Menu Icon

Debt Rattle October 22 2024

Oct 222024
 
 October 22, 2024  Posted by at 8:53 am Finance Tagged with: , , , , , , , , ,  54 Responses »


Floris van Schooten Still-Life with Glass, Cheese, Butter and Cake 1st half 17th century

 

• Musk Fires Back At Der Spiegel Over ‘Enemy No. 2’ Claim (RT)
• Surprise, Surprise! (James Howard Kunstler)
• Alex Jones Issues Terrifying Post-Election Prediction (VF)
• A Citizen Journalist Wins Key Reversal for New Media (Turley)
• Court Denies Class Action Status for Lawsuit Against Twitter (ET)
• Russian “Restraint” Towards Assassination of Arab Leaders (Helmer)
• EU Troops Could Be Deployed To Ukraine – Politico (RT)
• Pentagon Pours Cold Water On Claim Of North Korean Troops In Ukraine (ZH)
• Medvedev Warns Of ‘Total War’ (RT)
• A New World Order In The Making: This BRICS Summit Will Be Special (Behanzin)
• Date With Destiny – BRICS Offers Hope in a Time of War (Pepe Escobar)
• Fani Willis Laid Groundwork For Prosecuting Trump Before Taking Office (JTN)
• Trump Assassination Probe Finds ‘Stunning’ Failures (RT)
• The EU Doesn’t Need Moscow To Interfere In Its Democracy (Marsden)
• US Interest Payments Top Defense Spending For First Time In History (I&I)
• German Doctors Alarmed At Growing Failures Of Antibiotics – Bild (RT)

 

 

 

 

Dark money

MSNBC

Speaker

PA


https://twitter.com/i/status/1848133402559721646

JD

Trump Biden

No tax

Racist

Bronx

DOJ

 

 

 

 

“Donald Trump is probably the current biggest threat to the free world. His buddy Musk [is] at least public enemy number two..”

• Musk Fires Back At Der Spiegel Over ‘Enemy No. 2’ Claim (RT)

Elon Musk has hit back at German magazine Der Spiegel, after it branded the billionaire “public enemy No.2” and claimed he is working with Republican presidential candidate Donald Trump to “decompose liberal democracy.” In response, Musk insisted that he is a staunch defender of democracy. The German outlet published an article on Sunday with a cover depicting a close-up of the tech mogul with Trump’s features emerging through part of his face. The piece noted that the X owner and Tesla CEO has amassed huge economic clout and a prominent media profile. “Within a few years, he [Musk] has not only become the political right-wing hardliner, but also a declared opponent of the liberal democracy in the US. The Troll-in chief has mutated into a political agitator.

“One could say: Donald Trump is probably the current biggest threat to the free world. His buddy Musk [is] at least public enemy number two,” the article said, drawing parallels with Nazi leader Adolf Hitler, who rose to power thanks in no small part to the support of German industrial moguls. Musk addressed the accusation during a townhall meeting with American voters in Pennsylvania. “I’m like, enemy No. 2 of what? Democracy? I mean I’m pro-democracy. I’m literally trying to uphold the Constitution and ensure we have a free and fair election,” he fired back, drawing cheers from the crowd.

The billionaire added that he would “definitely upgrade… my security” after the article, noting that he is sometimes “shocked” by what he sees from the left. “You know, the level of vitriolic hatred on the left, which is supposed to be tolerant. They claim they are tolerant and yet they are incredibly intolerant and spewing hate.” Musk, a self-described “free speech absolutist,” endorsed Trump after the failed assassination attempt on the former president in July, and has since donated tens of millions of dollars to his campaign. He has repeatedly expressed concern about what he describes as increasing censorship in the US, as well as an overbearing bureaucracy that prevents any meaningful action. Meanwhile, Trump has vowed to create a Musk-led government efficiency commission to audit the entire federal government if he returns to the White House.

Read more …

“The left’s ideas have failed and failed spectacularly, and all they have left is cheating.” Elizabeth Nickson.

• Surprise, Surprise! (James Howard Kunstler)

Of course, there’s no “pandemic” this time to cover for the trip that the Party of Chaos wants to lay on the country, no excuse for gross and glaring ballot fuckery, for the days of anxious uncertainty following an election. Everybody and his uncle expect a gigantic tantrum to follow November 6 if Mr. Trump somehow overcomes the tide of bogus harvested votes, illegal alien votes, phantom overseas votes, voting machine swapped votes, lost-and-found votes, last-minute rafts of votes, and other products of the Marc Elias election sabotage machine. I am not so sure that the tantrum will materialize. Despite the orgy of Orwellian language inversions you have been subjected to in recent years, and the bending of reality it induced, you will know a real insurrection if you see it. You already know the real reason the Democratic Party went insane: its crime spree against the citizens of this land was so obvious and outrageous that a thousand Beltway bureaucrats are now going crazy in fear of prosecution.

The tantrum everyone expects them to provoke would be a real insurrection and they are liable to find themselves in even deeper trouble for resorting to it. Crime is the whole reason for the Democrats’ desperation. There was no “policy” the past four years, only crime. The Covid operation was a mass murder. The open border was not something that just happened, like a spell of bad weather. It was a colossal racketeering operation. They worked it hard. “Joe Biden” paid dozens of NGO cut-outs to systematically jam more than ten million sketchy interlopers into the country, and then support them lavishly with cash payments when they got here. The political prosecutions of AG Merrick Garland are gauche and lawless. The pervasive censorship by DHS and other agencies is an affront to our constitution. The transgender campaign is a malicious prank against American children (and their parents).

Our CIA may be a party to the fentanyl crisis. The war in Ukraine is a failed resource-grab, unbelievably stupid in inception. “Joe Biden’s” empty treasury is writing trillions in IOUs to stealthily bail out the banks and jack-up the stock market. Everything about our government has become criminal and those responsible for it know they are bound for a reckoning now. Will the Democrats’ Antifa street-army be allowed to terrorize the cities? I expect the remaining cops not de-funded in DC, New York, Chicago, and LA won’t hold back this time, no matter what mayors Muriel Bowser, Eric Adams, Brandon Johnson, and Karen Bass tell them to do. You will instead see the return of something that has been missing for years: a sense of duty to public safety and the common good. Won’t that be a surprise? And there will be nothing that the FBI can do about. It’s one thing to incite a riot among a mob of ordinary middle-aged folks moiling around the US Capitol. It’s another thing to try to subvert the police in carrying out their duties. New heroes will emerge and there will be no ambiguity about what happens.

Black Lives Matter had already been outed as a lowlife money-grubbing hustle. But the Democratic Party may no longer depend on its old “plantation” field-hands to stage mostly peaceful anarchy and arson if the election goes the wrong way for the masters. Forty years of pretending to be an oppositional culture hasn’t worked. It was just minstrelsy updated, when all was said and done. Too many black men are rising up to speak out in support of Donald Trump, and of one America, and of acting like men. They appear to be tired of self-stigmatizing as designated victims in the Woke-Jacobin DEI psychodrama. A new generation of black male leaders is emerging to replace embarrassing con artists like Al Sharpton, Michael Eric Dyson, and Ibram X. Kendi. It’s been a long time coming.

Read more …

“..while the Democrats accuse Trump of planning to use the military on the American people, the government is already making moves to do just that..”

• Alex Jones Issues Terrifying Post-Election Prediction (VF)

He forecasts that once Trump becomes president, “Black Lives Matter, Antifa, and all these Islamic hordes that are allied with the left” will “engage in massive civil unrest.” The possibility is certainly real. And this scenario becomes even more terrifying when you realize that Senator Richard Blumenthal (D-Connecticut) is working on a bill to cripple Trump’s ability to respond to civil unrest. Specifically, Blumenthal is introducing legislation to limit unchecked presidential authority under the Insurrection Act ahead of Trump’s forecasted victory. What the bill means, if passed, is that Trump will be severely handicapped in the face of widespread violence and unrest. Blumenthal’s legislation is designed to handcuff the president by requiring approval from Congress before the military can be deployed to deal with domestic threats.

Adding to the possibility of civil unrest, Bill Gates, the man who seems to always financially profit when disaster happens, said in 2022 that America’s “political polarization may bring it all to an end.” He predicted that at some point, “We’re going to have a hung election and a civil war.” The trigger to civil unrest could be the election, of course. However, Alex Jones warned that an incident like the one we saw with George Floyd in 2020 could be exploited again to spark widespread riots. Jones pointed out that while the Democrats accuse Trump of planning to use the military on the American people, the government is already making moves to do just that. Adding to all the things that can go wrong is U.S. Department of Defense Directive 5240.01, which is an absolute nightmare.

What that directive does is that it gives the DoD the power to step in and use lethal force within U.S. borders, even against its own citizens, when it deems lives are at risk. Don’t want to wear a mask? You’re putting lives at risk. Lethal force could technically be used against you. Don’t want to take a vaccine? The same story exists. The potential for abuse is limitless here. The scope of this authority is chilling because the directive specifically states that the decision to use lethal force only needs the Secretary of Defense’s approval. Once lethal force is approved, anything can happen. For years, Alex Jones warned about martial law and domestic military control, and now we’re seeing that terrifying scenario unfold right before our eyes.

https://twitter.com/i/status/1848122086826606881

Read more …

“Only 31 percent express a “great deal” or “fair amount” of confidence in the media. Adults with no trust at all in the media is greater at 36 percent. In the 1970s, trust in the media ranged from 68 percent to 72 percent.”

• A Citizen Journalist Wins Key Reversal for New Media (Turley)

This week, there was a little-noticed order out of the Supreme Court that decided a narrow legal question with much great implications for journalism. The justices tossed a decision of the United States Court of Appeals for the Fifth Circuit that barred a lawsuit by Priscilla Villarreal. Known online as La Gordiloca (loosely translated as “the fat, crazy lady”), Villareal is part of a growing number of new media journalists. At a time when the public is rejecting legacy or mainstream media, the case is the latest reminder of a rising force of citizen journalists. Technically, the court instructed the lower courts to review the case in light of the recent decision in Gonzalez v. Trevino. That decision relaxed the standards for citizens suing over retaliatory arrests. Villareal was not just a citizen but a citizen journalist who claimed to be performing the same newsgathering functions as conventional journalists.

Villarreal had alleged that she was arrested for seeking and obtaining nonpublic information from police as a journalist — the identity of a person who had killed himself — and publishing it on Facebook. The Fifth Circuit ruled that the police could claim immunity from the lawsuit she brought, and the justices just set that decision aside. As I discuss in my book, “The Indispensable Right, journalism is in free fall in the U.S. as citizens reject the establishment media as biased and unreliable. For years, journalism schools have taught students that they have to abandon objectivity and neutrality for advocacy. Advocacy journalism is now the norm. Former New York Times writer (and now Howard University journalism professor) Nikole Hannah-Jones has declared that “all journalism is activism.” Emilio Garcia-Ruiz, editor-in-chief at the San Francisco Chronicle, similarly announced that “Objectivity has got to go.”

After a series of interviews with more than 75 media leaders, Leonard Downie Jr., former Washington Post executive editor, explained that objectivity is viewed as a trap and reporters “feel it negates many of their own identities, life experiences and cultural contexts, keeping them from pursuing truth in their work.” The response of the public has been to look elsewhere for news. Indeed, the mantra “Let’s Go Brandon!” was embraced by millions as a criticism of the media as much as it was a criticism of President Biden. Recently, the new Washington Post publisher and CEO William Lewis was brought into the paper to stop a collapsing readership and revenue. He told the staff, “Let’s not sugarcoat it…We are losing large amounts of money. Your audience has halved in recent years. People are not reading your stuff. Right? I can’t sugarcoat it anymore.”

They are, however, reading “the stuff” of figures like La Gordiloca, who is described as “a tattooed one-woman mobile newsroom who, until the coronavirus lockdown, often broadcast live while driving her car.” Her following on Facebook is now larger than her local newspaper. The New York Times described how La Gordiloca “reflects how many people on the border now prefer to get their news.” The paper admitted that she is is a “swearing muckraker who is upending border journalism.” New media journalists are more H.L. Mencken or sometimes even Hunter S. Thompson but they are viewed as more authentic and independent. Millions of Americans now get their news from social media and blogs. Various traditional media outlets have either closed or are fighting for their existence. What they are not doing is seriously questioning their course in adopting advocacy journalism.

Journalism has become a ship of fools who increasingly write for each other rather than the dwindling numbers of actual readers. And they have written off half of the country with their plunge into advocacy journalism. As a consequence, many have come to view mainstream media as a de facto state media. Today, over half of U.S. adults (54 percent) say they get news from social media. Only 27 percent now rely on TV as their first choice with only 6 percent preferring radio and only 5 percent preferring print. The recent polling figures from Gallup show how much harm this generation of editors and reporters has done to the field. Trust in the media is at an all-time low, continuing a consistent decline. Only 31 percent express a “great deal” or “fair amount” of confidence in the media. Adults with no trust at all in the media is greater at 36 percent. In the 1970s, trust in the media ranged from 68 percent to 72 percent.

Turley

Read more …

He wants a bonus, but: “..the plaintiff had argued against Twitter paying the bonus while he was under employment with the firm..”

• Court Denies Class Action Status for Lawsuit Against Twitter (ET)

A California court dismissed class action certification for a lawsuit filed by a former employee that accused Twitter of not paying laid off workers bonuses that were allegedly promised. Mark Schobinger, the plaintiff, was Twitter’s senior director of compensation during 2022–23, a time when the company was in the process of being acquired by Elon Musk, according to an Oct. 16 order issued by the U.S. District Court, Northern District of California. At the time, Schobinger was a member of a group of employees eligible to receive annual bonuses in early 2023. However, the company was under no obligation to pay, a fact that is “undisputed” under the terms of the bonus, the order noted. Paying the bonus was “a matter of discretion” for the firm. Schobinger alleged that the company promised employees in April, May, and August of 2022 that it would pay the bonus provided the workers stayed with the firm throughout the acquisition.

The plaintiff claimed he did stay during this phase because of the promise. He filed the lawsuit after not getting paid, and sought class certification. On Wednesday, U.S. District Judge Vince Chhabria denied Schobinger’s motion, noting he is unfit to act as a class representative. The judge pointed out that the plaintiff had argued against Twitter paying the bonus while he was under employment with the firm. In November 2022, months after Twitter’s bonus promise, Schobinger sent a message to the company’s “Head of People Experience,” stating that whether to pay the bonus was purely dependent on the “discretion” of Musk. Schobinger also wrote that he recommended not to pay the bonus. In February 2023, the plaintiff sent a “white paper” to several executives on the issue, stating that “not paying a bonus would be prudent.” Evidence also points to Schobinger telling Musk in a meeting a month earlier that the firm need not pay the bonus, the order stated.

These statements make Schobinger “not an adequate class representative,” Chhabria wrote. “At his deposition, Schobinger offered a convoluted explanation for how he could possibly have believed he was entitled to the bonus while simultaneously advocating that the company not pay it. It seems likely that Schobinger’s explanation is untrue,” the judge said. “But even if he is telling the truth, that’s beside the point for purposes of this motion. Because even if he is telling the truth, his conduct makes him the worst possible candidate to serve as a litigation representative for the other Twitter employees who didn’t get a bonus.” The court also highlighted a major issue with the motion—a “large number” of proposed class members signed arbitration agreements with Twitter, some of which also waived off class action lawsuits against the company.

Read more …

“In Russian diplo-speak, “restraint” means “Russia will not intervene if you do your worst”.

• Russian “Restraint” Towards Assassination of Arab Leaders (Helmer)

The Libyan leader Muammar Qaddafi was murdered on October 20, 2011, and to mark the thirteenth anniversary of his death, the Russian Foreign Ministry received Qaddafi’s daughter, Aisha Qaddafi, in Moscow on Friday. This is the first open meeting in Russia between high-ranking Russian officials and the Qaddafi family. The political significance was buried in the communiqué. “On October 18, the Special Representative of the President of the Russian Federation for the Middle East and Africa, Deputy Minister of Foreign Affairs of Russia Mikhail Bogdanov received Libyan public figure and artist Aisha Gaddafi, who is in Moscow in connection with the opening of an exhibition of her paintings at the State Museum of the East. During the conversation, issues of further strengthening historically friendly Russian-Libyan ties in the scientific, cultural and educational spheres were discussed.

At the same time, the Russian side confirmed its unchanged position in support of achieving Libyan national accord in the interests of ensuring the unity, territorial integrity and state sovereignty of Libya.” The official reason for Aisha Qaddafi’s visit to Moscow to open the exhibition of her paintings omitted that the paintings are in memory of her father, brother and other members of her family assassinated by the US and its proxies in Libya. “I show these works for the first time to honour my father and my brother on the anniversary of their deaths,” Qaddafi said in Moscow. “I can tell you that these pictures are painted not with my hand but with my heart.” Assassination of Qaddafi had been a secret US Government policy during the Carter Administration and then an open policy of the Reagan Administration.

Assassination of the Arabs of Palestine, including the leaders of Hamas and Hezbollah, is the open policy of the current US and Israeli governments. In this context, the unofficial reason for Aisha Qaddafi’s visit to Moscow is that the Russian Foreign Ministry is signaling its opposition to this decades-old US and Israeli policy. The signal also hints through several years of rumour and disinformation at fresh Russian support – that means armed protection – for Saif Qaddafi’s campaign to become the end-of-civil war president of Libya. “If the Libyans choose a strong president,” Saif told the New York Times in 2021, “the only thing is a strong president. That’s it. The Libyans will choose a strong one. Everything will be solved automatically.”

Read more …

“Allegations of Pyongyang supplying soldiers and equipment to Russia were originally raised by Ukrainian leader Vladimir Zelensky last week..”

• EU Troops Could Be Deployed To Ukraine – Politico (RT)

The EU should return to the idea of putting boots on the ground in Ukraine, Lithuanian Foreign Minister Gabrielius Landsbergis has argued in a statement to Politico. The diplomat insisted that Brussels should revive talks about deploying EU forces in Ukraine in response to reports of North Korean ammunition and soldiers supposedly taking part in the hostilities on the side of Russia. “If information about Russia’s killing squads being equipped with North Korean ammunition and military personnel is confirmed, we have to get back to ‘boots on the ground’ and other ideas proposed by Emmanuel Macron,” Landsbergis told the outlet. Allegations of Pyongyang supplying soldiers and equipment to Russia were originally raised by Ukrainian leader Vladimir Zelensky last week and have been seconded by South Korea.

However, neither the US nor NATO has yet been able to confirm any of these reports, while Moscow has dismissed the speculations as a “bogus story.” Meanwhile, Macron’s continued refusal to rule out the potential deployment of French troops to Ukraine has repeatedly been criticized by other EU leaders who have argued that such a move would lead to a serious escalation of the conflict. At the same time, Brussels is reportedly considering the possibility of deploying peacekeepers to Ukraine after the conflict has ended, Politico has said. Washington’s former ambassador to Japan, Kenneth Weinstein, has told the outlet that such a move would show that the EU still has “skin in the game.”

“If there is going to be a DMZ [demilitarized zone] between Ukraine and Russia, my suggestion would be to have it manned by EU troops — not NATO troops, and not U.S. troops,” the former diplomat, who is now chairman to the Hudson Institute, a conservative DC-based think tank, told the outlet. One EU lawmaker, who chose to remain anonymous, has also confirmed to Politico that the question of European peacekeepers in Ukraine “will come up” after the conflict is over. Moscow has repeatedly warned against the deployment of Western forces to Ukraine. Russian President Vladimir Putin has stressed that such a move could lead to a “serious conflict in Europe and a global conflict.”

Read more …

“..over the weekend the Pentagon refused to back the reports, with Secretary of Defense Lloyd Austin explaining that he can’t confirm this narrative..”

• Pentagon Pours Cold Water On Claim Of North Korean Troops In Ukraine (ZH)

Ukrainian President Volodymyr Zelensky has of late begun pushing hard new accusations that at least 10,000 North Korean troops are being sent to Ukraine where they will fight on behalf of the Russians. South Korea’s spy agency had also backed Zelensky’s claim, chiming in on Friday to say that at least 1,500 North Korean special forces have already been sent. The spy agency says it has satellite images tracking these movements. But over the weekend the Pentagon refused to back the reports, with Secretary of Defense Lloyd Austin explaining that he can’t confirm this narrative. “I’ve seen those reports in the media. I can’t confirm those reports at this point in time. This is something that we will certainly continue to investigate,” Austin said Sunday.

Zelensky has been pushing the idea that the ‘enemies’ of the West have formed an axis to fight in Ukraine and ultimately push back NATO. He’s identified them as Russia, Iran, and North Korea. He’s touted this curiously alongside desperate pleas for more urgent funding and weaponry from his Western backers. Kiev has especially sought long-range weapons for use inside Russian territory. As an example of this, Zelensky said in a weekend video address, “Now we have clear evidence that people are being supplied to Russia from North Korea, and these are not just workers for industries, but also military personnel. And we expect a normal, honest, strong reaction from our partners to this.” He followed by emphasizing, “In fact, this is another state joining the war against Ukraine.”

But not even NATO leadership is backing these assertions. NATO Secretary-General Mark Rutte recently said there’s no evidence of an influx of North Korean troops into the conflict. “At this moment, our official position is that we cannot confirm reports that North Koreans are actively now as soldiers engaged in the war effort,” he stated. Some video clips of unknown context, origin or location have circulated online in the past days, purporting to show North Korean troops being outfitted by Russia’s military before battle. Pundits have described one circulating video as showing a base in Russia’s eastern Primorye region, which shares a small border with North Korea, incredibly far away from front lines in Ukraine.

Read more …

“..there should be a “full-fledged counterweight” to the US, such as during the time of the USSR..”

• Medvedev Warns Of ‘Total War’ (RT)

The US must abandon its ambitions of “world domination” or risk a war which could lead to the “complete extermination” of humanity, former Russian President Dmitry Medvedev warned on Monday. According to Medvedev, who currently serves as the deputy head of Russia’s Security Council, Washington’s goal is “domination over the Old World, as well as over the rest of the world.” However, this policy is merely leading to the “weakening and humiliation of the West, including Europe” within the framework of the modern multipolar global order, Medvedev wrote on his Telegram channel. The official issued the post in the context of the upcoming BRICS summit in the Russian city of Kazan, which is set to kick off on Tuesday. Medvedev argued that the world needs a balance of powers rather than a dominant one, meaning there should be a “full-fledged counterweight” to the US, such as during the time of the USSR.

The development of BRICS as a global power, as well as the growth of similar regional unions and the comprehensive development of relations with the countries of the Global South, are signs that such a balance is already in the making, Medvedev argued. “After all, the alternative to such a balance of power is a total war leading to the complete extermination of humanity,” the senior official warned. A world without balance in today’s conditions will not last even a decade. If the West does not realize this simple truth, it is the end for everyone. And this is not a situation where the death of some will mean the victory of others. Medvedev was Russian president from 2008 to 2012, before serving as prime minister until 2020. He is well known for his hardline stance on the Ukraine conflict and the West’s sanctions policy against Russia. He has also accused the US of pursuing a “global neocolonialism” agenda.

BRICS, which is widely seen as a rival to the G7 group of countries, is holding its 16th annual summit later this week. Initially founded in 2006 by Brazil, Russia, India, and China, it now consists of nine countries, including South Africa, Egypt, Iran, Ethiopia and the UAE, representing about 46% of the world’s population and over 36% of global GDP, according to estimates by global financial institutions. Many analysts have suggested that the rapid development of the group signals that the Western monopoly over the international system is over, and that the world is firmly headed toward multipolarity.

Read more …

“This summit could mark the beginning of the end of Western supremacy and the emergence of a new era..”

• A New World Order In The Making: This BRICS Summit Will Be Special (Behanzin)

The upcoming BRICS summit in Kazan, Russia could mark a turning point in global geopolitical history. Faced with the slow erosion of the Western world order, a new balance is emerging, driven by a coalition that seems increasingly determined to chart its own course. This unique event brings together 24 heads of state from various nations, including iconic figures such as China’s Xi Jinping. The inclusion of Antonio Guterres, the Secretary-General of the United Nations, in this assembly raises major questions about the current dynamics of global governance. Traditionally, the UN has been seen as a bastion of multilateralism, but its alignment with the Western powers is being called into question. This summit in Kazan could be the catalyst for a strategic repositioning, where the UN might seek to navigate between old alliances and emerging trends.

The BRICS are no longer just an economic coalition; they are asserting themselves as a viable alternative to the historical dominance of Western countries. The unipolar world, as we have known it, seems to be giving way to a multipolar era, where several emerging powers are claiming their rightful place in the global decision-making process. The Kazan summit represents an unprecedented opportunity for the BRICS to draw a new map of international cooperation. The heads of state present will discuss a multitude of issues, ranging from the economy to security, including environmental challenges. By forming strategic alliances, this group, which represents over 45% of the world’s population, seeks not only to strengthen its influence but also to offer an alternative platform for developing countries that often feel marginalized within traditional Bretton Woods institutions like the IMF or the World Bank.

These discussions could lead to agreements that, depending on their scope, might redefine the rules of the international economic game. The West, rather than standing on the sidelines, is forced to respond to the growing and increasingly popular BRICS dynamic. Western governments, which often disagree and are divided over their approaches, may be compelled to reassess their relationship with emerging market countries. The current situation is marked by growing tensions, as illustrated by the declining confidence in Western-centered institutions. The stance of NATO and European actors towards the BRICS could become the focus of heated debates, highlighting an inevitable need for adaptation.

By attending this event, Guterres is likely illustrating the UN’s desire to revitalize its role in a changing world. His intervention could underscore the growing importance of South-South dialogue, and exchanges aimed at establishing cooperative partnerships that transcend the usual divides. [..] Multilateralism, as it was conceived after World War II, is facing a period of uncertainty. Established institutions struggle to effectively address contemporary challenges such as climate change, growing inequality, and governance crises. The BRICS summit could offer a new vision of multilateralism, more inclusive and adapted to current realities. This model could create synergies among the countries of the Global South, proposing an alternative to the rigidities of the current Western framework.

The future looks fascinating with the BRICS summit in Kazan. This is not just a series of diplomatic discussions but a laboratory for forging a new global architecture. As the West may witness a redistribution of power in international affairs, the developing countries, represented by the BRICS, are taking the reins of this transformation. This summit could mark the beginning of the end of Western supremacy and the emergence of a new era where the voice of the Global South is finally heard. The events in Kazan thus promise to have lasting repercussions on how we conceive the world order in the decades to come.

Read more …

‘Not an Anti-Western Group, Just a Non-Western Group’

• Date With Destiny – BRICS Offers Hope in a Time of War (Pepe Escobar)

This is it. A date with destiny. All set for the most crucial geopolitical/geoeconomic gathering of the year and arguably the decade: the BRICS Summit under the Russian presidency in Kazan, capital of Tatarstan, where Sunni Tatars coexist in perfect harmony with Orthodox Christians. All the excruciating work by sherpas and analysts throughout 2024 – supervised by the lead Russian diplomat in charge of BRICS, Deputy Foreign Minister Sergey Ryabkov – converged to three final, separate key meetings in Moscow before the summit, grouping BRICS finance ministers and central bank governors, working groups, and the Business Council. All that in a context that is now familiar for the Global Majority. The combined GDP of the current BRICS nations is over $60 trillion, way ahead of the G7; their average growth rate by the end of this year is projected to be 4%, higher than the 3.2% global average; and the bulk of economic growth for the near future will come from BRICS member-nations.

Even before the meeting of finance ministers and central bank governors, Russian Finance Minister Anton Siluanov was stressing that BRICS is keen to bypass “politicized” Western platforms – a subtle reference to the sanctions tsunami and the weaponization of the US dollar – as BRICS work to create their own, Global Majority-friendly international payments system. The context for what will be decided in Kazan this week is no less than incandescent, as the uncontrolled chaos of the Hegemon’s Forever Wars – from Ukraine to West Asia – has even materially affected the heavy work of BRICS and the necessity to build a new international system of geoeconomic relations practically from scratch. A credible war escalation scenario may have been thwarted by the leak of secret high-level intel to the Five Eyes on the preparations by Israel-US to strike Iran. The strike will eventually happen – with dire consequences – but probably not this week, when it could have been timed to explicitly, and completely, disrupt the summit in Kazan and expel it from global headlines.

The joint statement by the BRICS finance ministers and central bank governors may not sound too adventurous, but the constraints reflect not only caution when facing a dangerous, cornered Hegemon, but internal contradictions among BRICS members. The statement recognizes “the need for a comprehensive reform of the global financial architecture to enhance the voice of developing countries and their representation.” Yet it remains clear the US has less than zero interest in a profound reform of the IMF, the World Bank and the Bretton Woods system. Russia and China, especially, are fully aware that what is needed is a post-Bretton Woods. The statement is more forceful on the BRICS Cross-Border Payments Initiative, dubbed BCBPI, welcoming “the use of local currencies in international trade” and “the strengthening of banking networks” to enable them. Yet everything for the moment is only “voluntary and non-binding.” Kazan is expected to give the process some edge.

Read more …

“And was there outreach to you to be part of the search committee prior to January 1, 2021?” “Absolutely..”

• Fani Willis Laid Groundwork For Prosecuting Trump Before Taking Office (JTN)

House Judiciary Committee Jim Jordan on Monday released the transcript of closed-door testimony from Nathan Wade, the special prosecutor hired by Fulton County District Attorney Fani Willis to help manage her office’s Donald Trump election interference case before coming under scrutiny for his romantic-financial relationship with Willis. Wade testified that Willis was planning to prosecute Trump and began discussing a search committee to find a special prosecutor to investigate the former president prior to assuming office in January 2021. The former special prosecutor was also confronted with his own records showing that he met with White House officials, for eight hours on one occasion, though he told investigators he could not recall the details of the meetings.

