Jul 212019
 
 July 21, 2019  Posted by at 9:28 am Finance Tagged with: , , , , , , , , , ,  6 Responses »


Buzz Aldrin photographed by Neil Armstrong, who’s reflected in his visor

 

 

The Ham of Fate (Fintan O’Toole)
Brexit, or Project Fear (Lis)
The Story Began With UK’s Seizure Of Iranian-Flagged Ship In Gibraltar (O.)
Bolton Lured Britain Into A Dangerous Trap To Punish Iran (G.)
British Letter to UN Says Iran Approached Tanker In Omani Waters (R.)
Britain Mulls Sanctions In Response To Iran Tanker Seizure (R.)
UK Too Weak To Address Strategic Threats, Warns MP Committee (O.)
Twitter Blocks Accounts Of Iranian State Media Outlets (AFP)
Mueller Should Be Arrested For Conspiracy To Overthrow Trump (PCR)
Are Libertarians the New Neocons? (Daniel McAdams)
War Profiteers and the Demise of the US Military-Industrial Complex (Orlov)
Final Voyage (Kunstler)

 

 

A lot about Britain today, with a new PM being announced on Tuesday and taking over from Theresa May on Wednesday. And that at a point in time when the country has committed its biggest international blunder in years (though competition’s stiff) with the seizure of an Iranian oil tanker two weeks ago.

The Ham of Fate (Fintan O’Toole)

The Leave campaign that Johnson led to a stunning victory in the Brexit referendum of June 2016 owed much of its success to its carefully calibrated slogan “Take Back Control.” Akrasia, which is discussed in depth by Socrates, Plato, and especially Aristotle in the Nicomachean Ethics, is the contrary of control. It means literally “not being in command of oneself” and is translated variously as “weakness of will,” “incontinence,” and “loss of self-control.” To Aristotle, an akratic is a person who knows the right thing to do but can’t help doing the opposite. This is not just, as he himself seems to have intuited, Boris Johnson to a tee. It is also the reason why he embodies more than anyone else a Brexit project in which the very people who promised to take back control are utterly incapable of exercising it, even over themselves.

To grasp how Johnson’s akratic character has brought his country to a state approaching anarchy, it is necessary to return to the days immediately before February 21, 2016, when he announced to an expectant throng of journalists that he would support the Leave campaign. This was a crucial moment—polls have since shown that, in what turned out to be a very close-run referendum, Boris, as the mayor of London had branded himself, had a greater influence on voters than anyone else. “Character is destiny, said the Greeks, and I agree,” writes Johnson in The Churchill Factor, his 2014 book about Winston Churchill, which carries the telling subtitle “How One Man Made History.”

While the book shows Johnson to be a true believer in the Great Man theory of history, his own moment of destiny plays it out as farce, the fate of a nation turning not on Churchillian resolution but on Johnsonian indecision. For Johnson was, in his own words, “veering all over the place like a shopping trolley.” On Saturday, February 20, he texted Prime Minister David Cameron to say he was going to advocate for Brexit. A few hours later, he texted again to say that he might change his mind and back Remain. Sometime between then and the following day, he wrote at least two different columns for the Daily Telegraph—his deadline was looming, so he wrote one passionately arguing for Leave and one arguing that the cost of Brexit would be too high. (Asked once if he had any convictions, Johnson replied, “Only one—for speeding…”)

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Nothing wrong with leaving the EU, but everything wrong with how it’s been executed.

Brexit, or Project Fear (Lis)

If, during the 2016 referendum campaign, you had told voters that MPs would be scrambling to stop the prime minister shutting down the legislature in order to force through food shortages, mass job losses and a crash in the pound, someone might have needed to change the slogan on the side of that bus. What is happening right now in Britain goes beyond any previously conceivable limits of responsible or accountable governance. Viewed against the country which seemed to exist just a few years ago, it is quite literally unbelievable. It’s not just that Brexit is a case of “I told you so”: the harm to our national political fabric has been more catastrophic than even the most pessimistic Remainer could have contemplated.

Britain is now heading into immediate, unabated crisis, but the consequences could last for years or even decades. Even the most conservative estimates suggest damage to our economy in all circumstances if we leave, contrary to everything campaigners promised. The neutral Office for Budget Responsibility this week forecast a significant recession in the event of no-deal. But the economic damage will almost certainly take less time to repair than the damage to our politics and society. What was billed as a way for people to take back control of democracy has become a systematic attack on every institution which underpins it.

First the Brexiters came for political opponents. Any prominent Remainer who dared question the legitimacy of the referendum or, heaven forbid, suggested a new one in the light of changed circumstances, was branded a traitor, an enemy of democracy, an elitist, a Remoaner, someone who wanted to subvert the will of the people, someone who knew best, someone who hated Britain. It was devastatingly effective. Brexit’s leaders rapidly and comprehensively refigured democratic opposition as opposition to democracy. All potential opponents, particularly in parliament itself, were cowed into affirming “respect for the result.” It became a standard vow of allegiance to a movement they knew to be disastrous, and they had little choice but to make it.

