Sep 102020
 


Edgar Degas Dancers in Blue 1895

 

Fauci Foils Latest ‘Bombshell’ – “Trump Didn’t Distort Anything” (ZH)
Bob Woodward Aided Trump’s Crime Against Humanity (Sirota/Perez)
Woodward: General James Mattis Plotted Overthrow of US Government (CT)
Julian Assange ‘Targeted As Political Opponent Of Trump Administration’ (ES)
How The US Makes You Focus On Assange’s Personality (Chomsky, Walker)
Steele Acted Crazy, His FBI Handler Says: People’s Ears Were Bleeding (RCI)
The Mysterious Destruction Of Evidence Related To Steele Dossier (Solomon)
Ex-NSA Chief Involved In Mass Spying Snowden Revealed Joins Amazon Board (RT)
NIH Funded Human Coronavirus Experiments In 2019 In China (JTN)
Stop Crying Foul Over Fascism (Tracey)
Wildlife In ‘Catastrophic Decline’ That Shows No Sign Of Slowing (BBC)
Nobel Prize Economics Of Climate Change Is Misleading, Dangerous (Steve Keen)

 

 

 

 

 

 

 

 

Nomi Prins

 

 

Are you ready for two more months of this? It’s the Atlantic, then Woodward, and it’s not going to stop. The Atlantic piece was found to be empty drivel, and Woodward was given full cooperation by Trump, whose biggest fault seems to be that he actually knew things, but as I said yesterday, who cares what is true. It’s getting the stuff out there and let it do its damage.

All the time they all say: he must listen to the science. And now apparently he shouldn’t have. He didn’t want to create a panic, but that apparently now is what a US president should do. It’s circular logic at its best.

And why isn’t anyone talking about Fauci downplaying the threat, about Fauci’s “crimes against humanity”?

But Trump knew and he didn’t do anything! Yes, he did, he went and talked to the scientists. Guess what they told him. Trump told Woodward about what he had heard during a security briefing, not what Fauci had told him. And he’s supposed to listen to the scientists, remember?!

Tyler has it down:

 

 

Scott Adams Effective attack

 

 

Fauci Foils Latest ‘Bombshell’ – “Trump Didn’t Distort Anything” (ZH)

Well that didn’t take long. Woodward’s apparent ‘gotcha’ moment which is now spreading in an interestingly coordinated fashion across the MSM has been out-bombshell’d by none other than Dr.Fauci (he who speaks science truth and is above reproach). Fauci just went on Fox News and said that President Trump “did not distort anything and acted immediately when he was presented the data.” Birx and Redfield also testified the same thing under oath. Fauci also disputed alleged quotes from him in Bob Woodward’s story that President Trump is “unfocused in meetings” and that “his sole purpose is to get re-elected.” “I don’t recall that at all.”


On February 7, two days after President Trump was acquitted by the Senate of impeachment charges, he gave a lengthy interview to veteran journalist Bob Woodward which he allowed to be taped. Instead of talking about the impeachment, however, Woodward was ‘surprised’ that Trump was focused on COVID-19, the deadly virus gripping Wuhan, China while Dr. Anthony Fauci and the World Health Organization downplayed the risks. “This is deadly stuff,” Trump told Woodward, adding that the virus was possibly five times “more deadly” than the flu. Trump also told Woodward that the virus was airborne (while the World Health Organization explicitly said it was not, and maintained in January there was no human-to-human transmission).

Fauci Woodward

Fauci, on the other hand, told Newsmax TV on January 21 it was no big deal: “Obviously, you need to take it seriously and do the kind of things the (Centers for Disease Control and Prevention) and the Department of Homeland Security is doing. But this is not a major threat to the people of the United States and this is not something that the citizens of the United States right now should be worried about.” -Dr Anthony Fauci, January 21. On February 17, Fauci continued to downplay the virus – saying that the risk to the US is “minuscule,” and that people shouldn’t wear masks. In other words, Trump was doing what Biden claims he’ll do; listen to the scientists.


Yet, days before Trump’s February 7 interview with Woodward, he restricted travel from China on the advice of his National Security team – for which he was called a ‘xenophobe’ by Joe Biden and Nancy Pelosi. Three weeks later, Pelosi invited people to come to Chinatown, without masks, to “say everything is fine here.” Now, Pelosi is on MSNBC claiming that Trump’s “delay, distortion and denial is responsible for many of the deaths we have today.” Meanwhile, the WHO waited until March 11 to declare a pandemic. And so, CNN’s ‘gotcha’ is this: Trump also admitted to Woodward in a follow-up interview on March 19 that he purposefully downplayed the virus in order to avoid panic. “I wanted to always play it down,” he said, adding “I still like playing it down, because I don’t want to create a panic.”

CNN somehow overlooks Fauci, Pelosi and Biden downplaying the virus themselves – with the latter two calling Trump a xenophobe for his China travel restrictions. Three days later, Trump announced restrictions on travel from China, a move suggested by his national security team — despite Trump’s later claims that he alone backed the travel limitations. Nevertheless, Trump continued to publicly downplay the danger of the virus. February was a lost month. Woodward views this as a damning missed opportunity for Trump to reset “the leadership clock” after he was told this was a “once-in-a-lifetime health emergency.” -CNN. In other words – Trump took the virus seriously, restricted travel, was called a ‘xenophobe’ for it, and is now under attack for downplaying it in the same way his advisers, Pelosi, the WHO and others were in order to avoid public panic. Let’s see if the left’s latest ‘bombshell’ gains traction.

Biden fear-mongering
https://twitter.com/i/status/1303775675887820800

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Well, so much for Bernie campaigner Sirota. A shame, just started to like him for his Biden comments.

It’s like: nothing Trump says is credible, unless and until you can use it against him.

Still, “crime against humanity”, it’s quite the take. So it’s Trump and Woodward, but not Fauci, whose ultimate responsibility it is to advise the president? Why, because Fauci won’t play the “crime against humanity” game?

Bob Woodward Aided Trump’s Crime Against Humanity (Sirota/Perez)

Back in February, there were plenty of questions about just how deadly the coronavirus was, and how it could be transmitted. Was it really all that lethal? Could you catch it through the air? Some experts said it probably wasn’t airborne. Few seemed to have definitive answers. But the nation’s most famous celebrity journalist knew – and knew the president did too – but decided not to tell anyone, and nearly 200,000 people have died since. This is the story of Bob Woodward — the man who earned fame and fortune uncovering the Watergate scandal, and now the man who decades later was informed by the President of the United States that a pandemic was deadly and airborne, and decided to hold that information for seven months so he could juice book sales at a more opportune time closer to the election.

“It goes through air, Bob. That’s always tougher than the touch,” Trump told Woodward in early February, months before scientists publicly pressed the World Health Organization to acknowledge the airborne nature of the disease. “You know, the touch, you don’t have to touch things. Right? But the air, you just breathe the air and that’s how it’s passed. And so, that’s a very tricky one. That’s a very delicate one. It’s also more deadly than your — you know, your, even your strenuous flus.” Trump openly admitted to Woodward that he wanted to downplay the severity of the virus. “I wanted to always play it down,” Trump told him in March. “I still like playing it down, because I don’t want to create a panic.”

It is important to remember two things: 1) the first set of comments came in FEBRUARY, well before there was widespread public awareness of the lethality of the virus and 2) as much of a buffoon as he is, Trump is not some rando just speculating. He is quite literally the president, with access to the world’s top scientists. So he was divulging crucial, newsworthy and time-sensitive information. Clearly, he knew more about the lethality and transmission of the virus than he was publicly letting on, and yet he was still downplaying the severity of the disease and insinuating that it is like the common flu. That’s a horrific crime against humanity — but it was aided and abetted by the popular face of investigative journalism: Mr. All The President’s Men himself.

Now they’re blaming Trump

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What, wait? Woodward sat on this info too?

Woodward: General James Mattis Plotted Overthrow of US Government (CT)

According to a pre-release excerpt from the Washington Post Bob Woodward writes about a discussion between General James Mattis and Director of National Intelligence Dan Coats about a plot to overthrow the elected government of the United States. […] “Mattis quietly went to Washington National Cathedral to pray about his concern for the nation’s fate under Trump’s command and, according to Woodward, told Coats, “There may come a time when we have to take collective action” since Trump is “dangerous. He’s unfit.” What do you call a conversation between the Defense Secretary and the head of the U.S. intelligence apparatus where they are talking about taking “collective action” to remove an elected President? That’s called sedition…. A seditious conspiracy.

As alarming as that sounds on its face, this actually aligns with our own previous research into key military leadership, the joint chiefs, and their corrupt intent to overthrow the elected government. Readers will remember when we noted this very issue after Lt. Col Alexander Vindman compromised his position yet was not removed by his command structure within the Pentagon.