Wade served on that search committee, which was instated on day one of Willis’ term in January 2021. After an unsuccessful search, Wade was ultimately invited to assume the role himself, which he claimed he reluctantly accepted. “And so the search committee, you said that began when DA Willis took office on January 1, 2021. Is that correct?” investigators asked. “Yes,” Wade replied. “And was there outreach to you to be part of the search committee prior to January 1, 2021?” “Absolutely,” he confirmed, saying the outreach began “Sometime after the election, but prior to her taking office.” The transcript of Wade’s deposition Tuesday was released by Jordan’s committee a week after the interview. The GOP-led committee subpoenaed Wade as part of an investigation into his relationship with Willis. Last year, Willis indicted Trump and 18 codefendants in Georgia over their alleged efforts to challenge the 2020 election results in the state.

Wade resigned from the case in March after a Georgia judge made his stepping aside a condition of allowing Willis to remain on the case after evidence of an improper financial and romantic relationship emerged between them. Wade also failed to recall key details about meetings with White House officials, despite recording them in his invoices to Willis’ office. According to the transcript, Wade billed Willis’ office for an eight hour meeting with White House lawyers. These meetings were reported by Just the News after court documents filed by a Trump codefendant showed Wade recorded an entry for a meeting with the White House Counsel’s office in Athens, Georgia in May 2022.

Though Wade testified that he did not remember the meeting, he told congressional investigators that “the invoice says travel to Athens. So that means to me that I traveled to Athens.” The invoices provided in the suit show at least one more meeting with Biden White House staff, on November 2022, that appears to have taken place in Washington, D.C., though there is no record of a visit by Wade in the White House visitor logs. Willis last week attempted unsuccessfully to block Wade from testifying to the committee on the grounds that it could “improperly divulge confidential information” about her investigation of the former president.

Read more …

Failures?!

• Trump Assassination Probe Finds ‘Stunning’ Failures (RT)

The US Congress task force investigating the July 13 attempt on the life of Republican presidential candidate Donald Trump has confirmed that the Secret Service and local law enforcement did not coordinate properly. Trump was speaking at a rally in Butler, Pennsylvania when a bullet nicked his ear. One rally-goer was killed and two more seriously injured before the Secret Service neutralized the attacker on the roof of a nearby factory. “Put simply, the evidence obtained by the Task Force to date shows the tragic and shocking events of July 13 were preventable and should not have happened,” said the preliminary report published by the bipartisan body on Monday. The 53-page document contained eight main findings, starting with the lack of planning and coordination between the Secret Service and local law enforcement.

The factory roof from which Thomas Crooks opened fire was not included in the security perimeter, despite having “clear sight lines to the stage, and elevated position,” the report said. Local officers posted inside the building did not secure the complex or the roof, believing their job was just “overwatch” of the rally site. The Secret Service and local police had separate command posts and did not have a shared radio channel, the report said. This created gaps in communication which Crooks was able to slip through. A member of Congress with a law enforcement background who investigated the site in early August suggested that the FBI investigators may have destroyed evidence in the case by scrubbing the roof and allowing Crooks’ body to be cremated before the autopsy results were made available.

The Butler County Coroner’s office released the remains to Crooks’ family after the FBI said no additional evidence was necessary, the new report said. According to the autopsy, Crooks died of a single gunshot wound to the head, presumably inflicted by a Secret Service counter-sniper. He managed to fire eight shots prior to that, however, and may have stopped only after a local police officer shot at him. The coroner did not find evidence of alcohol or drugs in Crooks’ blood, but did find traces of antimony, selenium, and lead.

The new report also clarifies that Crooks did not use a ladder to get to the top of the building, but climbed using the outside air conditioning unit. The ladder seen in the photos after the incident was placed there by local police afterward to let investigators access the roof. Secret Service Director Kimberly Cheatle resigned ten days after the Butler shooting. The House of Representatives task force consists of both Republicans and Democrats and has been charged with investigating both the Butler incident and the thwarted ambush at Trump’s Florida golf course in September. Their final report is due December 13, well after the presidential election.

Read more …

“..before Marvel Studios’ costume department comes knocking on the door of the EU clown tent to ask for their capes back..”

• The EU Doesn’t Need Moscow To Interfere In Its Democracy (Marsden)

The EU superheroes did it, guys. They stopped Russian President Vladimir Putin from being elected to Brussels. And now they’re telling us all about how they did it, before Marvel Studios’ costume department comes knocking on the door of the EU clown tent to ask for their capes back. The Russians and their “disinformation” didn’t have any impact on the European Elections earlier this year. That’s now the official word from the EU itself. Vera Jourova, the Vice President of the European Commission for Values and Transparency, has emerged from an Orwellian novel to announce that “based on currently available information, no major information interference operation capable of disrupting the elections was recorded.” So much for the public freak out that European parliamentarians were having back in April 2024, demanding even more censorship of “Kremlin-backed media outlets” and “disinformation campaigns” in what they qualified as “Kremlin-backed attempts to interfere with and undermine European democratic processes.”

We’re supposed to believe that it’s all because Jourova had embarked on a crackdown, er, “Democracy Tour” to commiserate not just with election officials and authorities, but also with “civil society” NGOs, industry, and media. Surely it has nothing to do with the fact that there wasn’t really much disinformation to begin with and that they’ve been blowing the issue way out of proportion. Jourova herself acknowledged that even the EU’s Digital Media Observatory was only able to find between 4% to 8% of what they qualify as “disinformation” among all articles analyzed between May 2023 and March 2024, and that the figure climbed to just 15% in May 2024, right before the EU’s June election. This means that around EU election time, a whopping 85% of information and analysis floating around in the public domain was EU-approved.

Jourova said that “disinformation narratives followed the topics we expected: there were allegations that the elections are rigged, but mostly topics that trigger a strong emotional impact – the war on Ukraine, the Middle East, false narratives on climate change, and migrants.” We used to call those things topics of debate. But that was before they decided that the agendas Brussels was trying to ram down everyone’s throats across the entire bloc wouldn’t be served by messy democratic dissent. Best to just dismiss, marginalize, or censor opposing information and narratives and be forced to deal with being violently mugged by reality later on issues like Ukraine’s not actually “winning,” regardless of how expensive life has become for EU citizens as a result of the bloc’s suicidal pro-Ukraine policies, and migration being an actual five-alarm problem for the EU as it faces the palpable rise of populism backlash for not doing enough earlier.

And the EU elections are certainly not rigged! The people elect representatives to EU parliament, then a ‘president’ is handpicked behind closed doors and plopped in front of them for a simple yes/no confirmation vote. That person, currently ‘Queen’ Ursula von der Leyen, who has never actually been elected to the EU parliament, then runs a ‘royal’ European Commission of bureaucratic desk jockeys that crafts and dictates policy for the entire bloc. Anyone calling this anything other than a model democratic institution must be a Russian agent.

Read more …

“..interest payments on the national debt. These payments hit $882 billion in FY 2024, the Treasury report says. That’s a 35% jump from last year..”

• US Interest Payments Top Defense Spending For First Time In History (I&I)

“SUNNY HOSTIN: Would you have done something differently than President Biden during the past four years? KAMALA HARRIS: There is not a thing that comes to mind in terms of — and I’ve been a part of most of the decisions that have had impact.”

On Friday, the Treasury Department released a report showing the kind of impact Harris is talking about. If nothing else does, it should cost her the election. The latest monthly Treasury report shows spending and revenues for the full fiscal year 2024, which ended in September. Among the terrible results: The federal deficit topped $1.8 trillion in 2024 — the third highest in history and eclipsed only by the two COVID-19 panic spending years. That’s not for lack of revenues, which were up by nearly half a trillion dollars this year. Spending under Biden-Harris this fiscal year climbed more than $617 billion – a 10% increase.

But the real shocker is the explosive growth in interest payments on the national debt. These payments hit $882 billion in FY 2024, the Treasury report says. That’s a 35% jump from last year. And it’s $8 billion more than we spent on National Defense. This marks the first time in our nation’s history that interest on the debt has exceeded defense spending. And the gap is on track to rapidly widen – with the government spending $200 billion more in interest than in protecting America from her enemies by 2029. Why the massive run-up in interest costs? Blame Harris’ tie-breaking votes (something for which she routinely brags). Because of them, Biden-Harris added trillions in new spending at a time when the economy had already fully recovered from the COVID-19 panic. That sparked a huge increase in inflation, which in turn drove up interest rates. More debt and higher interest rates meant a sharp increase in the cost of financing that debt.

How do we know Biden and Harris are to blame? Before they took office, the Congressional Budget Office (CBO) projected net interest payments for the next decade, based on the policies that Donald Trump had in place. The CBO said that, had Biden not spent us to the poorhouse, interest payments on the national debt this year would have been only $284 billion. In other words, Harris and her tie-breaking votes are responsible for a 210% increase in interest costs this year alone. What would Kamala Harris do about this terrible state of affairs if she were elected president? No one has bothered to ask her. But we do know that she wants to do exactly what she and Biden have already done: add trillions of dollars of inflationary spending, impose economically ruinous tax hikes, and pile on still more growth-killing regulations. Harris is right about one thing. It is time to turn the page — before it’s too late.

Read more …

“..up to 39 million deaths around the world by 2050 due to antibiotic-resistant pathogens..”

• German Doctors Alarmed At Growing Failures Of Antibiotics – Bild (RT)

The world risks going back to the era before the discovery of penicillin, German doctors have cautioned, pointing to the rise in antibiotic-resistant pathogens. Penicillin, discovered in the late 1920s, extended the human lifespan by up to 30 years by countering most bacterial infections, according to the outlet Bild. All of that progress is now reportedly in peril. “We are currently losing the achievements of modern medicine and falling back into the time before the discovery of penicillin,” Mathias Pletz, head of the Paul Ehrlich Society for Infection Therapy, told Bild. “Antibiotics were the greatest achievement of medicine ever,” said Professor Yvonne Mast, a microbiologist and researcher at the Leibniz Institute in Braunschweig. “The fact that more and more resistance is now emerging and new antibiotics are lacking is a major threat.”

The German outlet quoted a study that estimated up to 39 million deaths around the world by 2050 due to antibiotic-resistant pathogens. Such infections already account for 35,000 deaths in the EU every year. According to Professor Frank Brunkhorst of the Jena University Hospital, one of the reasons is that doctors overprescribe antibiotics for outpatient procedures. For example, antibiotics are useless against almost all respiratory infections, which are caused by viruses. “Second, many resistant germs are coming to us due to international travel, which is booming again after [Covid],” Brunkhorst said, pointing to resistant strains “especially in countries like Greece, Portugal, Turkiye, but also in India and other Asian countries.” He warned Germans returning from vacations that the germs they bring back could be “life-threatening” to their grandparents.

The medical industry has been slow to develop new antibiotics because the research is too long and too expensive, while the profits are too low, according to Professor Mast. Only 12 new medications have been approved since 2017, she said. Only one in 5,000 substances reaches market maturity, the development period is anywhere from 8-15 years, and R&D costs can range up to $2 billion, according to Mast. She urged more funding for research and faster approvals, noting that China has already overtaken Germany in this field. “It is a huge task for politicians to bring antibiotic production back to Germany and Europe. Today, not a single drug is manufactured here anymore; everything comes from India or China. And we are dependent on it,” said Professor Brunkhorst.

Read more …

 

 

 

 

KY/NC
https://twitter.com/i/status/1848109522230837705

 

 

NC

 

 

Starship

 

 

Summer’s day

 

 

Owls

 

 

Waterfall

 

 

Deep
https://twitter.com/i/status/1848386780409823724

 

 

Rube Goldberg
https://twitter.com/i/status/1848237891765354548

 

 

Support the Automatic Earth in wartime with Paypal, Bitcoin and Patreon.

 

 

 

 

 

Debt Rattle June 20 2024

Jun 202024
 
 June 20, 2024  Posted by at 8:52 am Finance Tagged with: , , , , , , , , ,  64 Responses »


Roy Lichtenstein Woman in Bath 1963

 

• Russia Willing to Commit to Peaceful Negotiations (Manley)
• Polish MP Calls For Landmines At Russian Border (RT)
• Washington Weaponized Domestic Law and “Rules-based-order” (Paul Craig Roberts)
• North Korea, Shunned For Decades, Welcomed Into New Multipolar World (Sp.)
• ‘No Place’ Is Safe If Israel Starts War – Hezbollah (RT)
• Joe Biden’s ‘Ceasefire Proposal’ Was Just ‘Kabuki Theater’ (Sp.)
• Hunter Biden’s Charge of Lying Under Oath (Patrick Lawrence)
• Ryanair CEO: “It’s a Complete Scam, These People Are Not Refugees” (MN)
• UK Tories Face Election Wipeout – Polls (RT)
• ‘God Destroyed Sodom and Gomorrah’ (RT)
• Jonathan Turley: There’s A Movement To Rewrite The First Amendment (RCP)
• Boeing Can’t Find New CEO – WSJ (RT)
• McDonald’s Scraps AI Trial After Bacon Added To Ice Cream (RT)

 

 

 

 

 

 

Boondoggle

 

 

Gaetz

 

 

Ritter
https://twitter.com/i/status/1803500858656825589

 

 

Hillary
https://twitter.com/i/status/1803481223009808415

 

 

Mayorkas

 

 

 

 

 

 

“..you want to stop the fighting and the killing? Just withdraw troops.”

• Russia Willing to Commit to Peaceful Negotiations (Manley)

At the end of March of this year, a nationwide poll asked Ukrainians how they thought their draft-age acquaintances might respond to a call to serve. Just 10% who responded to the poll said they would accept. Ukraine’s current military recruitment campaign has fallen short of expectations, a recent article from The Conversation suggested. The recruitment plan was first announced on April 16, 2024, with the goal of enlisting “hundreds of thousands of young Ukrainian men”, the report claimed. However, the effort has been met with “public skepticism, draft dodging and opposition to unpopular, heavy-handed attempts to root out those not heeding the call to sign up,” the report writes, adding that it has “left Ukraine struggling to fill the positions officials say are needed to beat back the invading army.”

Nicolai Petro, a professor of political science at the University of Rhode Island, sat down with Sputnik’s The Critical Hour on Monday. According to Petro, Russian President Vladimir Putin’s specific proposals on Ukraine, and world development in the future comes down to “two points”. “Putin simplified the path to negotiation, because from Russia’s perspective it’s now boiled down to just two points,” said Petro. “Withdraw Ukrainian troops from the four regions that have been admitted to Russia and, secondly, issue an official statement. Ukraine should issue an official statement that it does not intend to join NATO. And as soon as that happens, Russia is willing to commit to an immediate ceasefire and peace negotiations.”

“So why is this easier than what Ukraine proposed? Well, because Ukraine has ten sets of demands rather than just one from Russia’s perspective, which is an official statement that Ukraine will not join NATO,” he added. “The second thing that’s interesting about Russia’s proposal is that it is offering something that Ukraine has not offered, which is an end to the bloodshed. In other words, you want to stop the fighting and the killing? Just withdraw troops.”

Issues with Ukraine’s draft also highlight the fundamental issue: without funding from Western allies, Ukraine is likely to “exhaust its resources long before Russia does”, The Conversation report writes In December of 2023, former commander-in-chief of the Ukrainian armed forces, General Valerii Zaluzhnyi told leader Volodymyr Zelensky that he needed nearly 500,000 more troops. But a nationwide poll conducted at the end of March showed that Ukrainians believe only 10% of their draft-age acquaintances might respond to a call to serve.“And thirdly,” the professor continued. “Putin’s proposal essentially [shows the lie of] Western statements that Russia intends to conquer all of Ukraine and then all of Europe, because he now specifically says Russia’s territorial ambitions are limited to the four occupied regions of Crimea, which is why I think it is aimed primarily not at Ukraine.”

“The Ukrainian, Western position is we cannot negotiate and we don’t want to negotiate because negotiation itself would be an acknowledgment of an immoral act of aggression, and therefore there’s nothing to negotiate, which is why we have this summit in Switzerland not even including Russia.”“So we’re not actually negotiating or willing to negotiate anything,” Petro said. “We’re simply making a statement of defiance against a Russian invasion versus the other side, in Russia’s case, which is saying [Russia] feels threatened by NATO’s expansion, which is why [they are] taking these actions. There’s also humanitarian reasons, but we are, we have always been and continue to be willing to negotiate on what our mutual security interests are.”

Read more …

“..The treaty that banned the use, production, stockpiling and proliferation of landmines came into effect in 1999 and has been ratified by 164 countries..”

• Polish MP Calls For Landmines At Russian Border (RT)

Poland should withdraw from the ban on anti-personnel mines and deploy them along the border with Kaliningrad Region, former defense minister Mariusz Blaszczak has said. Blaszczak is currently a member of parliament with the Law and Justice (PiS) party. He was the defense minister from 2018 until 2023, when PiS lost power to Prime Minister Donald Tusk’s Civic Platform coalition. “As part of the program to strengthen the eastern border, the authorities must withdraw from the Ottawa Convention,” Blaszczak said at a PiS press conference on Wednesday, referring to the treaty banning the use of anti-personnel landmines. Warsaw should then mine the length of its border with Kaliningrad Region, the Russian territory between Poland and Lithuania, Blaszczak argued. Last month, Tusk publicly opposed mining the border with Russia and Belarus, a move originally proposed by the PiS government. According to Tusk, Warsaw does not intend to leave the Ottawa Convention, either.

The treaty that banned the use, production, stockpiling and proliferation of landmines came into effect in 1999 and has been ratified by 164 countries. The US, Russia, India and China are among the dozen nations that have declined to participate in the ban. Blaszczak oversaw the deployment of tens of thousands of Polish troops along the border with Russia and Belarus last year, in the run-up to the general election. The new government has chosen to continue that mission, citing the alleged “hybrid war” threat from Moscow and Minsk. Warsaw has been an outspoken supporter of Ukraine under both Tusk and the previous PiS government. Poland has also served as the logistics hub for almost all deliveries of NATO weapons, equipment, and ammunition to Ukraine since the conflict with Russia escalated in February 2022.

Read more …

“..maintained by his hope that the West will come to its senses before it is too late for the survival of the Western world..”

• Washington Weaponized Domestic Law and “Rules-based-order” (Paul Craig Roberts)

Merrick Garland, Biden’s specialist in using law as a weapon against Donald Trump and his supporters, recently described in the Washington Post, a CIA asset, his critics as conspiracy theorists who are undermining trust in the Department of Justice (sic).Many Americans have a different view. Garland, claiming “executive privilege,” covers up the Justice (sic) Department’s refusal to indict Joe Biden for the same offense for which Trump has been indicted by preventing the release of special counsel Hur’s interview of Joe Biden. Hur found that Biden knowingly possessed national security documents for which he had no permission, and that he was guilty of mishandling national security documents by leaving them in the trunk of his car and spread among a variety of non-secure locations. However, Hur concluded that Biden shouldn’t be indicted because of his “diminished mental facilities.” As I previously asked, how then is Biden qualified to be president of the United States and have his finger on the nuclear button? The Justice (sic) Department doesn’t say.

This and other anomalies that characterize the Biden regime raise unavoidable serious questions about the integrity of the US Department of Justice. Contrast Garland’s reluctance to even have Biden interviewed for his possession of classified national security documents with the speed with which Trump was prosecuted for allegedly inappropriate possession of national security documents. The two cases are not comparable. Trump as president has authority to declassify national security documents. Biden as VP had no such authority. Trump’s documents were locked in a room in Mar-a-Largo, Trump’s residence which is under 24/7 Secret Service Protection. Biden’s documents were in his garage, in his Corvette’s trunk, and spread among a variety of other unsecured sites. When the FBI invaded Mar-a-Lago they spread the documents on the floor and brought with them pages marked Top Secret which they added to their spread of documents for photos handed over to a compliant and corrupt American media.

The FBI did not bring top secret pages to spread among Biden’s documents and give photos to the media. What this tells us is that the US Department of Justice is devoid of integrity. It is just another lie machine like the American media. Garland has prevented any inquiry into the evidence in Hunter Biden’s laptop showing Vice President and President Biden’s participation in, and payments from, Hunter Biden’s influence peddling schemes. Instead, the prosecution of Hunter Biden has protected Joe Biden by being limited to Hunter’s gun purchase while being a drug addict and income tax invasion from the proceeds of the influence peddling but not the influence peddling itself. If he is convicted of income tax evasion from money earned from influence peddling, how can the influence peddling go unindicted? Justice (sic) Department special counsel Jack Smith who is prosecuting President Trump on felony charges has been been found guilty of lying to the judge presiding over the case. Consequently, the judge has put the trial on hold while the matter is investigated.

The Fulton County prosecutor, Fani Willis, who is prosecuting President Trump has derailed her White House orchestrated prosecution by paying her lover a vast sum of taxpayers’ funds with which he took Fani on expensive vacations. The purpose of the Biden Justice (sic) Department is to get Trump, not to serve justice. The motto of the Democrats is: “We don’t need no stinking justice, we need to get Trump and his supporters.” The American media agrees. Consequently, the Biden regime’s misuse of law as a weapon is not a story. The complete and total failure of the American media, which our Founding Fathers mistakenly relied on to hold government accountable, has left Americans with two devastating threats, one of which is domestic tyranny and the other is war with Russia, and perhaps China and Iran also. Domestic tyranny is easily possible as an insouciant American population has permitted the Democrats to steal the last two national elections and has done nothing to prevent the Democrats from stealing the election in November.

The Democrats have made it clear that they will hold on to power at the expense of democracy. Washington no longer controls the war it has instigated. Russia has defeated Ukraine. If Washington, as seems to be the case, intends to prolong the conflict by deploying NATO troops in Ukraine and by using long range missiles to target sites deep into Russia, a fatal red line will have been crossed. So far the outbreak of war has been prevented by Putin’s willingness to accept provocations and insults. Putin’s willingness to live with the West’s declared intention to destroy Russia has been maintained by his hope that the West will come to its senses before it is too late for the survival of the Western world.

Read more …

“No more sanctions against North Korea, that’s for sure. That is not going to happen. The US is not going to get anything [in the UN Security Council]..”

• North Korea, Shunned For Decades, Welcomed Into New Multipolar World (Sp.)

For decades, the people of North Korea have suffered under strict sanctions imposed by the so-called “International Rules-Based Order.” On Tuesday, Russian President Vladimir Putin visited Pyongyang and signed a strategic partnership with his counterpart Kim Jong Un, opening the secretive nation to the new emerging multipolar world. In a letter to the North Korean people, Putin praised the Democratic People’s Republic of Korea (DPRK) for being able to withstand “US economic pressure, provocation, blackmail and military threats that have lasted decades,” and said that the two countries are united in their fight against the US, which he said “is making every desperate effort to impose on the world the so-called ‘order based on rules’ which is nothing but a world-wide neocolonialist dictatorship based on the ‘double standards.’”

“This is huge,” explained international relations and security expert Mark Sleboda on Sputnik’s The Final Countdown on Wednesday. “Now the details of this are not known. It is being called a ‘mutual aid in case of aggression’ It does not specify and it does not rule out actually going to war with whoever the perpetrator of the aggression against either party. But I have to point out that neither does NATO’s Article Five mutual defense clause… So, by this analysis, without knowing the details yet, it seems and it’s being reported in the Western press that Russia and North Korea just signed a military alliance equivalent to NATO, which is huge.” North Korea has been under sanctions and embargoes by the United States since the Korean War started. While there have been brief periods of cooling between the US and the DPRK, the relationship has been overwhelmingly hostile over the decades.

Since 2006, the UN Security Council has passed nearly a dozen resolutions that sanctioned the DPRK, an action that required the support of both Russia and China, something that is unlikely to happen with this new paradigm.
“No more sanctions against North Korea, that’s for sure. That is not going to happen. The US is not going to get anything [in the UN Security Council],” explained Sleboda, adding that the mutual aid pact from Russia also prevents any US attack on North Korea, something it has threatened for decades.

Read more …

“..will change the face of the region and shape its future..”

• ‘No Place’ Is Safe If Israel Starts War – Hezbollah (RT)

Hezbollah is prepared for a full-scale conflict with Israel, the Shia militia’s head Hassan Nasrallah has said. He also warned Cyprus that it could be targeted if it hosts Israeli forces. Nasrallah gave a televised speech on Wednesday, following a memorial service for Hajj Sami Taleb Abdullah, a senior Hezbollah commander who had been killed in an Israeli strike on southern Lebanon earlier this week. “The enemy knows it must expect us on land, in the air, and at sea, and if war is imposed, the resistance will fight without constraints, rules, or limits,” he said, adding that “there will be no place safe from our missiles and drones.” The current confrontation is the “greatest battle since 1948,” the year Israel declared independence, and “will change the face of the region and shape its future,” Nasrallah said.

The Shia militia that controls much of Lebanon has prodded Israeli troops in Galilee since October 7 last year, when West Jerusalem declared war on Hamas in Gaza. The intermittent rocket attacks on both sides of the border have driven more than 53,000 Israelis and almost 100,000 Lebanese from their homes. Hezbollah is striking Israeli positions “within a certain and specific schedule,” Nasrallah claimed, noting that the group has a “very, very large amount of information” about Israeli fortifications, numbers and deployments, referring to Tuesday’s release of drone footage of the port of Haifa. According to Nasrallah, Hezbollah has all the weapons it needs to strike targets inside Israel, including previously undisclosed weapons that have yet to be used on the battlefield. The group is also well-supplied with drones and rockets.

Nasrallah also threatened Cyprus for the first time, telling the government in Nicosia that the country “opening its airports and bases to the enemy to target Lebanon means it has become part of the war.” He claimed that Israel had secret plans to use airfields in Cyprus should its own airbases be disabled by Hezbollah strikes. The Israel Defense Forces (IDF) announced on Tuesday that it had finalized “operational plans for an offensive in Lebanon.”Responding to US calls for restraint, Israeli Foreign Minister Israel Katz said his country was “very close to the moment when we will decide to change the rules of the game against Hezbollah and Lebanon.” adding that “in a total war, Hezbollah will be destroyed and Lebanon will be hit hard.” Israel’s last major confrontation with Hezbollah was in 2006, when a ground offensive into southern Lebanon resulted in high casualties and no military gains.

Read more …

“The Biden administration did not want to appear as if they were vetoing another Security Council resolution..”

• Joe Biden’s ‘Ceasefire Proposal’ Was Just ‘Kabuki Theater’ (Sp.)

The public proclamations about an alleged Israeli Ceasefire deal promoted by Biden, US Secretary of State Antony Blinken and pro-Israel lawmakers in Washington was kabuki theater, designed to avoid the US having to veto another UN Ceasefire resolution and reduce domestic and international political pressure on the US Government, human rights lawyer Francis Boyle told Sputnik. “The so-called ‘peace proposal’ by Biden was a dodge,” Boyle argued on The Critical Hour. “The International Court of Justice just ruled 13 to 2 that Israel had to stop its offensive military operations in Rafah. Algeria, the Arab member of the UN Security Council then proposed a resolution… ordering the ceasefire. The Biden administration did not want to appear as if they were vetoing another Security Council resolution, both for appearances there in the Global South, the Arab-Muslim world and also here in the United States.”

“So, in order to head off that binding UN Security Council resolution terminating Israel’s offensive military operations in Rafah, the Biden administration, Blinken, concocted this phony ceasefire proposal, which was nothing more than a sort of kabuki theater.” On Tuesday, a senior Israeli official who is involved in the negotiations was quoted in Israeli media as saying that the fighting in Gaza will continue even after the Rafah offensive is finished. On Wednesday, the UN-backed Independent International Commission of Inquiry on the Occupied Palestinian Territory said that Israel had committed crimes against humanity, including forced starvation, extermination, murder and inhumane treatment of Palestinians. The chairperson of the inquiry, Navi Pillay, called for a ceasefire and the end of Israel’s siege on Gaza.

On Tuesday, two key US Democrats approved the sale of 50 F-15 fighter jets to Israel, a deal worth $18 billion. “Clearly, the United States is aiding and abetting Israeli genocide against the Palestinians in violation of Article 3 E of the Genocide Convention of prohibiting complicity in genocide, in addition [to] the Genocide Convention Implementation Act here in the United States.” The Genocide Convention Implementation Act specifies that those found guilty of violating it are subject to life imprisonment. “Israel is the American Bantustan over there in the Middle East. It’s our attack dog and cat’s paw, and without us, they simply would not survive. It’s that simple,” explained Boyle. Hamas has said it will “deal positively to arrive at an agreement,” to end the fighting. According to some reports, they asked for greater assurances that Israel would honor the ceasefire after the release of the hostages. Israel has not officially said if it supports the ceasefire deal presented by Biden.

Read more …

“..keep in place a federal attorney who had just demonstrated his willingness to protect the president’s son..”

• Hunter Biden’s Charge of Lying Under Oath (Patrick Lawrence)

Much has been made of the Biden family’s displays of unity and compassion before and during Hunter Biden’s trial. President Biden flew to Wilmington for a late-night visit with Hallie Biden a few days before the trial began. Even The New York Times suggested this risked leaving the president open to charges of witness tampering, given Hallie Biden was scheduled to testify for the prosecution. Hallie Biden is the widow of Beau Biden, Joe’s oldest son, and, during Hunter Biden’s years as an addict was for a time after Beau’s death Hunter’s paramour. During testimony, Hunter’s chronic indulgences in cocaine and alcohol were almost ostentatiously played out for the jury and, it seemed, the public. The First Lady, Jill Biden, attended the trial daily but for the days she was at the Normandy beaches to join the president in marking the 80th anniversary of the D–Day landings. The Biden clan was notably stoic when the verdict was announced. Evidently for the cameras, Hunter Biden took his wife, Melissa Cohen Biden, by the shoulders, leaned to kiss her, and audibly whispered with a faint smile, “Hey.”

It is not possible to interpret these evidently rehearsed-for-the-public family displays with anything like certainty. But questions inevitably arise. They turn, almost inevitably on David Weiss’ role as the prosecutor in the gun case.Weiss is a highly problematic figure. As earlier noted, he was deeply compromised when, during federal investigations into Hunter Biden’s tax records and the broader matter of his foreign business dealings, he, Weiss, acted covertly on numerous occasions to shield Hunter Biden from the lawful scrutiny of federal investigators. Many were astonished — and many Republican political figures objected — when, the plea deal of July 2023 having collapsed, Attorney–General Garland promoted Weiss to the rank of special prosecutor. This was ostensibly to give Weiss broader powers to direct investigations into the corruption allegations Hunter Biden faced — an array that threatened to lead to the White House door.

