Sep 092021
 


Pablo Picasso Science and Charity 1897

 

RFK, Jr.: ‘Complete Obliteration Of Critical Thinking’ (JTN)
The Lie Of ‘All Unvaccinated’ (Denninger)
Open Letter to the Unvaccinated (Ocla)
Arizona AG: Tuscon Vaccine Mandate Is Illegal (B911)
Biden To Lay Out New Coronavirus Strategy As Delta Variant Cases Rise (JTN)
White House Signals New COVID-19 Measures Coming For Unvaccinated (ET)
Health Authorities Confiscate Alcohol Deliveries To Sydney Tower (Sky)
Melbourne Clinic Offers Ivermectin Despite It Not Being Approved (G.)
“COVID Zero” New Zealand Is Now A Full-Blown Police State (JS)
Children Are Not Covid-19 Super Spreaders: Time To Go Back To School (BMJ)
AFP Fact Check Accidentally Makes The Case For Ivermectin (Twitchy)
The Role Of Iron In The Pathogenesis Of Covid-19 (SD)
Yellen: US On Track To Default On National Debt In October (Hill)

 

 

 

 

 

 

 

 

Kory Fauci AiDS

 

 

“Among 378,048 death certificates from 2020 listing COVID-19 as a cause of death, 5.5% listed COVID-19 without codes for any other conditions .. ”

RFK, Jr.: ‘Complete Obliteration Of Critical Thinking’ (JTN)

Political activist Robert Kennedy Jr. warned that a “society in fear” due to the COVID-19 pandemic could result in the “complete obliteration of critical thinking.” Kennedy, who spoke at the Ron Paul Institute’s conference, noted that only a small fraction of the individuals comprising the CDC’s COVID-19 death total died primarily from COVID-19. “Among 378,048 death certificates from 2020 listing COVID-19 as a cause of death, 5.5% listed COVID-19 without codes for any other conditions,” according to the CDC. “The people who died, 96% of them, had almost 400 reasons that might have killed them,” Kennedy said during a session titled the Pandemic and the Road to Totalitarianism. “You know, the manipulation of the death certificates. The manipulation of the PCR test.

“All of these mechanics appear to be deliberately manipulated to put our population in a state of fear — and what happens when you have a population in fear? The complete obliteration of critical thinking.” Under the program that Congress passed for reimbursement of funeral costs for COVID-19 tests, applicants were allowed to retroactively supplement their relatives’ death certificates with documentation showing COVID-19 was a contributing cause of death if it was not originally listed. “Applicants who incurred COVID-19-related funeral expenses between Jan. 20 and May 16, 2020,” FEMA explained in a June 29 release, “will be able to submit a death certificate that does not attribute the death to COVID-19 along with a signed statement from the certifying official listed on the death certificate, coroner, or medical examiner linking the death to COVID-19. The written statement must show causal pathway, or an explanation, linking the cause of death listed on the death certificate to the virus and should be submitted with the death certificate.”

Kennedy, a lawyer, said there is “no pandemic exemption” in the U.S. Constitution. He pointed out that government officials ordered churches closed across the country but allowed liquor stores to remain open as “essential businesses.” “There’s no protection of liquor stories in the United States Constitution,” he said. “There is protection of churches. They abolished religious exemptions.” Kennedy also mentioned that millions of small businesses were ordered to close during the pandemic without due process in “direct violation of the Constitution.” “They got rid of property rights,” he said.

Canada
https://twitter.com/i/status/1435445919453958154

Read more …

“Don’t throw your life away.”

The Lie Of ‘All Unvaccinated’ (Denninger)

Here’s truth folks…. Remember, you get monoclonal antibodies if infected, symptomatic and at risk of severe outcomes. When I got Covid-19 last month I did not qualify since I was not any of >65 (58 isn’t good enough), fat, diabetic, hypertensive or one of the few other listed “things” that quality you irrespective of age. I did not get vaccinated, I got Covid-19 and recovered, obviously, or I wouldn’t be writing this, and now have very strong natural immunity. At this point I thus have neither any fear of Covid-19 or any reason to be vaccinated.

Got that folks? The 23 people were all promised they would not get sick as the inducement to get vaccinated. All 23 of them were symptomatic and at high risk. Every single one of those people was also exactly as contagious to others as were the 27. 48% of Texas is vaccinated. 46% of these recipients were vaccinated. There is no statistical difference between the percentage of vaccinated people in the State of Texas and the percentage of people receiving monoclonal antibodies for symptomatic and at-risk-of-severe Covid-19 patients among this group of 50 who are vaccinated. It is statistically identical. The debate is over folks. You were conned America.

You were told to roll up your sleeve and take the risk of clotting disorders, heart damage, heart attacks, strokes and other serious, even life-threatening adverse reactions based on the lie that doing so would (1) prevent you from getting Covid, (2) prevent you from infecting others with Covid, and (3) keep you from having a symptomatic and potentially-serious outcome if exposed to Covid. All three were LIES and are being repeated to this day by Biden, Fauci, the CDC and your local and State Health Departments. Any “mandate” predicated on these lies was and is in fact a felony assault with a reasonable expectation of serious bodily harm or death to your person and should have been, and should be today, met with whatever level of force is necessary to cause the person issuing said mandate to STOP on an immediate basis. THE VACCINES DO NOT PREVENT INFECTION, TRANSMISSION OR THE RISK OF SEVERE OUTCOMES. ENOUGH!

PS: Before you do something stupid like get a “booster” answer this — why would you believe the third jab will work when you were told the other two would — and the people doing so lied? When, in addition, there is evidence that the manufacturers knew this would happen and rigged the trials to conceal it? What data do you have (none!) on whether the risk of serious adverse events rises with each successive injection, and why would you be so stupid as to believe a single thing these people say after being screwed by the very same people? I remind you: Never in the past has there been a successful vaccine for coronaviruses. All previous attempts have failed during trials, which took years to discover, either by mutational escape or worse, enhancement in those who got the injection(s). Don’t throw your life away.

Read more …

Good.

Open Letter to the Unvaccinated (Ocla)

You are not alone! As of 28 July 2021, 29% of Canadians have not received a COVID-19 vaccine, and an additional 14% have received one shot. In the US and in the European Union, less than half the population is fully vaccinated, and even in Israel, the “world’s lab” according to Pfizer, one third of people remain completely unvaccinated. Politicians and the media have taken a uniform view, scapegoating the unvaccinated for the troubles that have ensued after eighteen months of fearmongering and lockdowns. It’s time to set the record straight. It is entirely reasonable and legitimate to say ‘no’ to insufficiently tested vaccines for which there is no reliable science. You have a right to assert guardianship of your body and to refuse medical treatments if you see fit. You are right to say ‘no’ to a violation of your dignity, your integrity and your bodily autonomy.

It is your body, and you have the right to choose. You are right to fight for your children against their mass vaccination in school. You are right to question whether free and informed consent is at all possible under present circumstances. Long-term effects are unknown. Transgenerational effects are unknown. Vaccine-induced deregulation of natural immunity is unknown. Potential harm is unknown as the adverse event reporting is delayed, incomplete and inconsistent between jurisdictions. You are being targeted by mainstream media, government social engineering campaigns, unjust rules and policies, collaborating employers, and the social-media mob. You are being told that you are now the problem and that the world cannot get back to normal unless you get vaccinated. You are being viciously scapegoated by propaganda and pressured by others around you. Remember; there is nothing wrong with you.

You are inaccurately accused of being a factory for new SARS-CoV-2 variants, when in fact, according to leading scientists, your natural immune system generates immunity to multiple components of the virus. This will promote your protection against a vast range of viral variants and abrogates further spread to anyone else. You are justified in demanding independent peer-reviewed studies, not funded by multinational pharmaceutical companies. All the peer-reviewed studies of short-term safety and short-term efficacy have been funded, organized, coordinated, and supported by these for-profit corporations; and none of the study data have been made public or available to researchers who don’t work for these companies. You are right to question the preliminary vaccine trial results. The claimed high values of relative efficacy rely on small numbers of tenuously determined “infections.”

The studies were also not blind, where people giving the injections admittedly knew or could deduce whether they were injecting the experimental vaccine or the placebo. This is not acceptable scientific methodology for vaccine trials. You are correct in your calls for a diversity of scientific opinions. Like in nature, we need a polyculture of information and its interpretations. And we don’t have that right now. Choosing not to take the vaccine is holding space for reason, transparency and accountability to emerge. You are right to ask, ‘What comes next when we give away authority over our own bodies?’ Do not be intimidated. You are showing resilience, integrity and grit. You are coming together in your communities, making plans to help one another and standing for scientific accountability and free speech, which are required for society to thrive. We are among many who stand with you.

