Sep 292021
 
 September 29, 2021  Posted by at 8:20 am Finance Tagged with: , , , , , , ,  80 Responses »


Salvador Dali Galatea of the Spheres 1952

 

The Purges Have Begun (Tucker)
Clinical Outcomes of Over-the-Counter COVID-19 Prophylaxis and Treatment (Sage)
A New Covid Variant (B.1.1.523) Capable Of Escaping Immune Protections (Bose)
Guam’s Vaccination Success Story Turns Grim With Covid Surge (G.)
Victoria Australia: 95% of Those Hospitalized are Vaccinated (CTH)
How Close Is A Coronavirus Vaccine? (FT)
Network Of Right-wing Health Care Providers Makes Millions Off HCQ, IVM (IC)
United Airlines To Lay Off 600 Workers Who Refused To Get Vaccinated (Hill)
Liberal COVID Discourse is Devoid of Science (Greenwald)
Pandemic A Unique Opportunity To Test Propaganda On Canadians (NP)
British Gov’t Trying to Bypass Parliament to Implement Vaccine Passports (SN)
You Can’t Be Fat And Fit (DM)
Florida AG Files Lawsuit Against Biden Admin for Not Protecting Border (TC)

 

 

 

 

 

 

Leadership

 

 

“My wife is a triple board certified doctor in the Bronx. She worked at the hospital that had the highest Covid death rate in all of NYC. She went down hard w/Covid in April 2020 and missed two months of work. She recovered and went back. For 15 years she served the poor – underprivileged patients on welfare in the Bronx – none of them had private insurance. She resigned on Friday and I could not be more proud of her.”

The Purges Have Begun (Tucker)

The biggest impact will most immediately be felt in the state of New York. The governor – a new person named Kathleen Courtney Hochul to replace the previous bad guy – is all behind the Biden order. In particular, she is imposing this on health-care workers. As many as 70,000 people will lose their jobs as health-care workers even as hospitals are complaining about staffing shortages. She has issued an executive order that contemplates forcing people who are enlisted in the National Guard to be deployed as scabs to replace the people who will be fired from their jobs. It’s hard to imagine how all of this will work. It comes very close to being a form of conscription in the health sector, replacing a voluntary system with a compulsory system. It’s not going to work out well for the patient.

The most shocking aspect of this is that it targets the very workers who put themselves on the line in the early days of the panic. The world cheered in the spring of 2020. New Yorkers stood outside their windows and sang songs as the staffing shifts took place. They banged pans in appreciation. Here were all kinds of nurses, technicians, and doctors who put themselves in harm’s way at a time when people were unsure of the risk profile of the disease itself. And they gained natural immunity through exposure. They know what that means because they are all trained in virology. They know that nothing beats acquired immunity via exposure. Especially with a coronavirus with a changing profile, a vaccine cannot compare. That is precisely what 100% of the studies have shown since that time. And yet here we have governments imposing the shot on people who took the risk, gained the immunities, and now refuse to take another and potentially more deadly risk from the vaccine that operates not like vaccines of old.

A correspondent writes as follows: “My wife is a triple board certified doctor in the Bronx. She worked at the hospital that had the highest Covid death rate in all of NYC. She went down hard w/Covid in April 2020 and missed two months of work. She recovered and went back. For 15 years she served the poor – underprivileged patients on welfare in the Bronx – none of them had private insurance. She resigned on Friday and I could not be more proud of her. She is not bowing to this tyranny. She tested her antibodies several times and they remain high. Please keep up this fight. Many many nurses took the vax against their will because they could not afford to miss a paycheck. These mandates must fail.”

[..] This is no longer about scientific confusion. This is starting to look like an old-fashioned political purge, whether justified by fake science or theology. It is happening at many levels of society. In Massachusetts, dozens of state troopers are resigning. Health care workers in North Carolina are resigning. It’s happening in Nebraska, California, and many other areas of the country, and hospitals and many other industries are worried. Even Navy Seals are being told that they won’t be deployed if they don’t get the jab. It is not lost on the Biden administration – this tactic seems to have been hatched in the summer – that this is harming their political enemies, not exclusively but predominantly. Apparently, no one really cares.

In academia, the problems are heating up. Todd Zywicki of George Mason University School of Law sued over the mandate – he proved that he had natural immunity – and won an individual concession from the school but the policy remained unchanged. He is just one person but there are thousands of others, most of whom are quiet about their plight. They don’t have lawyers. They are considering just giving in. They wonder what the point of resistance really is.

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Good. Simple. Read.

Clinical Outcomes of Over-the-Counter COVID-19 Prophylaxis and Treatment (Sage)

There is a pressing need for formulations and methods for COVID-19 alleviation that can be easily accessed and utilized by the public. That the alleviation should encompass prophylaxis and early-stage treatment is underscored by studies confirming spread of COVID-19 by asymptomatic/pre-symptomatic carriers; by widespread upsurges of new confirmed COVID-19 cases amid second-wave concerns; and by identification of ongoing mutations of the COVID-19-causing SARS-CoV-2 coronavirus with diverse infectivity rates. We present a 20-week study of our clinical experience with a multi-component over-the-counter (OTC) “core formulation” regimen used in a multiply exposed, high risk population.


The OTC core supplementation formulations used include zinc and zinc ionophores; vitamins C, D3 and E; and l-lysine. Analysis of clinical outcome data from our sample of 113 subjects – comprised of roughly equal sized regimen-compliant (test) and non-compliant (control) groups meeting equivalent inclusion criteria of age and overall health, including prevalence of COVID-19 comorbidities – demonstrates a strong statistical significance in favor of use of the core formulations. The statistical analysis exhibits significance even with an assumption of a sub-15%, even as low as a sub-5%, post-exposure symptom-presentation rate.

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“..many variants have been detected that are more infectious and virulent than the original strain first reported in Wuhan..”

Really?

A New Covid Variant (B.1.1.523) Capable Of Escaping Immune Protections (Bose)

A new study published on bioRxiv* preprint server describes a new variant that possesses a novel combination of various concerning mutations at the spike region. These mutations have been reported to be shared among VoCs. The researchers of this study also revealed that the prevalence of this new variant has already been reported in many countries across the world. Scientists defined the pangolin lineage of this variant to be B.1.1.523 and it was originally recognized as a variant under monitoring on July 14, 2021. According to GISAID, a total of 533 cases of B.1.1.523 have been reported as of August 19, 2021. A number of cases of this variant have been reported in Russia and Germany. The prevalence of this variant has also been reported in the U.S. and Australia.

According to sequence-based surveillance data, the first cases concerning this variant were reported in February 2021. The frequency of this variant increased in May 2021 and its prevalence decreased by June 2021. Scientists have observed that this variant does not infect any specific age group. In the current study. The researchers explain that it has not been easy to identify the origin of this variant by knowing the pangolin lineage and some spike mutations. Using the genomic sequences, they constructed a phylogenetic tree which revealed that all the cases were similar, as they were in the same branch. This result indicated that the origin of this virus was likely in Russia and the first strain was reported in Moscow.

Two of the main reasons why scientists are concerned about this variant are the three amino acid deletions in the NTD antigenic supersite and the presence of the E484K mutation of the spike protein. The E484K mutation is also present in B.1.351 and P.1 variants, both of which are strongly associated with the reduced efficacy of vaccines. Researchers conducted multiple sequence alignment (MSA) with the amino acid sequence of VoC and the original SARS-CoV-2 strain. They found that three VoCs (Alpha, Beta, and Delta) have deletions in one of the regions of the NTD antigenic supersite. The deletion of B.1.1.523 was found to be similar to B.1.617.2 and also comprises the E484K mutation that is present in many VOC. The results of this study are in line with previous studies that reported the effect of spike mutations on the efficacy of monoclonal antibodies and convalescent plasma treatment.

The authors of this study have reported that the B.1.1.523 variant harbors a new combination of concerning spike mutations that are present in many currently circulating VoCs. Many of these mutations are concerning and are associated with the evasion of immune protection. This is critical, as these developments could challenge the effectiveness of available vaccines. More research is required to determine the transmissibility of this variant, which would assist in the development of preventive strategies to stop the further spread of this strain.

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Not one single word to suggest maybe the vaccines are the culprit. Not one. Blinders all around.

Guam’s Vaccination Success Story Turns Grim With Covid Surge (G.)

Outside Guam Memorial hospital, blue medical tents have sprung up to accomodate an overflow of Covid patients. The sight is bewildering for Guam residents. The island ran an incredibly successful vaccination campaign, with almost 90% of eligible people having received two doses, and even began offering jabs to tourists in an “Air VnV” – vacation and vaccination – scheme. But the tents have been installed to accommodate an overflow of Covid patients at the hospital as the territory grapples with a third wave of the virus, with daily deaths reaching the highest rates since March 2020. “We just have no space – we have Covid patients waiting outside,” Pauline Perez, a nurse at the hospital, said in a government-released video that appeals to the remaining vaccine stragglers to get their shots.

“We use the blue med tents for Covid-19 patients who are stable. They need to be checked up by doctors but they don’t need treatment.” Even before the onset of the pandemic, Guam’s healthcare system was fragile, but the surge in Covid cases triggered by the Delta variant has pushed it to the verge of collapsing. Last week, the government hospital paused its services for all elective surgeries in order to realign its limited resources. Guam has been seeing close to 300 cases some days in the last few weeks, reversing months of steady decline. It has recorded 14,705 cases – nine percent of Guam’s population of 160,000 – and 195 deaths. Covid test results in the past two months have shown an alarming rate of breakthrough cases of people who had been vaccinated, including 554 of the 1,765 positive cases in August.

Overall, breakthrough cases represent 31% of infections – the highest rate in the US, where most states have less than 1%. Breakthrough patients in Guam account for about 40% of hospital admissions. The Covid surge is perplexing for a territory with a vaccination rate close to 90%, ranking sixth in the US. To date, a total of 118,756 people – or 87.13% – of Guam’s eligible population (residents 12 years and older) are fully vaccinated. That includes 10,318 residents aged 12 to 17. The high rate of breakthrough cases has led to fear in the community. “One of my officemates received her results of swab test and she turned out positive,” said Dori Leomo, a resident of Tamuning. “I cried after I heard the news. It’s my first time to feel anxiety. The following day, all of us at work went to get our swab tests. Thank God I tested negative.”

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“The vaccine could be making people suffer more severe outcomes.”

Victoria Australia: 95% of Those Hospitalized are Vaccinated (CTH)

Pay close attention to what Victoria, Australia, Health Minister Martin Foley says at the 2:45 minute mark of his comments. Health Minister Foley announced 867 new COVID cases recorded yesterday. During the statistical outline Foley identifies 375 people as hospitalized, 81 people in intensive care and 61 people on a ventilator. Then comes the statistic everyone in government and media ignore. Amid the recorded cases “78% of the hospital cases are fully vaccinated, and 17% are partially vaccinated (1 dose)”…. That means 95% of the COVID patients in Victoria hospitals are vaccinated. 356 people out of 375 patients are vaccinated, yet 81 people are still in intensive care with 61 on a ventilator.