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“The legality of the UK seizure of a tanker heading for Syria with oil from Iran intrigues me. One refers to EU sanctions against Syria, but Iran is not a member of the EU. And the EU as a principle doesn’t impose its sanctions on others. That’s what the US does.”

The Story Began With UK’s Seizure Of Iranian-Flagged Ship In Gibraltar (O.)

The morning after a group of 30 Royal Marines helped seize the Iranian-flagged Grace 1 in Gibraltar, tired Foreign Office officials did not look exactly jubilant. There was not exactly a sense of foreboding, but diplomats were aware of the wider bilateral consequences for British-Iranian relations. Now, with the capture of a British-owned oil tanker in the Gulf, some of their worst fears have been realised. The Stena Impero and its crew of more than 20 are now in the hands of the Iranian Revolutionary Guards – and the UK has been shown to be unable to protect British shipping going through the waterways of the strait of Hormuz.

The British insist that they only impounded Grace 1 due its suspected destination – a port in Syria – not due to the fact that the ship was carrying Iranian oil. European Union sanctions against the regime of Bashir al Assad regime were there to be enforced and international law upheld, the British argued. There seemed little doubt, given its circuitous route, that the ship was bound for Syria. Yet there were some oddities to the British decision. Few previous shipments of oil to Syria have been impounded. The Spanish claim that the British acted under the instruction of the Americans. The Trump administration is trying to freeze all Iranian oil exports as part of its policy of maximum economic sanctions designed to force the Iranians to reopen talks on the nuclear deal signed in 2015.

But Britain opposes that US policy, arguing that it is counterproductive and only likely to strengthen the hands of hardliners in Tehran. Carl Bildt, the former Swedish prime minister and co-chair of the European council on foreign relations, pinpointed the ambiguities of the British action in Gibraltar: “The legality of the UK seizure of a tanker heading for Syria with oil from Iran intrigues me. One refers to EU sanctions against Syria, but Iran is not a member of the EU. And the EU as a principle doesn’t impose its sanctions on others. That’s what the US does.”

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He didn’t lure Britain, but a handful of intellectually challenged posh kids. And anyway it’s far too easy to blame this on Bolton. They did it themselves, May and Hunt et al.

Bolton Lured Britain Into A Dangerous Trap To Punish Iran (G.)

John Bolton, White House national security adviser and notorious Iraq-era hawk, is a man on a mission. Given broad latitude over policy by Donald Trump, he is widely held to be driving the US confrontation with Iran. And in his passionate bid to tame Tehran, Bolton cares little who gets hurt – even if collateral damage includes a close ally such as Britain. So when Bolton heard British Royal Marines had seized an Iranian oil tanker off Gibraltar on America’s Independence Day, his joy was unconfined. “Excellent news: UK has detained the supertanker Grace I laden with Iranian oil bound for Syria in violation of EU sanctions,” he exulted on Twitter. Bolton’s delighted reaction suggested the seizure was a surprise.


But accumulating evidence suggests the opposite is true, and that Bolton’s national security team was directly involved in manufacturing the Gibraltar incident. The suspicion is that Conservative politicians, distracted by picking a new prime minister, jockeying for power, and preoccupied with Brexit, stumbled into an American trap. In short, it seems, Britain was set up. The consequences of the Gibraltar affair are only now becoming clear. The seizure of Grace I led directly to Friday’s capture by Iran’s Revolutionary Guards of a British tanker, the Stena Impero, in the Strait of Hormuz. Although it has not made an explicit link, Iran had previously vowed to retaliate for Britain’s Gibraltar “piracy”. Now it has its revenge.

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I’m pretty sure that’s not true, but it doesn’t matter. Moreover, Spain says Gibraltar is not British either.

British Letter to UN Says Iran Approached Tanker In Omani Waters (R.)

Britain told the United Nations Security Council on Saturday that a British-flagged tanker seized by Iran was approached by Iranian forces when it was in Omani territorial waters and the action “constitutes illegal interference.” “The ship was exercising the lawful right of transit passage in an international strait as provided for under international law,” Britain’s U.N. mission wrote to the Security Council. “International law requires that the right of transit passage shall not be impeded, and therefore the Iranian action constitutes illegal interference.” The letter, seen by Reuters, was also sent to U.N. Secretary-General Antonio Guterres.


Friday’s action in the global oil trade’s most important waterway has been viewed in the West as a major escalation after three months of confrontation that has already taken Iran and the United States to the brink of war. It follows threats from Tehran to retaliate for Britain’s seizure on July 4 of the Iranian tanker Grace 1, accused of violating sanctions on Syria. “Current tensions are extremely concerning, and our priority is to de-escalate. We do not seek confrontation with Iran,” the letter read. “But it is unacceptable and highly escalatory to threaten shipping going about its legitimate business through internationally recognized transit corridors.” Britain called on Iran to release the Stena Impero tanker and told the Security Council it was working to resolve the issue through diplomatic means.