NOVEMBER 2019 – […] For emphasis let me repeat a current fact that is being entirely overlooked. Despite his admitted usurpation of President Trump policy, Vindman was sent back to his post in the NSC with the full support of the United States Department of Defense. The onus of action to remove Vindman from the NSC does not just lay simply at the feet of the White House and National Security advisor Robert O’Brien; and upon whose action the removal of Vindman could be positioned as political; the necessary, albeit difficult or perhaps challenging, obligation to remove Lt. Col Vindman also resides purposefully with the Dept. of Defense. The Pentagon could easily withdraw Vindman from his position at the National Security Council; yet, it does not…. and it has not. WHY?

There is a code within the military whereby you never put your leadership into a position of compromise; ie. “never compromise your leadership”. In this example, President Trump cannot remove Vindman from the White House NSC advisory group due to political ramifications and appearances… The Joint Chiefs certainly recognize this issue; it is the very type of compromise they are trained to remove. Yet they do nothing to remove the compromise. They do nothing to assist. Lt. Col. Alexander Vindman was the majority (#1) source for the material CIA operative Eric Ciaramella used in a collaborative effort to remove President Trump from office. Let me make this implication crystal clear:

The United States Military is collaborating with the CIA to remove a U.S. President from office. Do you see the issue now? The Pentagon has done nothing, absolutely nothing, to countermand this implication/reality. The Joint Chiefs of Staff have done nothing, absolutely nothing, to diminish the appearance of, nor deconstruct the agenda toward, the removal of President Trump. Mr. President, do I have your attention?

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You want to go after Trump? This is a much better and worthier topic.

Julian Assange ‘Targeted As Political Opponent Of Trump Administration’ (ES)

Wikileaks founder Julian Assange has been targeted as a “political opponent” of President Trump’s administration and threatened with the death penalty, the Old Bailey heard today. Professor Paul Rogers, a lecturer in peace studies at Bradford University and specialist on the ‘War on Terror’, said Assange’s opinions put him “in the crosshairs” of Trump’s top team. Giving evidence to Assange’s extradition hearing this morning, he said he believes the prosecution case is part of a drive in the United States to target “dissenters”. “In my opinion Mr Assange’s expressed views, opinions and activities demonstrate very clearly ‘political opinions’”, he told the court.

“The clash of those opinions with those of successive US administrations, but in particular the present administration which has moved to prosecute him for publications made almost a decade ago, suggest that he is regarded primarily as a political opponent who must experience the full wrath of government, even with suggestions of punishment by death made by senior officials including the current President.” [..] Professor Rogers, in his witness statement, said Assange’s work involved exposing secrets that the US government wanted to keep hidden, he had been in conflict with the Obama administration, but there was “no question” that Assange had been targeted as a political opponent by Trump’s officials.

“The opinions and views of Mr Assange, demonstrated in his words and actions with the organisation WikiLeaks over many years, can be seen as very clearly placing him in the crosshairs of dispute with the philosophy of the Trump administration”, he said. Assange’s legal team argue that a decision was taken under President Obama not to prosecute the Wikileaks activist, but that move was overturned under Trump. During the Obama presidency there was a greater recognition of the problems and less pressure on those presenting conflicting evidence”, said Professor Rogers. “But since the election of President Trump there has been a vigorous denigration of the Obama era, a return to the outlook of the Bush administration and even more bitter opposition to those perceived as dissenters, especially those involved in communicating unwelcome information such as Mr Assange.”

Craig Murray Assange

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From Julian’s mother, Christine:

“Its a stategic mistake as a #FreeAssange supporter to say:

“Even if you dont like #JulianAssange as a person defend him on free press principles”

1) Its giving credibility to the personal smear campaign!

2) People DONT support people they dont like!”

How The US Makes You Focus On Assange’s Personality (Chomsky, Walker)

Assange is not on trial for skateboarding in the Ecuadorian embassy, for tweeting, for calling Hillary Clinton a war hawk, or for having an unkempt beard as he was dragged into detention by British police. Assange faces extradition to the United States because he published incontrovertible proof of war crimes and abuses in Iraq and Afghanistan, embarrassing the most powerful nation on Earth. Assange published hard evidence of “the ways in which the first world exploits the third”, according to whistleblower Chelsea Manning, the source of that evidence. Assange is on trial for his journalism, for his principles, not his personality. You’ve probably heard the refrain from well-meaning pundits: “You don’t have to like him, but you should oppose threats to silence him.”

But that refrain misses the point by reinforcing the manipulative tropes deployed against Assange. When setting a gravely dangerous precedent, governments don’t typically persecute the most beloved individuals in the world. They target those who can be portrayed as subversive, unpatriotic – or simply weird. Then they actively distort public debate by emphasizing those traits. These techniques are not new. After Daniel Ellsberg leaked the Pentagon Papers to journalists to expose the US government’s lies about Vietnam, the Nixon administration’s “White House Plumbers” broke into Ellsberg’s psychiatrist’s office in search of material that could be used to discredit him.

NSA whistleblower Edward Snowden was falsely portrayed as collaborating with the Chinese, then the Russians. Obsession with military intelligence analyst Manning’s mental health and gender identity was ubiquitous. By demonizing the messenger, governments seek to poison the message. The prosecution will be all too happy when coverage of Assange’s extradition hearing devolves into irrelevant tangents and smears. It matters little that Assange’s beard was the result of his shaving kit having been confiscated, or that reports of Paul Manafort visiting him in the embassy were proven to be fabricated. By the time these petty claims are refuted, the damage will be done. At best, public debate over the real issues will be derailed; at worst, public opinion will be manipulated in favour of the establishment.

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“I’m now understanding that he did this because he was upset that the Director’s reopening of the investigation was going to negatively affect the election for Hillary Clinton.”

Steele Acted Crazy, His FBI Handler Says: People’s Ears Were Bleeding (RCI)

“Crazy” was the term the FBI agent used to describe the behavior of Christopher Steele, author of the now-debunked Trump-Russia dossier. “I’ve seen crazy source-related stuff in 20 years in New York and this was one of the craziest,” the veteran agent testified to the Senate Select Committee on Intelligence. Nevertheless, the FBI continued to rely on Steele’s allegations – that Donald Trump and his team were conspiring with Russians who possessed compromising information – to justify its surveillance of the Trump campaign. Without evidence to verify Steele’s claims, the FBI fell back on its assertion that the former British intelligence agent was reliable. The previously unreported testimony of FBI agent Michael Gaeta is found on page 900 of the fifth and final volume of the Senate committee’s probe of Russian interference in the 2016 election.

It raises new questions about the basis of the FBI’s investigation of the Trump campaign, Crossfire Hurricane, and the declarations it made to the FISA court in four separate applications submitted to spy on American citizens. Gaeta had a long history with the London-based Steele, who had started his own firm, Orbis Business Intelligence, after leaving the British spy service MI6 in 2009. Between 2013 and 2016, the bureau had paid Steele $95,000 to pass along tidbits on Eurasian organized crime; Gaeta was his contact at the bureau. It was Gaeta whom Steele approached in July 2016 with wild and depraved stories of collusion and kompromat. Gaeta became the “handling agent” for Steele’s participation in Crossfire Hurricane. Among his tasks was to get Steele paid (a process that came along slowly) and to see to it that Steele didn’t violate the FBI’s rules on confidentiality.

This requirement for discretion created a conflict of interest for Steele, who was also being paid for the same information by the Washington-based firm Fusion GPS. Fusion, in turn was being paid by the Democratic National Committee and the Hillary Clinton campaign for opposition research on Trump. The Democrats wanted Steele’s information spread far and wide. They also wanted to be able to claim that the FBI was investigating the allegations. Paid FBI informants, however, are not allowed to tell anyone of their work for the FBI or of the bureau’s investigations. Gaeta was astonished, then, when shortly before the 2016 election an article appeared in Mother Jones titled “A Veteran Spy Has Given the FBI Information Alleging a Russian Operation to Cultivate Donald Trump.” The sub-headline asked, “Has the bureau investigated this material?” Gaeta was convinced Steele was the source for the article and confronted him about it. Steele readily admitted he was behind the Mother Jones story.

[..] Here’s how Gaeta recounted that conversation to the Senate: “Listen, is it about the money?” Gaeta asked Steele. “Because we have the money now. Is it about the money?” The FBI had promised, but had yet to deliver to Steele, $15,000 for one meeting with Crossfire Hurricane agents. The bureau had further promised Steele he would be paid “significantly” for his Trump-Russia research. Gaeta assumed at first a delay in payment had made Steele go rogue. “Yes, I’m owed the money, but that’s secondary,” Steele told Gaeta. “I’m very upset about – we’re very upset – about the actions of your agency.” By the “we” in “we’re very upset” one can reasonably infer that Steele was speaking about himself and his client, Fusion GPS head Glenn Simpson (whose client, not counting cutouts, was Hillary Clinton’s campaign).