What good are the vaccinations if 78% of those occupying the hospital are fully vaccinated? Keep in mind, this tracks with what we have been saying about sample populations around the world in general. The percentage of people sick and hospitalized is directly equivalent to the percentage of people vaccinated in the population. If 50% of the population is vaccinated, 50% of the hospitalized patients will be vaccinated. The vaccine makes no difference. Victoria is reflecting this same issue, perhaps worse. 78% of the hospital patients are fully vaccinated, that’s actually a higher percentage than the population vaccinated as a whole. Meaning vaccinated people are arriving at the hospital in greater percentage than they represent in the population. The vaccine could be making people suffer more severe outcomes.

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Don’t think the FT realized how hilarious their headline is. You mean we have no vaccine? Don’t tell the FDA!

At least the article is free. Someone was wondering if there’s a link between vaccine test sites and outbreaks on that map.

How Close Is A Coronavirus Vaccine? (FT)

All the possible inoculations broadly follow the same logic. They deliver a protein into the body that imitates or contains a part of the coronavirus called the spike, and triggers the immune system to produce antibodies and virus-fighting cells to fend off the infection. There are dozens of possible ways to transmit immunising proteins into the body, and researchers around the world are trying different approaches. Three of the Chinese phase 3 candidates use an inactivated virus as their vector. In other words, Sars-Cov-2, which has been killed by heat or chemicals. In theory, it will elicit the correct immune response but without any of the severe health impacts of the live virus.

AstraZeneca, J&J, China’s CanSino and Russia’s Gamaleya Research Institute all use an adenovirus — a common virus that causes coughs and fever — that acts like a cloaked horseman, carrying the immunising protein into battle. Moderna and Pfizer/BioNTech are both developing RNA-based vaccines, which use specific parts of the Sars-Cov-2 virus’ genetic code to trigger the immune response. All of the phase 3 vaccine trials are what is called “event-based”, meaning the trial only ends when a certain number of people across the vaccinated group and the control group — which receives a placebo — have contracted the virus and shown symptoms. Moderna, for example, has set the number of these “positive events” at 151. It also means that the more prevalent the disease is in the population at the time of trial, the quicker it is to gather results.

[..] Given the growing chorus of experts warning it is likely the vaccine will confer only temporary immunity, the capacity to “boost” the immune response at a later date with another shot is important. “The assumption at the moment is that we’ll be shooting to get to a year’s immunity,” said Kate Bingham, chair of the UK government’s Vaccine Taskforce. Seven of the vaccine candidates in phase 3 are designed to be taken in two doses, to increase the chance they will trigger an effective immune response. Only J&J and CanSino are trialing single dose shots. “Even if you have a vaccine with a second dose, you may need to boost every year,” Ms Bingham said.

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The Intercept does Horse Paste 2.0. They should be sued out of existence. This is vile.

Network Of Right-wing Health Care Providers Makes Millions Off HCQ, IVM (IC)

A network of health care providers pocketed millions of dollars selling hydroxychloroquine, ivermectin, and online consultations, according to hacked data provided to The Intercept. The data show that vast sums of money are being extracted from people concerned about or suffering from Covid-19 but resistant to vaccinations or other recommendations of public health authorities. America’s Frontline Doctors, a right-wing group founded last year to promote pro-Trump doctors during the coronavirus pandemic, is working in tandem with a small network of health care companies to sow distrust in the Covid-19 vaccine, dupe tens of thousands of people into seeking ineffective treatments for the disease, and then sell consultations and millions of dollars’ worth of those medications. The data indicate patients spent at least $15 million — and potentially much more — on consultations and medications combined.

The Intercept has obtained hundreds of thousands of records from two companies, CadenceHealth.us and Ravkoo, revealing just how the lucrative operation works. America’s Frontline Doctors, or AFLDS, has been spreading highly politicized misinformation about Covid-19 since the summer of 2020 and refers its many followers to its telemedicine partner SpeakWithAnMD.com, which uses Cadence Health as a platform. People who sign up then pay $90 for a phone consultation with “AFLDS-trained physicians” who prescribe treatments such as hydroxychloroquine and ivermectin to prevent and treat Covid-19. The drugs are delivered by Ravkoo, a service that works with local pharmacies to ship drugs to patients’ doors. Of course, that’s if patients ever get the consultation; many customers told Time they never received the call after paying.

The data from the Cadence Health and Ravkoo sites was provided to The Intercept by an anonymous hacker who said the sites were “hilariously easy” to hack, despite promises of patient privacy. It was corroborated by comparing it to publicly available information. The Intercept is not publishing any individual patient data and has taken steps to secure the data. After The Intercept reached out, Cadence Health’s Roque Espinal-Valdez said he shut the platform down, not wanting any part in profiting off of Covid-19 “quackery.” America’s Frontline Doctors, which debuted in the summer of 2020, has close ties to a network of right-wing efforts to undermine public health during the pandemic, including the Tea Party Patriots. AFLDS’s founder, physician Simone Gold, was arrested and charged after the deadly attack on the U.S. Capitol on January 6.

She and other doctors have appeared in widely shared videos arguing that the drugs hydroxychloroquine and ivermectin — which are primarily used to treat malaria in humans and parasitic worms in livestock, respectively — are effective treatments for Covid-19, despite warnings from the World Health Organization and Centers for Disease Control and Prevention against using them. The extremely partisan group also misleads people about Covid-19 vaccines, which they refer to as “experimental biological agents,” and against public health measures like vaccine mandates, masking, social distancing, and restrictions on businesses. In a video titled “The Truth About Covid-19 Vaccines,” which has received over 1.3 million views, Gold falsely argues that Covid-19 is not very deadly and that the vaccines are more dangerous than the virus itself. Over 690,000 Americans so far have died from the virus, and unvaccinated people now make up 99 percent of recent Covid-19 deaths.

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“United is the only one of the top four U.S. airlines to fire employees who do not comply with a vaccine requirement.”

United Airlines To Lay Off 600 Workers Who Refused To Get Vaccinated (Hill)

United Airlines will begin the process of laying off roughly 600 employees — less than 1 percent of its workforce — who refused to comply with the company’s COVID-19 vaccine mandate, it announced Tuesday. The Chicago-based airline said that 99 percent of its workforce provided proof of vaccination prior to a Monday deadline. United will move to fire those who did not seek an exemption or provide proof of vaccination, but the carrier will give them one more chance to comply with the mandate during the separation process. “This was an incredibly difficult decision but keeping our team safe has always been our first priority,” United Airlines CEO Scott Kirby and President Brett Hart wrote in a memo to employees Tuesday.

The percentage of vaccinated United employees excludes the less than 3 percent of the company’s 67,000 employees who sought a religious or medical exemption. Six United employees filed a lawsuit against the airline last week over its policy to put exempt employees on unpaid leave. United told reporters Tuesday that the company has seen an uptick in applicants after announcing the vaccine requirement from individuals who want to work in a safe environment. “Our rationale for requiring the vaccine for all United’s U.S.-based employees was simple — to keep our people safe — and the truth is this: everyone is safer when everyone is vaccinated, and vaccine requirements work,” the United executives wrote to employees Tuesday.

United is the only one of the top four U.S. airlines to fire employees who do not comply with a vaccine requirement. Delta Air Lines will enact a $200 monthly surcharge on unvaccinated employees, while American Airlines and Southwest Airlines are only encouraging employees to get the shot.

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Second eloquent NBA player in a week. The other one below.

Liberal COVID Discourse is Devoid of Science (Greenwald)

The attempt to equate being unvaccinated with stupidity and ignorance suffered a massive blow on Wednesday night when NBA star Jonathan Isaac was asked why he was hesitant to take the vaccine. Like many unions, the NBA’s player union has refused a vaccine mandate, and Isaac, the 23-year-old player with the Orlando Magic who previously had and recovered from COVID, gave a stunningly compelling, informed, well-reasoned and thoughtful exposition on his rationale for not wanting the vaccine. Isaac also defended the right of individuals to make their own choice. One need not agree with his ultimate conclusion on the vaccine to see how groundless (and obnoxious) it is to claim that anyone who chooses not to take the vaccine — like him — is stupid, ignorant and primitive. I really encourage everyone to watch his two-minute master class in demonstrating why such a choice can, depending on one’s circumstances, be perfectly rational:

Is there anyone who can argue with a straight face that Isaac sounds stupid, ignorant or evil? One can cogently dispute the wisdom of his conclusion: while it is true that most people who recover from COVID (as he did) enjoy “natural immunity” in the form of antibodies — indeed, one major study found that “the natural immune protection that develops after a SARS-CoV-2 infection offers considerably more of a shield against the Delta variant of the pandemic coronavirus than two doses of the Pfizer-BioNTech vaccine” — some studies conclude that immunity is stronger still with the vaccine.


Nonetheless, Issac is indisputably right that the risk of dying or becoming seriously ill from COVID is extremely low for someone like him: early 20s, healthy and with natural immunity. In fact, during the entire course of the pandemic, the total number of people aged 15-24 (Isaac’s age group) who have died of COVID — in a country of 330 million people — is 1,372: fewer than the number in that age group who have died of non-COVID pneumonia. Add onto that Isaac’s physical fitness and the fact that he already had COVID once, and it is clear that his risk from contracting the virus is vanishingly small.

Bradley Beal

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Forget about winning a war with these guys.

Pandemic A Unique Opportunity To Test Propaganda On Canadians (NP)

Canadian military leaders saw the pandemic as a unique opportunity to test out propaganda techniques on an unsuspecting public, a newly released Canadian Forces report concludes. The federal government never asked for the so-called information operations campaign, nor did cabinet authorize the initiative developed during the COVID-19 pandemic by the Canadian Joint Operations Command, then headed by Lt.-Gen. Mike Rouleau. But military commanders believed they didn’t need to get approval from higher authorities to develop and proceed with their plan, retired Maj.-Gen. Daniel Gosselin, who was brought in to investigate the scheme, concluded in his report.

The propaganda plan was developed and put in place in April 2020 even though the Canadian Forces had already acknowledged that “information operations and targeting policies and doctrines are aimed at adversaries and have a limited application in a domestic concept.” A copy of the Dec. 2, 2020, Gosselin investigation, as well as other related documents, was obtained by this newspaper using the Access to Information law. The plan devised by the Canadian Joint Operations Command, also known as CJOC, relied on propaganda techniques similar to those employed during the Afghanistan war. The campaign called for “shaping” and “exploiting” information. CJOC claimed the information operations scheme was needed to head off civil disobedience by Canadians during the coronavirus pandemic and to bolster government messages about the pandemic.