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Ha ha. You mean there are sanctions that haven’t been applied yet?

Britain Mulls Sanctions In Response To Iran Tanker Seizure (R.)

British ministers are making plans aimed at targeting Iran with sanctions in the aftermath of the Iranian seizure of a British-flagged oil tanker in the Gulf, the Daily Telegraph newspaper reported. British Foreign Secretary Jeremy Hunt is expected to announce on Sunday diplomatic and economic measures, including potential asset freezes, as a response to the incident, according to the report. Britain could push for United Nations and European Union sanctions to be reimposed on Iran after they had been lifted in 2016 following a deal on Iran’s nuclear program, the Telegraph reported.

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This is about weaponry, but I’d suggest the UK is mentally too weak.

UK Too Weak To Address Strategic Threats, Warns MP Committee (O.)

The government has repeatedly failed to invest in defence and security, leaving the UK struggling to cope with emerging threats, an influential parliamentary committee was due to warn on Sunday in a report thrown into sharp relief by the developing crisis in the Persian Gulf. The Joint Committee on the National Security Strategy says the next prime minister will have to tackle major challenges – from growing strains on the UK’s relationship with the US and the EU, to the rise of China – if the UK is to meet its defence ambitions.

“If the Government wants to turn the ‘Global Britain’ concept into a meaningful strategy for a positive and self-assured role for the UK after its departure from the EU, then it needs to be more honest about how it proposes to address these challenges,” said the committee chair, Margaret Beckett MP. “It must also back this up with the necessary funding and resources, especially for defence and diplomacy.”

The report’s publication comes after the former chief of defence staff, Lord Richards, warned that the Royal Navy was “just too small to have a significant effect without being with allies”. Speaking in response to the seizure of a British-flagged oil tanker by Iranian authorities, Richards told BBC radio’s Today programme: “The fact is, for whatever reason, our government has invested relatively little against the threat and the risks that we face, particularly more and more in the longer term.” The former first sea lord, Lord West of Spithead, told Sky News that the navy had “too few ships” to escort merchant vessels in dangerous waters.

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@Jack has gone into politics. Bad move.

Twitter Blocks Accounts Of Iranian State Media Outlets (AFP)

A day after Twitter suspended the accounts of several Iranian state media outlets, the social networking service said Saturday it acted after harassment of people linked to the Baha’i faith. Amid soaring tensions in the region, heightened by Iran’s seizure on Friday of a British-flagged tanker, some of the affected media outlets had speculated that the suspensions were related to their coverage of the seizure. But Twitter cited what it said was the coordinated and targeted harassment of people linked to the Baha’i faith, a religious minority that has long faced persecution in Iran. It did not name the suspended accounts, and said it was continuing to investigate the matter.


“Account suspended. Twitter suspends accounts which violate the Twitter Rules,” read English-language messages on each of the Iranian media outlets’ accounts. Mehr news agency, which is close to moderate conservatives in Iran, said its Farsi-language account appeared to have been blocked late Friday following its reports on the seizure of the tanker Stena Impero in the strategic Strait of Hormuz. Iran’s Revolutionary Guard said it seized the Swedish-owned tanker for breaking “international maritime rules” in the strait, a chokepoint for around a third of the world’s sea-borne oil. Mehr’s Farsi-language Twitter page was inaccessible on Saturday, along with those of the official IRNA news agency and the agency of the Young Journalists’ Club.

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Wednesday July 24, big day: Boris becomes British PM and Bob Mueller’s circus comes to town.

Mueller Should Be Arrested For Conspiracy To Overthrow Trump (PCR)

The Mueller report, which had no choice as there was no evidence, but to clear Donald Trump of conspiring with Russian President Putin to steal the last US presidential election from Hillary Clinton, nevertheless managed to keep an aspect of the manufactured hoax known as “Russiagate” alive by indicting some Russian intelligence officers and a Russian Internet clickbait operation for attempting to discredit Hillary with Internet postings. At the time I noticed that Muller’s indictments were based only on his assertion and not on any evidence. As there was no prospect whatsoever of the fake indictments coming to trial, I did not comment on them. I focused instead on Mueller’s statement that Trump might have obstructed justice although he lacked evidence to support the charge.


I noted how corrupt American law has become when it is possible to obstruct justice in the absence of a crime. Democrats and presstitutes were determined to get Trump by any means and remain uninterested in how justice is obstructed when there is no crime. In retrospect, not picking up on Mueller’s indictment-by-hearsay of Russians was a mistake. Not only have the Democrats continued their Russiagate campaign on the basis of the unsubstantiated indictments, but, more importantly, the indictments-by-assertion-alone show Mueller’s total lack of moral character. A prosecutor, indeed a former Director of the FBI, who confuses his unsubstantiated allegation with evidence, is not only a person devoid of any respect for law, but also an extremely dangerous person to have been vetted for the high government positions that he has held.