Read more …

“COVID-19 vaccinations should be a choice, not a government mandate.”

Arizona AG: Tuscon Vaccine Mandate Is Illegal (B911)

The City of Tucson announced Tuesday that it will be putting its COVID-19 vaccine mandate for its employees on pause after the state’s attorney general declared it illegal. Attorney General Mark Brnovich says that his office determined the City of Tucson’s COVID-19 vaccine mandate for public employees does violate state law for purposes of S.B. 1487, and also is in direct conflict with the Governor’s Executive Order 2021-18. Therefore, Tucson must rescind or amend the ordinance to come into compliance with state law, or lose millions of dollars in state funding. “Tucson’s vaccine mandate is illegal, and the city could be held liable for attempting to force employees to take it against their beliefs,” said Attorney General Mark Brnovich. “COVID-19 vaccinations should be a choice, not a government mandate.”

Through a “S.B. 1487” investigation, the AGO determined Tucson’s Ordinance 11869, which mandates COVID-19 vaccines for city employees, violates state law and thus the city cannot require public employees to obtain a COVID-19 vaccine. The legislature’s intent was clear when it passed S.B. 1824 earlier this year – government entities from the local to state level cannot mandate COVID-19 vaccines. This law was further supplemented by the Governor’s Executive Order 2021-18 (E.O. 2021-18) in August 2021.In the AGO’s opinion, Tucson public employees could rely in good faith on E.O. 2021-18 and state law to refuse the city’s COVID-19 vaccine mandate.

Today, the AGO officially notified the City of Tucson that its COVID-19 vaccine ordinance is in violation of state law and must be rescinded or amended. As expressly provided in S.B. 1487, if the City of Tucson does not rescind its policy within the next 30 days, the AGO will notify the Arizona Treasurer, who will withhold the city’s portion of state shared revenue until it comes into compliance. Additionally, the AGO believes the City of Tucson could subject itself to potential liability claims if it were to take adverse action against an employee who relies on E.O. 2021-18 and state law to refuse the vaccine.

Read more …

Oh wait, the vaccines DO work:

“More than 20,000 people have died in the U.S. from the virus in the past two weeks, a figure that is up nearly 70% from the two weeks prior.”

Biden To Lay Out New Coronavirus Strategy As Delta Variant Cases Rise (JTN)

President Joe Biden is expected Thursday to lay out a new, six-point strategy to confront the novel coronavirus, including the highly contagious Delta variant. Biden will meet with his COVID-19 advisers Wednesday. A recent wave of cases, owing largely to Delta, has created a new challenge for the Biden administration as the school year begins anew and hospitals in some areas become overwhelmed. Press Secretary Jen Psaki says the strategy, to be presented aboard Air Force One, will work “across the public and private sectors to help continue to get the pandemic under control.” It is unclear whether the new strategy will include any sort of new mandates.


“We need to continue to take more steps to make sure districts are prepared and make sure communities across the country are prepared,” Psaki said. Last week, the United States hit 40 million recorded COVID-19 cases. More than 20,000 people have died in the U.S. from the virus in the past two weeks, a figure that is up nearly 70% from the two weeks prior. Officials are aiming to begin distributing coronavirus vaccine booster shots the week of Sept. 20, following a Sept. 17 meeting of the Food and Drug Administrtion, during which advisers will consider a possible third Pfizer shot.

Read more …

“..the federal government lacks the authority to mandate vaccines for everyone..”

White House Signals New COVID-19 Measures Coming For Unvaccinated (ET)

Ahead of President Joe Biden’s announcement Thursday about new COVID-19 measures, White House press secretary Jen Psaki said that there may be new measures that will be imposed on unvaccinated people. “There are six steps the president’s announcing, there will be new components,” Psaki told reporters on Wednesday. “Some of that will be related to access to testing, some will be related to mandates, some will be related to how we ensure kids will be protected in schools.” When asked about how the new steps would impact Americans’ lives, Psaki said that “it depends on if you’re vaccinated or not.” Psaki provided few details on what mandates could be imposed on unvaccinated Americans.

On Tuesday, she told reporters on Air Force One that the federal government lacks the authority to mandate vaccines for everyone. “There will be new components that sure, will of course impact people across the country, but we’re also all working together to get the virus under control, to return to our normal lives,” Psaki also said, without elaborating, on Wednesday. Biden, who was scheduled to meet with his COVID-19 advisers on Wednesday, delivered a speech about six months ago saying the United States has “made real progress” against the virus. Since that date, about 142 million Americans have received COVID-19 vaccines and about 950,000 people are getting vaccinated each day, according to data provided by the Centers for Disease Control and Prevention (CDC).

Data released daily by the CDC’s COVID-19 tracker suggests that the United States’ new cases and deaths may have hit a plateau or is on the decline. The seven day-average for cases as of Tuesday was 140,000 and deaths were 1,022, respectively, while as of Sept. 1, the seven-day average for cases was 156,000 and deaths were 1,141, respectively. The president’s speech on Thursday could make reference to a recent announcement from the heads of several federal health agencies that third doses of the Moderna and Pfizer vaccines, or booster shots, would be provided around Sept. 20. However, the Food and Drug Administration has yet to approve the booster doses.

Read more …

“Residents are now allowed to receive a ration of one of the following per day: six beers or pre-mixed drinks, one bottle of wine, or one 375ml bottle of spirits..”

To wash down the horse dewormer.

Health Authorities Confiscate Alcohol Deliveries To Sydney Tower (Sky)

NSW Health has confiscated bottles of spirits and large quantities of alcohol from residents living in a locked-down apartment block in Sydney’s Inner West in an attempt to limit the number of drinks consumed every day. Mission Australia’s Common Ground Facility in Camperdown was placed into lockdown for two weeks on September 2 after four tenants tested positive. Residents are now allowed to receive a ration of one of the following per day: six beers or pre-mixed drinks, one bottle of wine, or one 375ml bottle of spirits, according to NCA NewsWire. Residents of the social housing block are frustrated care parcels sent from friends and families are being searched through. “They are searching all bags and things coming into the building… They confiscated a series of gifts,” Common Ground resident Robin Elhaj told NCA NewsWire.


“So things like bottles of spirits, we weren’t allowed to have those and we still (aren’t).” Excess alcohol is being confiscated until lockdown rules are lifted. NSW Health says the limiting the amount of alcohol consumed aims to “ensure the safety of health staff and residents”. “We know the experience of a lockdown is very challenging for everyone living and working at Common Ground. Mission Australia is fully engaged with tenants and is providing support to them within the parameters of NSW Health and Police guidelines” Mission Australia’s CEO James Toomey said in a statement. “We continue to work alongside NSW Health, NSW Police, DCJ, cleaners and other tenancy support teams and local community organisations to ensure the safety of tenants and staff, and to ensure support and supplies are provided to people living at Common Ground during the lockdown.”

Read more …

Makes you wonder what Aussies treat their horses with.

Melbourne Clinic Offers Ivermectin Despite It Not Being Approved (G.)

A medical clinic in Melbourne’s eastern suburbs has been offering patients off-label prescriptions for the anti-parasite drug ivermectin to treat Covid-19, despite a lack of evidence for its use in treating the virus. The clinic set up a dedicated online page to apply for a consultation to be prescribed the drug to treat Covid-19 on its website after receiving an “influx of ivermectin inquiries”. The clinic says there is no guarantee a prescription for ivermectin will be given, and it will depend on a risk assessment on issues such as location, work, contact with Covid-positive people and medical history. Each consultation costs $85 and does not include a Medicare rebate.

The clinic was listed as a Tier 1 exposure site on Tuesday, after a Covid-positive case attended on 2 September. A caller to ABC Melbourne on Wednesday, who identified themselves as a hospital worker, expressed concern about people taking the drug, stating some had had “negative outcomes” and had to be admitted to hospital. Ivermectin is only approved for use in Australia for medical issues such as river blindness, scabies and roundworm infections. Medical practitioners can legally prescribe the medication off-label, but the Therapeutic Goods Administration has advised against using the drug to treat Covid-19 outside of clinical trial settings.