A separate initiative, not linked to the CJOC plan, but overseen by Canadian Forces intelligence officers, culled information from public social media accounts in Ontario. Data was also compiled on peaceful Black Lives Matter gatherings and BLM leaders. Senior military officers claimed that information was needed to ensure the success of Operation Laser, the Canadian Forces mission to help out in long-term care homes hit by COVID-19 and to aid in the distribution of vaccines in some northern communities. BLM organizers have questioned why military officials gathered information on their initiative, pointing out they followed pandemic rules and did not hold any gatherings outside LTC homes.

Then chief of the defence Staff Gen. Jon Vance shut down the CJOC propaganda initiative after a number of his advisers questioned the legality and ethics behind the plan. Vance then brought in Gosselin to examine how CJOC was able to develop and launch the propaganda operation without approval. Gosselin’s investigation discovered the plan wasn’t simply the idea of “passionate” military propaganda specialists, but support for the use of such information operations was “clearly a mindset that permeated the thinking at many levels of CJOC.” Those in the command saw the pandemic as a “unique opportunity” to test out such techniques on Canadians.

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Replace Parliament with “public consultation” if that gets you better odds.

British Gov’t Trying to Bypass Parliament to Implement Vaccine Passports (SN)

The British government has been accused of trying to bypass Parliament in an effort to implement vaccine passports via the backdoor, with the scheme under review AGAIN despite assurances it wasn’t being considered. As we highlighted earlier this month, just a day after health secretary Sajid Javid asserted that the system had been scrapped, the government announced that vaccine passports would form an ‘integral’ part of its winter response to COVID if cases and hospitalizations rose. Under the government’s ‘Plan B’, vaccine passports will form a “first-line defence” against a winter wave of COVID, despite their widespread use in Israel having proven to have zero impact on minimizing COVID cases.

Aware that it may struggle to get a vaccine passport system through a Parliamentary vote, the government is now launching a ‘public consultation’ in an attempt to enlist support for the scheme. “The plans seemed to have been put on the backburner but on Monday night the Government launched a consultation, asking the public for views on the use of vaccine passports this autumn and winter if Covid-19 cases threaten to overwhelm the NHS,” reports the Telegraph. “The Plan B proposals also open the door to the number of venues being widened beyond nightclubs, music venues, outdoor festivals, concerts and sports events.”

With the government refusing to commit to a vote, many respondents saw the move as the start of an effort to sidestep Parliament. The utter stupidity of the scheme is proven by the fact that it will eliminate the option to provide a negative test to enter any of the venues. In other words, proving that you don’t have the virus won’t be good enough to gain entry, but proving you’ve complied and taken a vaccine with dodgy efficacy that means you could still be carrying the virus anyway will be good enough to gain entry.

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Confusing piece.

You Can’t Be Fat And Fit (DM)

It is not possible to be fat and fit at the same time, French experts have concluded. A study of 3million people found even volunteers who were obese but ‘metabolically healthy’ still had a much higher chance of suffering heart problems. Obese people with normal blood pressure and who were not diabetic were still at a 34 per cent increased risk of heart failure and a similar risk of an irregular heart beat. Lead author Dr Laurent Fauchier, a cardiologist at Centre Hospitalier Universitaire Trousseau, said the idea that people can be ‘fat but fit’ was ‘simply untrue’. Last week, an American study found that people simply need to focus on exercise rather than dieting to live longer. The latest French research was presented to the European Association for the Study of Diabetes. It looked at the medical records of around 2.9 million adults, of whom about one in 10 were obese.

All participants had been admitted to French hospitals in 2013 and had not had any major cardiovascular issues in the past, including a heart attack or stroke. They were monitored for five years. Dr Fauchier said: ‘This new and best available evidence tells us that on a population level, the idea that large numbers of people can be obese but metabolically healthy is simply untrue.’ The cardiologist refutes the controversial claim made by Arizona and Virginia researchers last week that people can be fat and fit. American researchers who reviewed existing studies said that when it came to trying to get healthy and cutting the risk of dying early, increasing exercise and improving fitness was more effective than shedding flab. Numerous studies have shown how people around the world have been trying to lose weight over the past 40 years, and yet obesity has continued to rise.

The researchers said that adopting what they called a ‘weight-neutral approach’ did not mean weight loss should be ‘categorically discouraged’. They added: ‘But shifting the focus away from weight loss as the primary goal and instead focusing on increasing physical activity to improve cardio-respiratory fitness may be prudent for treating obesity-related health conditions.’ Their claims appear to contradict a study published this summer by Glasgow University researchers who tracked 381,263 adults over 11 years. They concluded it was not possible to be fat but fit – a misleading phrase that doctors should stop using. Those who were ‘metabolically healthy’ but obese were 22 per cent more likely to die than those of a normal weight. They were also 18 per cent more likely to have a heart attack or stroke, 76 per cent more likely to develop heart failure and four times more likely to suffer from type 2 diabetes.

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“I’m signing an executive order to prohibit state agencies that report to me, from aiding or abetting in any way what the federal government is doing right now. We’re not gonna be a party to this lawlessness.”

Florida AG Files Lawsuit Against Biden Admin for Not Protecting Border (TC)

Florida Attorney General Ashley Moody filed a lawsuit against the Biden administration on Tuesday for not adequately protecting the southern border. The suit alleges that the administration’s catch-and-release policy is a violation of federal immigration law. Moody argues in the suit that the immigration policy hurts Florida because the illegal migrants travel to the state and cost taxpayers millions of dollars. “I don’t care if it is extreme incompetence, if it is radical liberal policy agenda, no one, let me repeat that, no one is above the law,” Moody argued. “We are seeing dramatic effects at our border. It is an unmitigated crisis based on this president’s refusal to follow federal law.”


In addition to filing the lawsuit, Florida Governor Ron DeSantis signed the “Biden Border Crisis Executive Order” prohibiting state agencies from working with the Biden administration at the border until his policies change. “I’m signing an executive order to prohibit state agencies that report to me, from aiding or abetting in any way what the federal government is doing right now. We’re not gonna be a party to this lawlessness. We haven’t, to my knowledge, but we’re letting the marker down, know this is an absolute red line. We’re not gonna do it,” said DeSantis during a press conference about the lawsuit and the order. Moody also spoke at the press conference, saying that “criminal cartels are having a field day. I can assure you, their profits are skyrocketing.” “Had the government, the federal government, just done its job this would not have happened. They would not have been in that situation,” DeSantis added.

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Aug 082021
 
 August 8, 2021  Posted by at 5:51 pm Finance Tagged with: , , , , , , ,  42 Responses »


Caspar David Friedrich Woman before the Rising Sun 1818

 

 

No, I wasn’t going to talk about the wildfires raging outside my hometown of Athens, Greece, though they are bad enough. The skies are anything but blue, and the sun is deep red. Thousands have been evacuated, and hundreds lost their homes. Just so far. As I said earlier, the Monasteraki kitchen, which the Automatic Earth actively supports, is feeding about 2,500 people daily, including firemen, but I have little additional info. They work almost 24 hours a day in the heat and the smoke to do it, and we’ll talk about organizational and financial details later.

But yeah, it’s a cruel reality that the government doesn’t take care of its own firefighters. Until earlier today, the evacuees from the island of Evia apparently were made to buy a ferry ticket as their homes were burning down. You can’t make it up. A good time to count one’s blessings. The biggest support efforts so far, in manpower and equipment, come from Romania and Poland. Not western Europe. Oh, and: “For the $3 billion #Greece will pay for 18 French jet fighters, 12 of which are used, #Athens could have bought 100+ state-of-the-art fire fighting aircraft”. Too late now. The politicians call “force majeure”.

Evia

The fires I am thinking of are of a more “symbolic” art: the propaganda and censorship that on the one hand keep us from asking the questions that need to be asked, and on the other hand from hearing from those who can help us formulate those questions. It has gone to such an extreme now that most people are not even aware that there are such questions, including many politicians and health “experts”. It is indeed the biggest global propaganda operation ever, and it’s costing, and destroying, scores of lives.

We are stuck between a fake one-dimensional reality of lockdowns, masks and vaccines that are supposed to keep us safe but don’t, and a different reality of masks and lockdowns that don’t stop much of anything but instead cause many problems of their own, and vaccines that have already killed 1000s and hurt millions of people, and that may well lead to much bigger problems, like for instance “the birth of an entirely new world of autoimmune disease” through antibody-dependent enhancement (ADE).

We are not allowed to read about that, or watch a video, or talk about it, even if the people who involved are distinguished health professionals, in the same way that we are not allowed to talk about early treatment of Covid through for instance anti-virals; we are supposed to shut up and get jabbed. But we are not all completely stupid.

We do not believe unquestioningly that Anthony Fauci and his ilk have a monopoly on truth and science, even (or especially) if they are the only ones allowed to talk. Instead, we think that if he were right, there would be no need for all the banning and censoring and deleting of doctors who don’t always agree with him. We cannot afford to stifle dissent, we never could. We need conversation and discussion, and we’re not getting any.

Whether it’s McCullough, Mercola, Robert Malone, Pierre Kory or anyone else, it’s insane to silence them for spreading misinformation. For all we -that means you- know it’s Fauci et al who spread misinformation. How would you know though? His is the only information that is spread at all. He effectively has a monopoly.

The point is not whether you agree with Fauci or the CDC or anyone else, the point is that this doesn’t give you the right to silence those who don’t agree. You don’t have that right if only because it keeps us from finding out what is real or not, and eventually from saving people’s lives. Which is what everyone’s main concern should be, but apparently is not, or there would be no silencing. Part of me might want Fauci silenced, but no, let him speak; just not when pretending he embodies “the Science”.

We don’t just have the right to know, we need to know. Because our lives and health and freedoms and human rights are at stake. Censoring info that doesn’t agree with you should result in an immediate dismissal. But who even knows that alternative views exist anymore? The propaganda and censorship campaign has been highly successful. So much so that many people now turn against the unvaccinated and blame them for new cases and deaths.

However, most people think that what they read and view is the truth, that the media have checked this for them and this is what came out. But the media hasn’t checked a thing, other perhaps than why some people still are not vaccinated, and even then they will not tell you the reasons, they will only try to shame these people into complying with the Big Model.

As for the vaccines, I only need to repeat these lines:

“The document – a slide presentation – outlines unpublished data that shows fully vaccinated people might spread the Delta variant at the same rate as unvaccinated people..”

“The Delta variant is as contagious as chickenpox and may be spread by vaccinated people as easily as the unvaccinated, an internal C.D.C. report said.”