The handling agent was shocked: “I had no idea what he was talking about.” Before Gaeta could inquire further, Steele started railing about ”your Director” and his “reopening of the investigation.” This was an apparent reference to former FBI Director James Comey’s decision to reopen the probe into Hillary Clinton’s private email server after 340,000 copies of State Department emails between Clinton and her close personal aide, Huma Abedin, were discovered on a laptop used by Abedin and her husband, Anthony Weiner. He was a disgraced congressman under investigation by the bureau’s New York office for sending sexually explicit messages and photos to an underage girl. At which point it all became clear to the handling agent: “I’m now understanding that he did this because he was upset that the Director’s reopening of the investigation was going to negatively affect the election for Hillary Clinton.”

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Oh, look, there’s Victoria Nuland again. Where’s the investigation into this?

The Mysterious Destruction Of Evidence Related To Steele Dossier (Solomon)

Earlier this year, the infamous dossier author Christopher Steele revealed he had destroyed nearly all the records detailing his dirt-digging on Donald Trump and Russia. “They no longer exist,” Steele told a British court. Now comes word that Steele’s primary and longtime contact inside the Obama State Department, Jonathan Winer, also destroyed records of the former British MI6 agent’s contacts inside that federal agency, including many of the 100-plus unsolicited intelligence reports Steele provided the Obama administration. “I destroyed them, and I basically destroyed all the correspondence I had with him,” Winer is quoted as saying in a little noticed passage of the Senate Intelligence Committee’s final report on the Russia collusion scandal.

Winer apparently destroyed the records at Steele’s request, the report said. “After Steele’s memos were published in the press in January 2017, Steele asked Winer to make note of having them, then either destroy all the earlier reports Steele had sent the Department of State or return them to Steele, out of concern that someone would be able to reconstruct his source network,” the committee’s report released last month stated. The consequence of the document destruction appears to have been real. “Department of State was able to produce for the Committee, from their archives, many Steele memos from 2015 and some from 2016, but most of his reports from 2014 are missing,” the committee noted.

The missing documents create an evidentiary hole in the story of Steele’s extensive contact at the Obama State Department, where he delivered through Winer a total of 120 reports on Russia and Ukraine policy matters that reached as high as Assistant Secretary of State Victoria Nuland and Secretary of State John Kerry. “Starting in 2013, Steele offered Winer, who was then at Department of State, reports he had written for clients on Russian-Ukrainian political leadership, economic issues, and political security,” the Senate report reveals. “Winer showed them to Nuland, who asked Winer to share them with her Principal Deputy, Paul Jones.

“Winer recounted Nuland’s reaction: ‘She said, these are good reports; they’re valuable; keep them coming.’ Winer further said that State officials thought the reports were ‘shockingly real-time.’ Nuland, who said that she never met Steele, told the Committee, ‘I found his stuff to be 70, 75 percent accurate, credible … when he was off base, it generally looked to me, felt to me, like he had been paying human sources who were exaggerating or getting extra money by pumping up what they knew or extrapolating.'”

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“It turns out ‘Hey Alexa’ is short for ‘Hey Keith Alexander.”

Ex-NSA Chief Involved In Mass Spying Snowden Revealed Joins Amazon Board (RT)

General Keith Alexander, ex-director of the National Security Agency, who oversaw illegal mass spying on Americans, has been appointed to Amazon’s board of directors, drawing the ire of privacy advocates, including Edward Snowden. Amazon announced that Alexander, who served as NSA director from 2005 up to his retirement in March 2014, will join the company’s board on Wednesday. “We’re thrilled to elect a new member to our Board of Directors this month. Welcome, General Keith Alexander!” the tech giant said in a statement on Twitter. However, some, including the ex-CIA contractor Edward Snowden, were less than “thrilled” about the appointment.

Snowden – who in 2013 blew the whistle on a secret NSA surveillance program, leaking a massive trove of documents proving the bulk and warrantless collection of Americans’ telephone records by the government – was one of the first to call out Amazon for hiring Alexander. “It turns out ‘Hey Alexa’ is short for ‘Hey Keith Alexander.’ Yes, the Keith Alexander personally responsible for the unlawful mass surveillance programs that caused a global scandal,” tweeted the whistleblower, who remains in exile in Russia.

Snowden noted that while Amazon Web Services (AWS) hosts nearly 6 percent of all websites, the figure looks even more damning “if you measure it by traffic instead of number of sites.” Journalist Glenn Greenwald, a Snowden ally who was awarded a Pulitzer Prize for his reporting on the US intelligence machine’s global mass surveillance program, tweeted that Alexander’s appointment only revealed Amazon’s true colors. “Gen. Keith Alexander was head of NSA when it secretly built a massive domestic surveillance system aimed at Americans – the one an appellate court just ruled likely illegal. Amazon just appointed him to its Board of Directors, again showing who they are,” Greenwald said.

Last week, a federal appeals court ruled that the “bulk collection” of data used by the NSA was illegal, with Snowden hailing the decision as a milestone in the fight against government-sanctioned snooping. Even without an ex-spy chief with a less-than-stellar reputation in terms of privacy protection on its board, Amazon has faced growing pushback over its intrusive high-tech devices. Its virtual assistant Alexa was caught red-handed passively recording intimate conversations of unsuspecting family members, while its new fitness tracker ‘Halo’ promises to scan users’ bodies and track emotions in their voice.

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Now we know why nobody is investigating the Wuhan lab, and why the WHO team was not allowed anywhere near it.

NIH Funded Human Coronavirus Experiments In 2019 In China (JTN)

The National Institutes of Health (NIH) was funding experiments in China in 2019 that sought to assess the risk of dangerous coronaviruses jumping from bat populations into human beings — research conducted in a laboratory near the site of — and possibly around the time of — the initial outbreak of the SARS-Cov-2 pandemic in that country, records show. The State Department, meanwhile, noted in 2018 that NIH has been a “major funder” of coronavirus research at that laboratory, one which —according to a recently released State memo — possessed a “shortage of trained staff EcoHealth Alliance, a New York-based organization dedicated to infectious disease research, received $3.4 million over 6 years from NIH, according to an NIH spokeswoman. Among the sub-awardees of that grant was the Wuhan Institute of Virology, the infectious disease institute that sits within a few miles of where the Chinese government claimed the COVID-19 outbreak began.

[..] Due to the proximity of the outbreak to the Wuhan Institute of Virology, concerns have arisen in recent months that the lab was carrying out what is known as “gain-of-function” research that may have led to the pandemic. Gain-of-function experiments, as defined by the Center for Infectious Disease Research and Policy at the University of Arizona, involve “studies that enhance the pathogenicity, transmissibility, or host range of a pathogen” in order to assess the possible threat it poses to human beings, including its potential to become a pandemic virus. Citing biosafety concerns, the U.S. government in 2014 imposed a moratorium on gain-of-function studies into several types of viruses, including severe acute respiratory syndrome (or SARS) coronaviruses.

A spokeswoman for the NIH denied that the EcoHealth Alliance projects constituted gain-of-function experiments. “The research supported under grant characterized the function of newly discovered bat spike proteins and naturally occurring pathogens and did not involve the enhancement of the pathogenicity or transmissibility of the viruses studied,” she said. [..] A recently declassified State Department memo from 2018 indicates that the U.S. believed the WIV — the first P4-level lab in China — may have posed an outbreak risk due to what it said was the lab’s “shortage of trained staff” in that year at least. The P4 lab “became fully operational and began working with live viruses” only within the first four months of 2018, the memo said. The memo notes that the NIH had been a “major funder … of SARS research” at the Wuhan Institute of Virology, including helping to determine the origin of the SARS virus.

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“Trump would have to be quite a feckless fascist to allow himself to be constantly maligned in the country’s major media, plotted against by his own administration underlings, and impeached.”

Stop Crying Foul Over Fascism (Tracey)

It might not seem immediately apparent that Joe Biden would have anything in common with insurrectionary anarchists. After all, Biden has been deeply entrenched in the uppermost echelons of American political power for nearly five decades straight — whereas insurrectionary anarchists generally seek to overthrow those systems, by violent force if necessary. The former Vice-President is not exactly the type you would imagine clad in all-black combat-style street apparel, hurling commercial-grade fireworks at police officers. Rather, he drafted the infamous 1994 omnibus crime bill in concert with the National Association of Police Organizations. He is even known to venerate the arcane institutionalist ethos of the US Senate — whereas to insurrectionary anarchists, such institutions could only be tools of oppression.