The National Covid-19 Clinical Evidence Taskforce, which examines studies of the drug around the world, said in late August that “there remains significant uncertainty whether ivermectin is more effective and safer than standard care in treating patients with Covid-19”. The clinic is one of several believed to be prescribing ivermectin off-label to treat Covid-19 in Australia, however, sympathetic GPs usually do not promote offering the service, instead their details tend to be shared among private groups on Facebook and Telegram.

The Royal Australian College of General Practitioners president, Dr Karen Price, said while RACGP did not consider its role to be looking over the shoulders of every GP, she advised ivermectin had not received regulatory approval in Australia for use as an anti-viral treatment. “In fact, the advice from the health experts is 100% clear – do not use ivermectin for the treatment of Covid-19,” she said. “The status of other drugs, such as sotrovimab, is very different. That is an example of a new drug for the treatment of Covid-19 that has passed through the rigorous testing safety procedures of the Therapeutic Goods Administration.

Oz doctors

Read more …

Good luck.

“COVID Zero” New Zealand Is Now A Full-Blown Police State (JS)

New Zealand, the last of the dedicated “COVID Zero” nations on earth, has completed its transformation into a full-blown tyrannical regime, and shockingly, it has come with the consent of the vast majority of Kiwis. Once hailed as the media and “public health experts’” favorite COVID-19 managerial “success story,” the puff pieces have been increasingly hard to find, as Wellington has spawned a dystopian concoction of insane, despotic government edicts, claimed as an absolutely necessary part of their everlasting fight against a disease with a 99.8% recovery rate. Just observe what has happened in the Five Eyes partner nation during this week alone:

1) Virtually the entire country is once again under an indefinite lockdown, after a few COVID-19 cases were reported throughout the nation. A single case necessitates a “snap lockdown,” in which all rights of millions of citizens are immediately restricted and indefinitely subject to the containment of a seasonal respiratory disease. The current lockdown has been extended over Auckland until at least mid September, with many predicting a much lengthier sentence. According to past precedent, Kiwis will not receive their freedom back until — this is the truly insane part of Zero COVID — there is zero community spread of COVID-19. And the second another case pops up on the radar, the entire country goes back to square one of the Zero COVID protocol.

2) A man is being shamed by his countrymen for having the audacity to “escape” from a government-sanctioned COVID internment camp. The camps have been described in a more positive, but false light by the press and government officials as “quarantine hotels,” but it is most certainly an internment facility, as leaving is not allowed, and it carries a fine and lengthy prison sentence. The Hill reported: “The person was charged with failing to comply with New Zealand’s coronavirus health order. Under a new law passed last year, he could face a fine or up to six months in jail if convicted.”

3) The country’s police and military services are installing security checkpoints throughout New Zealand in an effort to make sure citizens are not traveling during the lockdown. Freely traveling during the lockdown now carries a massive fine and/or prison sentence as punishment. New Zealand is now the only country in the world left that is dedicated to COVID Zero, the pursuit of the total elimination of a virus from their nation, which has been under a government-sanctioned self-siege since the beginning of 2020. All of the other nations that attempted to pursue the pseudoscience behind COVID Zero have failed in catastrophic fashion. New Zealand has transformed from a highly-touted COVID “success story” to a full-fledged house of horrors, and sadly, there is no end in sight to the ongoing madness.

Read more …

From 2020.

Children Are Not Covid-19 Super Spreaders: Time To Go Back To School (BMJ)

[..] most public health interventions have assumed children with comorbidities such as primary or secondary immune dysfunction or respiratory/cardiac illness to be at increased risk, and in the UK this has led to advice for these children to shield completely, as for adults known to be at risk. Many paediatric specialists are concerned that a blanket assumption that immune-suppressed children of any kind are all at increased risk will cause considerable long-term educational and social harm to these children. At the current time, children do not appear to be super spreaders. Sero-surveillance data will not be available to confirm or refute these findings prior to the urgent policy decisions that need to be taken in the next few weeks such as how and when to re-open schools. Policies for non-pharmacological interventions involving children are going to have to be made on a risk–benefit basis with current evidence available.


Governments worldwide should allow all children back to school regardless of comorbidities. Detailed surveillance will be needed to confirm the safety of this approach, despite recent analysis demonstrating the ineffectiveness of school closures in the recent past. The media highlight of a possible rare new Kawasaki-like vasculitis that may or may not be due to SARS-CoV2 does not change the fact that severe COVID-19 is as rare as many other serious infection syndromes in children that do not cause schools to be closed. Individualised risk assessment and decision-making by clinicians should occur for those considered at exceptional risk (such as in immediately after bone marrow transplant) or where there are other older family members at significant risk.

Read more …

“I think we’re in a situation where we can afford to give them this treatment”

AFP Fact Check Accidentally Makes The Case For Ivermectin (Twitchy)

There are claims circulating on social media that Japan approved ivermectin for use in treating COVID-19 but, as this fact check from the AFP makes clear, that’s just not true. What the fact check does say, however, is that Haruo Ozaki, chairman of the Tokyo Medical Association did, explain why a doctor might prescribe ivermectin to treat COVID-19: “Social media posts suggest that Japan’s government recommends using antiparasitic drug ivermectin to treat Covid-19, citing remarks by the chairman of the Tokyo Medical Association. This is misleading; while he cautiously supported the treatment, the association does not represent the country’s government, which has not endorsed ivermectin for that use.” Ozaki went on to say that since we’re in a crisis, “I think we’re in a situation where we can afford to give them this treatment”:

In the video included in the tweet, Ozaki compares the number of Covid-19 cases and mortality rate in African countries that distributed ivermectin once a year for its anti-parasitic properties to those that did not. “I believe the difference is clear. Of course, one cannot conclude that ivermectin is effective on the basis of these figures, but when we have all these elements, we cannot say that ivermectin is absolutely not effective, at least not me,” he says. “We can do other studies to confirm its efficacy, but we are in a crisis situation. With regards to the use of ivermectin, it is obviously necessary to obtain the informed consent of the patients, and I think we’re in a situation where we can afford to give them this treatment,” Ozaki adds.

The fact check also noted that clinical trials of the drug are ongoing: “Clinical trials are ongoing around the world to find out its potential effects on Covid-19 patients, but a recent spike in ivermectin prescriptions prompted the US Centers for Diseases Control and Prevention (CDC) to release a statement warning of the potential harmful effects of the drug if misused.” So, not a “horse dewormer,” CNN?

Read more …

Key supplements that may chelate iron from the body include:
Turmeric.
Quercetin.
Resveratrol.
Green Tea.
Milk Thistle (potentially)*

The Role Of Iron In The Pathogenesis Of Covid-19 (SD)

Iron overload is increasingly implicated as a contributor to the pathogenesis of COVID-19. Indeed, several of the manifestations of COVID-19, such as inflammation, hypercoagulation, hyperferritinemia, and immune dysfunction are also reminiscent of iron overload. Although iron is essential for all living cells, free unbound iron, resulting from iron dysregulation and overload, is very reactive and potentially toxic due to its role in the generation of reactive oxygen species (ROS). ROS react with and damage cellular lipids, nucleic acids, and proteins, with consequent activation of either acute or chronic inflammatory processes implicated in multiple clinical conditions. Moreover, iron-catalyzed lipid damage exerts a direct causative effect on the newly discovered nonapoptotic cell death known as ferroptosis.


Unlike apoptosis, ferroptosis is immunogenic and not only leads to amplified cell death but also promotes a series of reactions associated with inflammation. Iron chelators are generally safe and are proven to protect patients in clinical conditions characterized by iron overload. There is also an abundance of evidence that iron chelators possess antiviral activities. Furthermore, the naturally occurring iron chelator lactoferrin (Lf) exerts immunomodulatory as well as anti-inflammatory effects and can bind to several receptors used by coronaviruses thereby blocking their entry into host cells. Iron chelators may consequently be of high therapeutic value during the present COVID-19 pandemic.

Read more …

Autumn ritual.

Yellen: US On Track To Default On National Debt In October (Hill)

Treasury Secretary Janet Yellen on Wednesday warned congressional leaders that the U.S. is on track to default on the national debt in October if the White House and Congress are unable to raise the debt limit. In a Wednesday letter, Yellen said that the Treasury Department would likely run out of cash and exhaust “extraordinary” measures to keep the federal government within its legal borrowing limit at some point next month. “Once all available measures and cash on hand are fully exhausted, the United States of America would be unable to meet its obligations for the first time in our history,” Yellen said.