And yet, the military patrols the streets in Australia, thereby ending either the democracy or the government, France tomorrow introduces a whole new set of measures to get people to comply with vaccination with a substance that even the CDC says doesn’t work. What’s the point of a vaccine passport if those who carry one can infect you just as easily as those who don’t?

A lot of people by now have lost their marbles, and we need to hope that those who haven’t, can make themselves heard. Or the immediate future looks awfully bleak.

 

 

 

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Aug 082021
 
 August 8, 2021  Posted by at 9:43 am Finance Tagged with: , , , , ,  91 Responses »


Ivan Aivazovsky The Galata tower by moonlight 1845

 

Long-Lasting Covid-19 Symptoms Rare In Children (BBC)
Let’s Talk Delta (Denninger)
Covid is a Global Propaganda Operation (APT)
Durable And Broad Immune Memory After SARS-CoV-2 Infection (Cell)
SF Hospital To Give Supplement mRNA Vaccine To People Who Got J&J (ABC)
Cholesterol Drug Cuts Coronavirus Infection By 70% (Fox)
The Unvaccinated: The New COVID Scapegoats (TF)
Vaccines Are Leaky And Have Poor Durability (Bannon)
COVID-19 Vaccine To Be Offered To 16 And 17 Year-olds (HART)
Joe Rogan Blames Jabs For Virus Mutations & Blasts Mandatory Vaccination (RT)
The Very Fine People of a Civilized Society (Kunstler)
‘Apocalyptic’ Scenes Hit Greece As Athens Besieged By Fire (G.)

 

 

“Israel, where ~90% of the adult population is fully vaccinated, reports 3,849 new #COVID19 cases, severe cases spike to 324 (of which 209 are fully vaccinated)” – Ministry of Health

 

 

 

 

 

 

 

 

There are entire “long covid in kids” campaigns out there.

Long-Lasting Covid-19 Symptoms Rare In Children (BBC)

Children who become ill with coronavirus rarely experience long-term symptoms, with most recovering in less than a week, research suggests. King’s College London scientists say that while a small group may experience prolonged illness, they were “reassured” that number was low. Headaches and tiredness were the most common symptoms seen. A Royal College of Paediatrics and Child Health expert said the data reflected what doctors saw in clinics. Many who are infected do not develop symptoms and those that do, tend to have a mild illness. This peer-reviewed study, published in the Lancet Child and Adolescent Health journal, wanted to understand how Covid affected children and how it compared to other respiratory diseases. It used data provided by parents or carers to the UK Zoe Covid Study app.

The study looked at 1,734 children, aged between five and 17, who were reported to have developed symptoms and tested positive for Covid between September 2020 and February 2021. The researchers say it’s very difficult to know how many children were infected during this time period as the four UK nations record data differently, but they estimate more than 400,000 children and young people tested positive. Fewer than one in 20 (4%) were found to have experienced symptoms for four weeks or more, with one in 50 (2%) having symptoms for more than eight weeks. The most common symptoms reported were headaches and tiredness. Others included a sore throat and loss of smell. On average, older children were typically ill for slightly longer than primary school children, with those aged between 12 and 17 taking a week to recover while for younger children the illness lasted five days.

It’s the scientists hope that these findings will reassure families, while also validating those who have experienced prolonged illness. ‘The team also looked at an equal number of children who had symptoms but tested negative for Covid. Only a few children – 15 out of 1,734 – had symptoms for at least 28 days, fewer than one in 100. Emma Duncan, professor of clinical endocrinology at King’s College London who worked on the research, said the “takeaway message” was: “Can children have prolonged illness after Covid-19? Yes they can, but it’s not common and most of these children get better with time. “Children can also have prolonged symptoms from other illnesses as well. We need to be looking after all children who have protracted illnesses, irrespective of whether that illness is Covid-19 or anything else.”

Read more …

The obvious questions that are forbidden.

Let’s Talk Delta (Denninger)

I’ll try to make it simple. Before the first jab went into the first arm and could do anything Covid-19 had peaked in the United States in most areas. Remember that the rule is “two weeks from first shot to second, then two weeks to have protection.” The CDC, Trump and then Biden all took credit for something that the vaccines did not do. What did it? Covid originally had an R0 of about 3. That means you need 1 – (1/3) or about 66% of the people to be immune by either infection of vaccination before the case rate would fall. The CDC claimed we had about 33 million infections and somewhere between 4 and 11 not diagnosed for each one that was. Well, it wasn’t 11 because that’s more people than exist in the US.


But if it’s six, more or less up the middle, then we were for all intents and purposes at herd immunity. Rah-rah-rah-rah vaccines are the reason we’re saved. Nice try; the evidence is that the vaccines don’t work well at all. They might work to some degree to prevent infection and transmission but not very well. In fact on the evidence coming out of Israel it appears that they’re about 20% effective which is damn close to worthless. What proved this? Delta. Again, if you believe the CDC, then Delta has an R0 of somewhere between 5-9. Let’s take the middle; 7. 1 – 1/7 = 85% must be immune. Again, it doesn’t matter how their immune, just that they are. The CDC claims in a new MMWR that the shots are “very” effective as a booster if you previously had Covid. I disagree, looking at their alleged “study.”


check the Delta fatality rate

But frankly, I don’t care what their MMWR says because the data says its wrong. See, 70% of Americans have had at least one shot and half are fully vaccinated, that is, allegedly protected. Now let’s look at the data again. The CDC stupidly did not segregate and hive off those who were previously infected; we’ll thus, given their advocacy, assume that the previously-infected, which are about 60% of the population, are equally divided into those who got the stabs. Well, if that’s true then 60 + 25 = 85% — which is herd immunity for Delta with an R0 of 7! Clearly, however, it isn’t given the infection rate. There is only one logical conclusion: The jabs do not work to stop either infection or transmission. If you can’t stop infection and transmission you also can’t stop people from getting sick.

So when does this end? When enough people get naturally infected that we have actual herd immunity. Which is what I said back in March of 2020. What does this mean for you? Well, it makes for a problem right now, because we know that during the four weeks between the first jab and immunity building you’re more likely to get infected. We’ve seen this repeatedly all over the world. Into the maw of a spike getting vaccinated is dangerous because it temporarily suppresses immune response. It probably doesn’t increase the risk of bad outcomes but it definitely increases the risk of infection itself. The very difficult question for people now is whether that risk is worth the nebulous claims of “preventing severe disease and death.” UK’s data, along with Israel’s, strongly suggests that might be a bad bet. The majority of their admissions into the hospitals are now vaccinated. So much for “prevents severe disease” eh?

[..] BTW the data out of the UK continues to show Delta is less dangerous. A lot less-dangerous. It’s about one fifth as likely to kill you overall, and about half as likely if you’re over 50. It is also less-likely to send you to the hospital. This is the expected progression of a respiratory pandemic virus. While it appears on that data the vaccines confer some personal protection it is by no means perfect and nowhere near the 95%+ claimed, especially in people over 50. Further there is no evidence Delta is more-transmissible; its secondary attack rate in household and non-household settings is nearly identical to Alpha. This STRONGLY implies the CDC is lying about Delta’s R0 and the real problem driving the spike is that the jabs not only do not work against Delta they destroy the victim’s immune response in some percentage of those previously infected.

Read more …

We badly need such perspectives.

Covid is a Global Propaganda Operation (APT)

Dr Piers Robinson is an expert on communication, media and world politics, focusing on conflict and war and especially the role of propaganda He is presently Co-Director of the Organisation for Propaganda Studies, Convenor of the Working Group on Syria, Propaganda and Media and Associated Researcher with the Working Group on Propaganda and the 9/11 ‘War on Terror’ From 2016 – 2019, he was Professor and Chair in Politics, Society and Political Journalism at the University of Sheffield. Dr Robinson has served on the boards of several academic journals. He has lectured at the NATO Defense College in Rome and briefed senior UK military commanders and diplomats.


His Research interests focus on Organised Persuasive Communication and Contemporary Propaganda and his current projects include Propaganda and the Syrian conflict; Propaganda and the 9/11 Global War on Terror and Covid19. Dr Robinson’s books include the Routledge Handbook of Media, Conflict and Security (2016), Pockets of Resistance: British news media, war and theory in the 2003 invasion of Iraq, (2010) and The CNN Effect: the myth of news, foreign policy and intervention.(2002).

Read more …

No-one with a positive antibody test should be vaccinated. Where are those tests?

Durable And Broad Immune Memory After SARS-CoV-2 Infection (Cell)

Ending the COVID-19 pandemic will require long-lived immunity to SARS-CoV-2. Here, we evaluate 254 COVID-19 patients longitudinally up to 8 months and find durable broad-based immune responses. SARS-CoV-2 spike binding and neutralizing antibodies exhibit a bi-phasic decay with an extended half-life of >200 days suggesting the generation of longer-lived plasma cells. SARS-CoV-2 infection also boosts antibody titers to SARS-CoV-1 and common betacoronaviruses. In addition, spike-specific IgG+ memory B cells persist, which bodes well for a rapid antibody response upon virus re-exposure or vaccination.


Virus-specific CD4+ and CD8+ T cells are polyfunctional and maintained with an estimated half-life of 200 days. Interestingly, CD4+ T cell responses equally target several SARS-CoV-2 proteins, whereas the CD8+ T cell responses preferentially target the nucleoprotein, highlighting the potential importance of including the nucleoprotein in future vaccines. Taken together, these results suggest that broad and effective immunity may persist long-term in recovered COVID-19 patients.

Read more …

New definition of booster.

SF Hospital To Give Supplement mRNA Vaccine To People Who Got J&J (ABC)

Even though the CDC is not recommending a booster shot at this time, Zuckerberg San Francisco General Hospital and San Francisco’s Department of Public Health have decided to allow an extra coronavirus vaccine for people who got the single-dose Johnson & Johnson vaccine. The new dosing allowance seems to be unique to San Francisco. The hospital’s chief of staff does not know of any similar guidance elsewhere at this time. ZSFG says people who got J&J will be able to get a second shot of either Pfizer and Moderna by the end of the week at their vaccine clinic. But “booster” is not the word health officials are using to describe it – instead San Francisco’s Department of Public Health is calling it a “supplemental dose.”


“It’s not a booster because it’s not specific for some of the variants, which the booster ultimately will be,” said Dr. Chris Colwell, chief of emergency medicine at Zuckerberg San Francisco General. On Monday, Dr. Colwell voted to allow the hospital’s vaccine clinic to give a supplemental mRNA vaccine to somebody who had the J&J shot. “Potential benefit, no downside. To me, as we look at the future of this virus and now we’re facing a fourth surge, it does make sense,” he explained.

Read more …

Another study that will be suppressed.