But the Trump Era has an odd way of bringing about unexpected ideological convergences. In the announcement video that formally kicked off his 2020 presidential campaign, Biden paid homage to what he called the “courageous group of Americans” who descended upon Charlottesville, VA in August 2017 to confront an assembly of Right-wing rally-goers. Among that “courageous group” were Left-wing activist factions broadly classified under the banner of “antifa”. For Biden, what transpired in Charlottesville was a “defining moment,” and formed the basis for his decision to launch a third campaign for the presidency at age 76. While Biden did herald generic American idealism in that announcement video — which would be anathema to most insurrectionary anarchists — in the gravity he assigned to the Charlottesville episode, he also affirmed a core tenet of the “antifa” worldview: the notion that a uniquely pressing fascistic threat has gripped the country, and crushing this threat is a matter of unparalleled world-historic urgency.

Certainly, if you picked any “antifa” member at random, there’d be an almost 0% chance that they would express any kind of personal enthusiasm for Joe Biden. But there’d be a virtually 100% chance that they’d express a great deal of enthusiasm for the theory that “fascism” is an accurate characterisation of America’s current state of governance. Biden would be similarly enthused to present a variation of this analysis, albeit from a slightly different ideological angle. He typically intones things like, “This is not who we are”, rather than “All Cops Are Bastards”. Still, where Biden is united with “antifa” is in assigning such outsized importance to the role of small-time “fascist” agitators like the ones who gathered that weekend three years ago in Charlottesville (despite ultimately being outnumbered by Left-wing activists) on account of the validation they are purported to have received from Donald Trump. For both Biden and “antifa,” this dynamic constitutes the chief prism through which contemporary American political affairs must be viewed.

And for both Biden and “antifa,” this mode of analysis has been hugely successful. “Antifa” has succeeded in stoking nationwide insurrectionary fervour on a scale unseen in decades. Given their opposition to Trump as the alleged fascist-in-chief, as well as their appropriation of the “Black Lives Matter” protest mantle, they’ve received an extraordinary amount of mainstream liberal legitimation. Democratic Party operatives have even gone so far as to exalt “antifa” activists as the modern-day equivalents of US soldiers fighting in World War II — while apparently exhibiting no embarrassment for invoking this comparison.

[..] if your main sources of information tell you for years on end that the reins of state have been seized by an out-and-out fascist, who is fuelling a siege of “Nazi” street agitators, whatever deficiencies the Democratic Party might have at the moment are of little or no concern. Now even Sanders himself has called for a “united front” against Trump ahead of the election, seeming to suggest that the precedent of Francisco Franco is historically apt. Wasn’t the whole problem with Franco that he couldn’t be voted out? Never mind that Trump would have to be quite a feckless fascist to allow himself to be constantly maligned in the country’s major media, plotted against by his own administration underlings, and impeached.

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The story that never ends, until it does.

Wildlife In ‘Catastrophic Decline’ That Shows No Sign Of Slowing (BBC)

Wildlife populations have fallen by more than two-thirds in less than 50 years, according to a major report by the conservation group WWF. The report says this “catastrophic decline” shows no sign of slowing. And it warns that nature is being destroyed by humans at a rate never seen before. Wildlife is “in freefall” as we burn forests, over-fish our seas and destroy wild areas, says Tanya Steele, chief executive at WWF. “We are wrecking our world – the one place we call home – risking our health, security and survival here on Earth. Now nature is sending us a desperate SOS and time is running out.” The report looked at thousands of different wildlife species monitored by conservation scientists in habitats across the world.

They recorded an average 68% fall in more than 20,000 populations of mammals, birds, amphibians, reptiles and fish since 1970. The decline was clear evidence of the damage human activity is doing to the natural world, said Dr Andrew Terry, director of conservation at the Zoological Society of London (ZSL), which provides the data. “If nothing changes, populations will undoubtedly continue to fall, driving wildlife to extinction and threatening the integrity of the ecosystems on which we depend,” he added. The report says the Covid-19 pandemic is a stark reminder of how nature and humans are intertwined. Factors believed to lead to the emergence of pandemics – including habitat loss and the use and trade of wildlife – are also some of the drivers behind the decline in wildlife.


New modelling evidence suggests we can halt and even reverse habitat loss and deforestation if we take urgent conservation action and change the way we produce and consume food. The British TV presenter and naturalist Sir David Attenborough said the Anthropocene, the geological age during which human activity has come to the fore, could be the moment we achieve a balance with the natural world and become stewards of our planet. “Doing so will require systemic shifts in how we produce food, create energy, manage our oceans and use materials,” he said. “But above all it will require a change in perspective. A change from viewing nature as something that’s optional or ‘nice to have’ to the single greatest ally we have in restoring balance to our world.”

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Nordhaus claimed that nothing that happened indoors would be affected by climate change. And both the IPPC and the Nobel committee bought that. Oh boy!

Nobel Prize Economics Of Climate Change Is Misleading, Dangerous (Steve Keen)

While climate scientists warn that climate change could be catastrophic, economists such as 2018 Nobel prize winner William Nordhaus assert that it will be nowhere near as damaging. In a 2018 paper published after he was awarded the prize, Nordhaus claimed that 3°C of warming would reduce global GDP by just 2.1%, compared to what it would be in the total absence of climate change. Even a 6°C increase in global temperature, he claimed, would reduce GDP by just 8.5%. If you find reassurance in those mild estimates of damage, be warned. In a newly published paper, I have demonstrated that the data on which these estimates are based relies upon seriously flawed assumptions.

Nordhaus’s celebrated work, which, according to the Nobel committee, has “brought us considerably closer to answering the question of how we can achieve sustained and sustainable global economic growth”, gives governments a reason to give climate change a low priority. His estimates imply that the costs of addressing climate change exceed the benefits until global warming reaches 4°C, and that a mild carbon tax will be sufficient to stabilise temperatures at this level at an overall cost of less than 4% of GDP in 120 year’s time. Unfortunately, these numbers are based on empirical estimates that are not merely wrong, but irrelevant.

Nordhaus (and about 20 like-minded economists) used two main methods to derive sanguine estimates of the economic consequences of climate change: the “enumerative method” and the “statistical method”. But my research shows neither stand up to scrutiny. In the enumerative method, to quote neoclassical climate change economist Richard Tol, “estimates of the ‘physical effects’ of climate change are obtained one by one from natural science papers … and added up”. This sounds reasonable, until you realise that the way this method has been deployed ignores industries that account for 87% of GDP, on the assumption that they “are undertaken in carefully controlled environments that will not be directly affected by climate change”.

Nordhaus’s list of industries that he assumed would be unaffected includes all manufacturing, underground mining, transportation, communication, finance, insurance and non-coastal real estate, retail and wholesale trade, and government services. It is everything that is not directly exposed to the elements: effectively, everything that happens indoors or underground. Two decades after Nordhaus first made this assumption in 1991, the economics section of the IPCC Report repeated it: “Economic activities such as agriculture, forestry, fisheries, and mining are exposed to the weather and thus vulnerable to climate change. Other economic activities, such as manufacturing and services, largely take place in controlled environments and are not really exposed to climate change.”

Read more …

 

 

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Nov 152019
 


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Pelosi Adds A New Element – Bribery – (CNN)
‘Evidence Of Bribery’: Pelosi Comments On Impeachment Hearing
US Envoy Sondland Did Not Link Biden Probe To Aid: Ukraine Minister (R.)
Adam Schiff Will Be Called as Witness in Senate Impeachment Trial: Graham (ET)
Fox Prime Time Stars Tell Trump Impeachment Hearings Disaster For Dems (CNN)
Will China Disrupt The Monetary System With A Cryptocurrency? (Lacalle)
Public Figures: Antisemitism Means We Can’t Vote For Labour Under Corbyn (G.)
Trump V-Day Moscow Visit Right Thing To Do Even In Election Season – Putin (RT)
Jeffrey Epstein: Fund Proposed To Compensate Financier’s Victims (G.)
Ukraine Ex-Minister Says Bellingcat Infiltrated By… Kremlin Agents? (RT)
Even Nobel Prize Winners Get Things Catastrophically Wrong (Steve Keen)

 

 

I saw yesterday that she had used the word “Bribery” and kept wondering why she all of a sudden switched to it. CNN of all places gives the answer: it’s right there in the Constitution, while Quid Pro Quo is not. Her legal team must have been frantically deliberating. And free beers for the genius who found this.

And today we’re back to closed door sessions? Huh?

Pelosi Adds A New Element – Bribery – (CNN)

House Speaker Nancy Pelosi argued on Thursday that President Donald Trump’s actions in the Ukraine scandal constitute “bribery” and that Trump has admitted to it himself. She’s the latest and most high-profile Democrat to use that word when describing Trump’s conduct on the July 25 phone call with Ukrainian President Volodymyr Zelensky, which Trump has called “perfect.” “What the President has admitted to and says it’s perfect, I’ve said it’s perfectly wrong. It’s bribery,” Pelosi said at her weekly news conference.

Why is it bribery?
“The bribe is to grant or withhold military assistance in return for a public statement of a fake investigation into the elections. That’s bribery,” she said.

What does the Constitution say?
Getting technical, bribery is just an example of “high Crimes and Misdemeanors,” But it’s one of only two specific examples the Constitution lays out.