“Given this uncertainty, the Treasury Department is not able to provide a specific estimate of how long the extraordinary measures will last. However, based on our best and most recent information, the most likely outcome is that cash and extraordinary measures will be exhausted during the month of October,” she continued. Yellen wrote the letter to Speaker Nancy Pelosi (D-Calif.), House Minority Leader Kevin McCarthy (R-Calif.), Senate Majority Leader Charles Schumer (D-N.Y.) and Senate Minority Leader Mitch McConnell (R-Ky.). The Treasury Department has taken so-called extraordinary measures to prevent the U.S. from defaulting on the national debt since the federal debt limit was reimposed on Aug. 1. If the Treasury Department runs out of ways to stave off a default without borrowing more money, the inability of the U.S. to pay its debts could send debilitating shockwaves through the financial system.

Yellen urged lawmakers for months to raise the debt limit before it was reimposed in August, warning that a delay could “cause irreparable damage to the U.S. economy and global financial markets.” She has since pleaded with Congress to give Treasury the ability to pay debts already approved by previous presidents and congressional majorities. “Waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States,” Yellen wrote.

Read more …

 

 

 

 

 

Street art.

 

 

 

 

US before high fructose syrup

NY1960s

 

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

 

Aug 052021
 


Jacques-Louis David Erasistratus Discovering the Cause of Antiochus’ Disease 1774

 

A Conversation with Dr. Fauci on the Antiviral Program for Pandemics (CSIS)
Pfizer Covid-19 Vaccine Linked To Rare Cases Of Eye Inflammation (JPost)
Israel’s Covid Cabinet Contemplating Lockdown In 2 Weeks (JPost)
Chinese Cities Enter Lockdown As Delta Variant Spreads (LS)
Biden Admin To Require All Foreign Travelers To US Be Vaccinated (JTN)
Boston Mayor Bashes NYC For Vaccine Mandate, Compares It To Slavery (JTN)
Biden Admin To Make Vaccination Mandatory For All Active Duty Soldiers (PM)
LA City Council To Consider Requiring Vaccinations To Enter Indoor Spaces (Kusi)
Biden’s ‘Independence From The Virus’: ‘Mission Accomplished’? (JTN)
China’s “Social Credit” System Has Arrived In America (Black)
Biden Pushes China-Style ‘Social Credit’ System (Ron Paul)

 

 

 

 

Joy Reid Cult

 

 

 

 

Think he was talking to someone he knows and let his guard down. Strange things come out.

A Conversation with Dr. Fauci on the Antiviral Program for Pandemics (CSIS)

[..] the approach that we are taking right now is really what we call a two-tiered approach, two fundamental pillars. And the fundamental pillars address what you had alluded to in that the drugs that are already out there, the molnupiravir, the protease inhibitor, the Atea-Roche product, and even others that have not gotten as much visibility but are still somewhere along the early pipeline. That falls into what we are referring to as the developmental pillar of the APP, which is the Antiviral Pandemic Preparedness Program. Those drugs have already gotten a head start with the companies that were involved – you know, Merck and Pfizer and Roche-Atea, and others. We will partner with those pharmaceutical companies to further the advanced development of those products, number one; number two, to be available for other companies, biotech as well as pharma, who might have similar products.

But the one part of the two-pillared approach that I think looks in the long term as part of – and I want to take the opportunity, Steve, to mention this – that this is all part of a comprehensive pandemic preparedness plan that is associated with an even broader and larger pandemic preparedness plan for vaccines, which I know we’ll get a chance to talk about at another time in another setting, namely the prototype pathogen approach for the development of vaccines rapidly against any pathogen of any family. That program, together with this antiviral program, together with an extension of the diagnostics program, is part of the broader comprehensive plan to prepare for pandemics. Just wanted to mention that it isn’t in a vacuum with antivirals.

But let’s get back to the antivirals. You know, because we’ve spoken about this over the years multiple times, Steve, of the extraordinary and, in fact, spectacular success of the targeted antiviral program that we have had with HIV, which we’ll get a chance to talk about a little bit later. But that same approach of developing molecules right from the beginning by using the replication cycle of, in this case, the SARS coronavirus to identify vulnerable targets, that program we’re putting FOAs out right now – funding opportunity announcements – to get people stimulated and interested in doing that from the ground-up development of molecules together and simultaneously with the developmental component of this two-pillared process. So we’re very excited about it.

And I think that we are going to get both, as you said, early wins easy on. Hopefully, one of the candidates that you mentioned will turn out to be as good if not better than the monoclonal antibodies in remdesivir, which are the two approaches that we have right now. And then, hopefully, as we go on into 2022, when we’ll start putting out some money for the discovery component of this two-pillared process, we’re going to start seeing some long-term action and results.

Read more …

Add up all the “rare” and what have you got?

Pfizer Covid-19 Vaccine Linked To Rare Cases Of Eye Inflammation (JPost)

The Pfizer coronavirus vaccine may be linked to a form of eye inflammation called uveitis, according to a multicenter Israeli study led by Prof. Zohar Habot-Wilner from Tel Aviv’s Sourasky Medical Center. The research was conducted at Rambam Health Care Campus, Galilee Medical Center, Shaare Zedek Medical Center, Sheba Medical Center in Tel Hashomer, Kaplan Medical Center and Sourasky. It was accepted for publication by the peer-reviewed ophthalmology journal Retina. Habot-Wilner, head of the Uveitis Service at the hospital, found that 21 people (23 eyes) who had received two shots of the Pfizer vaccine developed uveitis within one to 14 days after receiving their first shot or within one day to one month after the second.

Twenty-one people developed anterior uveitis, and two developed Multiple Evanescent White Dot Syndrome (MEWDS). “All the patients in the study met the World Health Organization and Naranjo criteria linking the onset of uveitis to the vaccination,” Habot-Wilner said. “This time frame is consistent with other reports of uveitis following various vaccines.” She said that any patients that had other systemic diseases that could have been related to uveitis were under control before vaccination. In addition, none of the patients had any changes in their systemic treatments for at least six months before getting the shots. Eight of the patients had a prior history of uveitis, but no less than one to 15 years prior.

Specifically, most cases were mild – only three were severe – and all anterior uveitis cases were able to be treated by topical corticosteroids and eye drops for pupil dilation. MEWDS cases, as accepted, were not addressed. “Only one case worsened after receiving the second dose,” according to Habot-Wilner, but she said that with appropriate treatment the disease also resolved for that individual.

Read more …

Clairvoyant.

Israel’s Covid Cabinet Contemplating Lockdown In 2 Weeks (JPost)

he possibility of imposing a lockdown in two weeks’ time was discussed in Israel’s corona cabinet, Channel 13 reported on Wednesday evening. Construction and Housing Minister Ze’ev Elkin is reportedly in favor of the move, as infection models have predicted a lockdown will be necessary in any case by September. It is also reported that officials in the Health Ministry are supportive of a lockdown, in order to motivate Israelis who have not yet received a third vaccine dose to get the jab. Health Minister Nitzan Horowitz stated earlier on Wednesday that a lockdown is “a last resort” and described a fourth lockdown as a “dramatic move with dire consequences.”

Read more …

How often do the WH and Beijing talk about lockdowns?

Chinese Cities Enter Lockdown As Delta Variant Spreads (LS)

Amid China’s worst COVID-19 outbreak since the early days of the pandemic, officials have locked down several cities, ordering residents to stay in their homes until they can be tested or vaccinated, according to news reports. After subduing the initial coronavirus outbreak in Wuhan last year, China maintained strict border controls, as well as quarantining and physical distancing measures to squash new outbreaks before they could spread, The Associated Press (AP) reported. But now, the country is contending with a large outbreak linked to an international airport in Nanjing, located in the eastern province of Jiangsu.

On July 20, nine airport workers tested positive for COVID-19, and in the following two weeks, 360 new domestic cases cropped up across China, Agence France-Presse (AFP) reported. Upon detecting the cases in airport workers, the government immediately launched a testing campaign to screen the 9.2 million residents of Nanjing and instituted strict lockdowns in parts of the city, according to BBC News. However, new COVID-19 cases soon popped up in other provinces; as of now (Aug. 4), the outbreak has reached at least 17 provinces, the AP reported. After analyzing virus samples gathered from infected people, authorities reported that the outbreak is being driven by the highly transmissible delta variant, The Guardian reported.