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Or is that the Liberals?

Are Libertarians the New Neocons? (Daniel McAdams)

There is a disturbing trend in some libertarian circles and among some libertarian organizations to be increasingly enamored with foreign interventionism and US government backed regime change overseas. For those focused on foreign affairs, this is particularly troubling as it is abandoning a key tenet of libertarianism: non-interventionism. Not “your government 6,000 miles away must be changed… but I don’t support the US military doing it.” That is not non-interventionism. Non-interventionism is accepting that others may wish to live in a way you may not approve of. Non-interventionism in your neighbor’s affairs – whether he enjoys reading the Bible or lighting up a marijuana cigarette (or maybe both) – is really the sine qua non of the libertarian mindset: “aint nobody’s business if you do.”

You do not aggress against your neighbor just because you disagree with his life choices that do not infringe on your person or property and you extrapolate that dynamic to where you demand that to the highest extent possible your local, state, and federal governments treat you as you would treat your neighbor. The idea that this critical impulse somehow becomes null and void when it comes to international affairs is truly bizarre. In fact many self-described libertarians full-throatedly cheer when people are in the streets thousands of miles away trying to overthrow their governments. Somehow from this far distant vantage point they are just convinced that the mythical “free state” is about to break out somewhere.

And when someone points out that the semi-hidden hand behind these uprisings is the US government, which seeks to create overseas governments of subservient elites to prop up the (anti-libertarian) US empire, they accuse that person of being an extremist or a conspiracy theorist…or they get really lazy and stupid and just claim you are a “supporter” of the dictator of the day. So, many US libertarians (who knew next to nothing about Venezuela) demanded our support for that great “libertarian” liberator of Venezuela, Juan Guaido, who turned out to be just another crook with zero support from Venezuelans (but a lot of support from the CIA!).

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Dmitry, from a Russian perspective, shining his light on what I’ve repeatedly said: the US makes weapons for profit, Russia makes them to defend itself (from US weapons).

War Profiteers and the Demise of the US Military-Industrial Complex (Orlov)

Within the vast bureaucratic sprawl of the Pentagon there is a group in charge of monitoring the general state of the military-industrial complex and its continued ability to fulfill the requirements of the national defense strategy. Office for acquisition and sustainment and office for industrial policy spends some $100,000 a year producing an Annual Report to Congress. It is available to the general public. It is even available to the general public in Russia, and Russian experts had a really good time poring over it. In fact, it filled them with optimism. You see, Russia wants peace but the US seems to want war and keeps making threatening gestures against a longish list of countries that refuse to do its bidding or simply don’t share its “universal values.”

But now it turns out that threats (and the increasingly toothless economic sanctions) are pretty much all that the US is still capable of dishing out—this in spite of absolutely astronomical levels of defense spending. Let’s see what the US military-industrial complex looks like through a Russian lens. It is important to note that the report’s authors were not aiming to force legislators to finance some specific project. This makes it more valuable than numerous other sources, whose authors’ main objective was to belly up to the federal feeding trough, and which therefore tend to be light on facts and heavy on hype. No doubt, politics still played a part in how various details are portrayed, but there seems to be a limit to the number of problems its authors can airbrush out of the picture and still do a reasonable job in analyzing the situation and in formulating their recommendations.

What knocked Russian analysis over with a feather is the fact that these INDPOL experts (who, like the rest of the US DOD, love acronyms) evaluate the US military-industrial complex from a… market-based perspective! You see, the Russian military-industrial complex is fully owned by the Russian government and works exclusively in its interests; anything else would be considered treason. But the US military-industrial complex is evaluated based on its… profitability! According to INDPOL, it must not only produce products for the military but also acquire market share in the global weapons trade and, perhaps most importantly, maximize profitability for private investors. By this standard, it is doing well: for 2017 the gross margin (EBITDA) for US defense contractors ranged from 15 to 17%, and some subcontractors—Transdigm, for example—managed to deliver no less than 42-45%. “Ah!” cry the Russian experts, “We’ve found the problem! The Americans have legalized war profiteering!”

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“I doubt the former Special Counsel will ever sit in that hot-seat.”

Final Voyage (Kunstler)

[..] the party’s pathetic attempt to revive the walking dead narrative of RussiaGate is not working too well down on Jerold Nadler’s House Judiciary Committee. The chairman apparently discovered that his star witness, Robert Mueller, might have to answer some embarrassing questions about the conduct of his investigation — like, why did it go on for two years when his chief deputy, Mr. Weissmann, was informed from the get-go that the main predicate document was a fraud? So, Mr. Mueller’s turn in the witness chair keeps getting postponed clear into the August recess. I doubt the former Special Counsel will ever sit in that hot-seat. If I was him, I sure wouldn’t do it voluntarily. Oh, did anyone notice the House staged an impeachment vote on Wednesday? It flopped too.