As many critics immediately charged, the Weiss appointment seemed intended not to extend his powers but to keep in place a federal attorney who had just demonstrated his willingness to protect the president’s son — and by extension the president, let us not miss — as a matter of partisan loyalty. Hunter Biden’s trial on various charges related to his handling of his federal taxes is to begin on Sept. 5, two months to the day before the presidential elections. Weiss will again be the prosecutor. This leaves us now with two questions. One, were Hunter Biden’s attorneys in the gun trial in essence shadow-boxing? Their defense strategies — it could not be proven Hunter was using when he purchased the gun, a guilty verdict would infringe on his Second Amendment rights — were flimsy and unpromising. Was the guilty verdict, in other words, what is called in intelligence circles a limited hangout?

Has a decision been made at top levels of the Democratic- controlled federal judiciary to find Hunter Biden guilty on the lesser crime of illegal gun possession — on the argument he had to be convicted of something — so as to prepare a skeptical public for an innocent verdict in the much more consequential trial on charges of financial corruption — a trial that could directly threaten the Biden presidency? Two, where are the House hearings likely to go from here, and what will be the next step? The June 5 criminal referrals are indication enough that the Oversight and Judiciary committees are far from done, spent, or at a dead end. As previously noted in this series, it seems clear they have enough sound evidence to support a vote to impeach President Biden. But it remains to be seen whether the House committees will have the political will to press the case they appear to have, just as the outcome in California, where Weiss will prosecute the tax and corruption cases, is for now not at all certain.

Read more …

“..57 per cent of asylum seekers have no documentation to prove their identity, their age, or their country of origin..”

• Ryanair CEO: “It’s a Complete Scam, These People Are Not Refugees” (MN)

Ryanair CEO Michael O’Leary asserted that the asylum system was “a complete scam” and that such individuals “are not refugees” because they are arriving from safe countries and then flushing their passports down the toilet. O’Leary made the comments during an appearance on the Newstalk radio station. The airline boss was asked how people are able to arrive in Ireland on Ryanair flights without proper documentation or being able to prove their identities. “Yeah because they flush them down the toilet, they arrive at Dublin airport and they flush them down the toilet,” he responded. O’Leary said non-EU visitors to Ireland had to have their passports photographed at the border control desk so the details could be sent to the government, but that this was impossible with economic migrants.

“They show up here…it’s a complete scam and these are not refugees, one of the things that drives me nuts in Ireland is we treat people as refugees who are coming from the UK or from France,” he complained. “Nobody got to Ireland from Afghanistan or from Kenya or from Nigeria or from Syria on a direct flight because there aren’t any, so you’re not fleeing persecution in the UK or in Germany, O’Leary added. “We should look after refugees, I have great sympathy for the Ukrainians, but people who are arriving here from the UK, France or other EU countries, we should be turning them back saying, here back to the EU countries where you came from.”

O’Leary said it was difficult to track what flight the migrants were on or what seat they were sitting in “because they tear up or flush their documentation down the toilets, and all of them have documentation when they board the RyanAir flight at the other side.” Ireland has been completely subsumed by economic migrants, vast numbers of whom have set up in tent cities in major Irish cities, notably the capital Dublin. Meanwhile, according to data released in Germany by the Federal Office for Migration and Refugees, 57 per cent of asylum seekers have no documentation to prove their identity, their age, or their country of origin, a figure that has risen from 48 per cent in 2023.

Read more …

“..ending their 14 years at the helm of the UK..”

• UK Tories Face Election Wipeout – Polls (RT)

The British Conservatives are set to face a historical loss in July’s general election, ending their 14 years at the helm of the UK, according to three major polls on Wednesday. A poll by Savanta and Electoral Calculus for the Telegraph forecasts the Tories getting just 53 seats out of the 650 up for grabs in July’s vote. Not only would this mark an all-time low for the Conservative party, the poll also predicted the current Tory leader and Prime Minister, Rishi Sunak, could lose his seat in Richmond and Northallerton, an unprecedented blow for a serving PM. A More in Common survey for the News Agents podcast showed the Tories heading towards getting 155 seats. Despite being the most optimistic for the Tories of the three MRP polls, this would still put them way below the current 344, and even fewer seats than they had in 1997, when the Conservative party last lost leadership to Labour.

Meanwhile, YouGov predicted the Tories will slip down to 108 seats. All three MRP polls projected that the Conservative Party would see a worse outcome than their disastrous 1906 result, when they lost to a landslide Liberal victory, with 156 seats to 397. The surveys all forecast that the Liberal Democrats will attain their best results in years. YouGov predicted the Lib Dems would get 67 seats, which would constitute their best ever general election result. More in Common put them at 49 seats, while Savanta at 50. All three surveys suggested Labour Party leader Sir Keir Starmer is on track to become the next Prime Minister, and all three predicted his party winning more than 400 seats – higher than the party’s record historical win in 1997.

Read more …

“Why the Western push to promote LGBTQ in Ghana could backfire.”

• ‘God Destroyed Sodom and Gomorrah’ (RT)

Ghana, a west African country with deeply ingrained cultural and religious values, is grappling with issues surrounding the criminalization of LGBTQ lifestyles. In February 2024, the country’s parliament passed The Promotion of Proper Sexual Rights and Family Values bill, which seeks to promote traditional Ghanaian family values. The bill imposes penalties, including imprisonment for up to five years, for the promotion of LGBTQ activities. Although the bill received unanimous support from both caucuses of the parliament, it still requires the assent of the president to become law. However, its progression has been halted by a lawsuit, citing concerns of discrimination against a section of the population, which has prevented the president from reviewing it until the supreme court determines its legality.

The hearing, adjourned in May 2024 due to allegations that the petitioners had used inflammatory language, resumed this month. The fate of the bill is now in limbo as the Supreme court of Ghana is expected to give its final verdict later this year. The pending verdict is particularly significant as it will determine whether the bill can be promulgated into law. This will also help determine Ghana’s ability to uphold its sovereignty amid pressure from western countries and institutions. Ghana’s situation reflects the complex dilemma of African countries in deciding on the position of LGBTQ in their institutional framework. It is illegal in 32 countries including Nigeria, Mauritania, Sudan and Somalia where death penalty can be imposed on people engaging in gay sex. In Uganda, the office of the president has referred to homosexuals as “sick people” who need help.

This sentiment has been echoed by the former president of Zambia, Edgar Lungu, who questioned why humans should be compelled to engage in activities even animals do not do. South Africa remains the only African country to have legalized homosexuality while others such as Rwanda have rejected discussions on the issue. In Ghana, although there’s no specific law criminalizing LGBTQ activities, attempts to regulate them are based on a perception either of a western-imposed value system that contradicts Ghanaian norms, or from a human rights perspective. Ghana, a west African country with deeply ingrained cultural and religious values, is grappling with issues surrounding the criminalization of LGBTQ lifestyles. In February 2024, the country’s parliament passed The Promotion of Proper Sexual Rights and Family Values bill, which seeks to promote traditional Ghanaian family values.

The bill imposes penalties, including imprisonment for up to five years, for the promotion of LGBTQ activities. Although the bill received unanimous support from both caucuses of the parliament, it still requires the assent of the president to become law. However, its progression has been halted by a lawsuit, citing concerns of discrimination against a section of the population, which has prevented the president from reviewing it until the supreme court determines its legality.The hearing, adjourned in May 2024 due to allegations that the petitioners had used inflammatory language, resumed this month. The fate of the bill is now in limbo as the Supreme court of Ghana is expected to give its final verdict later this year. The pending verdict is particularly significant as it will determine whether the bill can be promulgated into law. This will also help determine Ghana’s ability to uphold its sovereignty amid pressure from western countries and institutions.

Read more …

“..there is one constant here. Citizens don’t like censorship. They still don’t. It’s in our DNA.”

• Jonathan Turley: There’s A Movement To Rewrite The First Amendment (RCP)

GWU law professor Jonathan Turley talks about his new book, “The Indispensable Right: Free Speech in an Age of Rage,” during an interview with FNC’s “Special Report” host Bret Baier.

JONATHAN TURLEY: Free speech is under attack and what the book argues is that we are living in the most dangerous anti-free speech period in our history. And the question is why we continue to struggle with free speech, and the book goes back and looks at the very founding of the republic when the framers had a truly revolutionary idea that free speech really adheres to us as human beings. It’s not just because we are citizens, we need free speech to be fully human.

That view was lost within a few years of the Adams administration which became, until the Biden administration, the most anti-free speech in history. President Biden is rivalling that record. We have the largest censorship system in history. But, more importantly, we have this alliance of government, corporations, media, and academia and all supporting censorship, blacklisting and other forms of limitations and this book looks at that history and why we continue to struggle with what Brandeis called “the indispensable right.”

[..] I never really imagined I would see what I now see on campuses become unorthodox and unforgiving. Academics and journalists used to be the defenders of free speech. So did the Democratic Party. It’s now become really in vogue to be anti-free speech, to say free speech is harmful, it has to be curtailed. There is a movement to rewrite the First Amendment because one law professor said it’s “excessively individualistic.” Those are popular views now on campus. And this book is sort of how we got here, why do we call it “indispensable.”

[..] [In Moody vs. Netchoice LLC], the question is whether the Supreme Court will take the issue straight on or whether it will try to take off ramp. The oral argument was not very clear on that point. But you are absolutely right. It encapsulates much of this problem — we have this alliance I talked about, that is funded through the government, organized and directed in part through the government. One federal judge called it Orwellian, and it is. And many citizens don’t like it and that’s the one positive aspect. You know, I tell the stories of people who put their lives at risk to fight for free speech. And all of our periods of rage. But, there is one constant here. Citizens don’t like censorship. They still don’t. It’s in our DNA.

What this book really tries to do to see if there is this common article of faith that we can still gather around, despite all our political divisions that this defines us in a way that we can’t lose it. And I think that there is common ground there.

Read more …

Masochists wanted.

• Boeing Can’t Find New CEO – WSJ (RT)

Several high-profile candidates have turned down offers to run aerospace giant, Boeing, The Wall Street Journal has reported, as the plane-maker faces scrutiny over multiple safety issues with its products. The aerospace giant announced in March that current chief executive, David Calhoun, would step down by the end of the year, as part of a management shake-up aimed at reviving Boeing’s reputation. The company’s airliners have encountered a litany of incidents this year, beginning with a door panel on a 737 MAX 9 operated by Alaska Airlines blowing off mid-air in January, leaving a gaping hole in the side of the plane.

The Federal Aviation Administration (FAA) has launched several inquiries into Boeing. Whistle-blowers have alleged that the 737 Max, the 787 Dreamliner, and the 777 had serious production issues. As part of one probe, CEO Calhoun was grilled by US senators on Tuesday over the company’s patchy safety record. GE Aerospace CEO Larry Culp, widely considered the top candidate for the job, has declined Boeing’s request to consider taking over, The Wall Street Journal (WSJ) said, citing people familiar with the matter. According to the publication, Culp is known as a guru of lean manufacturing, a management philosophy focused on cutting waste while continuously improving quality. Culp has said that he intends to stay on at GE Aerospace.

Other potential candidates – the CEO of Boeing’s commercial-airplanes division Stephanie Pope, and Spirit AeroSystems CEO Pat Shanahan – face various complications on their path to the top job, the WSJ wrote. David Gitlin, CEO of the home-appliances firm Carrier and a member of the Boeing board, asked to be removed from the list of potential contenders in April. Boeing executives have said they hope to have a deal by the end of June, the WSJ noted. The US Department of Justice said in May it was considering prosecuting Boeing over two crashes in 2018 and 2019 which killed nearly 350 people. The accidents were found to have been caused by an errant pitch control system that the company had not informed pilots about.

Read more …

“This technology is proven to have some of the most comprehensive capabilities in the industry, fast and accurate in some of the most demanding conditions..”

• McDonald’s Scraps AI Trial After Bacon Added To Ice Cream (RT)

McDonald’s is scrapping its AI drive-through trial after videos went viral of order mix-ups, including bacon being added to ice cream. The US fast food chain has been testing a voice recognition system developed by IBM to process orders since 2021. However, reliability of the AI-powered technology has been called into question after customers reported errors in their orders and shared comical mishaps on social media. McDonald’s has instructed franchisees to remove the AI-assisted technology from the more than 100 outlets that have been using it by the end of July, as reported by trade publication Restaurant Business on Friday. The fast food chain is abandoning the trial without any sort of expansion, the publication said, citing an email the company sent to franchisees on Thursday.

“After thoughtful review, McDonald’s has decided to end our current global partnership with IBM on AOT [Automated Order Taking] beyond this year,” the message read. While the Chicago-based fast food giant didn’t give the exact reason for the move, it comes after customers shared videos showing drive-through AI picking up orders from the wrong cars, multiplying orders, and producing bizarre combinations of food ranging from bacon-topped ice cream to hundreds of dollars’ worth of chicken nuggets. In one TikTok video, a woman attempts to order vanilla ice cream and a bottle of water only to end up with ketchup sachets and multiple stacks of butter. Another video shows a customer claiming that the AI drive-through assistant confused her order with someone else’s, resulting in nine portions of tea being added to her bill.

McDonald’s, which initially sought to embrace the technology to cut back on mounting labor costs, indicated that the end of the trial would not mean its experiments with AI are over. The company said that its work with IBM “has given us the confidence that a voice ordering solution for drive-thru will be part of our restaurants’ future.” IBM also said it plans to continue working with McDonald’s. “This technology is proven to have some of the most comprehensive capabilities in the industry, fast and accurate in some of the most demanding conditions,” the company said in a statement. Other major US fast food giants, including Chipotle, Wendy’s, Carl’s Jr, Taco Bell, and Pizza Hut, have also been rolling out AI systems at their drive-throughs in a bid to replace human workers and reduce labor costs.

Read more …

 

 

 

 

Morgan Freeman

 

 

Tiny Turtle
https://twitter.com/i/status/1803045071614337039

 

 

Moose

 

 

 

 

Support the Automatic Earth in wartime with Paypal, Bitcoin and Patreon.

 

 

 

 

 

Debt Rattle April 27 2023

Apr 272023
 
 April 27, 2023  Posted by at 9:11 am Finance Tagged with: , , , , , , ,  52 Responses »


Pablo Picasso Woman sitting in a armchair 1910

 

• Pentagon Top Brass Pleased With Carlson Exit – Politico (RT)
• Tucker Carlson Reappears In 8PM Time Slot, But Not With Fox (ZH)
• Poland Seizes Russian Embassy And Trade Mission Funds (RT)
• Russia Understands Western Sanctions Aren’t ‘Temporary’ – PM (RT)
• Moscow Reacts To Xi-Zelensky Call (RT)
• Kiev Could ‘Capture Small Russian Towns’ For Leverage – WaPo (RT)
• Ukraine Conflict Helps Prepare For Potential China Clash – Pentagon (RT)
• Zelensky’s Right-Hand Man Contradicts US General (RT)
• Biden Threatens North Korea With Annihilation (RT)
• The Historic US-Saudi Relationship Cannot Bounce Back (Sweidan)
• Twitter, Tiktok And Instagram To Face Much Stricter Content Rules In EU (Az.)
• Ex-CIA Boss Intervened On Russia Collusion In 2016, Benghazi In 2012 (JTN)
• The RFK Jr. Tapes (David Samuels)
• Musk’s Lawyer Invokes ‘Deepfake’ Defense (RT)
• EU Countries Sinking In Debt – Bloomberg (RT)
• Gold Leading ‘Revolt Against Dollar’ – Economist (RT)

 

 

 

 

Macgregor It’s over and Ukraine is doomed

 

 

 

 

RFK Tucker

RFK – Unavoidably unsafe

RFK pharma ads
https://twitter.com/i/status/1651222441715281921

 

 

Digital trap

 

 

“Alexander Dugin, a prominent Russian thinker, in a conversation with Al-Mayadin: The global structure is between two possible scenarios; The first scenario belongs to the year 2050, in which the complete and irreversible victory for globalization and the unipolar era and the emergence of the post-human era and the destruction of all types of humanity have been achieved. The second possible future is that we will win and everything will change and a multipolar world will emerge.

Russia is currently fighting the real devil, Joe Biden, George Soros, and Western crazies; We need to create a new network outside of Western control. We need the continuation of international relations in a successful global trade system, without Western domination. The world is not limited to the West and globalism does not necessarily have a Western meaning. I believe that we are on the verge of the global collapse of liberalism. Its main cause is the growth of internal contradictions in the world system; A new global network should be created based on justice and equality. Globalization is nearing its collapse and end.”

 

 

 

 

“What we absolutely won’t do is take personnel advice from a talk show host or the Chinese military.”

• Pentagon Top Brass Pleased With Carlson Exit – Politico (RT)

Senior Pentagon officials have welcomed the departure of Tucker Carlson from Fox News, Politico has claimed. The popular host regularly criticized the US military’s diversity and inclusivity policies, claiming they were imposed at the expense of battle readiness. “We’re a better country without him bagging on our military every night in front of hundreds of thousands of people,” a senior Defense Department official told the news outlet on condition of anonymity. The source claimed Carlson had “made a mockery” of the free press and “repeatedly cherry-picked department policies and used them to destroy DoD [Defense Department] as an institution.” Commenting on Carlson’s exit from the conservative network, another official reportedly said: “Good riddance.”

The popular former prime-time host regularly accused the Pentagon of undermining US fighting capabilities for the sake of ideologically-motivated inclusivity, imposed under pressure from President Joe Biden’s administration. In a March 2021 segment, Carlson blasted the introduction of flight suits for pregnant aviators, suggesting that Washington was heading in entirely the wrong direction – unlike its rival Beijing. “While China’s military becomes more masculine as it assembles the world’s largest navy, our military needs to become, as Joe Biden says, more feminine,” Carlson said. “This is a mockery of the US military and its core mission, which is winning wars.”


The remarks triggered a rare direct rebuke by the Pentagon, with then-spokesman John Kirby responding: “What we absolutely won’t do is take personnel advice from a talk show host or the Chinese military.” “We know we’re the greatest military in the world today and even for all the things we need to improve, we know exactly why that’s so,” Kirby insisted. When asked by Politico what he thought about the reported glee at his departure among senior Pentagon officials, Carlson replied in a text message: “Ha! I’m sure.” The news that Carlson and Fox News were parting ways broke on Monday, shortly before his prime-time show was due to be broadcast. Neither party has offered an explanation for the split.

https://twitter.com/i/status/1651421792936894467

Read more …

“Where can you still find Americans saying true things? There aren’t many places left, but there are some – and that’s enough..”

• Tucker Carlson Reappears In 8PM Time Slot, But Not With Fox (ZH)

After Tucker Carlson’s surprise split from Fox News, the #1 rated cable news host in history re-emerged from his home office on Wednesday to offer a stunning 8PM monologue covering his thoughts on the media landscape, and his future. According to Carlson, one of the things one notices when one takes a little ‘time off’ is “how unbelievably stupid most of the debates you see on television are. They’re completely irrelevant. They mean nothing. “In five years we won’t even remember that we had them… and yet, at the same time, the undeniably big topics – the ones that will define our future – get virtually no discussion at all. War, civil liberties, emerging science, demographic change, corporate power, natural resources. When was the last time you heard a legitimate debate about any of those issues?”

“Debates like that are not permitted in American media,” Carlson continued, adding “Both political parties, and their donors, have reached consensus on what benefits them – and they actively collude to shut down any conversation about it. “Suddenly the United States looks like a one-party state,” Carlson said. Carlson doesn’t think this will last, however, noting that while the above is a “depressing realization,” he doesn’t think this is permanent. “Our current orthodoxies won’t last. They’re brain-dead. Nobody actually believes them. Hardly anyone’s life is improved by them. This moment is too inherently ridiculous to continue, and so it won’t.


The people in charge know this, that’s why they’re hysterical and aggressive. They’re afraid. They’ve given up persuasion – they’re resorting to force. But it won’t work. When honest people say what’s true, calmly and without embarrassment, they become powerful. At the same time, the liars who’ve been trying to silence them shrink – and they become weaker. That’s the iron-law of the universe; true things prevail.” Tucker rhetorically asked “Where can you still find Americans saying true things? There aren’t many places left, but there are some – and that’s enough. As long as you can hear the words, there is hope. See you soon.”

Read more …

Wild West.

• Poland Seizes Russian Embassy And Trade Mission Funds (RT)

All the money in the accounts of the Russian embassy and trade office in Warsaw has been seized by the Polish prosecutor’s office, Ambassador Sergey Andreyev revealed on Wednesday. “We received a notification from the prosecutor’s office that the funds from the Santander Bank accounts of the embassy and the trade representation were transferred to the accounts of the prosecutor’s office,” Andreyev told RIA Novosti. Santander Bank then informed the embassy that it had “ceased cooperation” with the Russian government and closed the accounts, Andreyev added. There were “significant amounts” of both US dollars and Polish zlotys in both accounts, according to the diplomat. Andreyev called the incident “a flagrant violation of the Vienna Convention on Diplomatic Relations,” the 1961 treaty governing the rights and responsibilities of diplomats.

The Polish authorities had previously frozen the embassy account, citing suspicions that it might be involved in “money laundering or terrorism.” When this prevented the embassy from paying the lease on a recreational facility near Warsaw, the Polish authorities terminated the lease and seized the property in November 2022. Another property, a residence on 100 Sobieski Street, was seized last spring. Warsaw Mayor Rafal Trzaskowski said at the time it should be handed to refugees from Ukraine. The Polish foreign ministry said the building was “illegally owned” by the embassy as it was not being used for diplomatic or consular purposes. The embassy’s explanation, that the building was unfit for occupancy as it needed repairs, was ignored.

Poland has also sought to confiscate the embassy-operated school in Warsaw, citing the same pretext. The Russian Foreign Ministry has protested both seizures as a flagrant violation of international law. Many EU and NATO countries have expelled dozens of Russian diplomats after the Ukraine conflict escalated in February 2022, but most did not go so far as to sever relations with Moscow. The US and its allies have insisted they are not actually involved in the conflict, even while they sent Kiev over $100 billion worth of weapons and financial aid.

Read more …

“..slapping Russia with restrictions to “disrupt the economy, hurt the people and hit their standard of living, ‘cancel’ Russia and strip it of the ability to choose its own path based on its peoples’ interests.”

• Russia Understands Western Sanctions Aren’t ‘Temporary’ – PM (RT)

Russia’s leadership is well aware the nation is likely to live under Western sanctions for a long time, Prime Minister Mikhail Mishustin said on Wednesday. The government is calculating all the risks associated with the existing and potential future restrictions and is ready for any scenario, he added. “We understand that sanctions are not a temporary phenomenon. They will not be lifted in an instant. Our former partners have gone too far to just turn around and retreat,” he told the ‘Znanie’ (‘Knowledge’) forum in Moscow. According to the prime minister, the US and its allies have been slapping Russia with restrictions to “disrupt the economy, hurt the people and hit their standard of living, ‘cancel’ Russia and strip it of the ability to choose its own path based on its peoples’ interests.”

The Russian economy has been weathering the sanctions push well so far and demonstrated its resilience, Mishustin said, adding that some industries still need to fully restore their production chains. The prime minister earlier told the State Duma that the downturn the Russian economy experienced in 2022 was not as drastic as had been predicted, adding that the nation is going back to economic growth now. The Russian government’s head also warned that the “sanctions war” ultimately led nowhere and only impeded global economic development. The world is now dominated by developments affecting every aspect of life, the prime minister said, naming the rapid development of information technologies used in various fields as one of such processes. “They [IT technologies] are now an important condition of long-term quality economic growth,” he said.

Last week, the head of the Russian Central Bank, Elvira Nabiullina, said that the Western sanctions Russia had to face last year were worse than “even the most pessimistic scenario.” Although no one could have predicted anything like that, both the Russian people and the country’s businesses demonstrated remarkable adaptability in the face of this new reality, she added. The US and EU have introduced a total of ten rounds of sanctions over the conflict. In December, the EU, along with the G7 countries and Australia, introduced a price cap on Russian seaborne oil, set at $60 per barrel.

Read more …

“She said Russian and Chinese visions for a path to peace were “broadly in tune” with one another. “The problem lies not with the lack of good plans,” Zakharova said.”

• Moscow Reacts To Xi-Zelensky Call (RT)

Ukraine’s “unrealistic” demands are standing in the way of peace negotiations, Russian Foreign Ministry spokeswoman Maria Zakharova has stated. She made her comments in response to a question about the phone call between Ukrainian President Vladimir Zelensky and Chinese President Xi Jinping. The leaders spoke on Wednesday for the first time since Russia launched its military operation in the neighboring state in February 2022. Zakharova praised Beijing for its efforts to help restart meaningful negotiations. She said Russian and Chinese visions for a path to peace were “broadly in tune” with one another. “The problem lies not with the lack of good plans,” Zakharova said.

“The Kiev regime has so far not been receptive to any reasonable initiative aimed at a political and diplomatic settlement of the Ukrainian crisis. Its occasional agreement to hold negotiations is being tied to ultimatums with obviously unrealistic demands.” The spokeswoman blamed Kiev for the eventual breakdown of negotiations last spring when Russian and Ukrainian teams held several rounds of meetings. Kiev, meanwhile, has repeatedly said that negotiations can resume only after Russia surrenders its recently incorporated territories. Moscow has called such demands unacceptable. Crimea voted to leave Ukraine and join Russia in the wake of the 2014 coup in Kiev. The Donetsk and Lugansk People’s Republics, as well as the Kherson and Zaporozhye regions, did the same after holding referendums on the matter in September.

In October, Zelensky signed a decree that declared the “impossibility” of conducting negotiations with Russian President Vladimir Putin. Beijing, which unveiled a 12-point roadmap for peace in Ukraine in February, has maintained that the conflict can only end through dialogue. China, unlike many Western countries, has also refused to condemn Russia for its actions. China named diplomat Li Hui its special envoy to Ukraine and “other countries” on Wednesday. Xi said that the envoy would be tasked with conducting “in-depth communication with all parties on the political settlement of the Ukraine crisis.” Li was China’s ambassador to Moscow from 2009 to 2019. Zelensky, meanwhile, has appointed former strategic industries minister Pavel Ryabkin as the country’s new ambassador to China.

Read more …

“The profile of the unit published by the Post claims that Azov has “evolved” away from its neo-Nazi origins..”

• Kiev Could ‘Capture Small Russian Towns’ For Leverage – WaPo (RT)

The interim commander of Ukraine’s Azov Brigade (the current incarnation of a former volunteer unit known for its neo-Nazi ideology) has said that Kiev’s forces could capture Russian towns and use them to put pressure on Moscow. In an interview with the Washington Post, Bogdan Krotevich was asked about Ukraine’s much-anticipated planned offensive against Russia. He was referring to the experience of Chechen militants in the mid-1990s who “adopted a strategy of capturing small Russian towns to use as leverage to recover Russian-held areas” during the military conflict in the southern Russian republic. The Ukrainian fighter said his country “may do the same,” the newspaper reported on Wednesday. It was not clear which episodes of the conflict in Chechnya Krotevich was referring to.

One of the most tragic examples of violence spilling outside of the Chechen Republic at the time came in June 1995, when a militant force led by Shamil Basayev raided the city of Budyonnovsk, taking over 1,000 civilians hostage at a local hospital. Another raid targeted the city of Kizlyar in Dagestan the next year, in which Chechen militants led by terrorist Salman Raduyev likewise resorted to hostage-taking. Dozens of people were killed in both cases. The Post’s article noted the desire of Krotevich and other Azov leaders to have more prisoner exchanges between Russia and Ukraine so that captured members of the unit can be returned. The man himself spent several months in Russian custody after he and other Azov fighters surrendered in the Donbass city of Mariupol. Krotevich was freed in a Türkiye-mediated swap last September.

“I came to the conclusion that the fastest way to release our prisoners is to take more Russian soldiers prisoner, and to end this war with our victory,” Krotevich stated. The profile of the unit published by the Post claims that Azov has “evolved” away from its neo-Nazi origins. Moscow regards the original Azov Battalion, which was created in 2014, and its successor organizations as a terrorist group. The unit was incorporated into the Ukrainian National Guard early in its history and has now become one of nine ‘Attack Guard’ volunteer brigades. The Interior Ministry revealed them in February, touting service in the units as “an opportunity to dispose of enemies” of the country.

Read more …

Dress rehearsal.

• Ukraine Conflict Helps Prepare For Potential China Clash – Pentagon (RT)

The Pentagon will use the lessons learned from supplying military aid to Ukraine to help Taiwan in a potential conflict with China, US Deputy Secretary of Defense Kathleen Hicks has said. “There are many advantages we’ve gained for a potential Pacific challenge from the Ukraine conflict,” Hicks told Bloomberg in an interview published on Wednesday. “We’re learning now to grow our industrial base and to study that industrial base, which has been for the last 60 years in a bit of a feast and famine cycle.” The conflict highlighted the difficulties of quickly procuring enough weapons and equipment for Kiev, Hicks explained. The US repeatedly used the Presidential Drawdown Authority (PDA) to speed up the transfer of stockpiles to Ukraine and plans to do the same with Taiwan.

“We’re thinking about how we use those authorities right now to generate faster and higher-capacity delivery of munitions to provide to our forces in the Pacific,” Hicks said, adding that the Pentagon has “a clear strategy that’s focused on China.” Although the deputy secretary admitted that the US did not believe Beijing was planning an “imminent attack” on Taiwan, she maintained that the Pentagon was committed to “making sure that the (Chinese) leadership wakes up every day and says today is not the day to undertake aggression that threatens US interests.” In December, US President Joe Biden signed the 2023 National Defense Authorization Act, which includes $2 billion in military loans to Taipei. The law also allows Washington to muster an emergency stockpile of ammunition worth up to $100 million on or near the island.

Taiwanese Premier Chen Chien-jen said on Monday that negotiations of assembling “regional contingency stockpiles” were still ongoing. Beijing held large-scale military exercises around the island this month in response to a visit by Taiwanese President Tsai Ing-wen to the US. Beijing considers Taiwan – which has been ruled by a separate government since the late 1940s – its territory and views contact between local and foreign officials as meddling into its domestic affairs. China has also accused Washington of backing “secessionist forces” on the island. Chinese President Xi Jinping said last year that Beijing favored peaceful “reunification” with Taiwan but reserved the right to use force if necessary. The US supports the ‘One China’ policy by refraining from establishing formal diplomatic ties with Taiwan. At the same time, Washington has been selling arms to the local authorities and promised to defend the island in case of an invasion.