Cholesterol Drug Cuts Coronavirus Infection By 70% (Fox)

A drug meant to treat cholesterol was found to reduce coronavirus infection by 70% in lab studies, with researchers calling for additional clinical trials among hospitalized COVID-19 patients. A team of researchers from the U.K. and Italy published findings in the Frontiers in Pharmacology journal Friday, finding that fenofibrate and fenofibric acid resulted in a significant reduction in coronavirus infection in human cells when the drug was used in safe and approved concentrations, according to a news release posted Friday. “Our data indicates that fenofibrate may have the potential to reduce the severity of COVID-19 symptoms and also virus spread,” Dr. Elisa Vicenzi of the San Raffaele Scientific Institute in Milan and co-author, said in the release.

“Given that fenofibrate is an oral drug which is very cheap and available worldwide, together with its extensive history of clinical use and its good safety profile, our data has global implications.” The team called for added clinical trials to explore use of the drug as a potential COVID-19 therapy, while noting studies are ongoing at the University of Pennsylvania and Hebrew University of Jerusalem. Dr. Farhat Khanim of the University of Birmingham and corresponding study author, cited viral variants spurring rising infection rates and deaths in countries around the world. “Whilst vaccine programmes will hopefully reduce infection rates and virus spread in the longer term, there is still an urgent need to expand our arsenal of drugs to treat SARS-CoV-2-positive patients,” Khanim wrote.

[..] The drug was suggested to work by inhibiting the harmful overproduction of cytokines tied to coronavirus infection, and also treat airway inflammation. Additional properties could prevent blood clotting seen in late-stage disease in many COVID-19 patients, study authors noted.

Read more …

Pay attention to the René Girard quote.

The Unvaccinated: The New COVID Scapegoats (TF)

The press revels in condemning conservatives for not getting the vaccine. Self-loathing conservatives like David French say Evangelical vaccine hesitancy is a “spiritual problem.” Conservative governors – those with low COVID death rates in their states – are attacked for not doing enough to encourage vaccination. Paul Krugman takes these arguments to the next level, arguing that conservatives seeking personal autonomy are really trying to preserve their while male Christian “privilege” while making minorities pay the price. The government – including officials like Dr. Fauci and Dr. Francis Collins – must be happy with the blame-shifting. Just imagine their delight, after having potentially contributed to the creation of COVID-19, that the unvaccinated are now the accused.

Never one to miss a media appearance, Dr. Fauci is out there saying the unvaccinated are “propagating” the latest outbreak, that we need to “do something to get them to be vaccinated.” This duty that Dr. Fauci advances is the purported obligation to do something to protect others. (One has to ask whether millions of lives would have been saved had they followed this same duty with taxpayer dollars at Wuhan.) We believe this is just the start. If persuasion has reached its limit (and there is evidence it has), then please, trust them at their word when they advocate restricting your rights and inflicting punishment if you remain unvaccinated. And in considering the institutions of power setting their sights on the unvaccinated – those whose purported crime is of inaction – I leave you with the words of René Girard:

“The crowd tends toward persecution since the natural causes of what troubles it and transforms it into a turba cannot interest it. The crowd by definition seeks action but cannot affect natural causes. It therefore looks for an accessible cause that will appease its appetite for violence. Those who make up the crowd are always potential persecutors, for they dream of purging the community of the impure elements that corrupt it, the traitors who undermine it.”

Read more …

The vaccines are leaky and they make the blood vessels leaky. Wonderful.

Vaccines Are Leaky And Have Poor Durability (Bannon)

COVID is a disease of hyperinflammation and hypercoagulation. Now finally Dr. Malone is trying to drive that home after 18 months. We can treat this early. Many doctors were saying this in March 2020.

Read more …

Criminal.

COVID-19 Vaccine To Be Offered To 16 And 17 Year-olds (HART)

On Tuesday, there was a quiet mention from the BBC and several newspapers that the government was likely to announce routine vaccination of 16 and 17 year-olds following updated advice from the Joint Committee on Vaccination and Immunisation (JCVI). This announcement duly came on Wednesday. An urgent letter is being prepared to the JCVI to ask what new information they have to inform this decision. On 19 of July, they highlighted the very low risk to children from COVID-19 and the emergence of rare but serious side-effects. They stated: “Any decision on deployment of vaccines must be made on the basis that the benefits of vaccination outweigh the risks to those people who are vaccinated.” They concluded: “JCVI is of the view that the health benefits of universal vaccination in children and young people below the age of 18 years do not outweigh the potential risks”.

Only two things appear to have changed in the two weeks since that announcement. First, there has been a dramatic fall in cases demonstrating how wrong the government advisors have been. Secondly, the membership of the JCVI has changed and Professor Robert Dingwall — who has raised concerns around the ethics of vaccinating children — is no longer a member. It has been revealed that other members of the JCVI Covid-19 sub-committee have also been ‘let go’. In attempting to defend the shift away from this position, JCVI Chair Professor Wei Shen Lim was entirely unconvincing in his reasoning for this change of heart. We note that he has a substantial conflict of interest: he has direct responsibility for material levels of funding received by his department from Pfizer.

The JCVI’s current position is that the second dose is too dangerous for children but the first dose is safe enough. The evidence upon which they base the latter hypothesis is based only on data of short-term effects collected by the voluntary reporting systems such as VAERS, which is acknowledged to underestimate by a wide margin. It begs the question, why would it be necessary to vaccinate children with a single dose when the government has already argued via the national campaign that the first dose is not sufficient to be effective and that everyone must get their second dose? Public Health England estimates that a single dose of vaccine is only 35% effective against the Delta variant.

We were told in the press conference that the rollout would come in the next week or two but now there are targeted sessions at nightclub venues, so no chance for adolescents to take time to consider their ‘choice’ and a very clear message that you will need ‘the jab’ to get your life back. The plea to ‘do the right thing’ and protect your friends and family seems rather hollow with new data from PHE suggesting the Delta variant is as easily transmitted by vaccinated as unvaccinated, with vaccine effectiveness down to 17% and no reduction in infectiousness. Meanwhile news of the planned rollout to 12-15s has appeared even though approval is yet to be given.

Neil Oliver

Read more …

“the very sort of environment that we’re creating by having so many people vaccinated with a vaccine that doesn’t kill off the virus, it actually can lead to a more potent virus. Try finding that story anywhere.”

Joe Rogan Blames Jabs For Virus Mutations & Blasts Mandatory Vaccination (RT)

Angry Twitter users called for Joe Rogan to be canceled and Spotify held accountable for giving him a platform after he claimed vaccines may cause virus mutations and labeled mandatory jabs a step towards ‘dictatorship.’ Rogan’s controversial statements have caused online frenzy on multiple occasions since he moved his super-popular podcast from YouTube to Spotify in a $100 million-plus exclusive deal last year to avoid censorship. The show instantly became one of the most viewed on the platform, with Spotify saying it was performing “above expectations.” Back in April, the stand-up comedian and UFC commentator was trending on social media after suggesting young and healthy people didn’t need to get vaccinated against the coronavirus, and warning that giving into cancel culture could eventually lead to a situation in which “straight white men aren’t allowed to talk.”

He addressed the issue of vaccination once again in the latest episode of the Joe Rogan Experience podcast, saying that, by trying to inoculate as many people as possible, the US government might actually be making the virus stronger and more dangerous. He based his claim on the findings of a peer-reviewed scientific paper published in the PLOS Biology magazine in 2015. Its authors said “anti-disease vaccines that do not prevent transmission can create conditions that promote the emergence of pathogen strains that cause more severe disease in unvaccinated hosts.” Speaking about the so-called ‘breakthrough cases’ of inoculated people becoming infected with Covid-19, Rogan suggested that “the very sort of environment that we’re creating by having so many people vaccinated with a vaccine that doesn’t kill off the virus, it actually can lead to a more potent virus. Try finding that story anywhere.”

However, the US authorities insist that vaccination is the best way to stop the coronavirus pandemic, with President Biden’s chief medical adviser, Dr. Anthony Fauci, reiterating last week that those, who avoid getting the jab “are the ones that are propagating this outbreak.” According to Centers for Disease Control and Prevention (CDC) data, more than 70% of adult Americans have so far received at least one shot of the vaccine. Rogan previously acknowledged he was “not a doctor” and his audience shouldn’t look to him as a reliable source of scientific information. He also claimed he was “not an anti-vaxx person.” During the latest episode, the 53-year-old also said those pushing for mandatory vaccination to be introduced in the US, “are dumb. They don’t understand human history.”

Read more …

US politics? Boring.

The Very Fine People of a Civilized Society (Kunstler)

Now, the very fine president “Joe Biden” has appointed a very fine fellow named Merrick Garland to be Attorney General of the civilized society called the USA. Mr. Garland is chief enforcement officer of federal law. He attended the very fine Harvard Law School, but he apparently missed the seminar course in constitutional law titled Advanced Issues in Administrative Law and Theory. Mr. Garland has been sending letters to officers of the Arizona state government threatening to punish and even imprison anyone in that state who moves further to investigate the balloting results and the conduct of the 2020 election in that jurisdiction. Mr. Garland, having missed that crucial course (above), is apparently unaware that the US constitution assigns authority over elections to each state — with the reserve clause that the US Congress can legislate changes to that order of things, which they haven’t done.

Therefore, Mr. Garland is out-of-order. Will he actually move to interfere with an effort currently underway in the state of Arizona to conduct a full forensic investigation of the 2020 vote? Elected officials of that state have counter-threatened to throw Mr. Garland’s very fine ass in an Arizona jail if he attempts to interfere. Meanwhile the forensic investigators of said election hired by the Arizona State Senate have completed phase one of their task, close examination of the paper ballots, and are moving on to phases two and three: canvassing street addresses from which mail-in ballots originated, and full examination of the Dominion vote-tallying machines.

There is reason to suppose that the investigation will reach conclusions that might distress the very fine people of the Progressive Left who maintain that the 2020 election was the “most secure in history” — that is, without any significant errors. If that were so, why would they hesitate to examine the evidence? Might it raise questions that would be difficult to answer, for instance: what to do if very large errors happen to be discovered? Is it an affront to their very fine-ness? Is the US government not fit to manage such a result? Or are the people of this land not resourceful or fair-minded enough to work through such a development? It will be interesting to find out.

Read more …

Not enough firemen, not enough equipment. All been budgetted away by the EU. But still an overdose of policemen and policecars.

The Monastiraki kitchen has been feeding 1000s every day this week, including firemen whom the government doesn’t take care of.

‘Apocalyptic’ Scenes Hit Greece As Athens Besieged By Fire (G.)