Finally, there is the walking time-bomb known as Jeffrey Epstein, Democratic Party poohbah and impresario of an underage sex racket featuring the “Lolita Express” airplane service to his private “Orgy Island” in the Caribbean, with auxiliary party shacks in New York City and the New Mexico Desert. Rogue reports have been styling Epstein’s doings as an international blackmailing operation associated with the CIA and other Intel outfits, including the UK’s MI6 and Israel’s Mossad, for the purpose of keeping international bigshots on a short leash. Who knows? At the center of it all is former President Bill Clinton, listed twenty-six times on the Lolita Express’s flight manifest — though the ex-Prez said last week in a statement that it was only four times. (Consider the source.) A raft of unsealed documents in the matter has been court-ordered to drop any day, and power-players all over the world — especially in our nation’s capital and on Wall Street — are rumored to be chewing their fingernails down to the nubbins as they wait for it.

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Jun 142019
 


Henri Matisse Woman with a hat 1905

 

US Consults Allies On How To Protect Shipping In Wake Of Tanker Attacks (R.)
Julian Assange Is Not On Trial, British Justice Is (Wight)
The Hitlerization of Jeremy Corbyn – Among Others (Hopkins)
US Retirement Savings Gap Grows By $3 Trillion Each Year (MW)
The Fed Is Pushing On A String
The State of the Canadian Debt Slaves (WS)
Canada Rejects Idea Of Halting Extradition Of Top Huawei Executive To US (R.)
Elizabeth Warren To Propose Cancelling Up To $50,000 In Student Debt (MW)
UK Government Blew Billions on “Help to Buy” Scheme (DQ)
Varoufakis, Kotzias And The Dwindling ‘Progressive Army’ (K.)
School’s Purpose is Indoctrination (Carbone)
Carnival Cruise Ships Pollute 10 Times More Than All Cars in Europe (D.)

 

 

There are Japanese ships in the Persian Gulf literally every moment of every day. But Iran only decides to attack them when the first Japanese PM ever(?!) visits the country. Bolton is dementing.

US Consults Allies On How To Protect Shipping In Wake Of Tanker Attacks (R.)

The United States is discussing with its allies a variety of options on how to protect international shipping in the Gulf of Oman in the wake of tanker attacks that Washington has blamed on Iran, senior Trump administration officials said on Thursday. Two officials, speaking to a small group of reporters on condition of anonymity, said the United States wants to ensure the freedom of navigation in the Strait of Hormuz and make sure international commerce is not disrupted. Two oil tankers were attacked on Thursday and left adrift in the Gulf of Oman. “We don’t think this is over,” one official said of the possibility of more such attacks. The official said options are being reviewed.


“We’re discussing and will be discussing with our partners and allies suggestions on how we collectively can take steps to ensure, one, that we maintain freedom of navigation and international commerce is not disrupted and, second, that we protect our forces’ interests and our commercial assets and those of our partners and allies,” the official said. The official said the attacks appeared “designed to have a political outcome” and suggested it could have been an attempt to disrupt a visit to Tehran by Japanese Prime Minister Shinzo Abe. “We are going to obviously evaluate our presence in the region and the growing threat and make subsequent decisions,” the official said. “We have to look at the threat, as we always do, to our personnel and our forces but the threat to a strategic chokepoint. There’s a significant amount of trade that transits the Strait of Hormuz every day.”

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Another hearing today.

Julian Assange Is Not On Trial, British Justice Is (Wight)

The most honest man in Britain today is Julian Assange, while the most dishonest are those who are engaged in his ongoing persecution. The latest instalment in that persecution is a court hearing in London on June 14, where details of the request for his extradition to the US, it is expected, will be revealed for the first time. The formal request for the extradition of the founder of WikiLeaks was made to the UK by US authorities earlier in the week – and with British Home Secretary Sajid Javid signing the relevant papers sanctioning it, the final decision on whether Julian Assange’s extradition to the US goes ahead now rests with the courts.

[..] In revealing to the world the beast of US hegemony that resides behind the velvet curtains of democracy and human rights, Julian Assange exposed the lie upon which this American Empire (and make no mistake, it is an empire) depends. It depends on it in order to persuade its supposed beneficiaries – i.e. people living in the West – to continue to suspend disbelief as to the reality of a system they’ve been conditioned to believe is rooted in values that emanate from the human heart rather than from the heart of the machine. The end result is that in exposing this lie, Assange and WikiLeaks became a bigger threat to the ability of US hegemony to function normally than a million bayonets. As such, it became imperative that he, as the founder and face of WikiLeaks, be destroyed.