Read more …

“..98% of promised combat vehicles had already been delivered..”

• Zelensky’s Right-Hand Man Contradicts US General (RT)

Ukraine still needs more weapons and equipment for the much-hyped spring “counteroffensive,” especially artillery ammunition, President Vladimir Zelensky’s adviser Mikhail Podoliak said on Wednesday. He disagreed with the US general commanding NATO forces in Europe, who told Congress earlier in the day that 98% of promised combat vehicles had already been delivered. General Christopher Cavoli gave that statistic to the House Armed Services Committee on Wednesday morning. “I am very confident that we have delivered the materiel that they need and we’ll continue a pipeline to sustain their operations as well,” Cavoli added, responding to questions about the expected Ukrainian attack.

Podoliak challenged that assessment later in the day, speaking during a telethon hosted by Ukrainian television. He said only the Ukrainian General Staff can offer accurate numbers, and that Cavoli’s statistics weren’t up to date. “In my opinion, 98% is too much, too large a number. He proceeds from certain mathematical data, things he knows today,” the adviser said, referring to Cavoli. “There should be much more equipment, there is a real shortage of shells, especially of heavy calibers. We are trying to solve this problem.”

The current rate of supply allows the Ukrainian military to take “certain actions” at the frontline, Podoliak said, adding that there is “never enough” weapons and equipment when facing an enemy such as Russia. The much-anticipated counteroffensive may have already begun, he suggested, urging the public not to regard it as a single event but a large number of engagements on various fronts Multiple US outlets have sought to temper expectations about the Ukrainian attack over the past week, citing anonymous government officials worried about the political fallout from its possible failure. Last Friday, the White House even warned of a possible Russian offensive taking place instead.

Read more …

Biden=Trump.

• Biden Threatens North Korea With Annihilation (RT)

US President Joe Biden declared on Wednesday that a North Korean nuclear attack on his country or South Korea would spell doom for Pyongyang. Under a new agreement between Washington and Seoul, the US would respond to such an attack with nuclear weapons, South Korean President Yoon Suk-yeol added. “A nuclear attack by North Korea against the United States or its allies or partners is unacceptable and will result in the end of whatever regime were to take such an action,” Biden told reporters at the White House. Speaking alongside Biden, Yoon declared that “sustainable peace on the Korean peninsula does not happen automatically.”

“We can achieve peace through the superiority of overwhelming forces and not a false peace based on the goodwill of the other side,” Yoon said, adding that in the event of a nuclear attack from the north, the US and South Korea would “respond swiftly, overwhelmingly and decisively using the full force of the alliance, including US nuclear weapons.” Biden’s words echo those of his predecessor, Donald Trump, who in 2017 warned North Korea that he would respond with “fire and fury like the world has never seen” if the country threatened the US with nuclear weapons. Although the north tested a nuclear bomb a month later, Trump and North Korean leader Kim Jong-un agreed to a detente and went on to meet several times, and the north’s missile tests came to a halt for most of Trump’s remaining time in office.

These tests have since restarted and ramped up. Pyongyang has test-fired more than 100 missiles since the beginning of 2022, and this month tested its first solid-fuel intercontinental ballistic missile and a nuclear-capable underwater attack drone. Officials in Washington and Seoul have claimed since last year that the north is gearing up for its seventh underground test of a nuclear weapon. Yoon’s predecessor, Moon Jae-in, largely went along with Trump’s policy of diplomatic outreach to Kim. Yoon, however, has taken a much more hardline stance on his neighbor to the north. In a speech in January, Yoon raised the possibility of his administration acquiring “our own nuclear weapons,” something that more than two thirds of South Koreans want, according to recent polls.

The agreement signed on Wednesday has brought an end to that idea, as it stipulates that Seoul will not pursue its own nuclear armament. Known as the ‘Washington Declaration’, the agreement boosts nuclear information-sharing between the US and Korea, and provides for more joint military drills and the deployment of nuclear-armed US submarines and bombers to South Korea on a rotating basis.

Read more …

“..all US efforts to persuade Riyadh to flood global oil markets have failed, and the Russians have managed to maintain both their exports and their economy..”

• The Historic US-Saudi Relationship Cannot Bounce Back (Sweidan)

Since the Cold War era began, oil has been a key pillar of the Russian (and former Soviet) economy. It has long been a US priority to be able to influence prices as a pressure tool against Moscow. Since Saudi Arabia is considered an oil superpower, Washington’s cooperation with Riyadh – despite its own dramatically reduced Saudi oil imports – is at the heart of US economic strategies to counter Russia. For example, in the mid-eighties, during the Soviet invasion of Afghanistan, the US asked the Saudis to flood oil markets in order to lower prices and undermine the oil revenue-reliant USSR. In 1986, oil prices dropped by two-thirds, from $30 per barrel to nearly $10 per barrel, ultimately crippling the Soviet economy and its geopolitical reach. But attitudes have sharply altered during the intervening 37 years.

Saudi Arabia now views the US as an energy market competitor due to Washington’s increased shale oil production and disinterest in boosting oil imports. Between 2010 and 2021, US shale oil production grew from approximately 0.59 million bpd to 9.06 million bpd. Riyadh’s response to this new geo-economic development was to raise oil production in 2016, with the aim of lowering prices to undercut the US shale industry, which operates at significantly higher costs. The Saudis indeed fear a declining role as a strategic supplier of global oil, in large part due to expanded US shale production and energy self-sufficiency. This has driven the Saudis to try and reimpose their oil superiority by lowering prices to undercut competitors with higher production costs – despite the short-term domestic damage caused by increased Saudi oil production.

To this day, Saudi Arabia continues to present an obstacle to US energy interests, and has instead found most common ground with Washington’s main adversaries – Russia, China, Iran – with whom Riyadh’s energy interests intersect. Contrary to expectations since the outbreak of the Ukraine war in February 2022, all US efforts to persuade Riyadh to flood global oil markets have failed, and the Russians have managed to maintain both their exports and their economy. It has become manifestly clear to Washington’s decision-makers that Saudi Arabia today is not the Saudi Arabia of 1985, willing to undermine its own revenues and energy interests in order to serve a US geopolitical agenda. Discussions in Washington today have likewise turned to the feasibility of maintaining the US commitment to Saudi Arabia’s security, particularly since Riyadh neither provides Americans with energy nor follows its political diktats.

Some believe that the US’ role of acting as a security guarantor in the Persian Gulf merely serves Beijing’s interests by securing China’s main energy sources. Yet others argue that a US military withdrawal from the Persian Gulf will create a vacuum filled by Beijing, which will keenly seek to ensure its own energy security. The one point of clarity, however, is that US-Saudi energy interests are no longer synergistic and that Riyadh’s interests line up far more closely with those of Beijing and Moscow. This remains a key factor driving Saudi Arabia’s foreign policy and economic diversification today. What remains to be seen is how far the Saudis – deeply and historically bound to western interests – will be willing to challenge the US’ regional hegemony as their goals diverge and Riyadh finds common cause with Washington’s rivals.

Read more …

“..a “Very Large Online Platform” (VLOP) or a “Very Large Online Search Engine” (VLOSE)..”

• Twitter, Tiktok And Instagram To Face Much Stricter Content Rules In EU (Az.)

The list features platforms with more than 45 million monthly active users, which also includes certain services from Amazon, Google, Meta, Instagram and Microsoft. The volume of users puts the platforms under a new EU law, known as the Digital Services Act (DSA), imposing measures from August such as annual audits and a duty to effectively counter disinformation and hate content. In four months’ time, “these platforms and search engines will not be able to act as if they were ‘too big to care’,” Thierry Breton, the EU’s internal market commissioner, said in a statement. “This new supervision system will cast a wide and tight net and catch all points of failure in a platform’s compliance,” he added.

Platforms meeting the 45-million-plus threshold include Twitter, owned by US billionaire Elon Musk; Alphabet’s Google Search, Google Maps, Google Shopping and Google Play units as well as its YouTube subsidiary; and Meta’s Facebook and Instagram. Microsoft’s LinkedIn, Apple’s iOS App Store, online encyclopedia Wikipedia, messaging app Snapchat and creative image website Pinterest are also covered under the legislation. Under the DSA, they are categorised as a “Very Large Online Platform” (VLOP) or a “Very Large Online Search Engine” (VLOSE). Most of the companies on the list are US-based but Chinese-owned platforms TikTok and e-commerce site AliExpress also feature. The commission also listed German online fashion retailer Zalando. Breton told journalists today that his team will hold “stress tests” to check Twitter’s compliance readiness at the end of June.

He added that TikTok had also expressed an interest in cooperating to ensure compliance. The announcement follows a deadline in February for online companies to publish user figures in Europe. The DSA has a wide range of objectives, including forcing platforms to better protect children, strengthen transparency around digital services, prohibit the sale online of unsafe goods and allow users to have greater choice when online in the EU. The rules allow the EU to impose fines of up to six percent of the platforms’ annual global sales for repeated infringements. By 25 August, the 19 platforms must have an independent compliance system in place and give their first annual risk assessment to the European Commission, including how they plan to handle content on mental health and gender-based violence.

Read more …

Lying and cheating. Working for Hillary, Obama and Biden. For years. It’s a sad picture.

• Ex-CIA Boss Intervened On Russia Collusion In 2016, Benghazi In 2012 (JTN)

Morell, a 33-year veteran of the CIA who retired shortly after Brennan took over in 2013, has now stirred controversies in three straight elections with actions that relied in part on his intelligence community ties. In September 2012, as Obama was seeking reelection in a close race against Republican Mitt Romney, Morell edited intelligence talking points to delete references to al Qaeda’s role in the deadly attack on the U.S. compound in Benghazi. The edits ended up sending National Security Advisor Susan Rice onto the Sunday talk shows to make a false insinuation that an anti-Muslim video spurred the attack on Benghazi when in fact the CIA had strong evidence an al Qaeda-related arm had instigated it.

Republicans accused the former CIA chief of a cover-up. Morell defended his actions in testimony two years later, insisting his edits were not designed to be political but instead were well-meaning actions taken in the heat of a dramatic intelligence drama. “These allegations accuse me of taking these actions for the political benefit of President Obama and then secretary of state Clinton,” Morell testified. “These allegations are false.” But by that time, the talking points had become a major controversy in the 2012 election.

In 2016, Morell’s insertion into the Russia collusion narrative came as Brennan, his successor, was warning Obama the Clinton campaign was crafting a dirty trick. In declassified notes, Brennan recounted how during a July 28, 2016 meeting with Obama he relayed a warning that there was intelligence that Clinton was trying to conjure up a Trump-Russia scandal to distract from Mrs. Clinton’s email controversies. The Clinton campaign had helped fund the Steele dossier, it was later learned. “We’re getting additional insight into Russian activities from [REDACTED],” Brennan’s notes read. “Cite alleged approval by Hillary Clinton of a proposal from one of her foreign policy advisers to vilify Donald Trump by stirring up a scandal claiming interference by the Russian security services.”

Two months later, Brennan’s CIA would send a similar warning to the FBI, which was investigating Russian collusion based in part on the now-discredited Steele dossier. CIA is aware of an intercept “discussing US presidential candidate Hillary Clinton’s approval of a plan concerning US presidential candidate Donald Trump and Russian hackers hampering US elections as a means of distracting the public from her use of a private email server,” the agency wrote in a teletype to the bureau. Brennan’s warning to Obama was significant because just four days earlier the Clinton campaign — where current Biden National Security Adviser Jake Sullivan served at the time as a security adviser — put out a statement saying Russia hacked the Democrat Party documents to help Trump. Mueller’s probe found no proof Trump or his team played a role in the hack.

Read more …

Long read.

• The RFK Jr. Tapes (David Samuels)

The heir to the family’s political mantle in the third generation of Kennedys was always Bobby. It was Bobby who became the leader of his tribe of orphaned brothers and sisters after their father’s death, trying and failing to make up for the absence of a charismatic father and the near-total absence of adult supervision. A friend who was close to the family in those years recalls visits to their home in Hickory Hill, Virginia, as like visiting a zoo—quite literally, with live sea mammals in the swimming pool, and animals of all shapes and sizes, frequently untamed, roaming freely throughout the house. Bobby’s hawks nested in the eaves and children climbed in and out of windows. Eventually, the friend’s mother forbade further visits, on account of it being too physically dangerous.

If the Kennedys were a kind of American royalty, then Bobby was their Prince Hal—charismatic and beloved, yet also dangerous and frequently out of control, a fatherless child who was trying to emulate the adult father figures who had been taken from him before he could truly understand who they were or what their brand of world-shaping masculinity meant. In 1983, Bobby was found nodding off in an airplane bathroom, and then pleaded guilty to heroin possession. The death of his brother David, who worshipped Bobby, a year later from a heroin overdose, made an uphill climb back to respectability seem even more unlikely, even after he got clean, and his decades of hard work as an environmental lawyer for Riverkeeper and the NRDC established him as one of the most effective environmental activists in the country.

During the 1990s and early 2000s, Bobby kept his name alive in political circles through a familiar striptease dance with the New York press, which was no doubt orchestrated in part by his best friend from college, Peter Kaplan, the sharp-eyed editor of The New York Observer: A dutiful accounting of his environmental good works ridding New York’s waterways of deadly toxins, a dash of Kennedy fairy dust, a tour of his falcons—falconry being a lifelong hobby, pursued with characteristic dedication—and a tantalizing hint of a possible future race for some political office that would re-up his star power and help promote his advocacy. Of course, he never ran—which prevented the publication of the inevitable attack articles ripping him to pieces.

Running would have been messy. His sister Kerry was married to the governor of New York, Andrew Cuomo—heir to another political dynasty whose name meant more in New York state than the name Kennedy did. Then it all came apart. In 2005, Kerry and Andrew Cuomo divorced. In 2010, Bobby separated from his wife, Mary Richardson, who had been Kerry’s college roommate at Brown and appeared to be suffering from substance abuse issues; a judge awarded temporary full custody of their four children to Bobby. In 2012, Mary Richardson hung herself. In 2013, Peter Kaplan died of cancer.

Meanwhile, Bobby Kennedy Jr. found success as an environmentally friendly venture capitalist along with a new cause: vaccines. In 2005, Kennedy wrote a blockbuster Rolling Stone magazine article titled “Deadly Immunity,” which presented compelling evidence of an ongoing vaccine safety cover-up led by U.S. national health bureaucrats, including transcripts of a 2000 CDC conference in Norcross, Georgia, where researchers presented information linking the mercury compound thimerosol with neurological problems in children. At its root, the case Kennedy made in his article was no more or less plausible and empirically grounded than the cases that he and dozens of other environmental advocates had been making for decades against large chemical companies for spewing toxins into America’s air, water, and soil, and then lying about it.

Read more …

“..the company’s defense could make all of Musk’s public statements “immune” from legal scrutiny simply because he is “famous.”

• Musk’s Lawyer Invokes ‘Deepfake’ Defense (RT)

A judge has ordered Elon Musk to testify under oath about whether he made certain claims about his company’s electric cars, after Tesla lawyers said statements attributed to him by plaintiffs in an ongoing lawsuit could have been fabricated with ‘deepfake’ software. The ruling from California Judge Evette Pennypacker was handed down on Wednesday, part of a lawsuit against Tesla over the death of Walter Huang, who was killed in a car wreck involving one of the company’s vehicles in 2018. Musk was ordered to provide a three-hour interview under oath regarding some of his past comments about Tesla cars and their ‘Autopilot’ capabilities, as the CEO is alleged to have claimed that some models could “drive autonomously with greater safety than a person” at a conference in 2016.

The plaintiffs in the suit say the claims were misleading and that the self-driving features on Huang’s Tesla had failed, resulting in his death. The carmaker, however, maintains that Huang was on his cell phone before the crash and had disregarded warnings from the vehicle, denying any liability. Company lawyers also dispute the comments pinned on Musk, saying that he, “like many public figures, is the subject of many ‘deepfake’ videos and audio recordings that purport to show him saying and doing things he never actually said or did.” Though Huang’s family cited a 2016 YouTube video which appears to show Musk making the statement in question, Tesla’s legal team has opposed the CEO’s deposition, also stating that he cannot remember his past comments.

Judge Pennypacker said Tesla’s claims are “deeply troubling,” suggesting the company’s defense could make all of Musk’s public statements “immune” from legal scrutiny simply because he is “famous.” She warned similar arguments could allow celebrities and public figures to “avoid taking ownership of what they did actually say and do.” However, the judge’s order was tentative, meaning that another hearing will be held on Thursday to determine whether Musk will be deposed under oath. Such rulings are not uncommon in California courts, which frequently allow parties to offer additional arguments to dispute motions before they are finalized.

Read more …

Join the crowd.

• EU Countries Sinking In Debt – Bloomberg (RT)

Countries in Eastern Europe have borrowed some $32 billion so far this year, three times more than during the same period a year ago, Bloomberg reported on Tuesday. Poland has tapped overseas markets for nearly $9 billion, putting it second among emerging-market economies in terms of overseas borrowing, trailing only Saudi Arabia. Meanwhile, Romania and Hungary, which have borrowed a respective $6 billion and $5 billion, are the fourth and fifth largest emerging-market borrowers. This marks the first time in a dozen years that three Eastern European countries are among the top five overseas emerging-market borrowers.

The surge in borrowing is attributable to an increasing need to dole out subsidies due to the still-raging energy crisis, as well as soaring spending related to the military conflict in Ukraine, according to Bloomberg. Eastern European countries have had to build up their military capabilities and help refugees from the neighboring state. Meanwhile, hawkish policies pursued by key central banks have made it much more expensive to borrow in bond markets, even for highly rated nations. Poland is paying 5.5% in annual interest on a new 30-year bond, significantly above the less than 4% the same bond would have sold for back in 2021.

Rising interest rates are projected to add to the suddenly swelling budget deficits across Eastern Europe, inevitably putting more pressure on finances in the region. According to analyst estimates on Bloomberg, Eastern Europe’s budget deficit will surge to 4.3% of the region’s gross domestic product in 2023, up from the 1.3% recorded two years ago. The conflict in Ukraine “hits fiscal deficits from both sides,” Daniel Wood, a fixed income portfolio manager at William Blair International, told Bloomberg. “It lowers growth, which reduces revenue collection for the government, and on the expenditure side it has been necessary for governments to help those that have been hit hard by the cost of living.”

Read more …

“Some countries began to seek alternatives after seeing Russian assets frozen abroad and the country cut off from the SWIFT global financial messaging system. “Suddenly, it was clear that any nation could be a target..”

• Gold Leading ‘Revolt Against Dollar’ – Economist (RT)

Central banks around the world are shifting away from the US dollar and turning their attention to gold as a safe haven asset, the chairman of Rockefeller International, Ruchir Sharma, has said. Prices for the commodity have surged 20% in the past six months, with demand coming not from “the usual suspects” such as large and small investors “seeking a hedge against inflation and low real interest rates,” but from “heavy buyers” like central banks, Sharma wrote in the Financial Times on Sunday. According to the investment expert, regulators are sharply reducing their dollar holdings and seeking a safe alternative. Central banks now account for a record 33% of monthly global demand for gold and are ramping up gold-buying more than at any time since data began in 1950, Sharma added.

“This buying boom has helped push the price of gold to near-record levels and more than 50% higher than what models based on real interest rates would suggest,” he explained, adding that “clearly, something new is driving gold prices.” Sharma pointed out that nine of the top ten central bank buyers are in the “developing world,” including Russia, India, and China. “Not coincidentally, these three countries are in talks with Brazil and South Africa about creating a new currency to challenge the dollar,” Sharma noted. He attributed the rush for the precious metal to increasing sanctions pressure exerted by the US and its allies, with as many as 30% of nations facing international penalties – up from 10% in the early 1990s.

“Thus, the oldest and most traditional of assets, gold, is now a vehicle of central bank revolt against the dollar,” Sharma argued. Some countries began to seek alternatives after seeing Russian assets frozen abroad and the country cut off from the SWIFT global financial messaging system. “Suddenly, it was clear that any nation could be a target,” Sharma wrote. According to the expert, the US saw sanctions as a “cost-free way to fight Russia,” but in reality the weaponization of the dollar has come at a cost for Washington as even allies such as Thailand and the Philippines have started to look for alternatives.

Read more …

 

 

 

 

 

 

CO2

 

 

 

 

Progress

 

 

 

9/11

 

 


Biologists found a marine green algae during a trip to the island in 2019. It took two years to identify it and give it a name: acetabularia jalakanyakae. The main feature of the species is that the plant is made up of one gigantic cell with a nucleus

 

 

Tippy taps

 

 

 

 

Support the Automatic Earth in virustime with Paypal, Bitcoin and Patreon.

 

 

 

 

 

Debt Rattle April 22 2023

Apr 222023
 
 April 22, 2023  Posted by at 9:05 am Finance Tagged with: , , , , , , ,  32 Responses »


Piet Mondriaan The red cloud 1907

 

• Bobby Steps Up (Jim Kunstler)
• All NATO Allies Agree Ukraine Must Join, But After Victory – NATO Chief (TASS)
• Kiev Extremism, Crimes Confirm Special Operation Must Go On – Russia (TASS)
• Relations With West Won’t Improve – Putin’s Special Representative (Az.)
• Canceling Russian Culture Is A Mistake – Italian President (RT)
• Poll Reveals Level Of Russian Public’s Confidence In Putin (TASS)
• Russia’s Losses In Ukraine Exceed 185,000 Soldiers (Az.)
• Russia Could Arm North Korea If South Sends Weapons To Ukraine – Medvedev (RT)
• Russia To Deliver Free Fertilizer To Africa – Foreign Ministry (RT)
• US Lawmakers Demand Halt To ‘Unrestrained’ Ukraine Aid (RT)
• Reuters Interviews Soldier ‘Adolf’ In Ukraine (RT)
• UK Minister Calls for Jailing Social Media Bosses Who Don’t Censor (Turley)
• BRICS De-Dollarization Push Gaining Momentum – Indonesia (RT)
• Chile Nationalizes Lithium Industry Overnight (ZH)

 

 

The West is buying up Ukraine. All of it.

 

 

Lock ’em all up

 

 

Here’s all 51 of them:

 

 

Tucker interference

 

 

Oath of Office

 

 

MEDVEDEV: “The belief of the British degenerates in their exclusivity is magnificent. The Russian court that was hearing cases of grave crimes against our citizens was sanctioned, and a little earlier the ambassador of this country was yapping something outside our court building. It’s not even about the specific “case”, but about their holy confidence that this is a terrible punishment and that Russian officials will beat themselves up in hysterics about it.

Still, it is obvious that the conflict of outdated form (the degenerate British monarchy) and mocking content (look at the faces of their recent prime ministers – Boris Johnson, Theresa May and what’s-his-name, Sunack) creates some pretty bizarre creatures. I don’t give a damn about their decisions, though. Britain was, is and will be our eternal enemy. At least until their insolent and nasty, raw island is swept into the abyss of the sea by the wave created by Russia’s latest weapons system. ‘Let it be’, as the Beatles sang…”

 

 

 

 

Well, we can hope.

• Bobby Steps Up (Jim Kunstler)

Of course, Yahoo News, and all the rest of the in-the-tank news media greeted Robert F. Kennedy, Jr.’s presidential announcement by branding him a “noted-anti-vaxxer,” as if that’s a bad thing. Yes, noted, thank you very much. Reuters elaborated: “Kennedy has been banned from YouTube and Instagram for spreading misinformation about vaccines and the COVID-19 pandemic.” By now, whenever you see the agit-prop platitude spreading misinformation, does your brain not instantly translate that into telling the truth? And by now, does banishment from social media not tell you that certain guilty parties recognize a truth-teller when they see one?

Bobby Kennedy stepped up on Wednesday and gave a long and comprehensive speech so rich with historic resonance, intelligence, and flat-out bravery — in the face of, let’s face it, a Satanic opposition — that he made every other figure aspiring to high office within memory look like quality-control rejects from evolution’s Homo sapiens assembly line. For 90-minutes in a Boston ballroom, RFK, Jr. told America the truth: that its entire matrix of leadership has laid one trip after another on our country going all the way back to the murders of his father and uncle, and he did it plainly, gently, humorously at times, but with an unmistakable gravitas and decorum that must scare the beJeezus out of the low life-forms currently running things.

Most of all, Bobby demonstrated that there is a way out of the bad-faith wilderness America has been lost in for years. He spoke to the audience in the ballroom, and to the country, in an adult conversational tone, without notes, as if he expected that voters would actually understand the problems we face: the wicked partnerships of corporations and governments to swindle and gaslight the public; the reckless military adventurism-for-profit campaign that has bankrupted the USA, now culminating in the Ukraine fiasco; the botched response to the Covid-19 episode and the chicanery that induced it; the insults to our ecosystem that are destroying the other organisms who live with us on this planet; and the financial chicanery that is driving America into inflation and bankruptcy. He reminded the nation of the good-faith efforts sixty years ago to end racial injustice — which has lately turned into a series of dispiriting hustles to promote antagonism and separation.

[..] I think RFK, Jr. sees very clearly the historical moment he represents. He’s keenly aware of the shade thrown over this land by the murders of his father and President Kennedy, and he has said flat-out in so many words that our own CIA was behind the dastardly acts. He’s been in a position to know the animus between JFK and the founding director of the CIA, Allen Dulles, and the reckless blunders of the agency and its partners in the Pentagon who buffaloed President Kennedy into the Bay of Pigs farce and then tried to drag him deeper into the Vietnam quagmire. JFK resisted that, threatened to shred the CIA into a thousand pieces and scatter them to the four winds… and Allen Dulles whacked him. He got away with it the same way that today’s Intel “community” got away with RussiaGate and all their subsequent crimes. In short, Bobby Kennedy knows what it looks like when a government is at war against its own people.

Read more …

Ukraine has and is already lost. What victory?

• All NATO Allies Agree Ukraine Must Join, But After Victory – NATO Chief (TASS)

All NATO member countries have agreed that Ukraine should join the alliance, but a meaningful discussion of the issue is possibly only after it wins in the armed conflict with Russia, NATO Secretary General Jens Stoltenberg said on Friday. He made the statement as he arrived at US Ramstein Air Base in Germany before a meeting of the Ukraine Defense Contact Group that will consider new supplies of weapons to Kiev. “All NATO Allies have agreed that Ukraine will become a member,” he said in comments broadcast by the alliance. But he said “if Ukraine doesn’t prevail as a sovereign, independent nation in Europe, there is no meaning in discussing membership.”


Stoltenberg also said the alliance will help Ukraine to build a “better and brighter future” for its people. The secretary general, who visited Kiev on April 20, said his message to Ukrainian President Vladimir Zelensky was that NATO will support Ukraine over a long time. He pledged new weapons supplies to Kiev and assistance to ensure that the systems, which have already been provided, function well. The NATO chief said the Ukrainian president had asked the alliance to supply more air defense systems, heavy tanks and jets.

Read more …

“..punish the residents of Crimea and Donbass for their wish to pin their future on Russia.”

• Kiev Extremism, Crimes Confirm Special Operation Must Go On – Russia (TASS)

The Kiev regime’s extremist statements and crimes confirm the need to continue the special military operation until all of its objectives have been achieved, the Russian Foreign Ministry said in a statement on Friday. The ministry drew attention to “the latest portion of extremist statements by some Ukrainian officials,” in particular, Mikhail Podolyak, an advisor to the head of the Ukrainian presidential office, who, “while discussing the situation involving the canonical Ukrainian Orthodox Church, openly stated that today the Kiev regime has a unique chance to quickly and painlessly physically ‘mop up’ a large number of pro-Russian people.”


“Such rhetoric and criminal actions by the Kiev regime confirm the need for continuing the special military operation until the tasks of denazification and demilitarization of Ukraine and the elimination of threats to Russia’s security emanating from its territory have been fully accomplished,” the Russian Foreign Ministry pointed out. It recalled that Podolyak “also promised to punish the residents of Crimea and Donbass for their wish to pin their future on Russia.” “He is echoed by the mayor of Dnepropetrovsk, renamed to Dnepr, Boris Filatov, who says that Ukraine does not forgive offenses,” the Russian Foreign Ministry added.

Read more …

US cancel culture is domestic AND international.

• Relations With West Won’t Improve – Putin’s Special Representative (Az.)

The fractured ties between Moscow and the West will not improve anytime soon given that Russian artists continue to be blacklisted and joint projects canceled, said Mikhail Shvydkoy, President Vladimir Putin’s special representative for international cultural cooperation. “I don’t think relations with the European Union and the US, with unfriendly Western countries, will be ‘unfrozen’. So far, I don’t see any prospect for change,” Shvydkoy, a former culture minister, told the news agency RIA Novosti on Thursday. “On the contrary, they are expanding the lists of [Russians] working in the cultural field that have been sanctioned. There is still a ban in the West for cultural institutions to have contacts with Russian state institutions,” the official said. Shvydkoy added that, despite the tensions, some individual artists and scientists from the West are ready to interact with their Russian counterparts. Moscow, in turn, continues to be open to projects with other countries across the globe.


As part of the restrictions imposed on Russia in response to its military operation in Ukraine, the EU blacklisted a number of public figures who support the Russian government, including Oscar-winning filmmaker Nikita Mikhalkov, actors Sergey Bezrukov and Vladimir Mashkov, singers Oleg Gazmanov, Grigory Leps, and Nikolay Rastorguyev. Some artists lost work in the West shortly after the armed conflict broke out between Moscow and Kiev in February 2022. Carnegie Hall in New York canceled a performance by famed conductor Valery Gergiev and pianist Denis Matsuev. Putin slammed the reprisals against Russian artists and works last year as “simply stupid,” and said that “attempts to cancel our culture are doomed to fail.”

Read more …

Smart man. Wise words.

“Mattarella stressed that culture does not lend itself to “convenient cataloging,” and aspires to offer itself as a vision that contrasts with the real world. “What kills culture is homogenization, conformity, even that to which we submit unconsciously or culpably due to mental laziness, due to opportunism..”

