimated 26 million Soviet citizens who died. Lavrov also wrote Russia had been falsely labeled as an aggressor in World War II. “Our detractors seek to diminish the role of the Soviet Union in World War II and portray it if not as the main culprit of the war, then at least as an aggressor, along with Nazi Germany,” he wrote.

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Quite the claim: “There was a wish to wait for the maximum weakening of Germany’s military power from its enormous losses in the east, while reducing losses in the west..”

Russia to West: D-Day Wasn’t Decisive In Ending World War Two (R.)

Russia told the West on Wednesday the Normandy landings on D-Day in 1944 did not play a decisive role in ending World War Two and that the Allied war effort should not be exaggerated. Moscow’s comments might irk war veterans in Britain where the 75th anniversary on Wednesday of the largest seaborne invasion in history was marked at a ceremony in Portsmouth attended by Queen Elizabeth and world leaders including Donald Trump and Angela Merkel. Speaking at a weekly news conference in Moscow, Foreign Ministry spokeswoman Maria Zakharova offered a tribute to those who died on the western front of World War Two and said Moscow appreciated the Allied war effort.

“It should of course not be exaggerated. And especially not at the same time as diminishing the Soviet Union’s titanic efforts, without which this victory simply would not have happened,” she said. The Soviet Union lost over 25 million lives in what it calls the Great Patriotic War, and Moscow under President Vladimir Putin has taken to marking victory in the war with a massive annual military parade on Red Square. “As historians note, the Normandy landing did not have a decisive impact on the outcome of World War Two and the Great Patriotic War. It had already been pre-determined as a result of the Red Army’s victories, mainly at Stalingrad (in late 1942) and Kursk (in mid-1943),” Zakharova told reporters.

More than 150,000 allied troops launched an air, sea and land attack on Normandy on June 6, 1944 that ultimately led to the liberation of western Europe from Nazi Germany. Moscow, which had been fighting German forces in the east for almost three years by the time of D-Day, and gradually pushing them back from early 1943, had been urging Britain’s Winston Churchill to open a second front as far back as August 1942. “There was a wish to wait for the maximum weakening of Germany’s military power from its enormous losses in the east, while reducing losses in the west,” she said.

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And we just keep making the stuff. And keep proclaiming we love our children.

People Eat At Least 50,000 Plastic Particles A Year (G.)

The average person eats at least 50,000 particles of microplastic a year and breathes in a similar quantity, according to the first study to estimate human ingestion of plastic pollution. The true number is likely to be many times higher, as only a small number of foods and drinks have been analysed for plastic contamination. The scientists reported that drinking a lot of bottled water drastically increased the particles consumed. The health impacts of ingesting microplastic are unknown, but they could release toxic substances. Some pieces are small enough to penetrate human tissues, where they could trigger immune reactions.

Microplastic pollution is mostly created by the disintegration of plastic litter and appears to be ubiquitous across the planet. Researchers find microplastics everywhere they look; in the air, soil, rivers and the deepest oceans around the world. [..] Most food and drink types have not been tested, however, meaning the study only assessed 15% of calorie intake. “We don’t know a huge amount. There are some major data gaps that need to get filled,” said Kieran Cox, at the University of Victoria in Canada, who led the research.

Other foods, such as bread, processed products, meat, dairy and vegetables, may well contain just as much plastic, he said. “It is really highly likely there is going to be large amounts of plastic particles in these. You could be heading into the hundreds of thousands.” Some of the best available data is on water, with bottled water containing 22 times more microplastic than tap water on average. A person who only drank bottled water would consume 130,000 particles per year from that source alone, the researchers said, compared with 4,000 from tap water.

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