In the city of Zhuzhou, located in central Hunan province, 1.2 million residents were ordered to remain in their homes starting Monday (Aug. 2) so that a mass testing and vaccination campaign could be organized, according to AFP. Similarly, Zhangjiajie, located in northwest Hunan, locked down residential communities over the weekend, the AP reported. As of Aug. 3, China reported that 1.71 billion vaccine doses have been distributed to its 1.4 billion residents, but it’s unclear exactly how many people are now fully vaccinated, according to the AP. Earlier reports suggest that at least 40% of the population has received two shots; that said, Chinese companies have not shared any real-world data about how their vaccines hold up against the delta variant, the AP noted.

Cases of infection in the country’s capital, Beijing, and the Sichuan, Liaoning and Jiangsu provinces have been traced back to Zhangjiajie through extensive contact tracing, according to The Global Times; and this entire chain of transmission seems to stem from the outbreak at Nanjing Lukou International Airport.

Read more …

Except at the southern border.

Biden Admin To Require All Foreign Travelers To US Be Vaccinated (JTN)

The Biden administration is planning to require almost all foreign travelers to the U.S. to receive the COVID-19 vaccine, a White House official reported said on Wednesday. The official, who spoke to the Associated Press on the condition of anonymity, said the requirement would be part of the administration’s easing up on travel restrictions for foreign citizens entering the United States. A timeline has not been determined yet, as working groups within federal agencies are studying how to best resume normal travel. But all foreign travelers, with a few exceptions, will be expected to have received the COVID-19 vaccine to enter the country, according to the AP.


Currently, travel restrictions are still in place, as any residents from outside the U.S. who have visited Brazil, Ireland, the United Kingdom, India, South Africa, China, and the European Schengen area in two weeks prior to traveling to the United States are prevented from entering, the AP reported. All air travelers to the U.S. must provide proof of a negative COVID-19 test taken within the prior three days, regardless of vaccination status, to enter the country.

Read more …

“Here we want to make sure that we are not doing anything that would further create a barrier..”

Boston Mayor Bashes NYC For Vaccine Mandate, Compares It To Slavery (JTN)

Acting Mayor of Boston Kim Janey compared New York City’s COVID-19 vaccination mandate to slavery, the Jim Crow era, and “birtherism,” but noted that she wants people to get the vaccine. Janey responded to New York City Mayor Bill de Blasio’s vaccine mandate for indoor venues, restaurants, and gyms, WCVB reported. “We want to make sure that we are giving every opportunity for folks to get vaccinated. When it comes to what businesses may choose to do, we know that those types of things are difficult to enforce when it comes to vaccine,” she told WCVB.

“There’s a long history in this country of people needing to show their papers,” Janey continued. “During slavery, post-slavery, as recent as you know what immigrant population has to go through here. We heard Trump with the birth certificate nonsense. Here we want to make sure that we are not doing anything that would further create a barrier for residents of Boston or disproportionally impact BIPOC [black, indigenous and people of color] communities.” She added: “Instead, you want to lean in heavily with partnering with community organizations, making sure that everyone has access to the lifesaving vaccine. As it relates to people who want to encourage their workforce to get vaccinated. We certainly support that.”

Janey, the first woman and first African American to serve as Boston’s mayor, received criticism from other mayoral candidates, who she is running against for a full term. “When we are combating a deadly virus & vaccine hesitancy, this kind of rhetoric is dangerous. Showing proof of vaccination is not slavery or birtherism. We are too close to give ground to COVID. Science is science. It’s pretty simple – Vax up and mask up,” City Councilor Andrea Campbell tweeted.

Read more …

Easy pickings.

Biden Admin To Make Vaccination Mandatory For All Active Duty Soldiers (PM)

US Defense Secretary Lloyd Austin is likely to make COVID-19 vaccines mandatory for all active-duty troops this week. This comes after President Joe Biden asked the military to examine how and when to make that happen on July 29. The Pentagon decision on how to proceed could come this week, said several officials. The Pentagon said troops could be among the first to receive mandatory vaccines before upcoming deployments, according to CNN. They previously said they would like to wait for FDA approval despite Biden’s push for greater vaccination levels that could lead to them requesting a presidential waiver. Pending a presidential waiver, troops could receive the vaccine before full approval by the Food and Drug Administration.


A Justice Department memo dated July 6 said that, “because DOD has informed us that it understandably does not want to convey inaccurate or confusing information to service members —that is, telling them that they have the ‘option’ to refuse the COVID-19 vaccine if they effectively lack such an option because of a military order — DOD should seek a presidential waiver before it imposes a vaccination requirement.” Austin consulted with military medical authorities, said a defense official, who added he “[seeks] authorization to make it mandatory.” The decision comes after the Centers for Disease Control and Prevention (CDC) reported a 64 percent spike in COVID-19 cases nationwide over the past week, reported Fox News. Austin said “we won’t let grass grow under our feet. The President directed us to do something and we’ll get after it.”

Read more …

They, too, have been propagandized for 20 months.

LA City Council To Consider Requiring Vaccinations To Enter Indoor Spaces (Kusi)

Proof of at least partial vaccination against COVID-19 would be required to enter public indoor spaces in the city of Los Angeles, including restaurants, bars, gyms, concert venues, movie theaters and even “retail establishments,” under a proposal introduced Wednesday by City Council President Nury Martinez. “Enough is enough already,” said Martinez, who co-introduced the motion with Councilman Mitch O’Farrell. “Hospital workers are exhausted, moms who have put aside their careers are tired, and our kids cannot afford the loss of another school year. We have three vaccines that work and are readily available, so what’s it going to take?”

The proposal is similar to a policy announced this week in New York City, but it would be more restrictive with the inclusion of retail establishments, potentially limiting access to some basic necessities. The New York policy restricts access only to more entertainment-oriented venues such as indoor restaurants, fitness centers and theaters. According to O’Farrell’s office, the exact businesses that would fall under the restrictions would be determined during the drafting of the ordinance by city attorneys. No determination has yet been made on whether such retail restrictions would extend to grocery stores. The motion, if passed by the City Council, would instruct the city attorney to prepare an ordinance requiring “eligible individuals” to have received at least one dose of the vaccine before entering indoor spaces in the city.

The motion would also instruct the Community Investment for Families Department to report immediately on how to expand the Vax UP L.A. campaign and what resources are needed for a citywide outreach and education program in an effort to expand vaccine coverage. If the motion is approved, the Chief Legislative Analyst would work with other city departments to create an implementation strategy for the requirement and the city attorney would report to council with a course of action for ensuring compliance. “Hard-working Angelenos, their customers and the general public deserve to be safe in public spaces,” O’Farrell said. “The vaccines are our most effective form of protection, and the time to act is now.”

Read more …

“It was a long winter, but the clouds have broken,” declared Jill Biden in Philadelphia on the 4th of July.”

Biden’s ‘Independence From The Virus’: ‘Mission Accomplished’? (JTN)

Little over a month ago, President Joe Biden was looking forward to an American celebration of the 4th of July with “independence from the virus” and, beyond, a “summer of joy and freedom.” No sooner had the administration begun taking bows for having effectively vaccinated its way to the end of the COVID-19 pandemic than reports began multiplying of surging case numbers of the Delta variant. Suddenly, mission accomplished became the mission continues for the Biden administration. “President Biden absolutely declared a victory too soon,” former Baltimore public health commissioner Dr. Leana Wen told Yahoo News recently.

Will the media and political elite hold Biden accountable for a premature end zone dance the way their predecessors a generation ago relentlessly needled President George W. Bush for celebrating “Mission Accomplished” in the Iraq War on the deck of the USS Abraham Lincoln in May 2003? Or are the renewed COVID-related challenges mere speed bumps on Biden’s road to decisive ultimate victory over the mutating virus? “America is starting to look like American again,” read a White House fact sheet released in mid-June. Despite falling just shy of its goal to get 70% of adults at least partly vaccinated by Independence Day, the president maintained a sunny outlook as thousands of guests gathered on the South Lawn to celebrate the nation’s birthday.

“It was a long winter, but the clouds have broken,” declared Jill Biden in Philadelphia on the 4th of July. “We’re not at the finish let yet, but summer has never felt more full of possibility. And doesn’t the air smell so much sweeter without our masks?” A few short weeks later, the clouds are massing again. Just as the reality of the Iraq War set in after Bush’s famous speech, the new normal of the Delta variant is beginning to take shape in Biden’s America, and rules that were established just weeks ago are already obsolete.