• Canceling Russian Culture Is A Mistake – Italian President (RT)

Russian culture is an inseparable part of European history, Italian President Sergio Mattarella said in an interview with Corriere Della Sera on Friday. The leader condemned the recent attempts to cancel Russian works of art amid Moscow’s conflict with Kiev. Asked if it is “right to abolish” Russian literature and art from Europe’s long cultural history, Mattarella stated that the ‘cancel culture’ against everything Russian is a mistake. “The attitude towards the cultures produced by man, by the most diverse intellectuals and artists, can only be openness, curiosity, knowledge, comparison,” he said. “Progress comes from this. Not from rejection, not from cancelation.” “The cancel culture towards Russian literature and art is a mistaken gesture,” the president said, adding that Russian culture is an inseparable part of European history.

Mattarella stressed that culture does not lend itself to “convenient cataloging,” and aspires to offer itself as a vision that contrasts with the real world. “What kills culture is homogenization, conformity, even that to which we submit unconsciously or culpably due to mental laziness, due to opportunism,” he said. Ever since Russia launched its military operation in Ukraine in February 2022, there have been numerous calls and attempts in the West to boycott any and all Russian art in retaliation. Many Western cultural institutions have sought to completely remove Russian-linked works from their galleries and opera houses.

The Cardiff Philharmonic Orchestra in Wales dropped the music of composer Pyotr Tchaikovsky from a concert, Britain’s Royal Opera House canceled a tour by the Bolshoi Ballet, and New York’s Carnegie Hall and Metropolitan Opera have stopped allowing Russian musicians and organizations to perform at their venues. The clampdown, which has been actively encouraged by Kiev, has affected Russian musicians, filmmakers, artists, and athletes, many of whom have been banned from performing or competing in the West, as well as being allowed access to Western markets. President Vladimir Putin slammed the reprisals against Russian artists and works last year while speaking at the Valdai Discussion Club forum, and suggested that it is reminiscent of the Nazi book burnings.

Read more …

Confusing numbers.

• Poll Reveals Level Of Russian Public’s Confidence In Putin (TASS)

The proportion of Russian citizens’ confidence in President Vladimir Putin amounted to over 80%, according to the All-Russian Public Opinion Research Center that published the results of a survey conducted between April 10 and 16 among 1,600 respondents aged over 18. “When asked about trust in Putin, 80.1% of respondents answered positively (+0.4% over the week), the approval rate of the Russian president’s work was up by 0.4% and stood at 77.5%,” the pollster noted. “Positive assessment figures for the Prime Minister and the Russian government amounted to 54.8% (-0.1%) and 51.8% (-2.3%), respectively,” the report stressed. Mikhail Mishustin was trusted by 63.3% of respondents (-0.2% over the week).


Those surveyed also expressed their confidence in the heads of various parliamentary factions. Russia’s Communist Party (CPRF) leader Gennady Zyuganov was trusted by 33.5% of respondents (-0.1%), Sergey Mironov, the leader of A Just Russia – For Truth, received 30.7% (-0.6%), the leader of the Liberal Democratic Party of Russia (LDPR) Leonid Slutsky got 17.7% (+1.4%), and the leader of The New People party Alexey Nechayev procured 6.7% (-1.1%). The poll also revealed that the level of support for the United Russia party stood at 39.0% (-0.8%), with the CPRF supported by 10.2% (-0.1%). The LDPR got 9.3% (+0.4%), A Just Russia – For Truth procured 5.2% (-0.3% over the week), and The New People party’s figures came to 4.3% (-0.4%).

Read more …

As I commented yesterday, this has no credibility. If only because, as Doug Macgregor has been saying for a long time now, and Bobby Kennedy confirms in the video below, 7-8 times more Ukrainian troops die than Russians. And I don’t believe 1.2-1.5 million Ukrainians have died to date. Better to stick with, also from the video, the 300,000 number Kennedy mentions. So, divided by 7 or 8, ± 40,000 Russians. And I do realize we’re not talking numbers here, we’re talking sons and fathers etc. Real people, with hopes and expectations and futures. And sons and daughters and spouses and parents. Deeply tragic.

• Russia’s Losses In Ukraine Exceed 185,000 Soldiers (Az.)

The Ukrainian army has liquidated 630 Russian soldiers over the past day, the General Staff of the Armed Forces of Ukraine said, Report informs via RBC-Ukraine. Besides, the Armed Forces of Ukraine destroyed 6 armored fighting vehicles and 8 drones. The total number of losses of the Russian army since the beginning of the war is 185,050 soldiers.

Read more …

“I wonder what the residents of this nation would say when they see the newest example of Russian weapons in possession of their closest neighbors..”

• Russia Could Arm North Korea If South Sends Weapons To Ukraine – Medvedev (RT)

Moscow could offer advanced weapons to North Korea if South Korea begins to supply military aid to Ukraine, former Russian President Dmitry Medvedev has suggested. South Korean President Yoon Suk-yeol indicated a possible policy shift regarding the Ukraine conflict in an interview with Reuters on Wednesday, ahead of a state visit to the US next week. “If there is a situation the international community cannot condone, such as any large-scale attack on civilians, massacre or serious violation of the laws of war, it might be difficult for us to insist only on humanitarian or financial support,” Yoon said. “Considering our relationship with the parties engaged in the war and developments in the battlefield, we will take the most appropriate measures,” he added.

Medvedev, who currently serves as deputy chair of the Russian National Security Council, noted that Seoul had thus far refused to supply lethal aid to Kiev. “I wonder what the residents of this nation would say when they see the newest example of Russian weapons in possession of their closest neighbors, our partners from the DPRK [Democratic People’s Republic of Korea]?” Medvedev wrote on social media. Yoon told Reuters that he plans to discuss with US President Joe Biden how the two nations can achieve “tangible outcomes” in deterring North Korea. He added that Seoul is developing “ultra-high-performance, high-power weapons” to fend off perceived threats from its neighbor. Last week, Pyongyang reported testing its first solid-propellant intercontinental ballistic missile.

South Korea, which is a major arms producer, has refrained from sending lethal aid to Ukraine, citing its policy against supplying weapons to war zones. President Yoon’s office said his remarks to Reuters did not signal a policy change by the government, according to the Yonhap news agency. South Korean media claimed last week that the country had considered “loaning” the US some 500,000 rounds for 155mm artillery guns. Ukraine is reportedly in desperate need of this type of munition for the conflict with Russia. A government official described the arrangement to the Dong-A Ilbo newspaper as “indirect aid to Ukraine” which would supposedly show that Seoul was a responsible member of the international community “without provoking Russia.”

Read more …

They have a hard time giving it away. Or rather, to get it where it’s needed.

• Russia To Deliver Free Fertilizer To Africa – Foreign Ministry (RT)

Moscow is preparing two batches of fertilizers to be shipped to Kenya and Nigeria free of charge, Russian Deputy Foreign Minister Sergey Vershinin has revealed. The announcement comes amid uncertainty over the prospects for an extension of the Black Sea grain deal. “So far, one shipment [of Russian fertilizers] of 20,000 tons, has been transported to Malawi, and it took six months. More [deliveries of fertilizers] to Kenya and Nigeria are being prepared, but they have not yet been implemented,” Vershinin told Russia 24 TV on Friday. The deputy foreign minister noted that he was speaking about supplies of Russian fertilizers which fell under Western sanctions and were delivered at the expense of Moscow. “This is the real picture of what’s happening today, which, unfortunately, many are trying to conceal,” Vershinin said, expressing confidence that “they won’t succeed.”

The Western sanctions do not directly target Russian agricultural goods, but affect payments, insurance, and shipping. With many Russian banks disconnected from SWIFT, direct settlements for exports have been made difficult. Under the Black Sea grain deal – which was brokered last July by the UN and Türkiye to help keep agricultural shipments from Ukraine going – Russia was to receive a sanctions reprieve for its own agricultural goods. However, Moscow has expressed discontent with UN efforts to lift Western restrictions affecting the sector. According to the Kremlin, only half of the agreement is currently being implemented because not all parties have kept their side of the bargain.

The deal has already been extended once but is now set to expire on May 18, and there is uncertainty about the prospects for an extension. Moscow has said it would only consider another extension if the demands regarding its own exports are met. Last September, President Vladimir Putin announced that Moscow was ready to transfer 300,000 tons of Russian fertilizers – stuck in EU ports due to Western sanctions – to developing countries free of charge. While Putin welcomed the decision to allow Russian fertilizers into the EU, he criticized Brussels for only allowing the bloc’s member states to buy them.

Read more …

“Ukraine is burning through more artillery rounds each month than the US can produce in six months..”

• US Lawmakers Demand Halt To ‘Unrestrained’ Ukraine Aid (RT)

A coalition of 19 Republican legislators in the US Senate and House has urged President Joe Biden to focus on seeking a diplomatic solution to the Russia-Ukraine crisis rather than continuing to prolong the bloodshed by sending billions of dollars’ worth of weaponry to Kiev. “Our national and economic security demand an alternative,” Senators Mike Lee, Rand Paul and other Republicans said on Thursday in a letter to the president. “Unrestrained US aid for Ukraine must come to an end, and we will adamantly oppose all future aid packages unless they are linked to a clear diplomatic strategy designed to bring this war to a rapid conclusion.”

Biden’s push to impose sanctions on Moscow and supply weapons to Kiev creates more risk of escalating the crisis and lacks “much-needed strategic clarity,” the lawmakers said. They warned that Biden has offered no clear strategy to end the fighting. “A proxy war with Russia in Ukraine is not in the strategic interest of the United States and risks an escalation that could spiral out of control.” Congress has approved $113 billion in military, economic and humanitarian aid to Ukraine since the conflict began in February 2022. Some of the weapons recently committed to Kiev, including M1 Abrams tanks, require months of training and transport – suggesting that Biden’s administration is “settling in” for a long-term conflict, the lawmakers said.

“With every new aid package and every new weapon provided to Ukraine, the risk of direct conflict with Russia climbs,” said the letter, which was also signed by Senator J.D. Vance and Representatives Lauren Boebert, Matt Gaetz, Marjorie Taylor Greene, Anna Paulina Luna and Andy Biggs, among others. The legislators added that escalating US involvement in the conflict, including military training and intelligence support, “makes it increasingly difficult to deny Russian accusations of US complicity in a proxy war.” Ukraine is burning through more artillery rounds each month than the US can produce in six months, according to the letter. Washington has given Kiev more Javelin anti-tank missiles than it can make in four years. “The US is in no position to expend $113 billion reinforcing a foreign military as our own military atrophies,”

The Republicans also argued that Biden’s tactics have brought Russia and China closer together, giving credence to allegations that Washington is “inextricably opposed” to the interests of Moscow and Beijing. Biden and the Pentagon also have disregarded their top responsibility, keeping Americans safe, by pushing the limits of America’s security readiness to arm Ukraine, the letter said. Open-ended aid to Ukraine is “fundamentally incompatible” with US interests, the Republicans said, adding, “There are appropriate ways in which the US can support the Ukrainian people, but unlimited arms supplies in support of an endless war is not one of them. Our national interests, and those of the Ukrainian people, are best served by incentivizing the negotiations that are urgently needed to bring this conflict to a resolution.”

Read more …

Still scary.

• Reuters Interviews Soldier ‘Adolf’ In Ukraine (RT)

International news agency Reuters has published an interview with a Ukrainian recruit codenamed “Adolf.” The footage is the latest in a long line of videos, photos, and stories linking Kiev’s forces with Nazi ideology. In a post to Twitter on Friday, Reuters described how “newly recruited servicemen for the Spartan storm brigade” were practicing at an undisclosed location in Kharkov Region. “A serviceman with the nom-de-guerre ‘Adolf’ said they had been trained in ‘first aid, tactics, [and] firing drills’,” the agency added. In an accompanying video, ‘Adolf’ spoke to Reuters about the drills. A caption identified him by his apparently Nazi-influenced moniker, a title that was also visible on a patch on his vest. In comments below the video, Twitter users wondered how an agency like Reuters did not notice the obvious reference to Adolf Hitler.

“How many times is something like this going to happen before reporters start probing a bit?” documentary filmmaker Jake Hanrahan wrote. “Speaking from experience, the number of guys you encounter with straight-up neo-Nazi tattoos/patches/callsign is not small,” CNN and CBC reporter Neil Hauer, who has reported from Ukraine over the last year, commented. The ‘Spartan’ brigade is one of several new units being hastily assembled by the Ukrainian military ahead of an anticipated counteroffensive against Russian forces. The new brigades will include a replenished Azov regiment, an infamous neo-Nazi paramilitary force that was formally incorporated into the Ukrainian National Guard in 2014 before being destroyed by Russian forces in Mariupol last summer.

According to Reuters, some 40,000 new “storm brigade” troops are being trained at the moment. It is unclear if “storm brigades” is a deliberate reference by the Ukrainian military to the Nazi “Sturmabteilung,” or SA, paramilitaries of the 1920s and 1930s, or whether “Spartan storm brigade” is a deliberate nod to “SS Brigade,” referring to the elite Nazi units most responsible for implementing the Holocaust. Since the start of Russia’s military operation in Ukraine last February, countless photographs and videos have emerged of Ukrainian soldiers wearing Nazi regalia, some of which were posted to social media by President Vladimir Zelensky, who is Jewish. In February, Zelensky bestowed the honorary title ‘Edelweiss’ upon the 10th Separate Mountain Assault Brigade of the Ukrainian army. The title was previously used by Nazi Germany’s 1st Mountain Division, which took part in the invasion of the Soviet Union in 1941 and raised a swastika flag on Mount Elbrus.

Read more …

There’s only one.

• UK Minister Calls for Jailing Social Media Bosses Who Don’t Censor (Turley)

As previously discussed, after Musk decided to buy Twitter, Hillary Clinton called upon European countries to force social media companies to censor Americans. The European Union quickly responded by threatening Musk and other executives. Now, Technology and Science Secretary Michelle Donelan has announced plans to jail social media executives if they fail to censor so-called “harmful” content on their websites. The government, of course, will determine what is deemed too harmful for citizens to see or hear. Donelan is seeking speech arrests under the UK’s Online Safety Bill, a draconian censorship bill that would effectively ban end-to-end encryption for private internet users.

The bill uses Britain’s broadcasting regulator Ofcom to censor “all forms of expression which spread, incite, promote or justify hatred” based on various progressive characteristics, including transgenderism. So the government can censor anyone who it views as promoting or justifying hatred against virtually any group. Those who do not censor can now be rounded up by Donelan and her minions. According to a report by The Telegraph, companies will also face fines of up to 10 per cent of their global revenue should they dare to ignore Britain’s demands to preemptively delete or obscure posts violating its coming censorship regime. The decline of free speech in the United Kingdom has long been a concern for free speech advocates. A man was convicted for sending a tweet while drunk referring to dead soldiers. Another was arrested for an anti-police t-shirt. Another was arrested for calling the Irish boyfriend of his ex-girlfriend a “leprechaun.”

Yet another was arrested for singing “Kung Fu Fighting.” A teenager was arrested for protesting outside of a Scientology center with a sign calling the religion a “cult.” Recently we discussed the arrest of a woman who was praying to herself near an abortion clinic. English courts have seen criminalized “toxic ideologies” as part of this crackdown on free speech. Donelan is only the latest voice of a rising generation of censors. These officials proudly parade their intent to silence or jail those with dissenting views. Yet, they do so in the name of tolerance. This is why free speech is in a free fall in Europe and why we must remain vigilant in this country to resist figures like Clinton who want to bring European censorship to our shores.

Read more …

Indonesia would add another 275 million people to BRICS. The country with the single largest population of Muslims.

• BRICS De-Dollarization Push Gaining Momentum – Indonesia (RT)

Indonesia is following the lead of the BRICS group of developing nations in its policy of shifting away from the US dollar in trade and financial transactions, according to the country’s central bank. Jakarta has introduced transactions in the local currency to settle cross-border trades, the portal SINDOnews has reported, citing Bank of Indonesia Governor Perry Warjiyo. “Indonesia has initiated diversification of the use of currency in the form of LCT [local currency trading]. The direction is the same as the BRICS. In fact, Indonesia is more concrete,” Warjiyo said on Friday, addressing a press conference with the board of governors meeting. Indonesia has already implemented the practice with a number of countries, such as Thailand, Malaysia, China, and Japan, he added.

It also plans to sign a cooperation agreement with South Korea regarding local currency trading in early May. Warjiyo’s statement comes as the BRICS economic bloc – comprising Brazil, Russia, India, China, and South Africa – claims to be working on establishing a joint payment network to cut reliance on the Western financial system, and on the dollar in particular. The member countries have been increasing the use of local currencies in mutual trade and also working on establishing a new reserve currency. Last month, Brazil and China signed an agreement to trade in their own currencies, thus abandoning the greenback as an intermediary. China’s attempts to ditch the greenback in international trade have intensified against the backdrop of the sweeping sanctions introduced by Western nations against Russia, a major global energy producer and exporter.

Indian policymakers have also taken several steps towards shifting away from the greenback to rubles and rupees in mutual trade with Moscow. Russia began de-dollarizing its economy in 2014, when the West introduced the first round of sanctions against the country over Crimea. Moscow has been boosting the use of alternative currencies in transactions since last year, with President Vladimir Putin suggesting earlier that the Chinese yuan should be used more widely, not only in trade with China, but also in Russia’s transactions with countries in Africa and Latin America. The latest data from the Bank of Russia shows that the yuan has become a major player in Russia’s foreign trade.

Read more …

They still need cooperation. We could still see a coup. Unless perhaps China gets involved.

• Chile Nationalizes Lithium Industry Overnight (ZH)

The weaponization of commodities in a world that is increasingly turning multipolar and where legacy trade links and commercial bridges are burning down metaphorically (and in some cases literally) is accelerating. Chile’s President Gabriel Boric stunned the world on Thursday when he said he would nationalize the country’s lithium industry, the world’s second largest producer of the metal essential in electric vehicle batteries, to boost its economy and protect its environment. The shock move in the country with the world’s largest lithium reserves would in time transfer control of Chile’s vast lithium operations from industry giants SQM and Albemarle to a separate state-owned company. The nationalization poses a fresh challenge to electric vehicle (EV) manufacturers scrambling to secure battery materials, as more countries look to protect their natural resources.

Mexico nationalized its lithium deposits last year, and Indonesia banned exports of nickel ore, a key battery material, in 2020. “This is the best chance we have at transitioning to a sustainable and developed economy. We can’t afford to waste it,” Boric said in an address televised nationwide. Future lithium contracts would only be issued as public-private partnerships with state control, he said, hoping to extract far more profits from lithium demand by EV giants such as Tesla and well, everyone else these days. The government would not terminate current contracts, but hoped companies would be open to state participation before they expire, he said, without naming Albemarle and SQM, the world’s No.1 and No.2 lithium producers respectively. In other words, they can volunteer to hand over control of their assets. SQM’s contract is set to expire in 2030 and Albemarle’s in 2043.


SQM, formally called Sociedad Quimica Y Minera de Chile, and Albemarle supply Tesla Inc, LG Energy Solution Ltd and other EV and battery manufacturers. Albemarle said the announcement would have “no material impact on our business” and it would continue talks on investing in further growth and using new technologies in Chile. South Korean battery maker SK On, which has a long-term supply contract with SQM, said it would monitor the development and respond with a long term view. The announcement by Chile did not trigger a reversal in lithium prices which as we noted previously, have plunged more than 70% from a November peak due to weakening EV demand in China, the world’s biggest auto market. The most-traded lithium carbonate futures on the Wuxi Stainless Steel Exchange in China fell 3.4%.

Read more …

 

 

 

 

Rubik

 

 

John Steinbeck.

 

 

Crow
https://twitter.com/i/status/1649470006860587015

 

 

PuppyDuck

 

 

Strange fruit

 

 

 

 

Support the Automatic Earth in virustime with Paypal, Bitcoin and Patreon.

 

 

 

 

 

Debt Rattle February 24 2020

Feb 242020
 
 February 24, 2020  Posted by at 10:43 am Finance Tagged with: , , , , , , , , , , , , , ,  29 Responses »


John Vachon Rain. Pittsburgh, Pennsylvania 1941

 

 

• Wuhan Eases Coronavirus Lockdown As Xi Warns Of Historic ‘Crisis’ (G.)
• Large Parts Of China Relax Coronavirus Curbs, Many Report Zero New Cases (R.)
• Coronavirus China’s Fastest-Spreading Public Health Crisis – Xi Jinping (SCMP)
• Chinese Workers Refuse To Go Back To Work Despite Beijing’s Demands (ZH)
• Coronavirus Credit Crunch Hits Millions Of Chinese Firms (BBC)
• 85% Of Chinese Businesses Set To Run Out Of Cash In 3 Months (ZH)
• “Tsunami-Like” Coronavirus Floods South Korea With New Cases (ZH)
• COVID19 Did Not Originate In Wuhan Seafood Market – Chinese Scientists (SCMP)
• Austria Stops Passenger Train Traffic With Italy Amid Coronavirus Panic (RT)
• North Korea Quarantines Foreigners Amid Virus Fears (BBC)
• Record Two Million Britons At Risk Of Type 2 Diabetes (Ind.)
• What If Bernie Has Already Won This Thing? (Hill)
• Chris Matthews Faces Calls For Resignation (Hill)
• Chief Magistrate In Assange Case Was Funded By Shadowy Groups (DMav)
• An End of Aboriginal Rights and Title (IC)

 

 

Before we get to the virus news, an observation: I was watching Trump arrive in India today on CNN, and thought: poor CNN, they have no choice but to cover this. How can they make him look bad now? Imagined Jeff Zucker, who wanted ONLY impeachment news as that circus went on, pacing up and down his office trying to find an angle. Then they found it: one of the talking heads said Trump and Modi are both right-wing populists who don’t like Muslims! AND they made sure that during Trump’s speech a bit later, there was always a talking head talking, so nobody could hear what Trump said. Well done!

 

As the virus continues to spread, rapidly, China starts to relax lockdown measures in certain regions, citing zero new cases there. For some reason this coincides with plummeting western stock markets and an incredible surge in gold (almost 3%). “As virus fears mount” says the media. “As China relaxes lockdown measures”, says I.

In reality, China makes a Russian roulette (Chinese roulette?) kind of gamble. Beijing realizes that if it doesn’t restart the economy real fast now, problems risk becoming insurmountable. So they say: no new cases in 1-2 days? Let’s go! Workers are less eager to get back, however. After all, they see President Xi declaring this the biggest health crisis, and 2 minutes later telling them it’s safe to take the subway or bus to work.

South Korea (red alert, 800 cases), Italy (152 cases) and Iran (12 deaths) are in various stages of exponential outbreak, and maybe Japan should be in that list as well, if only because infections aboard the Diamond Princess rose to 691. Oh well, maybe it’s good news that the Worldometer mortality rate has dropped to 9% (see below).

Turkey, Pakistan have closed borders with Iran, while Austria and soon others closed them with Italy. Note that the Schengen Treaty is under severe threat from this. Oh, and Axios reports shortages of 150 essential drugs likely.

 

• Cases 79,707 (+ 841 from yesterday’s 78,866).

• Deaths 2,626 (+ 162 from yesterday’s 2,464, a sharp rise from 102)

 

From SCMP:

 

 

Note: Worldometer mortality rate has dropped to 9%

 

 

 

 

The vast majority of cases and deaths are still in Hubei province, but who cares, we must produce. The economy forces us into the worst possible decisions.

• Wuhan Eases Coronavirus Lockdown As Xi Warns Of Historic ‘Crisis’ (G.)

Wuhan, the centre of the coronavirus outbreak in China, has loosened lockdown measures and several provinces have lowered their emergency alert levels, as top officials sought to assure the public that the virus is being contained. On Monday, China’s National Health Commission reported its highest number of deaths in 11 days, with another 150 dead and 409 new cases, bringing the total number of confirmed cases of Covid-19 in China to 77,150. All but one of the fatalities and 11 of the new infections were in Hubei province, the centre of the outbreak.


Officials had delayed the daily announcement of the data, a day after a major speech and meeting held by China’s leader, Xi Jinping. Xi warned the Covid-19 crisis was “both a crisis and a big test” for the country, according to Xinhua News agency. Xi said the virus was a major public health emergency, which had spread quickly, causing the most extensive and difficult-to-contain infection since the founding of the People’s Republic of China. “The outbreak of novel coronavirus pneumonia will inevitably have a relatively big impact on the economy and society,” Xi said, but added that the impact would be temporary and generally manageable. Some observers greeted Monday’s figures with scepticism and as part of efforts to project a sense of control over the crisis. Chinese officials have twice changed the criteria for confirmed infections, making the data harder to parse.

Read more …

Key: “China’s GDP may slow in the first quarter, possibly easing to 3% growth or even lower..”

• Large Parts Of China Relax Coronavirus Curbs, Many Report Zero New Cases (R.)

Urged to restore economic activity by President Xi Jinping, large parts of China relaxed curbs on transport and movement of people on Monday as reported new cases of the coronavirus outside the worst-hit province fell to the lowest in a month. Figures released by the national health authority on Monday showed 24 out of China’s 31 provinces and regions – including Beijing, Shanghai and populous provinces such as Henan and Anhui – reported zero cases of new infections on Feb. 23, the best showing since it began publishing nationwide figures on Jan. 20. There were just 11 new cases in six other provincial-level jurisdictions, while in Hubei province, the epicenter of the epidemic, the number of new cases fell to 398 from 630 a day earlier.

On Sunday, President Xi hailed the positive trend, and urged businesses to resume work and safeguard jobs. He also told low-risk provinces to restore economic activity and output, while high-risk regions focused on controlling the epidemic. Yunnan, Guangdong, Shanxi and Guizhou on Monday lowered their coronavirus emergency response measures from the most serious level, joining the provinces of Gansu and Liaoning in relaxing restrictions on traffic and movement of people. The coronavirus has infected nearly 77,000 people and killed more than 2,500 in China in one of the most serious public health crises in decades. The pathogen has also spread to other countries such as South Korea, Italy and Iran. Whether or not China can defeat the epidemic is “a major test of (Communist) Party organizations, party members and cadres of all levels,” Xi said, warning officials to avoid complacency.

In the rest of China, factories, businesses and construction sites have already gradually restarted. Large state-owned enterprises have been told to spearhead a recovery in industry while policymakers roll out measures to support struggling small and medium-sized companies. China’s GDP may slow in the first quarter, possibly easing to 3% growth or even lower, from 6% in the previous quarter – which was already the weakest pace in nearly 30 years, economists estimated. “The risk is that, with the emphasis on the economy and a differentiation of regions based on the number of new infection cases, the quality of new infection data reported by local governments could be compromised again,” Nomura wrote in a research note. “Cover-ups could lead to slack preventions…” it said.

Read more …

But do go to work!

• Coronavirus China’s Fastest-Spreading Public Health Crisis – Xi Jinping (SCMP)

In a meeting on an unprecedented scale, Chinese President Xi Jinping said the coronavirus epidemic was the country’s most serious public health crisis and promised more pro-growth policies to help overcome it. According to state news agency Xinhua, Xi’s address via teleconference on Sunday was open to every county government and every military regiment throughout the country. He said the epidemic was “the fastest spreading, with the most infected and was the most difficult to prevent and control” since the founding of the People’s Republic. “This is a crisis for us and it is also a major test,” he said, acknowledging that the country needed to learn from the “obvious shortcomings exposed” in its response, so it could improve its ability to handle future crises. But Xi also told the Communist Party cadres that “the party Central Committee’s assessment of the epidemic is accurate, all the work arrangements are timely, and the measures adopted are effective”.


“The effectiveness of the prevention and control work has once again demonstrated the significant advantages of the leadership of the Communist Party of China and the socialist system with Chinese characteristics,” he said. He said that controlling the outbreak in the central Chinese city of Wuhan and the wider province of Hubei as well as preventing the epidemic from spreading to Beijing, China’s political centre, were the country’s top two strategic goals. “First, [we must] resolutely curb the spread of epidemic … increase the rate of treatment and cure, and reduce the infection and death rates effectively in Hubei and Wuhan,” he said. “Second, [we need to] make every effort to prevent and control the spread in Beijing … strengthen joint defenses and control in the Beijing-Tianjin-Hebei region, and cut off the source of infection as much as possible.”

Read more …

Your virus or your money…

• Chinese Workers Refuse To Go Back To Work Despite Beijing’s Demands (ZH)

When we commented earlier that the coronavirus pandemic means that the vast majority of Chinese small and medium enterprises (SMEs) have at most 2-3 months of cash left, a potentially catastrophic outcome that will not only crippled China’s economy but its $40 trillion financial system, we summarized the circular quandary in which Beijing finds itself, to wit: “… unless China reboots its economy, it faces an economic shock the likes of which it has never seen before in modern times. Yet it can’t reboot the economy unless it truly stops the viral pandemic, something it will never be able to do if it lies to the population that the pandemic is almost over in hopes of forcing people to get back to work. Hence the most diabolic Catch 22 for China’s social and economic system, because whereas until now China could easily lie its way out of any problem, in this case lying will only make the underlying (viral pandemic) problem worse as sick people return to work, only to infect even more co-workers, forcing even more businesses to be quarantined.”

Shockingly (or perhaps not at all in light of China’s tremendous human rights record), Beijing has picked output over life expectancy, and in a furious scramble to restart its economy, which as we showed earlier remains flatlined… … according to most high-frequency metrics, it has been “advising” people to get back to work, even as new coronavirus cases are still coming in, in the process threatening to blow out the current epidemic with orders of magnitude more cases as places of employment become the new hubs of viral distribution.

As Bloomberg picked up late on Sunday, following what we said earlier namely that “local governments around the country face a daunting question of whether to focus on staving off the virus or encourage factory reopenings” China’s central and local governments are one again easing the criteria for factories to resume operations “as they walk a tightrope between containing a virus that has killed more than 2,400 people and preventing a slump in the world’s second-largest economy.” This schizophrenic dilemma for a government which faces two equally terrible choices, was best summarized by the following two banners observed in China:

And yet, even with both options equally terrible, Beijing also has no choice but to pick one. As a result, as Bloomberg writes, “the rush to restart has been propelled by China’s leader Xi Jinping and top leaders, who are urging companies to resume production so the country can continue to meet lofty goals for growth and economic development in 2020.” Regular Zero Hedge readers know the rest: with most of Chinese economic output paralyzed, officials in China’s provinces have taken up Xi’s call, with one region after another relaxing rules that had kept more than half the nation’s industrial base idle following the Lunar New Year holiday.