Britain’s role in this process couldn’t be any more sordid or shameful. Its legal system and judiciary has effectively been turned into a subsidiary of its US counterpart; its function not to dispense justice but to deliver a man into the arms of injustice. The fate to befall Assange proves that there’s a world of difference between believing that you live in a free society and behaving as if you do. He is the canary down the coalmine of Western democracy, signalling the warning that its foundations are rotten to the core.

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“..American Hitler (i.e., Donald Trump) will “push back” (i.e., intervene) against British Hitler (i.e., Jeremy Corbyn)..”

The Hitlerization of Jeremy Corbyn – Among Others (Hopkins)

Apparently, American Hitler and his cronies are conspiring with some secret group of “Jewish leaders” to stop British Hitler from becoming prime minister and wiping out all the Jews in Great Britain. Weird, right? But that’s not the weird part, because maybe American Hitler wants to wipe out all the Jews in Great Britain himself, rather than leaving it to British Hitler … Hitlers being notoriously jealous regarding their genocidal accomplishments. No, the weird part is that everyone knows that American Hitler does not make a move without the approval of Russian Hitler, who is also obsessed with wiping out the Jews, and with destroying the fabric of Western democracy. So why would Russian Hitler want to let American Hitler and his goons thwart the ascendancy of British Hitler, who, in addition to wanting to wipe out all the Jews, also wants to destroy democracy by fascistically refunding the NHS, renationalizing the rail system, and so on?

It doesn’t make a whole lot of sense, does it? In any event, here’s the official story. In “a recording leaked to The Washington Post,” and then flogged by the rest of the corporate media, Reichsminister des Auswärtigen, Mike Pompeo, told a group of unnamed “Jewish leaders” that American Hitler (i.e., Donald Trump) will “push back” (i.e., intervene) against British Hitler (i.e., Jeremy Corbyn) to protect the lives of Jews in Great Britain if British Hitler becomes prime minister (and is possibly already doing so now). The identities of these “Jewish leaders” have not been disclosed by the corporate media, presumably in order to protect them from being murdered by Corbyn’s Nazi hit squad.

Whoever they were, they wanted to know whether American Hitler and his fascist cabinet were “willing to work with [them] to take on actions if life becomes very difficult for Jews” after Jeremy Corbyn seizes power, declares himself Führer of Communist Britannia, and orders the immediate invasion of France. To anyone who has been closely following the corporate media’s relentless coverage of Jeremy Corbyn’s Nazi Death Cult (i.e., the UK Labour Party) and the global Anti-Semitism Pandemic, it comes as no real surprise that this group of “Jewish leaders” (whoever they are) would want to stop him from becoming prime minister. I doubt that their motives have much to do with fighting anti-Semitism, or anything else specifically “Jewish,” but … well, I’m kind of old-fashioned that way. I still believe there’s a fundamental difference between “the Jews” and the global capitalist ruling classes.

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Thanks to the Fed.

US Retirement Savings Gap Grows By $3 Trillion Each Year (MW)

Many Americans haven’t saved as much money as they need for retirement — and the gap is expected to widen dramatically in the next 30 years. The retirement savings gap — between what people have and should have — was $28 trillion in the U.S. in 2015, but by 2050, it’s expected to swell to $137 trillion, according to the World Economic Forum, a Cologny-Geneva, Switzerland-based nonprofit that researched international financial affairs. The disparity grows $3 trillion every year in the U.S.

The organization calculated this gap assuming most individuals’ retirement income sources would include a combination of government-provided pensions (such as Social Security), employer pensions in the public or private workforce and individual savings. They also analyzed the level of savings across expectations of income needs and life expectancies, assuming individuals would retire between 60 and 70 years old, for countries including China, Canada, Japan and the United Kingdom. The gap is most pronounced in the U.S., followed by China and Japan tied for $11 trillion in 2015. China is also expected to see a significantly wider discrepancy in 2050, at $119 trillion, followed by India, with an $85 trillion gap. Overall, the eight countries the WEF analyzed will see a $400 trillion disparity.

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Velocity of money and inflation.

The Fed Is Pushing On A String (Roberts)

Historically, the reason the Fed cuts rates, and interest are falling, is because the Fed has acted in response to a crisis, recession, or both. [..] Secondly, after a decade of QE and zero interest rates inflation, outside of asset prices, (as measured by CPI), remains muted at best. The reason that QE does not cause “inflationary” pressures is that it is an “asset swap” and doesn’t affect the money supply or the velocity of money. QE remains confined to the financial markets which lifts asset prices, but it does not impact the broader economy.

Unfortunately, the Fed is still misdiagnosing what ails the economy, and monetary policy is unlikely to change the outcome in the U.S., just as it failed in Japan. The reason is simple. You can’t cure a debt problem with more debt. Therefore, monetary interventions, and government spending, don’t create organic, sustainable, economic growth. Simply pulling forward future consumption through monetary policy continues to leave an ever growing void in the future that must be filled. Eventually, the void will be too great to fill.