Breakthrough cases of the coronavirus variant are surging — though among the vaccinated those numbers comprise mostly asymptomatic cases and cases with very mild symptoms. Hospitalization and fatality numbers are mere handfuls on the thousand compared to what last spring and summer brought. But mask mandates are also back (for vaxxed and unvaxxed alike) in so-called “substantial” risk COVID-19 spots. The president has made vaccines — or, failing that, regular testing — mandatory for all federal employees and contractors, and NIH Director Francis Collins is urging private sector employers to follow suit.

Read more …

Oh yes.

China’s “Social Credit” System Has Arrived In America (Black)

If you protest lockdowns, you are an extremist putting lives in danger. If you burn down police stations and flip cars in the name of social justice, you are a mostly peaceful protester. And these days, anything from the “Ok” hand gesture to cheese is considered racist. PayPal is not going to keep this research to itself. It intends to be the tip of the social justice warrior’s spear: “The intelligence gathered through this research initiative will be shared broadly across the financial industry and with policymakers and law enforcement.” So the Big Banks will be able to use this same intelligence to blacklist “extremists” peddling “hate speech.” Just last month Wells Fargo closed the accounts of two different conservative activists, without explanation. In 2019, JP Morgan Chase did the same thing.

And the CEO of the alternative social media website Gab had four banks in four weeks ban the company’s account, allegedly because the platform harbors “extremist content.” All of this looks eerily like a back door for a Chinese-style ‘social credit system’ in the United States. Vaccine passports are an obvious example. If certain people have their way, the unvaccinated will be unable to board an airplane and banned from restaurants. Some people even say the unvaccinated should lose their health insurance for making an unpopular personal health decision. During the pandemic, governments across the world set up reporting systems to rat out your neighbors for having family over for the holidays. Bad Citizen! Vermont’s governor even asked students to snitch on their own parents who might have invited extended family over for Thanksgiving 2020.

And now the US government is leading the charge— with the help of the Big Tech companies, of course— by providing new, easy ways to report your ‘radical’ friends and family to the government. What exactly constitutes radical? Anything they don’t want you to do, or believe. This is the problem when just a handful of powerful centralized institutions controlling society. And it is the reason a solid Plan B gives you options to ensure that you’re not entirely reliant on one country’s government, one country’s banking system, or one country’s public health policies. I’m actually an optimist, and I have strong hope that humanity will overcome authoritarianism, as it always has before. But hope is not a course of action. Optimism is not a viable strategy. To truly become more secure from threats like America’s version of the Chinese social credit system, it’s important to give deliberate consideration to Plan B options that will put you in a position of strength.

Read more …

How many Americans would recognize it for what it is? How many Europeans?

Biden Pushes China-Style ‘Social Credit’ System (Ron Paul)

In televised remarks yesterday, President Biden urged private businesses and universities to institute a China-style “social credit” system whereby some individuals are denied basic rights and privileges if they hold “wrong” views on matters such as health and medicine. How far will this go? Also today, NIH Director urges parents to wear masks in front of their children…in the home! And, major European newspaper editor apologized to readers over his publications of hysterical Covid coverage.

Read more …

 

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, you are now not just a reader, but an integral part of the process that builds this site. Thank you for your support.

 

 

 

 

Gym Bro

 

 

Feynman.

 

 

A single drop of sea water under a microscope

 

 

Support the Automatic Earth in virustime. Click at the top of the sidebars to donate with Paypal and Patreon.

 

Jul 192016
 


Russell Lee Tracy, California. Gasoline filling station 1942

Republican Platform Calls For Return Of Glass-Steagall (MW)
Calpers Targets 7.5% Investment Return, Earns Just 0.6% In Latest FY (BBG)
Oil Prices Fall On Oversupply Concerns Despite Output Cuts (R.)
Alberta Is In The Midst Of Its Worst Recession On Record (BBG)
China’s Local Debt Problem Goes Global (BBG)
Middle-Income Families In UK Resemble The Poor Of Years Past (G.)
Brexit Could Cut London House Prices By 30-50%: SocGen (G.)
New Zealand to Rein in Housing Boom (BBG)
‘NZ First-Home Buyers Should Benefit From Central Bank Proposal’ (Stuff)
Greek Pensioners Protest Cuts At Top Constitutional Court (Kath.)
There Will Be No Second American Revolution (Whitehead)
Britain’s Part In Torture And Rendition Is Still Kept Hidden (Conv.)
Hans-Hermann Hoppe: “Put Your Hope In Radical Decentralization” (Mises Inst.)

 

 

“Opponents of the return of Glass-Steagall were swift to react. “Glass-Steagall is dumb politics and dumb economics…”

Republican Platform Calls For Return Of Glass-Steagall (MW)

Republicans and Democrats are both bending over backwards to show that they are not beholden to Wall Street. The Republican Party platform, released late Monday, calls for the return of Glass-Steagall restrictions on banks. Paul Manafort, campaign manager for presumptive GOP nominee Donald Trump, told reporters earlier Monday the language would be included. “We believe that the Obama-Clinton years have passed legislation that has been favorable to the big banks, which is one of the reasons why you see all the Wall Street money going to [Hillary Clinton],” Manafort said.

Glass-Steagall was a Depression-era measure restricting commercial banks from the investment-banking business. The measure was repealed in 1999. Some critics contend that loosening of the banking rules played a role in the subsequent financial crisis. Manafort’s comments suggest Republicans hope to use the issue against Clinton, the presumptive Democratic nominee. The measure was a major point of contention between Bernie Sanders and Clinton in the Democratic primary. The Democratic platform also includes language calling for a modern version of Glass-Steagall. Party platforms have no teeth. But having Glass-Steagall in both platforms suggests Congress will likely consider the issue next year.

Opponents of the return of Glass-Steagall were swift to react. “Glass-Steagall is dumb politics and dumb economics … returning to Glass-Steagall would be destructive and unworkable,” said Tony Fratto, managing partner in Washington at Hamilton Place Strategies, a lobbying firm that represents large banks. Brian Gardner, an analyst at Keefe, Bruyette & Woods, said the market may be underestimating the likelihood of a forced breakup of big banks. “There is an unappreciated risk that Glass-Steagall might be reimposed in 2017 or 2018, especially if Congress seriously looks at changes to the Dodd-Frank Act. We think this is the case regardless of who wins the presidential election,” he said in a note to clients.

Read more …

And Calpers is not some outlier.

Calpers Targets 7.5% Investment Return, Earns Just 0.6% In Latest FY (BBG)

The California Public Employees’ Retirement System, the largest U.S. public pension fund, earned a return of 0.6% on its investments last fiscal year, trailing its long-term target as holdings in stocks and forestland lost money. The pension’s public equity portfolio lost 3.4% in the year through June 30 and forestland assets declined 9.6%, Chief Investment Officer Ted Eliopoulos said Monday. Fixed-income holdings rose 9.3% and infrastructure investments gained 9%. “The longer-term returns of the fund – the three-, five-, 10-, 15- and 20-year total returns of the fund – are now below the assumed rate of 7.5% for the fund,” Eliopoulos said. “That’s a significant policy issue for us.”

The system must average at least 7.5% a year to match its assumed rate of return or turn to taxpayers to make up the difference. Calpers’s annualized returns were 6.9% for the last three years, 5.1% for the last 10 years and 7% over 20 years, according to a presentation to the board. It is among U.S. pensions under pressure to boost investment returns as funding shortfalls increase amid an aging population and low interest rates. In fiscal 2015, Calpers earned 2.4%. The pension lost a quarter of its value in 2009. Two years later, it earned a record 20.7% only to see the gain drop to 1% one year later. Since the recession, the fund has sought to better gauge its risks from market volatility.

Read more …

One day even Reuters will have to admit that demand is way down…

Oil Prices Fall On Oversupply Concerns Despite Output Cuts (R.)

Oil prices eased on Tuesday as concerns over a crude and refined fuel glut outweighed an expected cut in U.S. shale production and a probable further draw in U.S. crude inventories. Crude prices fell more than 1% in the previous session after worries about potential supply disruptions stemming from an attempted coup in Turkey proved unfounded. “Prices are a bit softer in the Asian trading period – traders and investors are torn which way prices are going to break. It’s a knife edge between optimism and pessimism,” said Ben Le Brun, market analyst at Sydney’s OptionsExpress. The market is waiting for U.S. crude stocks data on Tuesday and Wednesday to help give direction to prices, he said.