Read more …

Why I warn for too much focus on Apple and iPhones: “Small- and medium-sized companies account for 60% of the economy and 80% of jobs..”

• Coronavirus Credit Crunch Hits Millions Of Chinese Firms (BBC)

Mounting debts have hit Chinese companies struggling to pay workers and suppliers amid the coronavirus outbreak. President Xi Xinping said on Sunday that China faces a “big test” to combat the virus. The government has asked banks to offer more credit for an economy stunned as the virus spreads rapidly. But a survey of small and medium Chinese firms found millions at the edge of survival. The Chinese Association of Small and Medium Enterprises said around 60% could cover regular payments for only one to two months before running out of cash. Only 10% said they could hold out six months or longer. At the same time, the industry group said that “nearly 60% of the enterprises (surveyed) have resumed work.” Small- and medium-sized companies in China are a particular focus because they account for 60% of the economy and 80% of jobs, according to the People’s Bank of China.

Read more …

“..as of last Monday, only about 25% of people had returned to work in China’s tier-one cities..”

• 85% Of Chinese Businesses Set To Run Out Of Cash In 3 Months (ZH)

And here is the stark reality of China’s T-minus 3 months countdown: 85% of 1,506 SMEs surveyed in early February said they expect to run out of cash within three months, according to a report by Tsinghua University and Peking University. And forget about profits for the foreseeable future: one-third of the respondents said the outbreak is likely to cut into their full-year revenue by more than 50%, according to the Nikkei. “Most SMEs in China rely on operating revenue and they have fewer sources for funding” than large companies and state-owned enterprises, said Zhu Wuxiang, a professor at Tsinghua University’s School of Economics and Management and a lead author of the report.

The problem with sequential supply chains is that these also apply to the transfer of liquidity: employers need to pay landlords, workers, suppliers and creditors – regardless of whether they can regain full production capacity anytime soon. Any abrupt and lasting delays will wreak havoc on China’s economic ecosystem. “The longer the epidemic lasts, the larger the cash gap drain will be,” Zhu said, adding that companies affected by the trade war face a greater danger of bankruptcy because many are already heavily indebted. “Self-rescue will not be enough. The government will need to lend help.”

So where are we nearly two months after the epidemic started? Well, as of last Monday, only about 25% of people had returned to work in China’s tier-one cities, according to an estimate by Japanese brokerage Nomura, based on data from China’s Baidu. By the same time last year, 93% were back on the job. And making matters worse, as we first noted several weeks ago, local governments around the country face a daunting question of whether to focus on staving off the virus or encourage factory reopenings, as the following tweet perfectly captures.

Read more …

“..bringing the total of 763, a 25-fold increase in cases in one week,..”

• “Tsunami-Like” Coronavirus Floods South Korea With New Cases (ZH)

Update (2200ET): In a release that was about 4 hours late, China’s Hubei province said it has 398 New Coronavirus Cases As Of Feb 23 and 149 New Coronavirus Deaths. Overall, China reported an additional 409 coronavirus cases across the entire nation, and 150 additional deaths as of February 23 vs. 648 additional cases and 97 deaths on February 22. This brings the total number of cases across China to 77,150, and total deaths to 2592. None of these numbers are even remotely credible any more, and serve merely the propaganda purpose of giving the impression that Beijing is winning the war against the spread of the Coronavirus, when in reality nobody has any idea anymore what is going on on the ground in China, and is why workers refuse to show up to their place of business.

Consider this: two days ago, WaPo reporters pointed to a clear case of manipulation where the authorities suppressed the true number of cases. Authorities in Hubei province reported good news Thursday: There were only 349 new coronavirus cases the previous day, the lowest tally in weeks. The bad – and puzzling – news? Wuhan, the capital of Hubei, reported 615 new cases all by itself. And then there was the Hunan doctor who said he had treated no less than 50 patients with coronavirus on the same day official data reported just one new case.

Update (2015 ET): The epidemic in South Korea is accelerating exponentially, with the country reporting 161 additional virus cases, bringing the total of 763, a 25-fold increase in cases in one week, along with two more deaths bringing the death toll there to seven. The Kospi is continuing its decline and is down 3.0% and approached the 2100 level on the downside. More ominously, the number of cases under inspection is nearly 10,000. Earlier in the day, S.Korea elevated the virus alert level to “red”, the highest in its four-tier system. According to Yonhap, in escalating the virus alert level, President Moon said, “a few days from now is a watershed moment.” In the first 30 days, S. Korea seemed to have been effectively combating the Covid-19. But within the past few days, the number of confirmed cases spiked, first linked to a religious sect and now starting to spread across the country. Yet, the city of Daegu and the Gyeongbuk area have a higher concentration of virus cases – representing 84% of the total number of infections – than other regions.

Read more …

Let’s check that lab, shall we?

• COVID19 Did Not Originate In Wuhan Seafood Market – Chinese Scientists (SCMP)

The novel coronavirus that has claimed the lives of more than 2,400 people did not originate at a seafood market in the central China city of Wuhan as was first thought, according to a new study by a team of Chinese scientists. The severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) was instead imported from elsewhere, said researchers from Xishuangbanna Tropical Botanical Garden under the Chinese Academy of Sciences and the Chinese Institute for Brain Research. The team, led by Dr Yu Wenbin, sequenced the genomic data of 93 SARS-CoV-2 samples provided by 12 countries in a bid to track down the source of the infection and understand how it spreads.

What they found was that while the virus had spread rapidly within the Huanan Seafood Wholesale Market in Wuhan, there had also been two major population expansions on December 8 and January 6. According to the study, which was published on the institute’s website on Thursday, analysis suggested that the coronavirus was introduced from outside the market. “The crowded market then boosted SARS-CoV-2 circulation and spread it to the whole city in early December 2019,” it said. Earlier reports by Chinese health authorities and the World Health Organisation said that the first known patient showed symptoms on December 8, and that most of the subsequent cases had links to the seafood market, which was closed on January 1.

The research went on to say that based on the genome data it was possible that the virus began spreading from person to person in early December or even as early as late November. “The study concerning whether Huanan market is the only birthplace of SARS-CoV-2 is of great significance for finding its source and determining the intermediate host, so as to control the epidemic and prevent it from spreading again,” the research team said.

Read more …

Note the use of the word “panic”.

• Austria Stops Passenger Train Traffic With Italy Amid Coronavirus Panic (RT)

Authorities in Austria have stopped an incoming train at the Italian border, after it emerged that two passengers may be infected with the Covid-19 coronavirus. Later, all train traffic to and from Italy was halted.
The Eurocity 86 train was stopped at the Brenner Pass border crossing on Sunday, after officials at Italian State Railways told their Austrian counterparts that two passengers on board had fever symptoms consistent with the Covid-19 coronavirus.The train, bound for Munich in Germany, was halted and returned to the Italian side of the alpine crossing, Interior Minister Karl Nehammer confirmed.

Austrian authorities later stopped all train traffic to and from Italy, tabloid newspaper OE24 said on its website. The stoppage marks the first time European borders have been shut following the outbreak of the deadly disease, which surfaced in the Chinese city of Wuhan in late 2019 and has to date spread to more than 30 countries worldwide, killing nearly 2,500 people. At least 100 cases and three deaths have been recorded in Italy, making the Mediterranean country Europe’s coronavirus hotspot, and the only European country to see fatalities. Cities and towns in the northern regions of Lombardy and Veneto have been placed on lockdown, and Venice’s world-famous carnival has ended two days early, as authorities grapple to stop the spread of the illness.

In Milan, grocery stores were emptied by panic-stricken shoppers, and shortages of disinfectant and respirators have been reported. Europe’s largely porous borders could pose a serious risk for further transmission across the continent. However, EU officials have told the public that “there is no need to panic.” “The EU has full confidence in the Italian authorities and the decisions they are taking,” the bloc’s economic affairs commissioner, Paolo Gentiloni, said on Sunday.

Read more …

If they have an outbreak, will we ever know?

• North Korea Quarantines Foreigners Amid Virus Fears (BBC)

North Korea has quarantined 380 foreigners in a bid to stop the coronavirus from breaking out. The foreigners are mostly diplomats stationed in the capital Pyongyang, said news agency Yonhap, quoting the Korean Central Broadcasting Station. Around 200 foreigners had already been confined to their compounds for the past 30 days – but as that came to an end, the quarantine has been extended. There have not been any reported cases of Covid-19 in North Korea. It’s not known how long the new quarantine for foreigners will last. [..] North Korea has not confirmed any cases – but there are clearly fears of it spreading, as the country shares a border with China.


All foreigners coming into the country must be quarantined for 30 days. There are relatively few foreigners in North Korea, and only around 200 westerners, according to one expert. North Korean authorities have also cancelled the annual Pyongyang marathon, which typically sees people from all over the world participating. Around 3,000 people in North Pyongan province – a north-western region bordering China – are also now under monitoring for reportedly showing suspected symptoms, said state media.

Read more …

Reminds me of a doctor in the southern States who said a few years ago: We’re raising a generation of blind amputees.

• Record Two Million Britons At Risk Of Type 2 Diabetes (Ind.)

A record number of people are at risk of developing type 2 diabetes, increasing their chances of suffering a heart attack or stroke, the NHS has warned. A “growing obesity crisis” has led to nearly two million people in England being exposed to the condition that causes the level of sugar in the blood to become too high. As part of efforts to tackle the problem, a radical new liquid diet will be available on the NHS to put type 2 diabetes into remission. Five thousand patients will be restricted to 800 calories per day for three months in a pilot to be rolled out from April.


This will be followed by a further nine months of support to help them maintain weight loss. According to new NHS figures, there are 1,969,610 patients registered with a GP who have non-diabetic hyperglycaemia, a condition that puts people at risk of type 2 diabetes. The health service warned the problem could become greater still due to the rise in obesity levels. Projections indicate the growing number of diabetes sufferers could lead to 39,000 extra people suffering a heart attack in 2035 and more than 50,000 experiencing a stroke. One in six hospital beds are now occupied by someone with diabetes, the NHS said.

Read more …

If it were just about the votes, sure.

• What If Bernie Has Already Won This Thing? (Hill)

Virtually all of the political oxygen in the room over the past two weeks has been consumed by former NYC mayor Mike Bloomberg’s recent rise in the polls. After skipping almost an entire year of campaigning, more than half a dozen debates, as well as the first four caucuses and primaries, suddenly Bloomberg is finding himself taken seriously. Spending nearly half a billion dollars will buy you some attention, it turns out. Certainly, Bloomberg is due for scrutiny, with his extensive history of horrifying statements about the trans community, the financial collapse, stop and frisk, sexual harassment, the NSA — honestly pick a topic and Bloomberg has been on the wrong side of it…

…but I want you to consider the possibility that this 24/7 Bloomberg media frenzy is hiding the real story of the 2020 Democratic primary: Has Bernie Sanders already won this thing? I know. I know. I’m probably getting ahead of myself. We hit Nevada, but we’re still waiting on a Super Tuesday and the truly delegate-rich states. There’s a lot of campaign left to be had, and any number of twists and turns could develop between now and the (possibly contested) Dem convention. But hear me out. By every traditional standard, Bernie Sanders is in a stronger position at this point in the primary process than any Democratic candidate stretching back decades. Bernie received the most votes in the disastrous Iowa caucuses and won the New Hampshire primary as well.

South Carolina follows, and while Bernie is not yet positioned to definitively take first there, he has turned Biden’s once-dominant lead into an effective tie. In the most delegate-rich Super Tuesday states, the RealClearPolitics polling average for California has Bernie up by 12, and Texas effectively tied between Sanders and Biden. He’s looking quite strong in a number of other states. Nationally, Bernie Sanders now holds a 15 point lead over second-place Joe Biden. That’s a jump of 8 points in just one month, as Biden has plummeted. The story is effectively the same when you turn to the much talked about “electability” measure, with Bernie now leading at 30 percent when asked who has the best chance to defeat Donald Trump.

Read more …

Bernie the Jewish anti-semite.

• Chris Matthews Faces Calls For Resignation (Hill)

MSNBC’s Chris Matthews is under fire after comparing Sen. Bernie Sanders’s (I-Vt.) decisive win in the Nevada caucuses to the Nazi invasion of France in 1940, with some on social media calling for the “Hardball” host to resign. “I was reading last night about the fall of France in the summer of 1940,” Matthews said during MSNBC’s live coverage of the caucuses on Saturday. “And the general, Reynaud, calls up Churchill and says, ‘It’s over.’ And Churchill says, ‘How can that be? You’ve got the greatest army in Europe. How can it be over?’ He said, ‘It’s over.'” Criticism quickly poured in on social media over Matthews using the analogy.


Sanders, who is Jewish, had most of his family killed in the Holocaust. One such response came from Mike Casca, who serves as Sanders’s 2020 communications director. “..never thought part of my job would be pleading with a national news network to stop likening the campaign of a jewish presidential candidate whose family was wiped out by the nazis to the third reich…but here we are.”

Read more …

Please let something good come out of Julian’s extradition hearing today. Only 16 spots for the media, that’s not a good sign.

• Chief Magistrate In Assange Case Was Funded By Shadowy Groups (DMav)

The senior judge overseeing the extradition proceedings of WikiLeaks publisher Julian Assange received financial benefits from two partner organisations of the British Foreign Office before her appointment, it can be revealed. It can further be revealed that Lady Emma Arbuthnot was appointed Chief Magistrate in Westminster on the advice of a Conservative government minister with whom she had attended a secretive meeting organised by one of these Foreign Office partner organisations two years before. Liz Truss, then Justice Secretary, “advised” the Queen to appoint Lady Arbuthnot in October 2016. Two years before, Truss — who is now Trade Secretary — and Lady Arbuthnot both attended an off-the-record two-day meeting in Bilbao, Spain.

The expenses were covered by an organisation called Tertulias, chaired by Lady Arbuthnot’s husband — Lord Arbuthnot of Edrom, a former Conservative defence minister with extensive links to the British military and intelligence community exposed by WikiLeaks. Tertulias, an annual forum held for political and corporate leaders in the UK and Spain, is regarded by the UK Foreign Office as one of its “partnerships”. The 2014 event in Bilbao was attended by David Lidington, the Minister for Europe, while the Foreign Office has in the past funded Lord Arbuthnot’s attendance at the forum. The Foreign Office has long taken a strong anti-Assange position, rejecting UN findings in his favour, refusing to recognise the political asylum given to him by Ecuador, and even labelling Assange a “miserable little worm”.

Lady Arbuthnot also benefited financially from another trip with her husband in 2014, this time to Istanbul for the British-Turkish Tatlidil, a forum established by the UK and Turkish governments for “high level” individuals involved in politics and business. Both Tertulias and Tatlidil are secretive gatherings about which little is known and are not obviously connected — but Declassified has discovered that the UK address of the two organisations has been the same. Lady Arbuthnot personally presided over Assange’s case as judge from late 2017 until mid-2019, delivering two controversial rulings. Although she is no longer personally hearing the Assange extradition proceedings, she remains responsible for supporting and guiding the junior judges in her jurisdiction. Lady Arbuthnot has refused to declare any conflicts of interest in the case.

The new revelations follow previous investigations by Declassified showing that Lady Arbuthnot received gifts and hospitality in relation to her husband from a military and cybersecurity company exposed by WikiLeaks. Declassified also revealed that the Arbuthnots’ son is linked to an anti-data leak company created by the UK intelligence establishment and staffed by officials recruited from US intelligence agencies behind that country’s prosecution of the WikiLeaks founder.

Read more …

Canada’s Supreme Court was very clear in 1997. But various governments, including Trudeau’s, piss on them. Love the photo, and the cape.

• No Surrender: An End of Aboriginal Rights and Title (IC)

The Wet’suwet’en Nation has never signed treaties or ceded territory to the Canadian government — a fact that its leaders have defended fiercely in court as well as on the ground. Its hereditary chiefs were behind a landmark Supreme Court of Canada decision in 1997 known as Delgamuukw vs. the Queen, which recognized the existence of aboriginal title, whereby Indigenous people have the right to “exclusive use and occupation” of territory. However, because of a technicality, the court did not resolve the boundaries of the Wet’suwet’en’s claim to 8,500 square miles of land, stating that title would have to be sought through separate legal or treaty-making proceedings, which were never completed.

Documents obtained by the Canadian publication The Narwhal show that the Delgamuukw decision sent chills through Canadian extractive industries. The documents indicate that the government of British Columbia, a province largely made up of unceded territory, rushed to reassure industry officials, inviting them to provide input on a treaty-making process meant to settle questions over authority on unceded land. In one memo, describing a meeting held in the wake of the ruling, Marlie Beets, then vice-president of the B.C. Council of Forest Industries, told B.C. officials that Indigenous nations must hand over their land to Canada. “The decision makes the need for certainty through surrender all the more clear,” she said. “We see no other alternative.”

Other industries echoed the alarm. “The oil and gas industry in particular has expressed concern about their ability to continue to do business in the province absent a clear direction from the government on how it will address the implications of the Delgamuukw decision,” stated a memo by a Delgamuukw strategy team formed by the government. At a meeting set up by British Columbia’s treaty officials, one lawyer, whose client is unclear, underlined that “what is needed is a clear exchange and an end of Aboriginal rights and title for a defined set of treaty rights.”


Ts’akë ze’ Howihkat, Freda Huson, passes an installation of red dresses as she waits for police to enforce Coastal GasLink’s injunction at the Unist’ot’en healing center on Feb. 9, 2020. The red dresses are a symbol of the thousands of missing and murdered Indigenous women and girls. Photo: Amber Bracken

Read more …

 

 

 

If you read us, please support us. It’s the only way the Automatic Earth can survive. Donate on Paypal and Patreon.

 

See? Now You Did It!

Jun 152018
 
 June 15, 2018  Posted by at 12:42 pm Finance Tagged with: , , , , , , , , , , ,  15 Responses »


Edward John Poynter Erato, Muse of Poetry 1870

 

This is something I’ve commented on many times. Like two months ago, when I wrote:

“As for Donald Trump, as much as we would like to engage in constructive criticism of the man and his government, we find we no longer can. The anti-Trump echo-chamber has turned so deafening that any intelligent debate about his policies is being drowned out amid the never ending flow of fake news and half truths and innuendo and empty smears that US media continue to spout. With a brief lull when the bombs fell on Syria.

Thank you, New York Times, WaPo, CNN, MSNBC. Thank you for killing the entire discussion, thank you for killing off journalism. There is a lot to say about Trump, much of it critical, but we can no longer open our mouths. Because we don’t want to be in the same camp as you. Life in the echo chamber has given us vertigo. We had to get out.”

Jim Kunstler thanked me for saying that. He very much feels the same way. Nothing has changed. They’re still at it, and we still can’t get a word in edgewise. I was thinking earlier today that the best the MSM can do to promote its own case is to praise Trump from time to time. Because that is the only way they could attract some ears and eyes from outside their echo chamber.

They won’t do it. Being negative about the US president makes them too much money. It leaves us with a situation in which the one half of America that reads and hears New York Times, WaPo, CNN, MSNBC has become fully isolated from the other half. Yes, this is risky. But this, too, will be blamed on Trump.

Meanwhile, border policies where children are forcefully separated form their parents need criticism and condemnation from all of the nation. But there is nobody left who can reach the entire nation. A year and a half of 24/7 unproven allegations about collusion with Russia has seen to that.

Therefore, when the Intercept wrote about a Human Rights Watch report last month in Obama’s Deportation Policy Was Even Worse Than We Thought , the MSM don’t cover it, because it doesn’t fit the narrative. But when Trump uses the same ICE machinery to scare potential immigrants away, it’s suddenly considered newsworthy.

Oh, and France uses the exact same scare tactics, going as far as ripping children’s soles from their shoes. We should all condemn these atrocities, and make them stop. But it’s not going to happen if you guys insist on making it an anti-Trump thing, because half the country won’t listen to any more of that.

Journalism and news media must be a force to unite a nation, not one that divides it simply because there’s -more- profit in that.

The neverending Trump innuendo reached another new high in the North Korea meeting, with the ‘media’ competing with each other to find yet another terrible mistake or intentional screw-up by the man who is President of all Americans (like it or not). A feeding frenzy on nothingburgers.

Trump was accused of hob-nobbing with dictators. Excuse me, but all US presidents have done that. He wasn’t being tough enough, he was giving far too much away with nothing in return. Well, that’s not how South Koreans see it, and this concerns them a whole lot more than a bunch of ‘reporters’ covering the beltway.

Truth is, Trump did a good job, everything went well, he put Kim Jong-un in a position where the latter will have to deliver on denuclearization, or face the -international- consequences. It is quite the achievement, but if you wake up every single morning looking for more bad things to say about someone, yes, chances are you miss the good things.

You’re also probably missing the Saudi, US-supported, attacks on Hodeidah, the port city that is Yemen’s last lifeline to the world, and the only chance millions of people have of escaping a famine not seen since the Middle Ages.

That is the kind of thing that should be on your front pages, and opening your news shows, not that North Korea happens to have a border with Russia nudge nudge wink wink, and Trump saluted some Korean general.

America needs real news and real journalism, and it needs it badly. Instead it has an increasingly divisive set of well-paid propagandists who break the country ever further apart. The OIG report that came out yesterday confirms this more and better than anything.

When the country’s own ‘intelligence’ conspires to influence the political process, while the media report on outside influence only, then yes, you have a problem. As I was writing earlier today, you have to wonder how many people will still be working at the FBI by the end of the year.

Something else I’ve said before: the only hope of survival the MSM have in the age of the interwebs is to be brutally honest and open. Real news and real journalism. Because simply spouting opinions is something they will be trumped on by the many many millions of people with social media accounts who already do that every day, anonymously, and for free.

The old media don’t stand a chance against that army. The only thing that can save them is the truth.

 

 

Debt Rattle June 14 2018

Jun 142018
 
 June 14, 2018  Posted by at 8:42 am Finance Tagged with: , , , , , , , , , , , , ,  5 Responses »


Wassily Kandinsky Free Curve to the Point – Accompanying Sound of Geometric Curves 1925

 

• This Fed Grows Relentlessly More Hawkish (WS)
• ECB Gets Ready To Pull The Plug On Stimulus Scheme (R.)
• The ECB, Not The Fed, Is The Match That Will Spark Bond Market Volatility (MW)
• China Holds Fire On Rates, Posts ‘Shockingly Weak’ Activity Growth (R.)
• Riskiest Junk Bonds Completely Blow Off the Fed, Face “Sudden” Reckoning (WS)
• Cryptocurrency Bloodbath Continues, Tether Accused Of Manipulating Bitcoin (MW)
• The Tories’ Chaotic Brexit Has Lost The Trust Of Business – Jobs Will Go (G.)
• The North Korea Summit Through the Looking Glass (Jacobin)
• Italy-France Relations Collapse Amid North-African Migrant Spat (ZH)
• Apple Steps Up Encrytion To Thwart Police Cracking of iPhones (AFP)
• FYROM and Greece Fail To Resolve Bitter Naming Dispute (G.)
• Antarctic Ice Melting Faster Than Ever (G.)

 

 

Is there anyone alive who thinks that the US, EU, global economies are strong enough to withstand large scale liquidity withdrawal?

• This Fed Grows Relentlessly More Hawkish (WS)

“The economy is in great shape,” Fed Chairman Jerome Powell said today at the press conference after the FOMC meeting. Inflation as measured by the Fed’s preferred low-ball measure “core PCE” has hit the Fed’s target of 2%, and the Fed expects it to hit 2.1% by year-end. Inflation as measured by CPI jumped to 2.8%. “Job gains have been strong,” today’s statement said. The “unemployment rate has declined,” while “growth of household spending has picked up,” and “business fixed investment has continued to grow strongly.” This is no longer the crisis economy of yore. But the interest rates are still low and stimulative, befitting for a crisis economy. So something needs to be done, and it’s getting done, if “gradually.”

There were all kinds of intriguing elements in the FOMC’s increasingly hawkish but “gradual” hoopla today. By unanimous vote, the FOMC raised its target for the federal funds rate by a quarter percentage point to a range between 1.75% and 2.0%. This was expected; what’s intriguing is the unanimous vote, unlike prior rate hikes. Four rate hikes in 2018 (two more this year) are now gradually being baked in, according to the median expectation of the 15 members of the FOMC, per the infamous “dot plot” with which the Fed tries to communicate potential rate moves: One member expects 5 rate hikes in 2018; seven members expect 4 hikes; five members expect 3 hikes, and two members expect no more hikes.

At the March meeting, four rate hikes had appeared in the dot plot as a real but more distant possibility. Two more hikes this year would bring the top end of the target range to 2.5% by year-end. This shows the 2018 section of the dot plot:

Rates are expected to continue to rise, three times in 2019 and once in 2020, nudging the federal funds rate to nearly 3.5%. A presser after every meeting – oh boy. During the press conference, Powell said that, starting next January, there will be a press conference after every FOMC meeting. This idea has been mentioned a couple of times recently to prepare markets for it. Now it’s official. As in every Fed announcement, it’s no biggie, really, trust us. The move is designed to “explain our actions and answer your questions,” Powell said. It was “only about improving communications.” It didn’t mean at all that the Fed would be speeding up its rate hikes, he said.

[..] Interest paid to the banks on excess reserves gets a makeover. Banks have about $1.89 trillion in “excess reserves” on deposit at the Fed. The Fed has been paying banks interest on these excess reserves at a rate that was equal to the top of the Fed’s target range – so 1.75% since the last rate hike, which amounts to an annual rate of $33 billion of easy profits for the banks. In theory with today’s rate hike, the FOMC would also have increased the rate it pays on excess reserves to 2.0%.

Read more …

But the European economy is not ready. What now, accelerate Target2 even more?

• ECB Gets Ready To Pull The Plug On Stimulus Scheme (R.)

The ECB will debate on Thursday whether to end its huge asset purchases by year-end, in what would be its biggest step towards dismantling crisis-era stimulus credited with pulling the euro zone economy out of recession. Financial investors are coming to terms with the end of a decade of easy money from the world’s top central banks, with the Federal Reserve on Wednesday raising interest rates for a seventh time in 3-1/2 years in a further shift from policies used to battle the 2007-2009 financial crisis and recession. Meeting as growth is slowing and political populism threatens to set off market turbulence, the ECB is expected to argue that its 2.55 trillion euro bond-buying scheme has done its job in bringing the 19-member currency bloc back from the brink of collapse.

Whether policymakers take the actual decision at their meeting in Riga on Thursday or hold off until July appears secondary as they have long argued that the scheme, commonly known as quantitative easing (QE), should be concluded and the policy focus shift to the expected path of interest rates. The biggest complication could be the increasingly murky economic outlook, weighed down by a developing trade war with the United States, a populist challenge from Italy’s new government and softening export demand. But these factors could actually hasten the ECB’s decision rather than hold it back as the bank has little policy firepower left and a further weakening of the outlook could make a later exit more difficult.

“We believe the ECB may be in a hurry to close the QE chapter,” Bank of America Merrill Lynch said in a note to clients. “We think this is essentially political, as the ECB would not want its monetary policy to be affected by claims of supporting or conversely impairing the new policy course in Italy.”

Read more …

Don’t forget the BOJ and China.

• The ECB, Not The Fed, Is The Match That Will Spark Bond Market Volatility (MW)

Rising real interest rates haven’t yet made for a sustained pickup in Treasury volatility, leaving some investors to ask what it would take to spark some turbulence. Danielle DiMartino Booth of Quill Intelligence said the European Central Bank, and not the Federal Reserve, holds the key as it looks to set a timetable for winding down its ultra-accommodative policies. With the Federal Reserve’s shrinking balance sheet unable to offset easy global financial conditions on its own, investors should closely watch the ECB at Thursday’s meeting where the central bank is expected to discuss the end of quantitative easing, though the actual wind-down almost certainly remains several months away at the earliest. “The culmination of ECB QE will remove a bond-volatility governor,” said Booth, in a note published on Tuesday.

Read more …

And there comes China. Xi fighting the shadows is like Don Quixote and the windmills.

• China Holds Fire On Rates, Posts ‘Shockingly Weak’ Activity Growth (R.)

China’s economy is finally starting to cool under the weight of a multi-year crackdown on riskier lending that is pushing up borrowing costs for companies and consumers, with data on Thursday pointing to a broad slowdown in activity in May. China’s central bank sparked concerns over the health of the economy earlier in the day when it left short-term interest rates unchanged, surprising markets which had expected it to follow a hike by the Federal Reserve, as it has tended to do. Industrial output, investment and retail sales all grew less than expected, suggesting further weakness ahead if Beijing perseveres with its crackdowns on pollution, questionable local government spending and off-balance sheet “shadow” financing.

The data, which showed the slowest investment growth in over 22 years, “was all shockingly weak by Chinese standards,” economists at Rabobank said, adding that the readings may explain the central bank’s decision to keep rates on hold. “Get ready for headlines talking about Chinese deleveraging hitting the economy – except it isn’t even deleveraging yet! China is walking more of a tightrope than markets believe – and the data underline that issue clearly,” they said. China has been walking a fine line between rolling out measures to curb financial risks and pollution and tapping the brakes so hard that business activity slows sharply.

Much of their effort so far has focused on the banking sector rather than corporate debt reduction or deleveraging – possibly explaining why China’s headline growth has been so surprisingly solid. GDP has expanded at a steady 6.8 percent for three straight quarters. But official and unofficial gauges are now showing the regulatory crackdown is starting to filter through to the broader economy, with companies complaining it is harder to get financing and a growing number of firms defaulting on bonds.

Read more …

In a world of their own.