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Time to start defaulting?

The State of the Canadian Debt Slaves (WS)

Canadian households are known around the world for their uncanny ability to pile on debt. And American debt slaves, who’d gotten trampled during the Great Recession, turn out to be lackadaisical these days in comparison. The share of disposable income (total incomes from all sources minus taxes) that Canadian households spent on making principal and interest payments on their ballooning mortgage debts and non-mortgage debts reached a new record of 14.9% in the first quarter, despite still ultra-low interest rates and despite the highest disposable income ever, according to data released today by Statistics Canada:

[..] So how do Canadian debt slaves stack up against American debt slaves? Statistics Canada released a report on just this topic at the end of March perhaps because authorities in Canada should get a tad nervous. [..] The annualized data it provided included the household debt-to-disposable income ratios for Canada and for the US through 2018. The ratio shows how large debt is relative to disposable income. For Canada, this ratio was 175% annualized in 2018, one of the highest in the world, and rising. For the US, it was 103%, and declining:

Canada’s household debts have continued to surge since the year 2000 except for a brief dip during the Financial Crisis. But US household debts plunged during years of deleveraging after the Financial Crisis, in part by consumers defaulting on their mortgages and credit cards. Household debts didn’t start growing again until 2013. And it took until 2017 before they surpassed the pre-Financial Crisis peak. But over the decade since the Financial Crisis, the US population has grown, and the number of working people has grown, and the national disposable income has increased, and so the ratio of household debt to disposable income has continued to drop.

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“..could make Canadians around the world less safe..”

Canada Rejects Idea Of Halting Extradition Of Top Huawei Executive To US (R.)

Canadian Foreign Minister Chrystia Freeland on Thursday dismissed a suggestion that Ottawa block the extradition of a top executive from China’s Huawei Technologies Co Ltd to the United States, saying it would set a dangerous precedent. Huawei’s Chief Financial Officer Meng Wanzhou, who was arrested on U.S. fraud charges in Vancouver last December, will challenge Washington’s extradition request at hearings that are set to begin next January. China angrily demanded Canada release Meng and detained two Canadians on spying charges. It has also blocked imports of Canadian canola seed and Prime Minister Justin Trudeau has said he fears further retaliation.


The Globe and Mail newspaper on Thursday said former Canadian Prime Minister Jean Chretien had floated the idea of the government intervening to stop the extradition case and thereby improve ties with Beijing. “When it comes to Ms Meng there has been no political interference … and that is the right way for extradition requests to proceed,” Freeland told a televised news conference in Washington. “It would be a very dangerous precedent indeed for Canada to alter its behavior when it comes to honoring an extradition treaty in response to external pressure,” she added, saying to do so could make Canadians around the world less safe.

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And what about all the others?

Elizabeth Warren To Propose Cancelling Up To $50,000 In Student Debt (MW)

Elizabeth Warren’s proposal to cancel student debt will soon be one step closer to reality — even if she doesn’t become president. The Democratic Senator of Massachusetts plans to introduce legislation in the coming weeks that mirrors her presidential campaign proposal to cancel at least a portion of the student debt held by many of the nation’s 44 million borrowers, her Senate office announced Thursday. Rep. James Clyburn, Democrat of South Carolina and the house majority whip, will introduce companion legislation in the House of Representatives. Warren’s office hasn’t yet released a draft of the legislative text, but the bill is slated to propose cancelling up to $50,000 in student debt for the bulk of student loan borrowers, her office said.


Under the proposal Warren released as part of her presidential campaign in April, borrowers with a household income of less than $100,000 would have $50,000 of their student debt cancelled and borrowers with an income between $100,000 and $250,000 would be eligible for some student debt cancellation — though not the full $50,000. Borrowers earning $250,000 or more would receive no debt cancellation. Her campaign estimated the plan would cost $640 billion, which would be paid through a tax on the ultra-wealthy. The idea of student debt cancellation has been popular in some circles for years, but Warren’s campaign proposal nudged it into the mainstream. Sen. Bernie Sanders, a Vermont independent seeking the Democratic nomination, has vowed to cancel “massive amounts of student debt,” though hasn’t offered specifics.

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All governments blow housing bubbles.

UK Government Blew Billions on “Help to Buy” Scheme (DQ)

Here’s how the scheme works: First-time property buyers get to put down a deposit of as little as 5% on a new-build home worth as much as £600,000 ($761,000) and receive an “equity loan” from the government. The size of the loan varies depending on where borrowers live. In London, where the price of property is an order of magnitude higher than in most other places, buyers can receive as much as 40% of the property price. Across the rest of the country the upper limit is 20%. The rest of the financing is covered by a traditional mortgage. While Help to Buy may have had a limited effect in terms of making housing affordable for first time buyers who are genuinely priced out of the market, it has proven to be effective at sustaining the UK’s all-important housing bubble by jacking up the prices of new-build houses, resulting in even less affordable housing.