Little had prepared any of us on the Athens-bound flight for the sight of the great fire-induced clouds that swept either side of the plane as it made its descent on Friday. News of the extreme heat engulfing Greece had spread beyond its borders all week, packaged in increasingly desperate language. Temperatures were breaking records few had ever imagined. If Monday was bad, then Tuesday was worse. In some parts of the country, the mercury had hit 47C (117F), with thermal cameras on drones recording the ground temperature in downtown Athens at 55C. By Wednesday, we were hearing that entire tracts of suburban forest on the Greek capital’s northern fringes had gone up in flames. Infernos seemingly redolent of Dante’s hell had incinerated everything in their path; friends had lost homes; thousands had been evacuated with residents and tourists fleeing blighted zones by any means possible.

Terraces, an Athenian’s respite against the blazing heat, had been transformed into ash-laden no-go zones. “It’s been crazy over here. Between the extreme heat and the wildfires, it feels apocalyptic,” Eleni Myrivili, a friend recently appointed to the role of Athens’ first chief heat officer, wrote in an email on Thursday as the army was deployed to assist firefighters. “Ash is raining down on us here in Athens.” From the sky, it was frighteningly clear that the city was under siege, caught in a cycle of insufferable heat fuelling conflagrations on terrain so parched it was ready to ignite at any moment.

Fires, some big, some small, some extinguished and then rekindled, were raging nationwide, the country’s civil protection chief, Nikos Hardalias, told reporters. Conditions were not only “extremely dangerous” but unprecedented, he said, estimating that firefighters trying to protect populated areas, electricity installations and historic sites had battled 154 wildfires over the space of the week. More than 60 conflagrations were still raging on Saturday.


Beach on Evia island

Read more …

 

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Oct 142020
 
 October 14, 2020  Posted by at 9:05 am Finance Tagged with: , , , , , , , ,  42 Responses »


Giotto Legend of St Francis, Renunciation of Wordly Goods c.1297-1299

 

Google Researcher Warns Google May Be ‘Shifting Power’ to Flip Senate (NB)
Russia Health Watchdog: Shutting Down Economy For COVID19 is Pointless (RT)
UK Hospitality Firms Threaten Legal Action Over Lockdown (BBC)
Dutch PM Closes Pubs, Restaurants, Cafes As Coronavirus Cases Rise (RT)
Northern Ireland To Impose ‘Circuit Breaker’ Lockdown For 4 Weeks (Sky)
Johnson, Grassley Press FBI For All McCabe Texts (Fox)
FBI Used Media Reports Seeded By Steele To ‘Corroborate’ Anti-Trump Dossier (RT)
Consortium News Sues Canadian TV Network for Defamation (CN)
The Barbarians Are Threatening Us! (Crooke)
Fifth of Countries At Risk Of Ecosystem Collapse – Swiss Re (G.)

 

 

Lockdowns are all the fad again. They shouldn’t be, and this won’t end well. Give people N95 masks and vitamin D instead and let them live.

 

 

Let’s say: Interesting. It’s like a silent form of propaganda.

Google Researcher Warns Google May Be ‘Shifting Power’ to Flip Senate (NB)

The social media researcher who warned about Google’s power to shift the election said that the company may be focusing on a new solution: the United States Senate. Dr. Robert Epstein, senior research psychologist at the American Institute for Behavioral Research and Technology, told the Media Research Center that Google is “now focusing most of their vote shifting power on the Senate races, where big-margin outcomes will be hard to contest.” Thirty-five seats in the Senate are up for election on Nov. 3, 2020. Out of those races, 23 seats currently belong to Republicans. Epstein theorized that Google had the power to “mobilize the base supporters of Democratic candidates to register to vote and then to vote; they can discourage some Republican voters from registering to vote or voting.”


He wrote that the company had “at least 9 million undecided voters they can still play with.” A Google search not affiliated with an account shows the search bar auto-completes certain terms with “senate.” When a user types in “flip the,” “senate” shows up three times.

More references to flipping auto-populate with “senate.”

Searches that involve the term “democrat” also auto-complete with “flip the senate.” In addition, when it comes to a search with the term “Mitch,” the first name of Senate Majority Leader Mitch McConnell, Google auto-completes with “vote mitch mcconnell out.”

The official Google blog stated, “How do we determine these predictions? We look at the real searches that happen on Google and show common and trending ones relevant to the characters that are entered and also related to your location and previous searches.” However, a look at Google Trends shows that interest in the term “flip the senate” has been in steady decline since September 26. A report in Psychology Today noted that “Trump has generated by far the most search interest both nationally, and in each and every state.” However, Epstein countered Psychology Today’s statement by saying, “Google controls people’s perceptions about what kind of search activity is occurring. They have complete control over the numbers they display.


And while it should surprise no one that Trump generates a lot of online activity, we’re only aware of those big numbers (if they’re even real) because Google wants us to be aware of them.” Eight Republican-held Senate seats, according to USA Today, have the potential to flip. Google has the power, said Epstein, to be “personalizing the content of newsfeeds, search suggestions, search results, answer boxes, and other ephemeral content.” These actions could direct specific kinds of people to register to vote, to goad unwilling voters into voting, and convince specific kinds of people not to vote.

Read more …

“Despite the fact that we see a growth in cases, today, in Russia, we are not talking about blocking the economy,” Popova said. “We do not see any point in it.”

Russia Health Watchdog: Shutting Down Economy For COVID19 is Pointless (RT)

The top official at Russia’s state health watchdog believes that there is no point in suspending the economy to fight coronavirus. Anna Popova’s comments came after the Kremlin said a second lockdown isn’t even being considered. Speaking at a coronavirus event at well-known university RANEPA, on Tuesday, Rospotrebnadzor boss Anna Popova explained that Russia has quite a low rate of Covid-19 per capita, and therefore there is no sense in taking drastic measures. Currently, there are few restrictions in the world’s largest country with bars, restaurants, and shops open as usual. “Despite the fact that we see a growth in cases, today, in Russia, we are not talking about blocking the economy,” Popova said. “We do not see any point in it.”

In addition, she noted that Covid-19 testing has not dropped off at any point, even during the summer. Statistics from the country’s official coronavirus center show that Russia has carried out over 51 million tests, fourth globally, behind the three most populated countries, China, the US, and India. According to Popova, over the last week, the average daily rate for new coronavirus cases is eight per 100,000 people. This is much better than in other countries such as Israel (54), France (28), and the Netherlands (27), which are all more than three times worse.

Earlier this year, in the spring, the country saw some of the world’s strictest measures, with Moscow residents being restricted from leaving their apartments for anything other than food, medical help, or walking a dog. The restrictions were partially lifted on June 16, with cafes and restaurants being allowed to open terraces. With many business owners still battling the consequences of Russia’s lockdown, another closure of the economy could be a hammer blow. Last week, Kremlin spokesman Dmitry Peskov stressed the need for Russians to wear masks and comply with all measures, warning that numbers will rise if citizens refuse to follow the rules. Previously, Peskov had denied that a second lockdown was even being considered.

Read more …

Kill the pubs!

UK Hospitality Firms Threaten Legal Action Over Lockdown (BBC)

The UK hospitality industry has said it will take legal action to stop new local lockdown rules that could force pub, clubs and other venues to close. Trade body the Night Time Industries Association (NTIA) said there was no evidence that hospitality venues contributed to the spread of Covid-19. It comes as the government prepares to unveil new restrictions for England. NTIA boss Michael Kill said the hospitality industry had been left with “no other option”. “These new measures will have a catastrophic impact on late night businesses, and are exacerbated further by an insufficient financial support package presented by the chancellor in an attempt to sustain businesses through this period,” he said.


“This next round of restrictions are hugely disproportionate and unjust, with no scientific rationale or correlation to Public Health England transmission rates, when compared to other key environments.” The Liverpool City Region is expected to face the tightest restrictions under a new “three tier” system, which will classify regions as being at a “medium,” “high” or “very high” level of alert. In the most infectious areas, pubs, bars and other hospitality and leisure businesses are likely to be forced to close, as has happened in parts of Scotland. The chancellor has promised to pay two-thirds of workers’ wages if employers have to shut. But some fear this will not be enough and there could still be an impact on jobs, said Dame Carolyn Fairbairn, director general of business lobby group the CBI.

Read more …

Mandatory non-medical masks. Which make no difference. How do these people hang on to their jobs despite their glaring failures? Well, by blaming everybody but themselves.

Dutch PM Closes Pubs, Restaurants, Cafes As Coronavirus Cases Rise (RT)

Bars, restaurants and cafes in the Netherlands will close their doors as the Dutch government tries to control the spread of Covid-19. Unlike many of its European neighbors, the Netherlands has thus far avoided harsh lockdowns. Prime Minister Mark Rutte announced the “partial lockdown” on Tuesday evening, after health officials in the Netherlands reported a record 7,393 new cases of Covid-19 that day. A total of 43,903 new infections were recorded in the preceding week, along with 150 deaths. The new measures, which come into effect on Wednesday, will see all bars, restaurants and cafes close, and the sale of alcohol banned after 8pm. In addition, the wearing of face masks will be mandatory in all indoor spaces.


Rutte’s government has held off on some of the harsher lockdown measures imposed in other European countries since the pandemic began. Masks were only mandatory on public transport, and bars and hospitality venues operated as usual – albeit with some social distancing measures, and contact tracing forms given to customers. These rules tightened somewhat late last month, with restaurants and bars in Amsterdam, Rotterdam and The Hague ordered to close by 10pm, and workers in these cities advised to do their jobs remotely if possible. “It hurts, but it’s the only way,” Rutte said of the new restrictions on Tuesday. “We have to be stricter.” The Netherlands has so far recorded nearly 190,000 cases of Covid-19, and more than 6,600 deaths, according to a tally by Johns Hopkins University.

Read more …

Partial lockdown, circuit breaker lockdown, fancy terms.

Northern Ireland To Impose ‘Circuit Breaker’ Lockdown For 4 Weeks (Sky)

Northern Ireland is set to become the first part of the UK to impose a “circuit breaker” lockdown. Tighter restrictions will be in place for four weeks – with schools closing for two of them, Sky News understands. According to the PA news agency, the new measures will mean pubs and restaurants have to close, with the exception of takeaways. PA said closures of hospitality outlets would begin on Friday 16 October, and other measures from Monday 19 October. Current restrictions on household mixing were expected to remain unchanged. Retail outlets are expected to remain open, as well as churches and gyms for individual training.


First Minister Arlene Foster will address the Stormont Assembly later today, following a meeting of the Stormont executive that extended into the early hours of this morning. After the executive meeting concluded, Deputy First Minister Michelle O’Neill tweeted to say “painstaking consideration” had been given to the “next steps”. She wrote: “We know this is hard and that people will be worried about their livelihoods, but we will do everything we possibly can to make sure there are protections in place for businesses, workers and families.”

Read more …

Trump should have ordered declassification outright.