• Riskiest Junk Bonds Completely Blow Off the Fed, Face “Sudden” Reckoning (WS)

High-grade corporate bonds are “gradually” – the key word in everything the Fed says – and reluctantly coming to grips with the new era: Yields are rising and bond prices are falling. The Fed has been laboring to accomplish that. With high-grade debt, the Fed’s plan is working “gradually.” But investors in the riskiest corporate junk debt are totally blowing off the Fed. They’re floating around in their own dream world, facing a very rude awakening. In terms of high-grade corporate bonds, the sell-off has been significant, even if it’s just the beginning. The S&P index for AA-rated bonds is down 2.7% so far this year. As prices have declined, yields have surged, with the average AA yield now at 3.51%, up from around 2.2% in mid to late-2016 (data via ICE BofAML US AA Effective Yield Index):

These are the types of bonds that Apple and other large companies hold in their “cash or cash equivalent” accounts that are registered overseas, and that are now being “repatriated” and sold, and the proceeds from the sales are now being plowed into mega-share buyback programs. These corporations, once avid buyers of this high-grade corporate debt, have turned into sellers.

[..] at the riskiest end of the corporate bond spectrum, with bonds rated CCC or below (deep junk), the party that started at the end of the oil bust in February 2016 simply continued. The S&P bond index for CCC-rated bonds has risen 4.5% so far this year (compared to a 2.7% decline for AA-rated index). Since February 2016, when Wall Street decided to plow new money into junk-rated energy companies, the CCC-rated index has skyrocketed 82%. The average yield of bonds rated CCC or lower is now at 9.56%, down from 12.5% in December 2016, when the Fed got serious, and down from 22% during the peak of the oil bust. This is the lowest yield since the bygone era of “QE Infinity” in June 2014:

Read more …

“Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in bitcoin and 64% of other top cryptocurrencies..”

• Cryptocurrency Bloodbath Continues, Tether Accused Of Manipulating Bitcoin (MW)

The bloodbath in the digital currency market showed no sign of abating, with all major coins trading in the red Wednesday. In the past 24-hours, a further $25 billion has been wiped off the total value of all cryptocurrencies, led by bitcoin, the world’s biggest digital currency, which reached its lowest level since Feb. 5. A single bitcoin traded to an intraday low of $6,133.31 and has since bounced to $6,280.18, down 3.8%, since Tuesday 5 p.m. Eastern Time on the Kraken Exchange. The total value of all cryptocurrencies dipped below $270 billion in late afternoon New York trading, the lowest level since April 11, according to data from CoinMarketCap. The move lower came after a research report found data that it said suggested the price of bitcoin may have been manipulated in late 2017.

In the University of Texas paper, researchers said they uncovered data that they believe shows Tether, a stable coin that is pegged to the U.S. dollar, was used to artificially push up the price of bitcoin during its late 2017 rally towards $20,000. “Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in bitcoin and 64% of other top cryptocurrencies,” wrote John M. Griffin, a finance professor and Amin Shams, a graduate student. Questions have surrounded Tether and crypto exchange Bitfinex, which were both subpoenaed by the Commodity Futures Trading Commission in 2017 seeking data on Tether and its backing of U.S. dollars. Today’s findings will bring the 11th most traded cryptocurrency back into the spotlight.

“Overall, we find that Tether has a significant impact on the cryptocurrency market. Tether seems to be used both to stabilize and manipulate bitcoin prices,” they said.

Read more …

Losing business support may prove fatal for May.

• The Tories’ Chaotic Brexit Has Lost The Trust Of Business – Jobs Will Go (G.)

[..] away from parliament, and far from the tabloid front pages, a serious breach is opening up in British politics. Last week some of the most senior business leaders in Britain came out of a Brexit meeting at No 10, and promptly tore the prime minister to shreds. “We’re playing economics; [the politicians] are playing politics,” said Paul Drechsler, president of the bosses’ organisation, the Confederation of British Industry. “In the world of business, we’re frustrated. We’re angry.” An extraordinary statement, especially from an executive invited to tea and biscuits with May. If supposedly tame industrialists now talk like this, you have to wonder what sounds come out of the feral lot.

Yet the CBI’s impatience is shared by many. Once the long-haul arm of the Tory movement, the Freight Transport Association lashed out at May last week for “playing chicken with crucial parts of the British economy and the livelihoods of … 7 million Britons”. These are close friends of the Conservative party.As one senior representative of a leading business organisation says: “Over the past two years, most company bosses would never risk saying openly that Brexit is turning out to be a disaster, in case it scared off their best staff.” With fewer than 290 days before Britain formally leaves the EU, their caution is running out.

This is a far bigger story than the one on the front pages about who promised which amendment to which band of Tories. One of the fundamental relationships in the establishment is fracturing – and the consequences for government and economy could prove to be historic.

Read more …

“Not Trump” is not an identity.

• The North Korea Summit Through the Looking Glass (Jacobin)

On Tuesday, as Donald Trump and Kim Jong-un shook hands for their much-anticipated summit in Singapore, one Korean reporter observed a curious episode. Koreans watching the scene unfold on a TV screen at a railway station in Seoul began applauding. Meanwhile, some nearby Western tourists, perturbed by this development, scratched their heads in confusion. “I am actually baffled to see them clapping here,” said one British tourist. There’s perhaps no better symbol of the gulf in worldwide reactions to the summit than this episode. While South Koreans cautiously celebrated a historic step in the thawing of hostilities that have hung over them for almost seventy years, the Western media seemed to look on with alarm — even anger.

Hostility to the summit, much of it from Democrats and liberals, had been a staple of press coverage in the months leading up to it, often from commentators who just a few months earlier had been panicking about exactly the opposite outcome. But it reached a fever pitch over the last few days. There was, for example, the collective hyperventilation over a symbolic arrangement of North Korean and US flags. There was MSNBC’s Nicole Wallace, who warned that the whole summit was actually a “Trumpian head fake,” a mere artifact of Trump’s “midterm strategy” and his “get out of sitting with Bob Mueller strategy.” Sue Mi Terry of the defense contractor–funded Center for Strategic and International Studies cautioned that “a peace treaty is not okay” and should “come at the end of the process” because it “undermines the justification of our troops staying in South Korea.”

Read more …

Let’s see what happens when the next ship comes.

• Italy-France Relations Collapse Amid North-African Migrant Spat (ZH)

Italy has postponed high-level discussions with France on Wednesday after French President Emmanuel Macron criticized Rome for refusing to take in a migrant rescue ship full of 629 shipwrecked North Africans – forcing it to divert to Valencia, Spain. After the ship ran out of supplies, the Italian Navy agreed to escort them across the Mediterranean. “Italy’s new Economy Minister Giovanni Tria said he was cancelling a meeting with his French counterpart Bruno le Maire in Paris. The French economy ministry later said the ministers had “agreed that Mr Tria will come to Paris in the coming days”. -AFP

Italy’s decision to refuse the migrants came after their new Interior Minister, Matteo Salvini, said in early June that “the good times for illegals are over” – writing an urgent letter ordering Malta to accept the 629 migrants picked up by the non-governmental organization (NGO) ship MV Aquarius, run by the group SOS Mediterranee. Salvini called Malta the “safest port” for the passengers, advising that Rome would not offer refuge. After Malta refused leading to several days in limbo, Spain agreed to take the passengers. In response to the ordeal, French President Emmanuel Macron accused Italy of “cynicism and irresponsibility,” adding that their EU neighbor is “playing politics” with the refugees.

Meanwhile Gabriel Attal, the spokesman for Macron’s party, called Italy’s actions “nauseating”. Italian Interior Minister Matteo Salvini responded – saying on Tuesday that he would not “accept hypocritical lessons from countries that have preferred to look the other way on immigration,” and adding on Wednesay that unless France issues an “official apology” for Macron’s inflammatory comments, a Friday meeting between Italian Prime Minister Guiseppe Conte and Macron should be canceled.

Read more …

What will the police do when quantum computing gets involved?

• Apple Steps Up Encrytion To Thwart Police Cracking of iPhones (AFP)

Apple said Wednesday it was strengthening encryption on its iPhones to thwart police efforts to unlock handsets without legitimate authorization. The move by Apple, the latest in an ongoing clash with law enforcement, comes amid reports of growing use of a tool known as GrayKey which can enable police to bypass iPhone security features. Apple said the new features are not designed to frustrate law enforcement but prevent any bypassing of encryption by good or bad actors. “At Apple, we put the customer at the center of everything we design,” the company said in a statement.

“We’re constantly strengthening the security protections in every Apple product to help customers defend against hackers, identity thieves and intrusions into their personal data. We have the greatest respect for law enforcement, and we don’t design our security improvements to frustrate their efforts to do their jobs. Apple said it was working a fix to mitigate the possibility of accessing data from GrayKey or similar tools. Apple said that it has a team that responds to law enforcement and national security requests 24 hours a day. But the company has been a target of some in law enforcement for rejecting efforts to allow easy access to iPhones.

Two years ago, Apple went to court to block an FBI effort to force it to weaken iPhone encryption on the device of a mass shooter in San Bernardino, California, but officials dropped the case after finding a tool to unlock the phone.

Read more …

As square pegs and round holes go, this one will linger… Greeks don’t want the name Macedonia used in any way, Skopje wants nothing else.

• FYROM and Greece Fail To Resolve Bitter Naming Dispute (G.)

Governments in Skopje and Athens have faced a furious backlash as the challenge of solving one of the world’s most bitter diplomatic feuds hit home just a day after Macedonia announced it was willing to change its name. Hours after the two neighbours declaring they had reached a landmark accord that would see the tiny Balkan state rename itself the Republic of North Macedonia, the nation’s president refused point-blank to sign the deal. “My position is final and I will not yield to any pressure, blackmail or threats,” president Gjorge Ivanov, who is backed by the nationalist opposition, told a news conference in Skopje. The agreement had conceded far too much to Greece – even if its ultimate aim was the country’s future membership of Nato and the EU, he said.

The backlash came despite officials in Brussels, London and Washington reacting with unbridled enthusiasm to the breakthrough. Nato secretary general, Jens Stoltenberg welcomed the accord, saying: “This is really an historical agreement by [politicians] who have shown courage and great political leadership.” Greece has long argued that the state’s name – adopted when it broke away from Yugoslavia in 1991 – conveys thinly disguised irredentist claims on its own northern province of Macedonia. The appropriation of figures associated with ancient Greek history – not least Alexander the Great – had reinforced fears in a region prone to shifting borders.

But opposition to the deal was also pronounced in Greece. As in Skopje – where prime minister Zoran Zaev’s leftist coalition was accused of leading the country to national humiliation – prime minister Alexis Tsipras and his leftist Syriza party was also charged with surrendering cherished national rights. One newspaper ran a front-page graphic showing Tsipras, the Greek foreign minister and president being shot by firing squad for treason.

Read more …

84 scientists from 44 international organisations..

• Antarctic Ice Melting Faster Than Ever (G.)

Ice in the Antarctic is melting at a record-breaking rate and the subsequent sea rises could have catastrophic consequences for cities around the world, according to two new studies. A report led by scientists in the UK and US found the rate of melting from the Antarctic ice sheet has accelerated threefold in the last five years and is now vanishing faster than at any previously recorded time. A separate study warns that unless urgent action is taken in the next decade the melting ice could contribute more than 25cm to a total global sea level rise of more than a metre by 2070. This could lead eventually to the collapse of the entire west Antarctic ice sheet, and around 3.5m of sea-level rise.

Prof Andrew Shepherd, from Leeds University and a lead author of the study on accelerating ice loss, said: “We have long suspected that changes in Earth’s climate will affect the polar ice sheets. Thanks to our satellites our space agencies have launched, we can now track their ice losses and global sea level contribution with confidence.” He said the rate of melting was “surprising.” “This has to be a cause for concern for the governments we trust to protect our coastal cities and communities,” Shepherd added. The study, published in Nature, involved 84 scientists from 44 international organisations and claims to be the most comprehensive account of the Antarctic ice sheet to date.

It shows that before 2012, the Antarctic lost ice at a steady rate of 76bn tonnes per year – a 0.2mm per year contribution to sea-level rise. However since then there has been a sharp increase, resulting in the loss of 219bn tonnes of ice per year – a 0.6mm per year sea-level contribution. The second study, also published in Nature, warns that time is running out to save the Antarctic and its unique ecosystem – with potentially dire consequences for the world. The scientists assessed the probable state of Antarctica in 2070 under two scenarios. The first in which urgent action on greenhouse gas emissions and environmental protection is taken in the next few years, the second if emissions continue to rise unabated and the Antarctic is exploited for its natural resources.

Read more …

Debt Rattle May 25 2018

May 252018
 
 May 25, 2018  Posted by at 9:07 am Finance Tagged with: , , , , , , , , , , , ,  8 Responses »


Wassily Kandinsky Moscow Red Square 1916

 

• Riskiest Junk Bonds Still Blissful in La-La Land, High-Grade Bonds Bleed (WS)
• When Rates Go Up, Stuff Blows Up (Dillian)
• Where America’s Debt Slaves Are the Most Vulnerable (WS)
• North Korea Says Still Open To Talks After Trump Cancels Summit (R.)
• Brilliant Strategy Of Offering North Korea “The Libya Model” Falls Through (CJ)
• About $1.2 Billion In Cryptocurrency Stolen Since 2017 (R.)
• Zuckerberg Set Up Fraudulent Scheme To ‘Weaponise’ Data, Court Case Alleges (G.)
• Facebook Accused Of Conducting Mass Surveillance Through Its Apps (G.)
• EU Officials Tear Into UK’s ‘Fantasy’ Brexit Negotiating Strategy (Ind.)
• Italy’s Belligerent New Coalition Is Bad News For The EU (Marsili)
• Greece’s Post-Bailout Program Contains At Least 20 Milestones For 2018-2022 (K.)
• How Rural America Became A Hospital Desert (G.)

 

 

Perhaps not a good time to chase yield?

• Riskiest Junk Bonds Still Blissful in La-La Land, High-Grade Bonds Bleed (WS)

High-grade corporate bonds have had a hard time. Yields have surged as prices have fallen. The S&P bond index for AA-rated corporate bonds is down 3.2% so far this year. Losses are concentrated on bonds with maturities of 15 years and over. They’re down 7%, according to Bloomberg. As prices have declined, yields have surged, with the average AA yield now at 3.47%, up from around 2.2% in mid to late-2016:

In the chart above of the ICE BofAML US AA Effective Yield Index, I marked some key events, in terms of the bond yield:
• The election in November 2016, after which the yield spiked.
• In December 2016, the Fed’s second rate hike in this cycle. This was when the Fed got serious and added an increasingly more hawkish – or less dovish – tone. But the market blew it off, yield fell again, and bonds returned to la-la-land.
• In September 2017, the Fed announced details of its QE unwind, and yields began to rise again and then started spiking in late-2017. This was when the bond market got serious.

But at the riskiest end of the spectrum, with corporate bonds rated CCC or below (deep into junk), there is no such pain. In fact, the S&P bond index for CCC rated bonds is up 4.3% so far this year. They’ve had a blistering 82%-run since February 2016, when Wall Street decided that the oil bust was over and plowed new money into junk-rated energy companies. The average yield of bonds rated CCC or lower is now at 9.78%, down from 12.5% in December 2016, when the Fed got serious, and down from 22% during the peak of the oil bust:

Read more …

Looking for the third victim.

• When Rates Go Up, Stuff Blows Up (Dillian)

When rates go up sharply, stuff blows up, because lots of people are negatively exposed to higher rates. Households, corporates, and governments are all negatively exposed to higher rates, in different degrees. Back in 1994, we found that it was Mexico, Procter & Gamble, and Orange County, California who all suffered because of higher interest rates. Where does the risk live today? We will soon find out. There is a playbook for when interest rates go up. Rising interest rates do not necessarily cause a recession per se, but they are usually found at the scene of the crime. There was no recession in 1994, but the financial world shivered. Today, we have rising rates and a more-hawkish Fed which has shown no signs of letting up.

As usual, emerging markets are puking their guts out. I was in Argentina last week and saw the carnage first-hand. The Argentine peso declined a smooth 20% in a week. Meanwhile, Turkish President Recep Erdogan is calling himself an “enemy of interest rates.” He is an FX trader’s dream. Of course, there are idiosyncratic things going on in Argentina and Turkey, but all EM currencies and stock markets have been getting hit hard. Emerging markets was a consensus pick at the beginning of 2018, so it is making some people look a bit foolish.

Read more …

“..the ratio of non-housing consumer debt to disposable income – the burden these consumers carry on the backs in relationship to their incomes – is higher than ever..”

• Where America’s Debt Slaves Are the Most Vulnerable (WS)

Many consumers are debt free and have lots of money and good jobs. Other consumers have large amounts of debt, lousy jobs or no jobs, and are paying for groceries by charging them on their credit cards. Credit problems always involve the most vulnerable consumers. During the mortgage crisis, the delinquency rate peaked at 11.5% in 2010. It wasn’t the 60% of homeowners that had significantly payed down their mortgages or owed no money on their homes who triggered that event. It was the financial mayhem among the smaller portion of the most exposed and most vulnerable. For a different view of the burden of debt, let’s look at non-housing consumer debt, because this is where the music is playing right now.

To eliminate for a moment the impact of interest rates, let’s look at the amount of debt – not the monthly payments – as percent of disposable income. And suddenly, the risks emerge a little more clearly. At year-end 2017, the ratio of non-housing debt – revolving credit such as credit card balances, plus auto loans and student loans – to disposable income reached a new record of 26.3%, up from 23% at the end of 2010, and up from 24% in 2007, the peak before it all came apart during the Great Recession:

So the ratio of non-housing consumer debt to disposable income – the burden these consumers carry on the backs in relationship to their incomes – is higher than ever, and only historically low interest rates have kept it manageable. But interest rates are now rising, and many of these consumer debts have variable rates. This explains a phenomenon that is already appearing: How this toxic mix – rising interest rates and record high consumer debt in relationship to disposable income – has now started to bite the most vulnerable consumers once again. And for them, debt service is getting very difficult. In Q1, the delinquency rate on credit card debt at banks other than the largest 100 – so at the 4,788 smaller banks – spiked to 5.9%, higher than at the peak during the Financial Crisis, and the credit-card charge-off rate spiked to 8%.

Read more …

They seem more than open.

• North Korea Says Still Open To Talks After Trump Cancels Summit (R.)

North Korea responded on Friday with measured tones to U.S. President Donald Trump’s decision to call off a historic summit with leader Kim Jong Un scheduled for next month, saying Pyongyang hoped for a “Trump formula” to resolve the standoff over its nuclear weapons program. On Thursday, Trump wrote a letter to Kim to announce his withdrawal from what would have been the first-ever meeting between a serving U.S. president and a North Korean leader in Singapore on June 12. “Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it would be inappropriate, at this time, to have this long-planned meeting,” Trump wrote.

Trump’s announcement came after repeated threats by North Korea to pull out of the summit over what it saw as confrontational remarks by U.S. officials. Friday’s response by North Korean Vice Foreign Minister Kim Kye Gwan was more conciliatory, specifically praising Trump’s efforts. “We have inwardly highly appreciated President Trump for having made the bold decision, which any other U.S. presidents dared not, and made efforts for such a crucial event as the summit,” Kim said in a statement carried by state media. “We even inwardly hoped that what is called “Trump formula” would help clear both sides of their worries and comply with the requirements of our side and would be a wise way of substantial effect for settling the issue,” he said, without elaborating.

Read more …

Caitlin: “..Pence blathered something about it being “a fact”, not a threat, but that is because he is a fake plastic doll manufactured by Raytheon. ..”

• Brilliant Strategy Of Offering North Korea “The Libya Model” Falls Through (CJ)

Three days before President Trump announced him as the new National Security Advisor, deranged mutant death walrus John Bolton appeared on Radio Free Asia and said of negotiations with North Korea, “I think we should insist that if this meeting is going to take place, it will be similar to discussions we had with Libya 13 or 14 years ago.” Bolton has been loudly and publicly advocating “the Libya model” with the DPRK ever since. “I think we’re looking at the Libya model of 2003, 2004,” Bolton said on Face the Nation last month, and said the same on Fox News Sunday in case anyone failed to get the message.

Bolton never bothered to refine his message by saying, for example, “Without the part where we betray and invade them and get their leader mutilated to death in the streets.” He just said they’re doing Libya again. This was what John Bolton was saying before he was hired, and this was what John Bolton continued to say after he was hired. This was what John Bolton was hired to do. He was hired to sabotage peace and facilitate death and destruction. That is what he does. That is what he is for. Can openers open cans, John Bolton starts wars. You don’t buy a can opener to rotate your tires, and you don’t hire John Bolton to facilitate peace. It should have surprised no one, then, when the administration saw Bolton’s Libya comments and raised him a canceled peace talk.

“You know, there were some talk about the Libya model last week,” Vice President Pence told Fox News on Saturday. “And you know, as the president made clear, you know, this will only end like the Libya model ended if Kim Jong-un doesn’t make a deal.” “Some people saw that as a threat,” Fox’s Martha MacCallum replied, because there is no other way it could possibly be interpreted. Pence blathered something about it being “a fact”, not a threat, but that is because he is a fake plastic doll manufactured by Raytheon.

Read more …

The comments here on GDPR are at least as interesting.

• About $1.2 Billion In Cryptocurrency Stolen Since 2017 (R.)

Criminals have stolen about $1.2 billion in cryptocurrencies since the beginning of 2017, as bitcoin’s popularity and the emergence of more than 1,500 digital tokens have put the spotlight on the unregulated sector, according to estimates from the Anti-Phishing Working Group released on Thursday. The estimates were part of the non-profit group’s research on cryptocurrency and include reported and unreported theft. “One problem that we’re seeing in addition to the criminal activity like drug trafficking and money laundering using cryptocurrencies is the theft of these tokens by bad guys,” Dave Jevans, chief executive officer of cryptocurrency security firm CipherTrace, told Reuters in an interview. Jevans is also chairman of APWG.

Of the $1.2 billion, Jevans estimates that only about 20 percent or less has been recovered, noting that global law enforcement agencies have their hands full tracking down these criminals. Their investigations of criminal activity will likely take a step back with the European Union’s new General Data Protection Regulation, which takes effect on Friday. “GDPR will negatively impact the overall security of the internet and will also inadvertently aid cybercriminals,” said Jevans. “By restricting access to critical information, the new law will significantly hinder investigations into cybercrime, cryptocurrency theft, phishing, ransomware, malware, fraud and crypto-jacking,” he added.

GDPR, which passed in 2016, aims to simplify and consolidate rules that companies need to follow in order to protect their data and to return control of personal information to EU citizens and residents. The implementation of GDPR means that most European domain data in WHOIS, the internet’s database of record, will no longer be published publicly after May 25. WHOIS contains the names, addresses and email addresses of those who register domain names for websites.

WHOIS data is a fundamental resource for investigators and law enforcement officials who work to prevent thefts, Jevans said. He noted that WHOIS data is crucial in performing investigations that allow for the recovery of stolen funds, identifying the persons involved and providing vital information for law enforcement to arrest and prosecute criminals. “So what we’re going to see is that not only the European market goes dark for all of us; so all the bad guys will flow to Europe because you can actually access the world from Europe and there’s no way you can get the data anymore,” Jevans said.

Read more …

Facebook makes contradictory claims: First, it says it’s a neutral platform. But then it also wants full freedom to edit.

Interesting court case: the claim is Facebook stiffed 40,000 (!) companies. Reason why? It completely missed the shift to smartphones, and its ads were not ready for that at all.

• Zuckerberg Set Up Fraudulent Scheme To ‘Weaponise’ Data, Court Case Alleges (G.)

Mark Zuckerberg faces allegations that he developed a “malicious and fraudulent scheme” to exploit vast amounts of private data to earn Facebook billions and force rivals out of business. A company suing Facebook in a California court claims the social network’s chief executive “weaponised” the ability to access data from any user’s network of friends – the feature at the heart of the Cambridge Analytica scandal.A legal motion filed last week in the superior court of San Mateo draws upon extensive confidential emails and messages between Facebook senior executives including Mark Zuckerberg. He is named individually in the case and, it is claimed, had personal oversight of the scheme.

Facebook rejects all claims, and has made a motion to have the case dismissed using a free speech defence. It claims the first amendment protects its right to make “editorial decisions” as it sees fit. Zuckerberg and other senior executives have asserted that Facebook is a platform not a publisher, most recently in testimony to Congress. Heather Whitney, a legal scholar who has written about social media companies for the Knight First Amendment Institute at Columbia University, said, in her opinion, this exposed a potential tension for Facebook. “Facebook’s claims in court that it is an editor for first amendment purposes and thus free to censor and alter the content available on its site is in tension with their, especially recent, claims before the public and US Congress to be neutral platforms.”

The company that has filed the case, a former startup called Six4Three, is now trying to stop Facebook from having the case thrown out and has submitted legal arguments that draw on thousands of emails, the details of which are currently redacted. Facebook has until next Tuesday to file a motion requesting that the evidence remains sealed, otherwise the documents will be made public.

Read more …

Somewhat oddly similar to the article above, also Guardian. Facebook is up against people who actually DO understand the field.

• Facebook Accused Of Conducting Mass Surveillance Through Its Apps (G.)

Facebook used its apps to gather information about users and their friends, including some who had not signed up to the social network, reading their text messages, tracking their locations and accessing photos on their phones, a court case in California alleges. The claims of what would amount to mass surveillance are part of a lawsuit brought against the company by the former startup Six4Three, listed in legal documents filed at the superior court in San Mateo as part of a court case that has been ongoing for more than two years. A Facebook spokesperson said that Six4Three’s “claims have no merit, and we will continue to defend ourselves vigorously”. Facebook did not directly respond to questions about surveillance.

Documents filed in the court last week draw upon extensive confidential emails and messages between Facebook senior executives, which are currently sealed. Facebook has deployed a feature of California law, designed to protect freedom of speech, to argue that the case should be dismissed. Six4Three is opposing that motion. The allegations about surveillance appear in a January filing, the fifth amended complaint made by Six4Three. It alleges that Facebook used a range of methods, some adapted to the different phones that users carried, to collect information it could use for commercial purposes.

“Facebook continued to explore and implement ways to track users’ location, to track and read their texts, to access and record their microphones on their phones, to track and monitor their usage of competitive apps on their phones, and to track and monitor their calls,” one court document says.

Read more …

All over the place.

• EU Officials Tear Into UK’s ‘Fantasy’ Brexit Negotiating Strategy (Ind.)

Brexit negotiations have begun to dramatically sour after months of deadlock, with exasperated EU officials tearing into Britain’s “fantasy” negotiating strategy and warning that Theresa May’s latest customs plan would ruin any chance of progress. This week’s latest meetings are understood to have produced no progress on the core issues of the Northern Ireland border and customs, with last year’s business-like start to discussions having given way to bitter behind-the-scenes briefings. One senior EU official said the UK still lacked negotiating positions on a wide variety of issues and that in others it was “chasing the fantasy of denying the consequences of Brexit in a given policy area” – while a UK government source accused Brussels of trying to “insult” the British negotiating team.

Another Brussels official close to talks told The Independent they had been warned internally that there would probably be no progress by the June meeting of the European Council – which would throw off the timetable and raise the risk of a disastrous “no deal”. News that Theresa May wants to align the whole UK with the customs union and single market on a time-limited basis until 2023 as a backstop to solve the Irish border issue was particularly poorly received in Brussels. The Prime Minister is due to actually announce the new policy in the comings weeks, but people familiar with the talks confirmed it had already been raised by UK negotiators. The European Commission’s negotiators have already rejected the plan before its public announcement

Read more …

Then agan, Tsipras folded too…

• Italy’s Belligerent New Coalition Is Bad News For The EU (Marsili)

As Giuseppe Conte is asked to form Italy’s next government, I walk out of a screening of Loro, the controversial portrayal of Silvio Berlusconi by Oscar-winning director Paolo Sorrentino. With images of drug-fuelled sex parties still in my mind, the uproar that accompanies the announcement about Conte appears odd. Italy has endured more than 30 years of dreadful governments. For much of the last two decades the country was led by a convicted tax fraudster. Before that, it was led by Bettino Craxi, a politician so corrupt that he ended his days as a fugitive in Tunisia. Why worry now? Part of the answer lies in the outsider nature of the new governing parties. Italian elites have traditionally been very adept at assimilating political newcomers.

Who, in turn, have been willingly co-opted by the system. But the new coalition of the Five Star Movement and far-right League appears peculiarly unconnected to Italy’s high establishment: the risk of loss of influence is real enough. Previous governments were quick to guarantee policy continuity, maintaining a neoliberal economic stance, overall respect for EU obligations, and a US-aligned foreign policy. The coalition promises to break away from this consensus, ushering in an era of fiscal expansion, resentment at Italy’s eurozone membership and closer ties to Russia. The key question now is: will the new government abandon its fiery stance or stick to it? Both alternatives are unfortunately dreadful.

The capitulation scenario is a familiar one. Just like Alexis Tsipras, who turned into a reliable implementer of austerity measures in Greece, so Conte’s government might decide to set aside its promises. The gulf is wide: the coalition programme contains at least €60bn of additional yearly expenses, or 3.5% of Italy’s GDP, while the EU is demanding a 0.6% deficit reduction for 2018. A bargain might look strikingly similar to what Matteo Renzi has achieved in recent years: a moderate loosening of deficit targets allowing for an insignificant fiscal expansion. In other words: business as usual.

Read more …

Cuts, cuts, cuts, taxes and sell-offs.

• Greece’s Post-Bailout Program Contains At Least 20 Milestones For 2018-2022 (K.)

The sweeping agreement for the conclusion of the fourth bailout review, publicized early on Thursday by the European Commission, contains binding commitments for Greece until 2022. It more or less constitutes an extension to the bailout agreement for another four years, but without the inflow of money, while rendering the coalition government’s rhetoric regarding a “clean exit” and its so-called “holistic plan for growth” irrelevant. The text uploaded by the Commission on its website leaves open the possibility for the income tax discount reduction to be brought forward by 12 months to January 2019, and provides for the monitoring of the deal’s implementation in the context of the enhanced surveillance to be agreed in the next Eurogroup meeting on June 21.