Brent crude slipped 11 cents to $46.85 a barrel as of 0657 GMT after finishing the previous session down 65 cents, or 1.4%. U.S. crude, known as West Texas Intermediate (WTI), fell 11 cents to $45.13 a barrel after settling 71 cents, or about 1.6%, lower in the previous session. Fuel inventories in the United States, Europe and Asia are brimming despite this being the peak summer driving season, leading traders to store diesel on tankers at sea amid wilting demand growth. With landed oil product storage nearly full as well, there is little support for any sustained recovery in crude prices even as output tapers. U.S. shale oil production is expected to fall in August for a tenth straight month, by 99,000 barrels per day (bpd) to 4.55 million bpd, according to a U.S. drilling productivity report on Monday.

Read more …

And here’s the result of the demand collapse:

Alberta Is In The Midst Of Its Worst Recession On Record (BBG)

Alberta, the home of Canada’s oil sands, is going through its worst downturn in activity on record as a prolonged period of low oil prices and the wildfires earlier this year buffet the provincial economy. According to Toronto-Dominion Bank’s economics team, the cumulative annual%age contraction in real output projected for 2015 to 2016 exceeds even the financial crisis, as well as the last supply-side driven crash in oil prices in the mid-1980s, in magnitude. While the recent episode seems poised to be the worst single recession on record, the two recessions in the 1980s mean that stretch is still likely to be regarded as the most challeng≠ing period in the post-war period in Alberta, says a TD team led by Deputy Chief Economist Derek Burelton.

However, TD s team notes that labor market indicators point to a more mild downturn. Periods of boom followed by bust are no strangers to an econ≠omy that is tied to the vagaries of the global oil market, write the economists. The current recession is expected to yield a cumulative annual decline in real GDP of around 6.5%, which is more than twice that of the average of past downturns. While economic activity appeared to be picking up earlier this year, the wildfires that wreaked havoc in the region and disrupted oil operations threw a wrench in the province s nascent comeback story. The economists note that the softness in the Canadian dollar and low interest rates helped Alberta s economy escape an even worse fate.

Read more …

Buying into the last stages of a bubble.

China’s Local Debt Problem Goes Global (BBG)

A very local problem in China is being exported at an alarming rate.Debt from special-purpose vehicles linked to municipal and provincial governments — leverage that central authorities are trying (unsuccessfully) to extinguish — is becoming more common in overseas markets. What’s worse, lately it’s been the weakest cities and provinces panhandling to international investors.Since June, as many as six local government financing vehicles have sold dollar bonds, bringing the total issued by such entities to at least $4 billion this year, just shy of the record $4.1 billion logged in all of 2015. Three offerings were scored below investment grade by Fitch, whereas prior to 2016, only one junk security of its kind had surfaced internationally.

Investors should ask why these localities are going abroad when all their revenue is onshore. Could it be that they’re having a harder time raising funds domestically?That wasn’t always the case.After a 1994 law banned regional authorities from issuing bonds directly, LGFVs were set up in their thousands in China to fund infrastructure projects like roads and bridges. Beijing lost track of how big the liabilities were and deployed about 50,000 auditors across the country in 2014. That crackdown culminated in authorities’ decision last year to open the municipal debt spigots and use funds raised that way to repay local governments’ off-balance-sheet debt. As a result, provincial and municipal governments issued an unprecedented 3.8 trillion yuan ($567 billion) directly last year, and may sell as much as 5 trillion yuan this year.

Read more …

In case people still don’t get where Brexit came from.

Middle-Income Families In UK Resemble The Poor Of Years Past (G.)

Plunging levels of homeownership and an increased reliance on state benefits to top up salaries have meant that Britain’s middle-income families increasingly look like the poor households of the past, according to one of the UK’s leading thinktanks. A report from the Institute for Fiscal Studies showed that the old link between worklessness and child poverty had been broken, with record levels of employment leading to a drop in the number of poor children living in homes where no adult works. However, the study found that by 2014-15, two-thirds of children classified as living below the poverty line had at least one parent who was working. If Theresa May wanted to take forward David Cameron’s “life chances” strategy, the IFS said, the prime minister needed to focus on lifting the incomes of working households.

“In key respects, middle-income families with children now more closely resemble poor families than in the past,” the IFS said. “Half are now renters rather than owner-occupiers and, while poorer families have become less reliant on benefits as employment has risen, middle-income households with children now get 30% of their income from benefits and tax credits, up from 22% 20 years ago.” The report divided the population into five groups according to income and found that for the middle 20% of children, half were living in an owner-occupied house, down from 69% two decades ago. It also found that mothers’ earnings were increasingly important for households with children. More than 25% of the incomes of middle-income households came from mothers in 2014-15, up from less than 20% in 1996, while this figure doubled from 7% to 15% for the poorest group over the 20-year period.

Read more …

“We see a classic housing bubble in London and Brexit as the trigger for the correction..”

Brexit Could Cut London House Prices By 30-50%: SocGen (G.)

London property prices could fall by more than 30% in the wake of Britain’s vote to leave the EU and may halve in the most expensive parts of the city, according to analysts at the French bank Société Générale. Brexit may be the trigger to end London’s seven-year house-price boom as companies move employees out of the UK, forcing sales of high-end properties, the company’s real estate analyst Marc Mozzi said in a note to clients. Commercial property has been at the centre of post-Brexit fears as investors have tried to get their money out of property funds, but residential real estate could be hit harder, Société Générale said. “While in recent stress tests the major UK banks were assessed with declines of about 30% in commercial real estate prices, we fear that London residential could experience an even more severe downturn,” it said.

Prices are already falling on properties previously valued at £1m or more, and may have further to go, particularly in the priciest parts of town. London’s highly paid investment bankers and hedge fund managers congregate in boroughs such as Hammersmith and Fulham as well as Kensington and Westminster. Société Générale added: “We see a classic housing bubble in London and Brexit as the trigger for the correction … Given the current ratio of prices to incomes in London, a price correction of even 40-50% in the most expensive London boroughs does not seem impossible.” London property prices have more than doubled since they began to recover from the financial crisis in 2009. Last month, the average London house price was £472,000 – 12 times average London earnings compared with a long-term average of six times, Société Générale said.

Read more …

Too late. Way.

New Zealand to Rein in Housing Boom (BBG)

New Zealand’s central bank is moving to quell the country’s housing boom by restricting the amount of money property investors can borrow, paving the way for another cut in interest rates. The Reserve Bank will require investors across New Zealand to have a deposit of at least 40%, it said in a statement Tuesday in Wellington. The new rule, which tightens an existing requirement that investors in Auckland have at least a 30% deposit, will be introduced Sept. 1, the RBNZ said. New Zealand’s dollar fell as markets bet Governor Graeme Wheeler will now be free to respond to persistently weak inflation by cutting the official cash rate to a record-low 2% on Aug. 11.

He has been reticent to lower borrowing costs for fear of stoking housing demand. The proposed new lending rules remove the distinction between Auckland and the rest of the country, Wheeler said in the statement. Since November, the RBNZ has required most investors buying Auckland properties to have a 30% deposit, but that has prompted many to look at opportunities in other centers. In the North Island city of Hamilton, house prices rocketed 29% in the year through June. [..] “A sharp correction in house prices is a key risk to the financial system, and there are clear signs that this risk is increasing across the country,” Wheeler said. “A severe fall in house prices could have major implications for the functioning of the banking system and cause long-lasting damage to households and the broader economy.”

Read more …

New Zealand politics as a whole built this bubble. And now comes the time to blame each other for it. It will take a long time for the country to live this down.

‘NZ First-Home Buyers Should Benefit From Central Bank Proposal’ (Stuff)

The Reserve Bank made the “right decision” to impose new lending rules on property investors, says Prime Minister John Key. Proposed restrictions announced on Tuesday would require banks to lend only a small fraction of their loans to investors with less than a 40% deposit. Key said “in theory” the restrictions would help first-home buyers get into the market by making it more difficult and “less economic” for investors to buy a property. “What the Reserve Bank’s trying to do here is not be forced to increase interest rates, while at the same time trying to take a little bit of steam out of the housing market,” he said. “It’s got a fine line to walk here and I think it’s walking it about right.”

The Labour Party accused National of being “stuck in denial mode” over the housing crisis, but Key said it was up to everyone – central government, the Reserve Bank and councils – to stem the rate of increase in house prices. Key said the new rules would not lead to a drop in house values. “I don’t think anyone’s really arguing that house prices should dramatically fall, other than probably (economist) Arthur Grimes and Don Brash, and that’s not a view supported by the Government.” Labour and the Greens both supported the bank’s proposal. Labour’s finance spokesperson Grant Robertson said it was “the right thing to do” as nearly half of property purchases in Auckland were made by speculators and there were signs of house price increases spreading to other regions.