Article II, Section 4:
“The President, Vice President and all civil Officers of the United States, shall be removed from Office on Impeachment for, and Conviction of, Treason, BRIBERY, or other high Crimes and Misdemeanors.”

[..] Coming up Friday
Public hearing #2 — Marie Yovanovitch, former US ambassador to Ukraine.
Private hearing — The committee will also take closed-door testimony from David Holmes, the State Department employee who overheard Trump’s call with Sondland on July 26.
Private hearing — The committee will work Saturday to depose OMB official Mark Sandy behind closed doors. He’s the first official offering testimony from the agency, which was responsible for releasing the security aid for Ukraine.

Read more …

Pelosi also thinks Americans don’t know what quid pro quo means.

‘Evidence Of Bribery’: Pelosi Comments On Impeachment Hearing

House Speaker Nancy Pelosi, D-Calif., said Thursday that the testimony presented by two career U.S. diplomats at the first House impeachment hearing a day earlier had presented evidence of bribery committed by President Donald Trump. “The devastating testimony corroborated evidence of bribery uncovered in the inquiry and that the president abused power and violated his oath by threatening to withhold military aid and a White House meeting in exchange for an investigation into a political rival,” Pelosi told reporters. Pelosi’s comments come amid a Democratic shift in the language used to describe Trump’s actions with regard to Ukraine that lie at the heart of the current impeachment inquiry.


Lawmakers had called the president’s moves a “quid pro quo,” but have recently appeared to shift to a focus on more widely used terms that Democrats believe may resonate more deeply with voters. Asked to further elaborate on her statement regarding bribery, Pelosi said, “Well, you know we’re talking Latin around here — e pluribus unum, from anyone, quid pro quo, bribery, and that is in the Constitution, attached to the impeachment proceeding.” “The bribe is to grant or withhold military assistance in return for a public statement of a fake investigation into the elections — that’s bribery,” she said. Pelosi continued to assert that Democrats still have not made a decision about whether to pursue articles of impeachment against the president.

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So that’s the ennd of that one?

US Envoy Sondland Did Not Link Biden Probe To Aid: Ukraine Minister (R.)

Ukraine’s Foreign Minister Vadym Prystaiko said on Thursday that U.S. ambassador Gordon Sondland did not explicitly link military aid to Kiev with opening an investigation into former Vice President Joe Biden and his son, Interfax Ukraine reported. Trump and his allies are accused by Democrat opponents of freezing nearly $400 million in security aid to Ukraine to pressure President Volodymyr Zelenskiy to open investigations into Biden, Trump’s main rival for the 2020 presidential race. “Ambassador Sondland did not tell us, and certainly did not tell me, about a connection between the assistance and the investigations. You should ask him,” Prystaiko said about Sondland, the U.S. ambassador to the European Union. Prystaiko’s comments came a day after William Taylor, the acting ambassador to Ukraine, testified in the first televised hearing of the impeachment inquiry.

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Obviously, they will call/subpoena Joe and Hunter Biden, Adam Schiff and The Whistleblower

Adam Schiff Will Be Called as Witness in Senate Impeachment Trial: Graham (ET)

House Intelligence Chairman Adam Schiff (D-Calif.) will be called as a witness in a Senate impeachment trial if the House votes to impeach President Donald Trump. During an appearance on Fox News’ “Hannity” on Nov. 13, Sen. Lindsey Graham (R-S.C.), chairman of the Senate Judiciary Committee, said he’d call Schiff to testify. Graham also said he wouldn’t let the impeachment trial be based on hearsay alone. A trial also wouldn’t be held if the whistleblower doesn’t testify, he said. “Let’s say they get 218 votes. Here’s what I promise the country. We’re not going to try the president of the United States based on hearsay. So any resolution setting up a trial in the Senate, I’m going to make sure that hearsay cannot be the basis of an impeachment allegation,” Graham told host Sean Hannity.


“If you invoke the hearsay rule, what would be left? “A trial in the Senate, to me, should not legitimize what’s going on in the House. No American is denied the right to call witnesses on their behalf, except for Donald Trump. No American is accused of wrongdoing anonymously, except Donald Trump. What they’re doing in the House is a danger to the presidency itself. “So any trial in the Senate needs to make sure that you can’t impeach a president based on hearsay, because that’s a danger to the presidency itself. And secondly, any trial in the Senate must expose the whistleblower so the president can confront his accuser. I will not accept a trial in the Senate until I know who the whistleblower is.”

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When one propagada tool fact-checks another.

Fox Prime Time Stars Tell Trump Impeachment Hearings Disaster For Dems (CNN)

I wanted to know what President Trump was hearing about day one of the televised impeachment hearings. So I decided to mute all my other TVs and just watch Fox News on Wednesday night. I heard White House press secretary Stephanie Grisham say that “today was a joke.” I heard Donald Trump Jr. say “it’s insanity.” I heard Jeff Sessions ask, “Where’s the beef?” Here’s how I would sum up everything I heard from Fox’s prime time hosts: Wednesday’s hearing was a bust. It was all just hearsay. It was a “disaster” for the Democrats and a “great day” for the Republicans. Impeachment is “stupid.” Impeachment is “fake.” There’s nothing impeachable here. There’s no reason to hold hearings. This inquiry needs to stop right now.

The message was one-sided and overwhelming. Every host and practically every guest said the Republican tribe is winning and the Democrat tribe is losing. I’m sure the president loved watching every minute of it. That’s one of the reasons why this right-wing rhetoric matters so much – because it is reassuring and emboldening Trump. I decided to write it all down because of something that CNN’s Oliver Darcy wrote earlier in the day. “Don’t expect viewers, listeners, and readers of right-wing media to walk away from Wednesday’s impeachment hearings with a different opinion of President Trump’s behavior,” Darcy said. “In fact, it’s possible they might be more convinced than ever that Trump did nothing wrong. Why? Because right-wing media has largely – and unsurprisingly – focused on the moments in the hearing favorable to its preferred narrative.”

On the OTHER cable news channels, 8 p.m. host Tucker Carlson said, “it was like Christmas and New Year’s and the Super Bowl all put together.” Carlson seemed reluctant to cover Wednesday’s news, calling the hearings “stupid” and the importance of the impeachment inquiry “questionable.” Grisham called it a “joke” while others made jokes — Christian Whiton said witnesses Bill Taylor and George Kent, both veteran public servants with impressive resumes, “looked like people who sat by themselves at recess.” mIt didn’t end there. The witnesses were insulted all evening long. And Grisham said foreign service officials who are resisting Trump’s policies should resign.

Later in the hour, Carlson mocked news outlets for taking this once-in-a-generation impeachment inquiry seriously. “The media went completely bonkers today,” he said, while the on-screen graphic alleged a “MEDIA MELTDOWN.” He agreed with his guest Larry O’Connor, who said America doesn’t have a free press because the press is made up of “political activists.”

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5 days old but relevant because of Lacalle’s claim that China has only 0.25% worth of its money supply in gold. China also has a dire thirst for dollars. What’s going to back that crypto?

Will China Disrupt The Monetary System With A Cryptocurrency? (Lacalle)

A state-owned cryptocurrency is, in itself, a contradiction in terms. The main reason why citizens want to use cryptocurrencies or gold is precisely to avoid the government or central bank monopoly of money. For a currency to be a world reserve of value, widespread means of exchange and unit of measure, there are many things that need to happen, but the first pillar of a world reserve currency is stability and transparency. China cannot disrupt the global monetary system and dethrone the US dollar when it has one of the world’s tightest capital control systems, a lack of separation of powers and weak transparency in its own financial system. The U.S. dollar is the most traded currency in the world, and growing according to the Bank of International Settlement. The Yuan is 4% of the currency trade.


This is because the financial balance of the US is the strongest, legal and investor security is one of the strongest in the world, and the currency and capital markets are open and transparent. Unfortunately for China, the idea of a gold-backed cryptocurrency starts from the wrong premise. China’s own currency, the Yuan, is not backed by either global use nor gold. At all. China’s total gold reserves are less than 0.25% of its money supply. Many say that we do not know the real extent of China’s gold reserves. However, this goes back to my previous point. What confidence is the world going to have on a currency where the real level of gold reserves is simply a guess? Furthermore, why would any serious government under-report its gold reserves if it wants to be a safe haven, reserve status currency? It makes no sense.

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The smear has worked wonders.

Public Figures: Antisemitism Means We Can’t Vote For Labour Under Corbyn (G.)