Johnson, Grassley Press FBI For All McCabe Texts (Fox)

Top Senate Republicans investigating the origins of the FBI’s Trump-Russia probe are pressing the bureau to produce all text messages belonging to former deputy director Andrew McCabe, calling the delay “unacceptable.” In a letter to FBI Director Christopher Wray, Senate Homeland Security Committee Chairman Ron Johnson, R-Wis., and Senate Finance Committee Chairman Chuck Grassley, R-Iowa, demanded that the FBI turn over the documents, noting that their production would be responsive to a subpoena issued by Johnson’s committee in August.

“As you know, on August 6, 2020, the Senate Homeland Security and Governmental Affairs Committee subpoenaed the FBI for all records related to the Crossfire Hurricane investigation, which requires that records actually be produced to the Committee, not merely made available for review in a reading room,” they wrote. “We have waited nearly 70 days to receive these text messages, and when records were actually produced, we received only 8 percent of what we know exists.” They added: “It is simply unacceptable that we have waited so long to receive so little.” Johnson and Grassley said the text messages belonging to McCabe that the FBI did produce “include notable information that is highly relevant to several aspects of the Committees’ oversight efforts.”

One aspect the committee is investigating involves records made public last week by Director of National Intelligence John Ratcliffe, who declassified documents that revealed former CIA Director John Brennan briefed former President Obama on Hillary Clinton’s purported “plan” to tie then-candidate Donald Trump to Russia as “a means of distracting the public form her use of a private email server” ahead of the 2016 presidential election. The documents, which were first reported and exclusively obtained by Fox News, included Brennan’s handwritten notes — which were taken after he briefed Obama on the intelligence the CIA received — and a CIA memo, which revealed that officials referred the matter to former FBI Director James Comey and former FBI Special Agent Peter Strzok for potential investigative action.

“We have made a public commitment to determine and reveal the full extent of official investigative and intelligence action taken by federal officials against the Trump campaign, its presidential transition, and into the administration,” the senators wrote, adding that the information that has already been made public “reveals what might be the most outrageous abuse of power in U.S. history against a presidential candidate and sitting president.”

Read more …

Someone investigate the media’s role.

FBI Used Media Reports Seeded By Steele To ‘Corroborate’ Anti-Trump Dossier (RT)

The FBI sought to ‘verify’ information in the notorious dossier at the heart of Russiagate by using media articles seeded by the actual dossier author, British spy Christopher Steele, the newly released evidence has shown. The so-called Steele Dossier is the centerpiece of ‘Russiagate,’ the conspiracy theory that Donald Trump “colluded” with Moscow in the 2016 US presidential election. The dossier’s most bombastic claim was that Russia had “kompromat” on him in the form of sex tapes from a Moscow hotel involving urinating prostitutes. Steele compiled the dossier for Fusion GPS, a DC-based firm paid by Hillary Clinton’s presidential campaign through the DNC. The FBI then used it to obtain a FISA warrant to spy on Trump campaign aide Carter Page in October 2016, and extended it three times well into 2017.

A 94-page spreadsheet made public on Monday, however, shows the FBI relied heavily on media reports to corroborate Steele’s claims – in many cases, the very same reports Steele had planted himself. According to analyst Stephen McIntyre, footnotes listed in the spreadsheet show that 39 percent of the footnotes lead to Washington, DC media outlets, another 29 percent are redacted, and Steele himself was cited on 18 occasions, somehow self-verifying his own work. In one instance, McIntyre notes, the FBI triple counted an article from the Daily Beast as three separate sources. Other media outlets named in the document are CNN, The New York Times, The Washington Post, Yahoo News and Mother Jones.

The FBI had actually decided to fire Steele as a paid informant in September 2016 – before obtaining the Page warrant – because he leaked to the media, specifically Yahoo and Mother Jones, but that never raised any red flags either with the warrant or the corroboration, apparently. Moreover, the Bureau knew in December 2016 that the “primary sub-source” (PSS) for the dossier was a Russian national they had investigated as a foreign agent in 2009, but the investigation was abandoned without explanation and this fact was never flagged. Even after interviewing the PSS in January 2017, and establishing that most of the dossier was fabricated outright, the FBI continued to use it at the FISA court to extend the Page warrant.

Read more …

It doesn’t only happen in the US: “Global received the storyline from CSE and then consciously regurgitated the preconceived narrative that it knew to be false.”

Just mention Russia and you’re good to go.

Consortium News Sues Canadian TV Network for Defamation (CN)

Consortium News has sued the Canadian TV network Global News for defamation in federal court in Virginia over a report that said CN was part of an “attack” and a “cyber influence” campaign “directed” by Moscow against a Canadian leader. The lawsuit accuses the Corus Entertainment-owned network of entering into a business conspiracy with the Canadian Communications Security Establishment (CSE)–Canada’s NSA—to “link …critics” of Deputy Prime Minister Chrystia Freeland to “’Russia’ as a way of discrediting those critics and protecting themselves.” The suit says: “Global received the storyline from CSE and then consciously regurgitated the preconceived narrative that it knew to be false. In its quest to paint Plaintiff as a ‘Russian collaborator’, Global abandoned journalistic integrity and ethics, misrepresented the content of CN’s articles, and applied false labels to Plaintiff.”

In January Consortium News sent libel notices to both Global News and the CSE, demanding an apology and retraction of any mention of CN in Global News’s Dec. 10, 2019 on-line article and video reports. The CSE did not respond to the notice. Global News refused to retract all mention of CN from the article or to apologize. Global News did not contact Consortium News for comment before it published its article and broadcast two TV reports. Instead, two months after the Global News reports appeared—and after receiving the libel notice—Global News attached an editor’s note to its article, which is still on-line. It says: “Editor’s Note – Subsequent to the publication of this article, Consortium News advised Global News it disputes statements about it referred to in the CSE document that are reported on in the article.“

Consortium News has told Global News it denies any implication it is ‘an organ of or directed by the Russian government’ and says it is an independent news source.” CN informed Global News that the editor’s note coming after publication was insufficient and insisted that without a retraction and apology it would pursue litigation. Citing case law, the suit filed on Tuesday states that “a clear evasion from the truth and the failure to interview an important witness, who was easily accessible, supports a finding of actual malice.” The lawsuit says: “The focal point of Global’s accusations was an article published in February 2017 in Virginia by Plaintiff and false accusations that Plaintiff – a Virginia corporation – is linked to Russia and knowingly published Russian propaganda to harm the reputation of Freeland.”

Read more …

“The values of the Millennial and Gen Z generations that will dominate in the years ahead are the opposite of Boomer values..”

The Barbarians Are Threatening Us! (Crooke)

Now, as we enter the final month of the U.S. election, the expected climax to long-buried animosities is at hand. It is unlikely to be brief or decisive. The internal convulsions of the U.S. however, are one thing. But the implosion of social trust in the U.S. is radiating out, and its effects are radiating out across the globe. If the imprecarity of our times – compounded by the virus – is making us nervous and tense, it may be because we intuit that a way-of-life, a way-of-economics, too, is coming to its end. The fear of social upheaval sows distrust. It can produce the spiritual state that Emile Durkheim called anomie, a feeling of being disconnected from society; a conviction that the world around one is illegitimate and corrupt; that you are invisible – a ‘number’; a helpless object of hostile repression, imposed by ‘the system’; a feeling that nobody is to be trusted.

Russian nineteenth century literature, including novels by Dostoevsky, chronicled how such feelings amongst the children of the Russian well-to-do could evolve into burning hatred. This hatred extended to nail-bombs hurled into smart cafés, in order “to see how the foul bourgeois will squirm in death agony”. The West’s post-war era largely was defined by the ‘Woodstock’ generation: an era in which the rich (white) 20% of the globe lived in a consumer paradise of choice and over-consumption, whilst the 80% non-white, did not. That generation lived at a period of relative cultural cohesion and social stability – and rarely was called upon to make sacrifice or to endure hardship. It was the era of one ‘easy-decision’ after the other, building up to an ethos that put personal liberty above every other value, including social obligation.

The emerging generations of today, David Brooks argues in The Atlantic, “enjoy none of that sense of security. They grew up in a world in which institutions failed, financial systems collapsed, and families were fragile. Yet human beings need a basic sense of security in order to thrive, as the political scientist Ronald F. Inglehart puts it: their “values and behaviour are shaped by the degree to which survival is secure””. “The values of the Millennial and Gen Z generations that will dominate in the years ahead are the opposite of Boomer values: not liberation, but security; not freedom, but equality; not individualism, but the safety of the collective; not sink-or-swim meritocracy, but promotion on the basis of social justice… Distrustful people try to make themselves invulnerable, armour themselves up in a sour attempt to feel safe… start to see threats that aren’t there.”

Read more …

Ecosystems don’t recognize borders.

Fifth of Countries At Risk Of Ecosystem Collapse – Swiss Re (G.)

One-fifth of the world’s countries are at risk of their ecosystems collapsing because of the destruction of wildlife and their habitats, according to an analysis by the insurance firm Swiss Re. Natural “services” such as food, clean water and air, and flood protection have already been damaged by human activity. More than half of global GDP – $42tn (£32tn) – depends on high-functioning biodiversity, according to the report, but the risk of tipping points is growing. Countries including Australia, Israel and South Africa rank near the top of Swiss Re’s index of risk to biodiversity and ecosystem services, with India, Spain and Belgium also highlighted. Countries with fragile ecosystems and large farming sectors, such as Pakistan and Nigeria, are also flagged up.

Countries including Brazil and Indonesia had large areas of intact ecosystems but had a strong economic dependence on natural resources, which showed the importance of protecting their wild places, Swiss Re said. “A staggering fifth of countries globally are at risk of their ecosystems collapsing due to a decline in biodiversity and related beneficial services,” said Swiss Re, one of the world’s biggest reinsurers and a linchpin of the global insurance industry. “If the ecosystem service decline goes on [in countries at risk], you would see then scarcities unfolding even more strongly, up to tipping points,” said Oliver Schelske, lead author of the research.

Jeffrey Bohn, Swiss Re’s chief research officer, said: “This is the first index to our knowledge that pulls together indicators of biodiversity and ecosystems to cross-compare around the world, and then specifically link back to the economies of those locations.” The index was designed to help insurers assess ecosystem risks when setting premiums for businesses but Bohn said it could have a wider use as it “allows businesses and governments to factor biodiversity and ecosystems into their economic decision-making”. The Swiss Re index is built on 10 key ecosystem services identified by the world’s scientists and uses scientific data to map the state of these services at a resolution of one square kilometre across the world’s land.