Besides the almost 90 milestones that need to be implemented in the next three weeks for the completion of the program, the government is undertaking at least 20 post-program obligations to be applied by 2022. The post-program milestones start from the fiscal side: Apart from the well-known primary budget surplus of 3.5% of GDP, the adjusted bailout agreement calls for additional interventions should any court decisions annul any austerity measures in place.

The text also contains the reduction of pensions from 2019 to save 1% of GDP, the full abolition of the EKAS benefit for people on low pensions, the completion of the National Cadaster by June 2021, the implementation of privatizations such as the gas network operator (DESFA), the 17% stake in PPC, and the Elliniko development, among others, and ceilings on civil servant employment and salaries by 2022. The document further refers to the need to improve labor mediation to avert recourse to arbitration, the completion of the process for hiring general and special secretaries for ministries, and the immediate transfer of railway property company GAIAOSE and the company managing the Olympic Sports Center of Athens to the privatizations hyperfund.

Read more …

Don’t let accountants run your health care.

• How Rural America Became A Hospital Desert (G.)

It makes sense to sell this old place now, but he can’t bring himself to leave her ashes. Barry Gibbs lives alone in a single-story home among the loblollies of Hyde County in eastern North Carolina. The army veteran collects a small disability check after he tore tendons in his shoulder during a fall at his maintenance job at the local school. He winces every time he stands up. He’s 64 years old and the closest hospital is more than an hour away, a distance he came to understand too damn well on the day she needed help. Their wedding portrait still hangs on the living room wall. It’s one of those 1980s shots with the laser beam backgrounds, her hair big and his mustache combed, his hand on her shoulder.

The interior of the house is almost as she left it four years ago: white oak floors, paintings of black bears, family Christmas photos on end tables. Outside along the driveway, a line of cypress trees shades a headstone that marks where Barry cut a ditch and spread Portia’s ashes, right where she asked to be. Everybody called her Po. She was picking up sticks from the yard on 7 July 2014, five days shy of her 49th birthday, when she felt a sharp pain in her chest. Six days earlier, their community hospital had closed. Pungo district hospital was 47 miles west of their house, in Belhaven, and had served the county since 1949, back when crab-picking plants and lumber mills kept these small waterfront communities working.

If you’re an accountant, hospitals are only as good as the number of paying patients. Belhaven’s population is about half what it was then. And Hyde county is now the fifth-sparsest county on the east coast, with nine people per square mile. This spongy stretch of North Carolina’s inner banks represents the suffering side of a modern migration pattern in which southern cities are flourishing, but rural areas are shrinking and losing healthcare options. Since 2010, 53 rural hospitals have closed in 11 southern states, compared with 30 in the other 39 states.

Read more …

Debt Rattle April 21 2018

Apr 212018
 
 April 21, 2018  Posted by at 9:00 am Finance Tagged with: , , , , , , , , , , , ,  1 Response »


James McNeill Whistler Morning Glories 1869

 

• A US Recession Ahead? Fed Policymakers Say Not To Worry (R.)
• If Treasuries Reach 3%, That Would Be Big (BBG)
• Kim Jong-Un Halts Nuclear & Missile Tests, Shuts Down Testing Site (RT)
• DNC Sues Russia, Trump, Wikileaks For Conspiring To Hurt Hillary in 2016 (ZH)
• DNC Lawsuit Against WikiLeaks a Serious Threat to Press Freedom (IC)
• Trump To “Counter” DNC Lawsuit (ZH)
• Comey Memos Probed By DOJ For Classified Info Leaks (ZH)
• Wells Fargo’s $1 Billion Pact Gives U.S. Power to Fire Managers (BBG)
• IMF’s Thomsen Proposes Broadening Greek Tax Base (K.)
• Windrush: When Even Legal Residents Face Deportation (Atlantic)

 

 

The illusion of control. Watch the hand.

• A US Recession Ahead? Fed Policymakers Say Not To Worry (R.)

As the gap between short- and long-term borrowing costs hovers near its lowest in more than 10 years, speculation has risen over whether the so-called yield curve is signaling that a recession could be around the corner. Not to worry, two influential Federal Reserve policymakers said on Friday. Another, whose views are typically outside the mainstream at the Fed, disagreed. Growth prospects look pretty strong, which is why the Fed is raising short-term interest rates, the two sanguine policymakers explained. Those rate hikes, they said, are in and of themselves acting to flatten the yield curve. In addition, they argued, the curve will likely steepen as the U.S. government runs a bigger deficit and issues more debt.

The calming comments, from the New York Fed’s incoming chief John Williams and from Chicago Fed President Charles Evans in back-to-back but separate appearances, appeared calculated to allay concern about a potential slowdown ahead. “The yield curve is not nearly as much of a concern as I might have pointed to a couple months ago,” Evans said in Chicago after a speech, in response to a reporter’s question. Williams, who will leave his current job as San Francisco Fed president in June to take over at the New York Fed, also said he expects the Fed’s shrinking balance sheet will help steepen the curve by putting upward pressure on longer-term rates.

In January the U.S. Congress passed a budget deal that boosts U.S. government spending, following a December tax package that slashes corporate tax rates. Both changes are expected to lead to an increase in government borrowing in coming years. The Fed policymakers reason that a bigger supply of debt should put downward pressure on Treasury prices and deliver a corresponding lift to yields. “We’ve got more fiscal debt in train in the U.S. That has to be funded,” and will likely push up long rates and steepen the yield curve, Evans said. At their March meeting, Fed officials “generally agreed that the current degree of flatness of the yield curve was not unusual by historical standards,” according to the meeting minutes.

Read more …

Where the Fed loses control.

• If Treasuries Reach 3%, That Would Be Big (BBG)

The global bond market’s primary benchmark, the 10-year U.S. Treasury yield, is knocking on the door of 3 percent, a level it hasn’t topped in more than four years. That’s more than just a nice round number. Higher yields make the burden of everything from mortgages to student loans and car payments even heavier. Some market gurus see it as a turning point with effects that could be felt for years — and not just in bonds. With the Federal Reserve signaling interest rates are going up even more, investors in riskier assets like stocks and high-yield debt are left to wonder if this is how their post-recession party ends.

1. What’s so important about yield? A bond’s yield is a measure of the return an investor can expect from buying it. It’s determined by the bond’s interest rate and the price paid for it. For instance, buying a security that pays a fixed 2 percent (the “coupon”) at face value (known as “par”) results in a yield of 2 percent. Buying it at a cheaper price would raise the yield for the investor, while paying a premium would reduce the overall yield. (Maybe the most confusing aspect of the bond market to outsiders is the inverse relationship between price and yield.)

2. How do you determine the benchmark 10-year yield?In the $14.9 trillion Treasuries market, the benchmark is based on the most recently auctioned 10-year security (known as the “on-the-run”). It’s the best measure because it tends to have a price close to par and a coupon close to the current yield. On Friday, the 10-year yield closed at 2.96 percent.

3. Why are yields going up?The Fed is raising its short-term lending rate as the U.S. economy strengthens, after holding it near-zero in the wake of the financial crisis. The three rate hikes last year pushed up two- and five-year Treasury yields in particular, but they’ve also affected 10-year yields as central bankers expect more boosts this year. Another reason: inflation is showing signs of picking up, which erodes the value of bonds’ fixed payments and leads investors to demand higher yields.

4. Why is 3 percent a milestone?Since 2011, it’s been touched only twice, briefly, in 2013 and early 2014, before a bond bull market drove yields to record lows. But 3 percent has also been cited by prominent fixed-income investors like Jeffrey Gundlach at DoubleLine Capital and Scott Minerd at Guggenheim Partners as critical to determining whether the three-decade bull market in bonds is at an end. In the mind of analysts who look at market patterns, once the yield breaks much beyond the 3.05 percent, to levels last reached in 2011, that threshold could flip to a floor from a ceiling.

5. Why does it matter?The 10-year Treasury yield is a global benchmark for borrowing costs. Corporations will have to pay more to issue debt, which they’ve done cheaply in recent years. So will state and local governments, which could jeopardize investments in public infrastructure. Homeowners will face higher mortgage rates (or lose out on refinancing at a lower cost). Taking out loans for cars or college could also become more expensive.

Read more …

A Nobel Peace Prize.

• Kim Jong-Un Halts Nuclear & Missile Tests, Shuts Down Testing Site (RT)

North Korea’s nuclear and ballistic missile programs have allowed it to secure strategic stability and peace, so there is no need for additional missile and nuclear tests anymore, Kim Jong-un has proclaimed. “From April 21, 2018, nuclear tests and intercontinental ballistic missile tests will be discontinued,” the Korean Central News Agency cited Kim as saying at a plenary meeting of the central committee of the ruling Worker’s Party of Korea (WPK). Furthermore, since North Korea’s nuclear test center has “completed” its mission, it “will be discarded in order to ensure the transparency of the nuclear test suspension,” KCNA reported.

Announcing the new course, the ruling party has declared that North Korea “will never use nuclear weapons, unless there is nuclear threat or nuclear provocation to our country, and in no case we will proliferate nuclear weapons and nuclear technology.” In the announcement, North Korea noted that the “suspension of nuclear testing is an important process for global nuclear disarmament.” Therefore, North Korea is willing to join international denuclearization efforts. North Korea’s last major missile test took place on November 29. Pyongyang announced at the time that it had tested a new type of intercontinental ballistic missile known as the Hwasong-15 that could reach the entire continental United States.

US President Donald Trump, who has traded insults and threats with Kim since taking office, tweeted that the latest decision by Pyongyang is “good news for North Korea and the world,” calling it “big progress.” China has also hailed the move, expressing hope that Pyongyang will continue towards the path of denuclearization and “political settlement” on the Korean Peninsula. “Denuclearization of the peninsula and lasting peace in the region are in line with the common interests of the people of the peninsula,” the Chinese Foreign Ministry said in a statement on Saturday.

Read more …

Have they really thought this through?

• DNC Sues Russia, Trump, Wikileaks For Conspiring To Hurt Hillary in 2016 (ZH)

Did The Democrats’ “The Russians did it” narrative just jump the shark? The Washingtoin Post reports that The Democratic National Committee filed a multimillion-dollar lawsuit Friday against the Russian government, the Trump campaign and the WikiLeaks organization alleging a far-reaching conspiracy to disrupt the 2016 campaign and tilt the election to Donald Trump. The lawsuit alleges that in addition to the Russian Federation, the General Staff of the Armed Forces of the Russian Federation, Wikileaks and Guccifer 2.0, top Trump campaign officials, including Donald Trump Jr, Roger Stone, Jared Kushner, Paul Manafort and pretty much everyone else who has been mentioned in the same paragraph as Trump….

… conspired with the Russian government and its military spy agency to hurt Democratic presidential nominee Hillary Clinton and help Trump by hacking the computer networks of the Democratic Party and disseminating stolen material found there. [..] The suit filed today seeks millions of dollars in compensation to offset damage it claims the party suffered from the hacks. The DNC argues that the cyberattack undermined its ability to communicate with voters, collect donations and operate effectively as its employees faced personal harassment and, in some cases, death threats.

Read more …

And Julian Assange is not allowed to see this. Let alone defend himself. A pattern in his life.

• DNC Lawsuit Against WikiLeaks a Serious Threat to Press Freedom (IC)

The Democratic National Committee (DNC) filed a lawsuit this afternoon in a Manhattan federal court against the Russian Government, the Trump campaign and various individuals it alleges participated in the plot to hack its email servers and disseminate the contents as part of the 2016 election. The DNC also sued WikiLeaks for its role in publishing the hacked materials, though it does not allege that WikiLeaks participated in the hacking or even knew in advance about it; its sole role, according to the DNC’s lawsuit, was publishing the hacked emails.

The DNC’s suit, as it pertains to WikiLeaks, poses a grave threat to press freedom. The theory of the suit – that WikiLeaks is liable for damages it caused when it “willfully and intentionally disclosed” the DNC’s communications (paragraph 183) – would mean that any media outlet that publishes misappropriated documents or emails (exactly what media outlets quite often do) could be sued by the entity or person about which they are reporting, or even theoretically prosecuted for it, or that any media outlet releasing an internal campaign memo is guilty of “economic espionage” (paragraph 170).

It is extremely common for media outlets to publish or report on materials that are stolen, hacked, or otherwise obtained in violation of the law. In October, 2016 – one month before the election – someone mailed a copy of Donald Trump’s 1995 tax returns to the New York Times, which published parts of it even though it is illegal to disclose someone’s tax returns without the taxpayer’s permission; in March, 2017, MSNBC’s Rachel Maddow did the same thing with Trump’s 2005 tax returns.

In April, 2016, the Washington Post obtained and published a confidential internal memo from the Trump campaign. Media outlets constantly publish private companies’ internal documents. Just three weeks ago, BuzzFeed obtained and published a secret Facebook memo outlining the company’s internal business strategies, the contents of which were covered by most major media outlets. Some of the most important stories in contemporary journalism have come from media outlets obtaining and publishing materials that were taken without authorization or even in violation of the law. Both the New York Times and Washington Post published thousands of pages from the top secret Pentagon Papers after Daniel Ellsberg took them without authorization from the Pentagon – and they won the right to publish them in the U.S. Supreme Court.

The Guardian and the Washington Post won the 2014 Pulitzer Prize for Public Service for publishing and reporting on huge numbers of top secret documents taken by Edward Snowden from the NSA. The Guardian, the New York Times, and numerous papers from around the world broke multiple stories by publishing classified classified documents downloaded by Chelsea Manning without authorization and sent to WikiLeaks. In 2016, more than 100 newspapers from around the world published and reported on millions of private financial documents known as the “Panama Papers,” which were taken without authorization from one of the world’s biggest offshore law firms and revealed the personal finances of people around the world.

Read more …

Did the DNC see this coming, and is that why they sued first?

• Trump To “Counter” DNC Lawsuit (ZH)

President Trump is eager to go head-to-head with the DNC which filed a multimillion-dollar lawsuit on Friday against several parties, including the Russian government, the Trump campaign and the WikiLeaks organization – alleging a “far-reaching conspiracy to disrupt the 2016 campaign and tilt the election to Donald Trump.” Hours after the Washington Post broke the news of the lawsuit, Trump tweeted “Just heard the Campaign was sued by the Obstructionist Democrats. This can be good news in that we will now counter for the DNC server that they refused to give to the FBI,” referring to the DNC email breach. Trump also mentioned “the Debbie Wasserman Schultz Servers and Documents held by the Pakistani mystery man and Clinton Emails.”

The “Pakistani mystery man” is a clear reference to former DNC CHair Debbie Wasserman Schultz’s longtime IT employee and personal friend, Imran Awan – whose father, claims a Daily Caller source, transferred a USB drive to the former head of a Pakistani intelligence agency – Rehman Malik. Malik denies the charge. Of note, the DNC would not allow the FBI to inspect their servers which were supposedly hacked by the Russians – instead relying on private security firm Crowdstrike. Meanwhile, the “Wasserman Schultz Servers” Trump mentions is likely in reference to the stolen House Democratic Caucus server – which Imran Awan had been funneling information onto when it disappeared shortly after the House Inspector General concluded that the server may have been “used for nefarious purposes.”

Imran Awan, his wife Hina Alvi and several other associates ran IT operations for at least 60 Congressional Democrats over the past decade, along with the House Democratic Caucus – giving them access to emails and computer data from around 800 lawmakers and staffers – including the highly classified materials reviewed by the House Intelligence Committee.

Napolitano: He was arrested for some financial crime – that’s the tip of the iceberg. The real allegation against him is that he had access to the emails of every member of congress and he sold what he found in there. What did he sell, and to whom did he sell it? That’s what the FBI wants to know. This may be a very, very serious national security situation.

Read more …

“..all of Comey’s memos – all of them, were classified at the time they were written, and they remain classified.”

• Comey Memos Probed By DOJ For Classified Info Leaks (ZH)

The Department of Justice (DOJ) inspector general is now conducting an investigation into classification issues concerning the “Comey memos” leaked to the New York Times by former FBI Director James Comey. Sources tell the Wall St. Journal that at least two of the memos which Comey leaked to his “good friend,” Columbia Law Professor Daniel Richman, contained information that officials now consider classified – prompting the review by the Office of the Inspector General, headed by Michael Horowitz. “Of those two memos, Mr. Comey himself redacted elements of one that he knew to be classified to protect secrets before he handed the documents over to his friend. He determined at the time that another memo contained no classified information, but after he left the Federal Bureau of Investigation, bureau officials upgraded it to “confidential,” the lowest level of classification.” -WSJ

Comey told Congressional investigators that he considered the memos to be personal rather than government documents. The memos – leaked through Richman, were a major catalyst in Deputy Attorney General Rod Rosenstein’s decision to appoint former FBI Director Robert Mueller as special counsel to investigate Russian interference in the 2016 US election. While Richman told CNN “No memo was given to me that was marked ‘classified,’ and James Comey told Congressional investigators he tried to “write it in such a way that I don’t include anything that would trigger a classification,” it appears the FBI’s chief FOIA officer disagrees.

We previously reported that Senator Chuck Grassley (R-IA) said four of the 7 Comey memos he reviewed were “marked classified” at the “Secret” or “Confidential” level – however in January the FBI’s chief FOIA officer reportedly told Judicial Watch – in a signed declaration, that every single Comey memo was classified at the time. “We have a sworn declaration from David Hardy who is the chief FOIA officer of the FBI that we obtained just in the last few days, and in that sworn declaration, Mr. Hardy says that all of Comey’s memos – all of them, were classified at the time they were written, and they remain classified.” -Chris Farrell, Judicial Watch

Therefore, Farrell points out, Comey mishandled national defense information when he “knowingly and willfully” leaked them to his friend at Columbia University. It’s also mishandling of national defense information, which is a crime. So it’s clear that Mr. Comey not only authored those documents, but then knowingly and willfully leaked them to persons unauthorized, which is in and of itself a national security crime. Mr. Comey should have been read his rights back on June 8th when he testified before the Senate. Farrell told Lou Dobbs “Recently retired and active duty FBI agents have told me – and it’s several of them, they consider Comey to be a dirty cop.”

Read more …

“Wells Fargo fined twenty days worth of net income sounds a lot less daunting than $1 billion..”

• Wells Fargo’s $1 Billion Pact Gives U.S. Power to Fire Managers (BBG)

Wells Fargo’s $1 billion fine won’t close the book on fallout from its consumer scandals. The nation’s third-largest bank submitted to an unprecedented order Friday that would give the Office of the Comptroller of the Currency the right to remove some of the lender’s executives or board members. That comes on top of the penalties Wells Fargo will pay to settle U.S. probes into mistreatment of consumers, the largest sanction of a U.S. bank under President Donald Trump. The OCC said it “reserves the right to take additional supervisory action, including imposing business restrictions and making changes to executive officers or members of the bank’s board of directors.” The agency could also veto potential executive candidates.

The bank will pay $500 million in penalties each to the OCC and the Consumer Financial Protection Bureau, according to a statement Friday. Wells Fargo warned shareholders last week it would soon face a fine of that size, which it will book retroactively in the first quarter. The bank remains under a Federal Reserve penalty that bans growth in total assets. “CEOs who hoped the Trump administration would be universally lenient regulators missed the difference between a dislike for rules that stifle innovation and employment and a dislike for rules against wrongdoing,” said Erik Gordon, a professor at the University of Michigan’s Ross School of Business.

Read more …

Squeezing that stone for all he’s worth.

• IMF’s Thomsen Proposes Broadening Greek Tax Base (K.)

Poul Thomsen, director of the International Monetary Fund’s European department, on Friday spoke in favor of broadening Greece’s tax base though he stopped short of determining whether the IMF would call for reductions to the tax-free threshold (due to come into effect in January 2020) to apply a year in advance. Speaking in Washington, where the IMF is holding its Spring Meetings, Thomsen said that raising taxes had played a large part in the country’s fiscal adjustment in recent years but that Greece must find a way of meeting fiscal targets that is “growth-friendly.” The IMF will not impose any specific policies, he said but proposed a “discussion” about the timing of tax reforms.

As regards the Fund’s potential role in Greece’s third international bailout, which expires in August, he said at least one bailout review must be carried out before a decision can be made as well as agreement to lighten Greece’s debt. “Time is running short for us to be able to activate the program,” he said. A discussion on debt measures is likely to take place at the next meeting of eurozone finance ministers, scheduled for April 27 in Sofia. Talks there will also focus on a growth plan that the government has presented to bailout auditors. Finance Minister Euclid Tsakalotos on Friday met in Washington with European Economic and Monetary Affairs Commissioner Pierre Moscovici, Eurogroup Chairman Mario Centeno and European Central Bank President Mario Draghi and is to meet Thomsen and IMF chief Christine Lagarde on Saturday.

Read more …

If this doesn’t bring down the government, Britain has a whale of a problem. And no excuses. May suddenly offering them money now, after being exposed, is perhaps the worst part of it. You can’t buy off blatant racism with taxpayer money. And those taxpayers should let that be known, very loudly. Or they’re just as guilty.

• Windrush: When Even Legal Residents Face Deportation (Atlantic)

In the aftermath of World War II, the British government invited thousands of people from Caribbean countries in the British Commonwealth to immigrate to the United Kingdom and help address the war-torn country’s labor shortages. Now, nearly 70 years later, many of those same people, now elderly, are having their legal status in the country questioned and are facing deportation. Though the deportation threats date as far back as October, the crisis burst into wider view this week after Caribbean diplomats representing a dozen Commonwealth nations chastised the U.K. government publicly. “This is about people saying, as they said 70 years ago, ‘Go back home.’ It is not good enough for people who gave their lives to this country to be treated like this,” Guy Hewitt, the high commissioner from Barbados to the U.K., said at a gathering of the diplomats.

The migrants are known as the “Windrush generation,” named for the HMT Empire Windrush that brought the first group of them to the U.K. in June 1948. Of the half a million people who immigrated to the U.K. from the Commonwealth between then and 1971, an estimated 50,000 lack the proper documentation to prove it. In a meeting with Caribbean leaders on Tuesday, U.K. Prime Minister Theresa May apologized “for any anxiety that has been caused” and promised no deportations would take place. Still, such assurances won’t necessarily convince those who remain skeptical of the U.K.’s strict immigration policies—ones May herself championed when she served as home secretary between 2010 and 2016.

During that time, May sought to meet then-Prime Minister David Cameron’s goal of reducing net immigration to the tens of thousands by making the U.K. a “hostile environment” for illegal immigration. In practice, this meant requiring doctors, employers, landlords, and schools to confirm that those whom they served were in the country legally. “The determination was to go systematically through any interaction people might have with the state, short of putting checkpoints in the road, just to have people’s immigration status checked,” Polly Mackenzie, the director of cross-party think tank Demos and the former policy director to Deputy Prime Minister Nick Clegg, told me. The Windrush generation wasn’t supposed to be part of that calculus—they had immigrated to the country legally and were thereby entitled to public services, including the right to education, healthcare, and social security.

But after the implementation of the “hostile environment” policies in 2012, these individuals suddenly had to prove their right to live and work in the country—a right which was guaranteed to them under the Immigration Act of 1971, though not everyone obtained the documentation to confirm it. This documentation problem arose in part from the fact that so many people belonging to the Windrush generation immigrated to the U.K. as children, often on their parents’ passport. What’s more, the British government didn’t keep records of who was permitted to stay in the country, nor did they issue documentation confirming it. What little records the government did keep, such as the landing cards documenting the arrival dates of Windrush-era immigrants, were discarded in 2010.

For some, the result was catastrophic. In one case, a woman had lived and worked in the U.K. for 50 years before she was wrongfully declared an illegal immigrant and almost forced on a plane to her native Jamaica. In another, a man who had lived in the U.K. for 59 years received a letter that not only informed him of his illegal status in the country, but also offered him “help and support on returning home voluntarily.” Perhaps one of the most severe cases concerned a man who, after living in the U.K. for 44 years, had his cancer treatment through the National Health Service withheld because he couldn’t provide sufficient documentation to prove he lived in the country continuously since immigrating from Jamaica in 1973.

Read more …

Every Kingdom Divided Against Itself

Apr 172018
 
 April 17, 2018  Posted by at 1:43 pm Finance Tagged with: , , , , , , , , , , , ,  6 Responses »


Charles Sprague Pearce Lamentations over the Death of the First-Born of Egypt 1877

 

In Matthew 12:22-28, Jesus tells the Pharisees:

 

Every kingdom divided against itself is brought to desolation, and every city or house divided against itself will not stand.

In 1858, US Senate candidate Abraham Lincoln borrows the line:

 

On June 16, 1858 more than 1,000 delegates met in the Springfield, Illinois, statehouse for the Republican State Convention. At 5:00 p.m. they chose Abraham Lincoln as their candidate for the U.S. Senate, running against Democrat Stephen A. Douglas. At 8:00 p.m. Lincoln delivered this address to his Republican colleagues in the Hall of Representatives. The title reflects part of the speech’s introduction, “A house divided against itself cannot stand,” a concept familiar to Lincoln’s audience as a statement by Jesus recorded in all three synoptic gospels (Matthew, Mark, Luke).

Even Lincoln’s friends regarded the speech as too radical for the occasion. His law partner, William H. Herndon, considered Lincoln as morally courageous but politically incorrect. Lincoln read the speech to him before delivering it, referring to the “house divided” language this way: “The proposition is indisputably true … and I will deliver it as written. I want to use some universally known figure, expressed in simple language as universally known, that it may strike home to the minds of men in order to rouse them to the peril of the times.”

On April 12, 2018, the Washington Post runs this headline:

We need to go big in Syria. North Korea is watching.

The WaPo is undoubtedly disappointed that James Mattis prevailed over more hawkish voices in Washington and the least ‘expansive’ attack was chosen.

Then after the attack, Russian President Putin warns of global ‘chaos’ if the West strikes Syria again. And I’m thinking: Chaos? You ‘Predict’ Chaos? You mean what we have now does not qualify as chaos?

Yes, Washington Post, North Korea is watching. And you know what it sees? It sees a house divided. It sees an America that is perhaps as divided against itself as it was prior to the civil war. An America that elects a president and then initiates multiple investigations against him that are kept going seemingly indefinitely. An America where hatred of one’s fellow countrymen and -women has become the norm.

An America that has adopted a Shakespearian theater as its political system, where all norms of civil conversation have long been thrown out the window, where venomous gossip and backstabbing have become accepted social instruments. An America where anything goes as long as it sells.

 

In an intriguing development, while Trump pleased the Washington Post, New York Times, CNN and MSNBC, his declared arch-enemies until the rockets flew, his own base turned on him. While the ‘liberals’ (what’s in a word) cheered and smelled the blood, the right wing reminded the Donald that this is not what he was elected on – or for.

Can Trump afford to lose his base? Isn’t the right wing supposed to be the side that calls for guns and bombs? It’s unlikely that he can do without his base, it would weaken him a lot as the Lady Macbeths watch his every move looking for just that one opportunity, that one moment where his back is turned.

As for the right wing not being the bloodthirsty one, that is quite the shift. Not that it’s a 180 on a dime, it has been coming for a while. It’s not just interesting with regards to Trump, there are many war hawks who -will- see their support crumble too if or when they speak out for more boots in deserts. Maybe John McCain should consider changing parties?

 

So yeah, what does North Korea see? Should it be afraid? Will it have become more afraid? Kim Jong-Un will have watched for China’s reaction, much more important to him that what the US does. And China has condemned the attack. It would do the same if America were to attack North Korea, and a lot stronger. Therefore Kim Jong-Un doesn’t believe Washington will dare attack him.

An interesting line from Chinese state run newspaper Global Times illustrates how China sees the world, and the US in particular, at present:

 

“A weak country has no diplomacy. As a hundred years have passed, China is no longer that [weak] China, but the world is still that world.”

That is how China, and in its wake, North Korea, see America. And so does Russia. Americans may -and do- think that they are still no. 1, and the most powerful, economically, politically, militarily, but that’s no longer what the rest of the world sees.

Is the US still mightier than China militarily? Probably, but not certainly. Still, how do you conquer 1.3 billion people and keep them subdued? Xi Jinping is very aware of that, and he bides his time.

Is the US still mightier than Russia militarily? Almost certainly not. To quote Paul Craig Roberts once more (and he’s no amateur):

The Russians know that they can, at will within a few minutes, sink the entire US fleet, destroy every US airplane & ship in the ME & within range of the ME, completely destroy all of Israel’s military capability & wipe out the military of the two-bit punk state of Saudi Arabia.

I’ve written this before in the past: there is a big difference between how America sees and treats its military, and how Russia does it. A difference that explains how Russia can, with one tenth of American defense spending, still be militarily superior, or at least make any wars against it unwinnable.

That is, in the US the focus is not on making the best weapons, it’s on making the most money on weapons. Boeing, Raytheon, Lockheed will develop those weapons that are most profitable, not those that are most effective. The interminable story of the development of the Joint Strike Fighter is perhaps the best example of this, but there are many others. The Pentagon is a money pit.

Americans can perhaps still make the best weapons for the least money, but they don’t do it. Russia does. For Putin, the best weapons are a matter of survival. Russia has been under American threat as long as he can remember.

While Americans believe so strongly in their supremacy, and have grown so accustomed to the idea, that they no longer see having the best weapons as a matter of survival for the nation. They have come to see their superiority as something automatic and natural.

 

The attack on Syria is seen as a sign of weakness. Because there was no need for it. Because the evidence is flimsy at best. Because the world has international bodies to deal with such issues. Because there is no logic in allowing the blood to flow in the Gaza and Yemen but cite humanitarian reasons for bombing alleged chemical facilities elsewhere.

What the world sees is bluster emanating from a deeply divided nation (and we haven’t even tackled Britain). It sees that less than 48 hours after the airstrikes, a former FBI chief talks about his former boss in terminology that nobody would dare use in most countries, and throughout most of history,

James Comey is beyond Shakepeare. And in America, the issue is who’s right in the Comey-Trump conflict. In Russia, China et al it’s not. They see a house, a country divided. A weak country has no diplomacy.

That’s how all empires end. Complacency and division. That is what North Korea sees when it watches America, what China, and Russia see. And they may even know how Jesus put it. He didn’t just say a kingdom divided would become less powerful or wealthy, he said:

 

Every kingdom divided against itself is brought to desolation.

 

 

 Older Entries