The authors John Le Carré and William Boyd are among a string of public figures declaring they refuse to vote Labour because of its association with antisemitism. In a letter to the Guardian, they said: “To ignore it because Brexit looms larger is to declare that anti-Jewish prejudice is a price worth paying for a Labour government.” Both Le Carré, whose real name is David Cornwell, and Boyd have previously expressed strongly anti-Brexit views. They joined others including Jimmy Wales, the founder of Wikipedia who has previously been sympathetic to Labour, the actor Simon Callow , and the historians Antony Beevor, Tom Holland and Dan Snow. Trevor Phillips, a former Labour politician and ex-chair of the Equality and Human Rights Commission (EHRC), and Fiyaz Mughal, the founder of the Tell Mama group fighting Islamophobia, also said they could not vote Labour.

The letter said: “The coming election is momentous for every voter, but for British Jews it contains a particular anguish: the prospect of a prime minister steeped in association with antisemitism. Under Jeremy Corbyn’s leadership, Labour has come under formal investigation by the EHRC for institutional racism against Jews. Two Jewish MPs have been bullied out of the party. Mr Corbyn has a long record of embracing antisemites as comrades. “We listen to our Jewish friends and see how their pain has been relegated as an issue, pushed aside by arguments about Britain’s European future. For those who insist that Labour are the only alternative to Boris Johnson’s hard Brexit, now, it seems, is not the time for Jewish anxiety.

“But antisemitism is central to a wider debate about the kind of country we want to be. To ignore it because Brexit looms larger is to declare that anti-Jewish prejudice is a price worth paying for a Labour government. Which other community’s concerns are disposable in this way? Who would be next? “Opposition to racism cannot include surrender in the fight against antisemitism. Yet that is what it would mean to back Labour and endorse Mr Corbyn for Downing Street.”

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Of course it is. 20 million dead. Never forget. Show respect. Without those 20 million lives lost we would all be goose-stepping.

Trump V-Day Moscow Visit Right Thing To Do Even In Election Season – Putin (RT)

As Russia prepares to celebrate the May 2020 anniversary of the defeat of the Nazis in World War II, President Vladimir Putin said that a visit from Donald Trump would be “the right thing to do,” even during an election campaign. Trump’s re-election campaign will be in full swing next May, when Russia marks the 75th anniversary of the Soviet and allied victory over the Nazi Germany. While the US president’s opponents will likely still be hammering him on his “friendliness” with Vladimir Putin, the Russian leader told reporters on Thursday that a visit from Trump would be fitting. Even as part of the election campaign, that [visit] would be the right thing to do. But it is not for us to decide. The American president will make this decision.


However, Putin added that at the moment, no formal meeting with Trump is on the agenda. While Soviet Russia and the United States shared the burden of defeating Nazism, cooperation with Moscow is anathema to Washington seven decades later. Trump’s announcement last week that he “would love to go” to the commemoration was met with howls of derision from Democrats and to a media still clinging to the fictional idea of “Russian collusion.” Though Trump noted that the celebration falls “right in the middle of campaign season,” he said “it’s a very big deal, celebrating the end of the war.”

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“..the estate should start by committing ALL of Epstein’s assets to the compensation fund.”

Jeffrey Epstein: Fund Proposed To Compensate Financier’s Victims (G.)

The executors of the estate of Jeffrey Epstein said on Thursday they had asked a judge to approve the creation of a proposed fund to compensate women the financier was accused of having sexually abused. The executors, Darren Indyke and Richard Kahn, said in a statement that the fund would create a “voluntary, confidential, non-adversarial alternative to litigation”. Epstein, 66, died by hanging himself in his Manhattan jail cell on 10 August, two days after signing a will and putting his estimated $577m estate into a trust. He had been arrested in July on federal sex trafficking charges, to which he pleaded not guilty. His estate is facing about a dozen lawsuits from women who say Epstein sexually abused them, many while they were underage.

The proposed compensation fund, which must be approved by a US Virgin Islands court, would be overseen by administrators including Jordana Feldman and Kenneth Feinberg, who have worked on compensation funds for victims affected by 9/11. Women who choose not to take part in the program would still be allowed to pursue their claims against the estate in court, according to Thursday’s statement. It was not immediately clear how much money would be available for the victim compensation fund. The attorney Roberta Kaplan, who represents one of the women suing the estate, expressed skepticism of the plan.

“Given that this latest fund was launched without our input or consent, we will keep an open mind because we are supportive of attempts to fairly compensate these survivors, but both the estate and the new administrators have a lot to prove,” she said in a press release. Another lawyer, Brad Edwards, said the estate should start by committing all of Epstein’s assets to the compensation fund. “If the estate is placing all estate assets into the claims program for victims, then it is a step in the right direction,” said Edwards, who represents multiple alleged victims. “In the meantime, we intend to get the filed cases to trial quickly. Either way, justice for our clients, without delay, is our goal.“

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Wonder what that MH17 “trial” is going to look like next year.

Ukraine Ex-Minister Says Bellingcat Infiltrated By… Kremlin Agents? (RT)

A website obsessed with blaming Russia for everything – using Google Earth to support its airtight theories – has been infiltrated by Russian agents, according to a Ukrainian MP and former minister. But does it even make sense? Our strange saga begins with a very level-headed Facebook post penned by Ukraine’s former minister of veteran affairs and current member of parliament, Iryna Friz, who expressed deep displeasure with a recent Bellingcat ‘investigation’ revealing that Ukraine’s Ministry of Veterans Affairs had ties to far-right figures (oh no, who could have guessed?). In her post, Friz accused Bellingcat of regurgitating an “exclusively Russian narrative” that there are “fascists in Ukraine.” This can mean only one thing, according to the Ukrainian lawmaker.


“There are all signs that people from the Russian FSB have infiltrated [Bellingcat]. I otherwise cannot explain for myself the fact that they coordinate their work with Russian outlet the Insider, which is controlled by Lubyanka,” she wrote, referring to the Moscow headquarters of Russia’s Federal Security Service. Friz even went so far as to suggest that Bellingcat should probe staff with “Russian names.” In an open letter responding to the damning allegations, Bellingcat founder Eliot Higgins politely pointed out that it employs no Russians – only two Ukrainian-Americans. Higgins further contested the notion that reports of Ukraine’s dangerous far-right were manufactured by the Kremlin, citing a 2018 report from the US State Department and an investigation by US-backed Freedom House.

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Steve is still chasing Nordhaus. Don’t think I’ve seen a reply from the man.

“..we know that most of Europe north of Berlin, and of America north of New York, would be under a kilometre of ice. To argue that this would cut GDP by just 3.6% is simply absurd.”

Even Nobel Prize Winners Get Things Catastrophically Wrong (Steve Keen)

William Nordhaus was awarded the 2018 Nobel Prize in Economics for “integrating climate change into long-run macroeconomic analysis”. This implies that he worked out what global heating means for our economy, given what climate scientists say will happen to our planet. But Nordhaus’s predictions of what global heating will cost the earth are dangerously at odds with the science. In his Nobel Prize lecture, Nordhaus described a 4°C increase in global average temperature as “optimal” — that is, the point at which the costs and benefits of mitigating climate change are balanced. In a subsequent academic paper based on this lecture, he stated that “damages are estimated to be 2 percent of output at a 3°C global warming and 8 percent of output with 6°C warming”.

This is a trivial level of damage, equivalent for the 6°C warming case to a fall in the rate of economic growth over the next century of less than 0.1% per year. Nordhaus’s conclusions are based in part on the simple but wayward assumption that the weak relationship between temperature and GDP within the US today can be used to assume how future global temperature rises will affect the economy. For example, the coldest state in the US is North Dakota, with an average temperature of 4.9°C and a high GDP per head – US$67,000 in 2018. Slightly warmer states such as New York (9.0°C, US$73,000) tend to have higher GDPs, while the hottest state – Florida, at 22.1°C – has a lower GDP (US$43,000). This implies that past a certain point, higher temperatures reduce GDP, but the relationship is very weak: huge changes in temperature result in relatively small changes in income.

If it were true that this weak relationship could be applied to global temperature change, then global warming would indeed be nothing to worry about. However, the relationship between temperature and GDP within one country today tells you absolutely nothing about how the world will change if global temperatures rise by 10°C. This can be hard to grasp, since we’re talking about the truly unknown – humanity has never experienced global temperatures that high. But we can assess how unrealistic Nordhaus’s work is because it predicts exactly the same damages for a fall in global temperature as it does for a rise. It predicts, for example, that both a 4°C rise and a 4°C fall in temperature would reduce global GDP by 3.6%.

The average global temperature during the last Ice Age was 4°C cooler than today. There’s no way we can accurately predict what GDP would be in such a cool world today, but we know that most of Europe north of Berlin, and of America north of New York, would be under a kilometre of ice. To argue that this would cut GDP by just 3.6% is simply absurd.