However, Robertson said the bank was openly calling on the Government to “step up and fix the crisis”. “Labour’s plan to fix the housing crisis includes banning offshore speculators from buying residential properties, an extension of the bright line test to five years and consulting on ending the practice of negative gearing,” he said. “It is clear that the only way to bring stability to the housing market and give first home buyers a fair go is to change the government.” [..] NZ First leader Winston Peters did not think the lending rules would have much of an effect on the housing market. “Given the way house financing is constructed from offshore, foreign investors will carry on as usual whilst New Zealand investors will simply have to stump up a greater deposit. “Accordingly, for a short time longer the house price bubble will just get greater before the inevitable crash.”

Read more …

Futile. The EU has willed it. But devastating too.

Greek Pensioners Protest Cuts At Top Constitutional Court (Kath.)

The new law on social security brings fresh cuts to new pensions that could reach up to €722 per month, generating more concern among citizens who are close to retirement. The law introduced by Labor Minister Giorgos Katrougalos provides for adjustments to pensions that have not yet been issued of between €11.38 and €722.09, prompting a group known as the Single Network of Pensions to oppose it at the Council of State, the country’s top constitutional court. The pensioners argue that the law introduces cuts that violate the constitution.

Read more …

Redefining ‘police state’.

There Will Be No Second American Revolution (Whitehead)

America is a ticking time bomb. All that remains to be seen is who – or what – will set fire to the fuse. We are poised at what seems to be the pinnacle of a manufactured breakdown, with police shooting unarmed citizens, snipers shooting police, global and domestic violence rising, and a political showdown between two presidential candidates equally matched in unpopularity. The preparations for the Republican and Democratic national conventions taking place in Cleveland and Philadelphia—augmented by a $50 million federal security grant for each city—provide a foretaste of how the government plans to deal with any individual or group that steps out of line: they will be censored, silenced, spied on, caged, intimidated, interrogated, investigated, recorded, tracked, labeled, held at gunpoint, detained, restrained, arrested, tried and found guilty.

For instance, anticipating civil unrest and mass demonstrations in connection with the Republican Party convention, Cleveland officials set up makeshift prisons, extra courtrooms to handle protesters, and shut down a local university in order to house 1,700 riot police and their weapons. The city’s courts are preparing to process up to 1,000 people a day. Additionally, the FBI has also been conducting “interviews” with activists in advance of the conventions to discourage them from engaging in protests. Make no mistake, the government is ready for a civil uprising. Indeed, the government has been preparing for this moment for years. A 2008 Army War College report revealed that “widespread civil violence inside the United States would force the defense establishment to reorient priorities in extremis to defend basic domestic order and human security.”

The 44-page report goes on to warn that potential causes for such civil unrest could include another terrorist attack, “unforeseen economic collapse, loss of functioning political and legal order, purposeful domestic resistance or insurgency, pervasive public health emergencies, and catastrophic natural and human disasters.” Subsequent reports by the Department of Homeland Security to identify, monitor and label right-wing and left-wing activists and military veterans as extremists (a.k.a. terrorists) have manifested into full-fledged pre-crime surveillance programs. Almost a decade later, after locking down the nation and spending billions to fight terrorism, the DHS has concluded that the greater threat is not ISIS but domestic right-wing extremism.

Meanwhile, the government has been amassing an arsenal of military weapons for use domestically and equipping and training their “troops” for war. Even government agencies with largely administrative functions such as the Food and Drug Administration, Department of Veterans Affairs, and the Smithsonian have been acquiring body armor, riot helmets and shields, cannon launchers and police firearms and ammunition.

Read more …

Are there perhaps more important discussions to be had than who’s to blame for Brexit?

Britain’s Part In Torture And Rendition Is Still Kept Hidden (Conv.)

Even as the Chilcot Report lays bare the sad story of the UK’s decision to join in the 2003 invasion of Iraq, a veil is still drawn over another dark aspect of Britain’s partnership with George W Bush’s administration. For years now, the British state has barely acknowledged its alleged deep involvement in the abuse of terror suspects, and there has been very little in the way of justice for the victims of torture and “rendition” – the practice of abducting suspects without due legal process and transferring them to other countries or territories for interrogation. Nonetheless, my colleague Ruth Blakeley and I have found that this involvement was direct, deep and longstanding. Moreover, most official channels have been closed to keep the extent of the UK’s co-operation from coming to light.

An aborted judge-led inquiry into British involvement in prisoner mistreatment uncovered more than 200 separate allegations of abuse, at least 40 of which were significant enough to warrant detailed investigation. Some of these cases have led to civil action against the British government in the UK courts, others have led to police investigations and criminal inquiry. In response, however, the government has maintained its innocence in every individual case while simultaneously working to block the release of relevant information. There have been attempts to withhold publication of key documents in open court, such as those which demonstrate that British intelligence knew about the torture of prisoners by the CIA before participating directly in their interrogation.

Where British courts have refused to accept government attempts to hold hearings in camera, the government has offered substantial payouts without any admission of liability. Indeed, the 2013 Justice and Security Act, which introduced so-called “closed material procedures” into the main civil courts, gave the state the legal ability to keep details of British involvement in torture out of the public record.

Read more …

One of my ‘pet’ themes. Not sure Hoppe understands this is an economic phenomenon, in that centralization depends one-on-one on a growing economy. He seems to think it’s political.

Hans-Hermann Hoppe: “Put Your Hope In Radical Decentralization” (Mises Inst.)

Can one say, then, that the politicians running the EU are even worse than the politicians running national affairs? No, and yes. On the one hand, all democratic politicians, with almost no exception, are morally uninhibited demagogues. One of my German books is titled The Competition of Crooks, which captures what democracy and democratic party politics are really all about. There is in this regard little if any difference between the political elites of Berlin, Paris, Rome, etc., and those running the show in Brussels. In fact, the EU elites are typically political has-beens, with the same mentality as their domestic counterparts, on the lookout for the super-lavish salaries, benefits, and pensions doled out by the EU. On the other hand, the EU elites are worse than their political cronies at home, of course, in that their decisions and rulings always affect a far larger number of people.

What do you predict, then, will be the future of the EU? The EU and the ECB are a moral and economic monstrosity, in violation of natural law and the laws of economics. You cannot continuously punish productivity and success and reward idleness and failure without bringing about the disaster. The EU will slide from one economic crisis to the next and ultimately break apart. The Brexit, that we have just experienced, is only the first step in this inevitable process of devolution and political decentralization.

Is there anything that an ordinary citizen can do in this situation? For one, instead of swallowing the high-sounding blabber of politicians about “freedom,” “prosperity,” “social justice,” etc., people must learn to recognize the EU for what it really is: a gang of power-lusty crooks empowering and enriching themselves at other, productive people’s expense. And secondly, people must develop a clear vision of the alternative to the present morass: not a European Super-State or even a federation of nation States, but the vision of a Europe made up of thousands of Liechtensteins and Swiss cantons, united through free trade, and in competition with one another in the attempt of offering the most attractive conditions for productive people to stay or move.

Can you give a comparative assessment of the USA and the situation in Europe? The difference between the situation in the US and Western Europe is much smaller than is generally surmised on either side of the Atlantic. For one, the developments in Europe since the end of World War II have been closely watched, steered and manipulated, whether through threats or bribes, by the political elites in Washington DC. In fact, Europe has essentially become a dependency, a satellite or vassal of the US. This is indicated on the one hand by the fact that US troops are stationed all across Europe, by now all the way right up to the Russian border. And on the other hand, this is indicated by the steady pilgrimage, performed more regularly and dutifully than any Muslim’s pilgrimage to Mecca, of the European political elites and their intellectual bodyguards to Washington DC, in order to receive their masters’ blessings.

Especially the German political elite, whose guilt complex has meanwhile assumed the status of some sort of mental illness, stands out in this regard by its cowardice, submissiveness, and servility. As for US domestic affairs, both Europeans and Americans have it typically wrong. Europeans still frequently view the US as the “land of the free,” of rugged individualism, and of unhampered capitalism. Whereas Americans, insofar as they know or claim to know anything about the world outside the US at all, frequently view Europe as a place of unhinged socialism and collectivism, entirely alien to their own “American way.” In fact, there exists no principal difference between the so-called “democratic capitalism” of the US and Europe’s “democratic socialism.”

Read more …