Since Help to Buy was first launched in 2013, average UK house prices have increased by 35%, from £167,000 to £226,000, according to the Office for National Statistics. Through the scheme, the government has so far issued around 211,000 loans worth £11.7 billion ($14.8 billion) to home buyers. According to the NAO, this has helped increase sales of new-build properties from 61,357 a year in 2013-14 to 104,245 a year in 2017-18. That, in turn, has helped fuel a spike in profits for the UK’s biggest home builders. The nine largest builders dished out £2.3 billion in dividends in their most recent financial year, 39 times greater than the £53 million they paid out in 2012, a year before the scheme was introduced.

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Greeks have had enough of ‘left’; look what it brought them.

Varoufakis, Kotzias And The Dwindling ‘Progressive Army’ (K.)

Prime Minister Alexis Tsipras has been blindsided and thrown completely off his game plan. His narrative of a “progressive army” and a fresh rally of forces for elections “that will determine the future” is coming under constant attack. The Progressive Alliance was intended to move SYRIZA closer to the center so that it could resonate more strongly with the broader “progressive” section of voters – though what constitutes progressive and conservative in today’s world is a matter of debate – and to more fully acquire the characteristics of one of the two pillars of the two-party system, pushing center-left Movement for Change to the sidelines.

Tsipras’ plan, however, has been scuppered by two developments in the broader area of the Left, which are of significant symbolic importance and may affect the balance of power. What he hopes to achieve in the next few weeks is to convince many of the voters who chose not to vote in the European elections and who are mainly former supporters of SYRIZA to return to the fold and put their weight behind the big battle against the “socially insensitive, neoliberal” Kyriakos Mitsotakis of the opposition New Democracy party. His path in this ambitious plan, however, is littered with obstacles. The first was the surprisingly strong performance of Yanis Varoufakis’ DiEM25 party in the European elections, which shook things up.

There is now a party to the left of SYRIZA that is pro-European and has a leader with what a leftist voter might see as a convincing position. Moreover, he is neither Zoe Constantopoulou nor Panagiotis Lafazanis. He is a TV star who is in a position to boost his popularity thanks to his strong social media presence. It is also quite likely, if not certain, that he will make it into Parliament next month, and not just by scraping by with 3 percent. You can say a lot about Varoufakis, but what is certain is that he represents the thinking of a significant portion of the people who voted for SYRIZA in January 2015. He exercises charm over this portion of voters, and this is something that will be evident at the polls.

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Has been true for a very long time. Still poorly written though.

School’s Purpose is Indoctrination (Carbone)

The near sole purpose of present-day academia is indoctrination. This is a fairly bold thesis, but the evidence is in its favor. The increasingly progressive leftist agenda is sweeping through academia and conservatives are passively watching it happen. The main indoctrination stories you hear are those of radical professors on college campuses, outlandish majors created to forward social justice movements, and, on occasion, a political outburst by a high school teacher. Although these issues need addressing, by far the biggest – and the one that should scare everyone the most – is the silent indoctrination.


Indoctrination is no longer dependent upon the political beliefs of teachers. We are now past that. Course material is blatant political propaganda. Not just the course material for gender studies and similar. The core curricula of grade school through college. Sciences, economics, literature – any core course you can think of is politically influenced. The only course that may still be an exception is mathematics. Unless you account for the left-wing system of common core – which is a complete disaster. If you don’t believe this, sit through a grade school math class or open up your child’s text book. Disaster.

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But who ever measures sulfur oxides?

Carnival Cruise Ships Pollute 10 Times More Than All Cars in Europe (D.)

Commercial cruise lines are some of the world’s worst polluters, and Carnival is near the top of that list according to a study of European cruise line operators. Research found that Carnival alone is responsible for almost 10 times as much sulfur dioxide release as all 260 million of Europe’s cars combined. The study from Transport & Environment says that the 203 cruise ships that operated in European waters in 2017 emitted a combined total of 62 kilotons of sulfur oxides (SOx), which form airborne gases known to cause lung cancer and acid rain. During the same period, Europe’s 260 million known registered vehicles let out just 3.2 kilotons, the study found.

Of these 62 kilotons of SOx, more than half allegedly were the product of the 47 ships operated by Carnival Cruise Lines or its subsidiaries. Of the 20 worst offenders, seven are Carnival properties, which together made up half of the industry’s SOx emissions in Europe. Carnival denied any wrongdoing when asked for comment by Fast Company, pointed the finger at the rest of the maritime transportation industry, and insinuated that the study’s methodology was unscientific. [..] This statement arrived days after Carnival agreed to a $20 million fine and undergo increased scrutiny of its plastic and sewage disposal practices, which included dumping both directly into the ocean in large quantities. Carnival allegedly tried to hide these activities from regulators by falsifying records or pressuring the United States Coast Guard to relax the terms of its environmental compliance agreement.

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