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Oct 092018
 
 October 9, 2018  Posted by at 9:02 am Finance Tagged with: , , , , , , , , , , ,  3 Responses »


Ford Madox Brown Finding of Don Juan by Haidee 1873

 

 

World Leaders ‘Have Moral Obligation To Act’ After UN Climate Report (G.)
US Economists Win Nobel Memorial For Work On Climate And Growth (G.)
Nobel Prizes in Economics, Awarded and Withheld (NC)
The End Of The World Will Save Theresa May From Brexit (Ind.)
Stock Markets Stage Sharp Sell-Off Amid Fear Of Italy-EU Budget Fight (G.)
QE Party Is Drying Up, Even at the Bank of Japan (WS)
Higher Rates Will Hurt Stocks Far More Than You Think (SA)
Pakistan Seeks Bailout From IMF (WSJ)
IMF Not Concerned About China’s Ability To Defend The Yuan (R.)
Sharp Slowdown In Consumer Spending Cools UK Retail Sales (G.)
Google Drops Out Of Bidding For $10 Billion Pentagon Data Deal (R.)

 

 

Groundhog Day. They just want to get (re-)elected. Which won’t happen if they tell people to cut their driving and flying.

World Leaders ‘Have Moral Obligation To Act’ After UN Climate Report (G.)

World leaders have been told they have moral obligation to ramp up their action on the climate crisis in the wake of a new UN report that shows even half a degree of extra warming will affect hundreds of millions of people, decimate corals and intensify heat extremes. But the muted response by Britain, Australia and other governments highlights the immense political challenges facing adoption of pathways to the relatively safe limit of 1.5C above pre-industrial temperatures outlined on Monday by the IPCC. With the report set to be presented at a major climate summit in Poland in December, known as COP24, there is little time for squabbles. The report noted that emissions need to be cut by 45% by 2030 in order to keep warming within 1.5C.

That means decisions have to be taken in the next two years to decommission coal power plants and replace them with renewables, because major investments usually have a lifecycle of at least a decade. Mary Robinson, a UN special envoy on climate, said Europe should set an example by adopting a target of zero-carbon emissions by 2050. “Before this, people talked vaguely about staying at or below 2C – we now know that 2C is dangerous,” she said. “So it is really important that governments take the responsibility, but we must all do what we can.” The UK, which has gone further than most nations by cutting its annual emissions by 40% since 1990, will need to step up if the more ambitious goal is to be reached.

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Both think adapting to climate change is easy.

US Economists Win Nobel Memorial For Work On Climate And Growth (G.)

Two American economists at the forefront of work on climate change and the role of governments in boosting growth have been jointly awarded the prestigious Nobel Memorial prize for economics. The Royal Swedish Academy of Sciences said William Nordhaus and Paul Romer were being honoured for their research into two of the most “basic and pressing” economic issues of the age. Nordhaus made his name by warning policymakers during the first stirrings of concern about climate change in the 1970s that their economic models were not properly taking account of the impact of global warming and he is seen as one of the pioneers of environmental economics.

The Yale economist was honoured a day after the latest UN warning on global warming said that urgent and unprecedented changes were needed to keep climate change to a maximum of 1.5C (2.7F). The co-winner – Romer – is seen as the prime mover behind the endogenous growth theory, the notion that countries can improve their underlying performance if they concentrate on supply-side measures such as research and development, innovation and skills. [..] Responding to news of his award, Romer said it was perfectly possible for global warming to be kept to a maximum of 1.5C, in line with the latest recommendation of the UN Intergovernmental Panel on Climate Change. “Once we start to try to reduce carbon emissions, we’ll be surprised that it wasn’t as hard as we anticipated. The danger with very alarming forecasts is that it will make people feel apathetic and hopeless.

“One problem today is that people think protecting the environment will be so costly and so hard that they want to ignore the problem and pretend it doesn’t exist. Humans are capable of amazing accomplishments if we set our minds to it.” [..] Nordhaus has been a prominent advocate of the use of a uniformly applied carbon tax as the best way to put a true cost on the use of burning fossil fuels and so reducing greenhouse gas emissions. The committee that awarded the prize said he was the first person to design “simple but dynamic and quantitative models of the global economic-climate system, now called integrated assessment models (IAMs). “His tools allow us to simulate how the economy and climate would co-evolve in the future under alternative assumptions about the workings of nature and the market economy, including relevant policies.”

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This is useful h/t Yves. Peter Dorman on how Martin Weitzman, who has a far more aggressive take on economics and climate, was snubbed so Nordhaus’ light version would get the attention.

Nobel Prizes in Economics, Awarded and Withheld (NC)

Nordhaus was widely expected to be a winner for his work on the economics of climate change. For decades he has assembled and tweaked a model called DICE (Dynamic Integrated Climate-Economy), that melds computable general equilibrium theory from economics and equations from the various strands of climate science. His goal has been to estimate the “optimal” amount of climate change, where the marginal cost of abating it equals the marginal cost of undergoing it. From this comes an optimal carbon price, the “social cost of carbon”, which should be implemented now and allowed to rise over time at the rate of interest. In his first published work using DICE, from the early 1990s, he recommended a carbon tax of $5 a tonne of CO2, inching slowly upward until peaking at $20 in 2085. His “optimal” policy was expected to result in an atmospheric concentration of CO2 of over 1400 ppm (parts per million) at the end of this planning horizon, yielding global warming in excess of 3º C. (Nordhaus, 1992)

Over time Nordhaus has become slightly more concerned with the potential economic costs of climate change but also more sanguine about the prospects for decarbonized economic growth, even in the absence of policy. In his latest work he advocates a carbon tax of $31 per tonne in 2015, increasing at 3% per year over the following century. This too would result in more than 3º warming. To give a sense of how modest his suggestion is, consider that, in the same paper, Nordhaus calculates that the most efficient carbon tax to limit warming to 2.5º is between $107-184 per tonne depending on assumptions. The target of the Paris Accord is 2º, and most scientists consider this an upper bound for the amount of warming we should permit.

What do these “optimal” tax numbers mean? Based on the carbon content of gas, each $1 carbon tax translates into a one cent tax on a gallon of gas at the pump. If we adopted Nordhaus’ suggestion for carbon pricing, the result would be minuscule compared to the year-to-year fluctuations in energy prices due to other causes. In other words, while his prize is being trumpeted as a statement from the Swedish bankers on the importance of climate change, in fact he is a key spokesman for the position, rejected by nearly all climate scientists, that the problem is modest and can be solved by easy-to-digest, nearly imperceptible adjustments to energy prices. If we go down his road we face a significant risk of a climate apocalypse.

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The benefits of climate change.

The End Of The World Will Save Theresa May From Brexit (Ind.)

Brexit has been in its “something will turn up phase” for some time now and possibly, at last, something has. This is meant to be Theresa May’s “Hell Week”, with important post-Brexit proposals to be published in both Brussels and the UK, both of which will of course necessitate demented rows within her own party (current “strategies” include threatening to vote down the Budget), but Hell Week could hardly have got off to a better start. The most sensible reading of Hell Week is that it looks likely to end with May agreeing to keep the UK in the EU’s customs union until 2022. In the circumstances, the prime minister will not have failed to notice that, according to this morning’s report from the UN’s IPCC, that is a mere eight years before all of the planet’s inbuilt life preserving systems are currently scheduled to turn against humanity in act of vengeance that will be swift and total.

To borrow briefly from the probability-based lexicon of the climate science community, let’s take a look at the likelihood of Brexit being concluded by then in any meaningful way. Even in the unlikely event of Britain voting to leave the European Union, right up until around 8am on 24 June 2016, the latest point at which it was all meant to have been sorted out was 24 June 2018. But when David Cameron decided not to trigger the two-year Article 50 process “straight away” as he had consistently claimed he would, but resigned instead, that date was eventually pushed back by May to 29 March 2019, expanding Brexit by 37.5 per cent.

Then, in March 2018, the Brexit “transition period” was agreed to last until until 31 December 2020, and now, just seven months later, that deadline has been extended until the next general election in 2022, a further eighteen months. At the most conservative estimate, that gives Brexit a rate of expansion of around two hundred per cent, or four years for every two. If the depth to which it can be kicked into the long grass can be maintained on this exponential gradient, May has every reason to be optimistic that tornadoes of sulphuric gas will be moving freely over the Irish border long before she has to deliver any acceptable proposals for how to avoid the reintroduction of customs infrastructure across it.

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Not the only issue.

Stock Markets Stage Sharp Sell-Off Amid Fear Of Italy-EU Budget Fight (G.)

Global stock markets staged a sharp sell-off on Monday amid growing concerns over a budget showdown between Italy and the EU and the prospect of weaker growth in the Chinese economy. Italian borrowing costs jumped and the euro dropped on foreign exchanges as the war of words between Rome and Brussels escalated, while shares on Wall Street and other major international markets declined amid growing concerns over the US-China trade war. Italian bond yields jumped by as much as 30 basis points to the highest levels since early 2014 after the Italian deputy prime minister, Matteo Salvini, attacked the European commission president, Jean-Claude Juncker, and the economics commissioner, Pierre Moscovici, as enemies of Europe.

Speaking at a news conference with the French far-right leader Marine Le Pen, he said the country would not cave to pressure from the financial markets or retreat from its plan for government spending. “We are against the enemies of Europe — Juncker and Moscovici — shut away in the Brussels bunker,” he said. Brussels has told Italy it is concerned over the plan because it would mean the nation running a larger budget deficit – the gap between income from taxes and government spending – than previously planned for the next three years. Rome is to submit its draft budget to the commission, the EU’s executive arm, which will check whether it is in line with EU rules by 15 October.

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When the easy money goes, how do we keep the bubbles inflated?

QE Party Is Drying Up, Even at the Bank of Japan (WS)

As of September 30, total assets on the Bank of Japan’s elephantine balance sheet dropped by ¥5.4 trillion ($33 billion) from a month earlier, to ¥537 trillion ($4.87 trillion). It was the fourth month-over-month decline in a series that started in December. This chart shows the month-to-month changes of the balance sheet. Despite all the volatility, the trend since mid-2016 is becoming clear: Abenomics became the economic religion of Japan in later 2012, and “QQE” (Qualitative and Quantitative Easing) was an integral part of it. So has the “QQE Unwind” commenced? Are central bankers, even at the Bank of Japan, getting cold feet about the consequences?

At BOJ policy meetings, concerns have been voiced over the “sustainability” of the stimulus program, according to the minutes of the July meeting, released on September 25. So the BOJ staff “proposed measures to enhance the sustainability of the current monetary easing while taking into consideration, for example, their effects on financial markets.” And “flexibility” has been proposed as solution to those concerns. The minutes reiterated that the BOJ would continue to buy Japanese Government Bonds (JGBs) in “a flexible manner” so that its holdings would increase by about ¥80 trillion a year. But this is precisely what has not been happening, in line with this “flexibility.”

Over the past 12 months, the BOJ’s holdings of JGBs rose by “only” ¥26.2 trillion – not ¥80 trillion. And they declined in September from the prior month (more in a moment). Shortly after the minutes had been released, BOJ Governor Haruhiko Kuroda, once the most reckless among the money printers, changed his tune and said in a speech that, “in continuing with powerful monetary easing, we now need to consider both its positive effects and side-effects in a balanced manner.” The Fed has already whittled down its balance sheet by $285 billion since it started its QE unwind last October. The ECB has tapered its QE from a peak of buying €85 billion a month to buying €15 billion currently and will end it altogether in December. The discussion has switched to raising rates and unwinding QE.

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Like the graph.

Higher Rates Will Hurt Stocks Far More Than You Think (SA)

Federal Reserve Chair Jerome Powell thinks the economy is awesome. And he has no problem telling us so. What Powell will never discuss, however, is the “way-too-low-for-way-too-long” stimulus that the central bank engaged in to get here. In particular, the Fed has kept the neutral rate of interest far beneath the rate of inflation (CPI) for an entire decade. Consumers, corporations and Uncle Sam predictably borrowed as if there’d never be consequences. What consequences? Asset bubbles. Stocks, bonds, real estate, collectibles, cryptos, alternatives, everything. Straight across the Ouija board.

Perhaps ironically, we have seen this streaming video before. “Too-low-for-to-long” rate policy in the previous economic expansion (11/01-12/07) created an environment whereby the quality and the quantity of household mortgage debt became toxic. Granted, mortgage debt is less of an issue in the current credit cycle. Nevertheless, total household debt levels may not be sustainable at higher average interest costs. Meanwhile, the federal government is making households look downright responsible.

Long after the Great Recession ended, the country averaged $1.07 trillion in deficits (2010-2017). We’ve now hit $21.5 trillion in our national debt. Uncle Sammy’s bar tab won’t be getting smaller anytime soon. The new tax law, which has provided a near-term kick start for economic growth (GDP), will keep the trillion-dollar deficit train running for years to come. None of this would be so ominous were it not for the rapid-fire advance of interest expense. Interest expense alone accounts for 11% of the federal budget. Just interest. No debt repayment. Tack on higher interest rates to new borrowing needs? Pretty soon interest expense will surpass the money that goes to the Department of Defense (13.6%).

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Belt and Road. Silk Road.

Pakistan Seeks Bailout From IMF (WSJ)

Pakistan, the flagship country for China’s global infrastructure building initiative, said Monday that it needed a bailout from the International Monetary Fund, amid growing concerns that Beijing’s program is pushing recipient countries into financial crisis. The fiscal constraints of an IMF program would also undercut the promises made by Prime Minister Imran Khan’s new government, which include millions of new jobs and the establishment of a welfare state.

But a ballooning trade deficit and fast-depleting foreign exchange reserves left the Pakistani government no other choice, officials said, after markets were spooked by the government’s recent suggestions that it might try to make do without the fund. “Uncertainty was growing and the stock market was falling,” said Chaudhry Fawad Hussain, the Information Minister. “We decided to end the uncertainty.” The Pakistani request for an IMF loan could further test already-strained U.S.-China relations. In July, U.S. Secretary of State Mike Pompeo warned that the U.S. didn’t want to see any IMF lending to Pakistan “go to bail out Chinese bondholders or—or China itself.”

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Growing at 6.9%(?) and still in need of pretty extreme support. I’d be concerned.

IMF Not Concerned About China’s Ability To Defend The Yuan (R.)

IMF Chief Economist Maurice Obstfeld said on Tuesday that he was not concerned about the Chinese government’s ability to defend its currency despite the recent depreciation of the yuan. “No, I don’t think it’s a problem,” Obstfeld said when asked about the issue on the sidelines of a news conference at the IMF and World Bank annual meetings in Bali. But Obstfeld also told the news conference that Beijing would face a “balancing act” between actions to shore up growth and ensure financial stability. China’s yuan currency has faced strong selling pressure this year, losing over 8% between March and August at the height of market worries, though it has since pared losses as authorities stepped up support.

On Tuesday, China’s central bank fixed the yuan’s official mid-point for trading at 6.9019 per dollar, edging close to the psychologically important 7.0 barrier and helping to send Asian stocks to a 17-month low. A U.S. Treasury official on Monday repeated that the Trump administration was concerned about the yuan’s recent weakening as the department prepares a semi-annual report on currency manipulation due out next week. Obstfeld said financial markets have overly emphasized short-term movements in China’s currency, adding that the yuan has often quickly recovered from periods of volatility in recent years.

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Reading this, I kept thinking: what sharp slowdown? Where is it? Not in the numbers…

Sharp Slowdown In Consumer Spending Cools UK Retail Sales (G.)

Britain’s retailers experienced a sharp slowdown in consumer spending last month, bringing to a close the World Cup-inspired summer spree on the high street. According to the British Retail Consortium (BRC) and the accountancy firm KPMG, growth in total sales dropped to the weakest level in almost a year. Total sales grew at an annual rate of 0.7% in September, compared with 2.3% growth during the same month a year ago. The BRC said this was the lowest growth rate since October 2017. Excluding new store openings, like-for-like sales dropped by 0.2% in the year to September, compared with a 19.9% increase for the same period a year ago.

The latest snapshot for the retail sector comes before the important autumn and winter shopping periods, vital for industry profits, when sales of gifts and electrical goods are lifted by the Black Friday sales event in November and shoppers buying Christmas presents. Retailers have been hit hard by a combination of problems that have led to job cuts and store closures across Britain. The ongoing shift to online shopping has increased competition, while sluggish wage growth and high levels of inflation have damaged the spending power of British households. Sales of stationery, footwear and clothing fell last month, while retailers sold more computers, jewellery, furniture, home accessories and food.

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If this doesn’t scare you…

Google Drops Out Of Bidding For $10 Billion Pentagon Data Deal (R.)

Alphabet Inc’s Google said on Monday it was no longer vying for a $10 billion cloud computing contract with the U.S. Defense Department, in part because the company’s new ethical guidelines do not align with the project, without elaborating. Google said in a statement “we couldn’t be assured that [the JEDI deal] would align with our AI Principles and second, we determined that there were portions of the contract that were out of scope with our current government certifications.” The principles bar use of Google’s artificial intelligence (AI) software in weapons as well as services that violate international norms for surveillance and human rights.

Google was provisionally certified in March to handle U.S. government data with “moderate” security, but Amazon.com Inc and Microsoft Corp have higher clearances. Amazon was widely viewed among Pentagon officials and technology vendors as the front-runner for the contract, known as the Joint Enterprise Defense Infrastructure cloud, or JEDI. Google had been angling for the deal, hoping that the $10 billion annual contract could provide a giant boost to its nascent cloud business and catch up with Amazon and fellow JEDI competitor Microsoft. That the Pentagon could trust housing its digital data with Google would have been helpful to its marketing efforts with large companies. But thousands of Google employees this year protested use of Google’s technology in warfare or in ways that could lead to human rights violations.

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