The services include provision of clean water and air, food, timber, pollination, fertile soil, erosion control, and coastal protection, as well as a measure of habitat intactness. Those countries with more than 30% of their area found to have fragile ecosystems were deemed to be at risk of those ecosystems collapsing. Just one in seven countries had intact ecosystems covering more than 30% of their country area. Among the G20 leading economies, South Africa and Australia were seen as being most at risk, with China 7th, the US 9th and the UK 16th.

Read more …

 

 

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“The beauty of physics is that it can rigorously predict things nobody has seen before, before the emergence of any empirical evidence. Compare to fraudulent fields like psychology that overfit from naive ‘empirical evidence’ to predict nothing.”

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Apr 032020
 


Elliott Erwitt National Congress Building by Oscar Niemeyer, Brasilia, Brazil 1961

 

US Paying Russia For Entire Planeload Of Coronavirus Equipment – Official (R.)
Our Finest Hour (Ben Hunt)
New York City Nurses Demand Personal Protection Equipment (WABC)
New Orleans Coronavirus Death Rate Is Twice New York. Obesity Is A Factor (R.)
US Weekly Jobless Claims Blow Past Six Million As Lockdowns Spread (R.)
Israeli Scientists: Coronavirus Vaccine Tested On Humans By June 1 (JPost)
France’s Coronavirus Death Toll Jumps As Nursing Homes Included (R.)
Germany Has A Low Coronavirus Mortality Rate: Here’s Why (CNBC)
Fed’s Dilemma: Picking Winners For $4 Trillion In Credit (R.)
This Hard Truth About The Mortgage Markets Isn’t Being Told (Jurow)
A Corporate Debt Reckoning Is Coming (13D)
US Air Force To Release $882 Million To Boeing (R.)
US Crude Futures Trim Record Gain (R.)
Cuomo’s Bubble is Starting to Burst (Lauria)
Google Releases Location Data On Lockdowns In 131 Countries (R.)
Leaked Amazon Memo Details Plan to Smear Fired Warehouse Organizer (Vice)

 

 

We’ll keep setting records for a while longer yet, driven by the US in particular.

US cases doubled in 8 days. That rate will speed up.

All countries, the US first of all, need to move their focus away from saving companies and onto saving people. Now would be a good time.

 

 

Cases 1,030,181 (+ 79,756 from yesterday’s 950,425)

Deaths 54,194 (+ 5,918 from yesterday’s 48,276)

 

 

 

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

 

 

From Worldometer -NOTE: mortality rate for closed cases is at 20% –

 

 

From SCMP:

 

 

From COVID2019Live.info:

 

 

 

 

Who said the RussiaRussia obsession couldn’t be fun? Bottom line between the lines: the US pays, but as the Russians say, both cover half the cost. In other words, the US pays half price. Will that satisfy the American propaganda voices? Stay tuned. Putin was criticized at home for selling these things to the US while Russia may not have enough for itself.

Compare that to Tucker’s America First declaration. And Thailand’s response.

US Paying Russia For Entire Planeload Of Coronavirus Equipment – Official (R.)

The United States is paying Russia for a planeload of medical equipment sent by Moscow to help fight the coronavirus outbreak, a senior Trump administration official said on Thursday, clearing up confusion as to who footed the bill. It had been unclear whether Russia had sent the 60 tons of equipment as a gift or whether it had sold the shipment of ventilators, masks, respirators and other items following a phone discussion between U.S. President Donald Trump and Russian President Vladimir Putin. Trump, asked about the shipment at a White House news briefing, said he was happy to take delivery of it. “I am not concerned about Russian propaganda, not even a little bit. He (Putin) offered a lot of medical, high-quality stuff that I accepted. And that may save a lot of lives. I’ll take it every day,” he said.


The Russian Foreign Ministry said Moscow had paid half the cost with the other half picked up by Washington. But the senior administration official, speaking to Reuters on condition of anonymity, said the United States paid. “The United States is purchasing the supplies and equipment outright, as with deliveries from other countries,” the official said. “We appreciate Russia selling these items to us below market value.” The official did not give an exact cost. The State Department did not respond to requests for more information. The plane arrived on Wednesday at John F. Kennedy International Airport in New York and the gear was to be inspected by the U.S. Food and Drug Administration to make sure it met U.S. quality standards.

https://twitter.com/ColumbiaBugle/status/1245881131225890816

Read more …

Ben Hunt is setting up a program to purchase and distribute masks and other PPE equipment in the US. It’s a terrible shame that he, like so many Americans, thinks he must, for some reason, put this in terms of warfare. Shouldn’t it be the opposite?

“There is no country in the world that mobilizes for war more effectively than the United States. And I know you won’t believe me, but I tell you it is true: This will be #OurFinestHour.”

Our Finest Hour (Ben Hunt)

Last week we wrote a brief note (Getting PPE to Healthcare Workers and First Responders) to introduce our efforts to get personal protective equipment (PPE) directly into the hands of frontline heroes: healthcare professionals and emergency responders who put their own lives and their families’ lives at risk every freakin’ day to stem the tide against this virus. Today I want to share with you the story of how this effort has come together into something real and tangible. Today I want to invite you to join us. First let me tell you what we’re NOT doing. We are not competing with federal or state emergency management authorities in their big bulk orders of PPE.


We are not going to drive up the price of these supplies any more than they have already been driven up in this global scramble to acquire medical gear. But we are also not waiting on these federal or state emergency management authorities to get these big bulk orders and then trickle the supplies down to the frontlines. What we ARE doing is putting together an end-to-end grassroots PPE distribution effort, where we source the equipment from certified manufacturers who meet accepted international standards, we pay for these purchases out of a 501(c)(3) foundation where 100 cents of every dollar goes to this effort, and we distribute that PPE all the way through the “last-mile”, getting small quantities of PPE directly into the hands of clinicians and first responders who are in urgent need.

Over the past 10 days we’ve purchased and distributed about 15,000 N95 and N95-equivalent masks directly to the doctors and nurses and firemen and EMTs who need the equipment NOW, in deliveries as small as 30 masks and as large as 500, depending on need. More importantly, we’ve set up a pipeline where we think we can get a steady delivery of 2,000 or so masks per day AND the occasional larger order AND the distribution capacity + knowledge to get this equipment directly to our frontline heroes. We’ve raised more than $200,000 to support this effort. We’ve partnered with incredibly generous private companies ranging in size from a Fortune 50 megacorp to the owners of the local UPS franchise. And we’re just getting started.


[..] If you are a healthcare worker or a first responder anywhere in the United States in urgent need of PPE, or you know someone who is, please fill out the online form below to get on our distribution list. Right now we are focused on N95 and N95-equivalent masks (more on the different types of masks in the Sourcing section of this note), although in the future we will try to supply isolation gowns and other PPE items..

https://twitter.com/AvidCommentator/status/1245892087020572672

Read more …

Ask Ben Hunt.

New York City Nurses Demand Personal Protection Equipment (WABC)

There’s a growing concern among nurses and doctors in New York City that they’ll run out of personal protection equipment (PPE) and supplies. A dozen health care workers spoke out Thursday near Montefiore Medical Center in the Bronx about their concerns. “We’re running out of PPE, we’re running out of pain medication, we’re running out of sedatives,” third-year resident physician Laura Ucik said. State leaders say hundreds of thousands of personal protection masks and supplies have been shipped to New York, but some health care workers say their emergency rooms haven’t benefited yet. “If front line care givers are sick, are dying, there won’t be anyone left to take care of the public,” said Judy Sheridan-Gonzalez, ER nurse and president of the New York State Nurses Association.


Some health care workers are saying they’re being told to reuse not only critical N95 masks but every day supplies. “I was given one disposable gown to use all day to take care of COVID-19 patients,” Ucik said. “And I would hang it up on an IV pole in between patients and put my single N95 mask into a brown paper bag.” It’s a problem at hospitals throughout the area. The New York City Health Department recently sent an alert to hospitals, telling them to “conserve all personal protective equipment now.” It isn’t a request, and the language in the alert states health care facilities must immediately implement these measures. “It puts me at risk, it puts you at risk, everyone in the health care building at risk,” nurse Victoria Lanquah said.

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It’ll prove to be a major factor all over the US.

New Orleans Coronavirus Death Rate Is Twice New York. Obesity Is A Factor (R.)

The coronavirus has been a far deadlier threat in New Orleans than the rest of the United States, with a per-capita death rate twice that of New York City. Doctors, public health officials and available data say the Big Easy’s high levels of obesity and related ailments may be part of the problem. “We’re just sicker,” said Rebekah Gee, who until January was the health secretary for Louisiana and now heads Louisiana State University’s healthcare services division. “We already had tremendous healthcare disparities before this pandemic – one can only imagine they are being amplified now.” Along with New York and Seattle, New Orleans has emerged as one of the early U.S. hot spots for the coronavirus, making it a national test case for how to control and treat the disease it causes.


Chief among the concerns raised by doctors working in the Louisiana city is the death rate, which is twice that of New York and over four times that of Seattle, based on Thursday’s publicly reported data. New Orleans residents suffer from obesity, diabetes and hypertension at rates higher than the national average, conditions that doctors and public health officials say can make patients more vulnerable to COVID-19, the highly contagious respiratory disease caused by the coronavirus. Some 97% of those killed by COVID-19 in Louisiana had a pre-existing condition, according to the state health department. Diabetes was seen in 40% of the deaths, obesity in 25%, chronic kidney disease in 23% and cardiac problems in 21%. Orleans Parish, which encompasses the city, reported 125 confirmed coronavirus deaths as of Thursday, the equivalent of 32 coronavirus deaths per 100,000 people. That rate for New York City was at 15.9 on Thursday.

Read more …

Will Reuters stop polling the team of economists now, after another ridiculously off the mark prediction? No, it will not.

US Weekly Jobless Claims Blow Past Six Million As Lockdowns Spread (R.)

The number of Americans filing claims for unemployment benefits shot to a record high of more than 6 million last week as more jurisdictions enforced stay-at-home measures to curb the coronavirus pandemic, which economists say has pushed the economy into recession. Thursday’s weekly jobless claims report from the Labor Department, the most timely data on the economy’s health, reinforced economists’ views that the longest employment boom in U.S. history probably ended in March. With a majority of Americans now under some form of lockdown, claims are expected to rise further. Economists said worsening job losses underscored the need for additional fiscal and monetary stimulus. President Donald Trump last week signed a historic $2.3 trillion package, with provisions for companies and unemployed workers.

The Federal Reserve has also undertaken extraordinary measures to help companies weather the highly contagious virus, which has brought the country to a halt. “These data underscore the magnitude of the stop-work order that has been imposed on the economy,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York. “The scale of the increase should also focus policymakers on getting the cash into the economy with possibly a fourth fiscal package and additional Fed lending programs.” [..] Initial claims for state unemployment benefits surged 3.341 million to a seasonally adjusted 6.648 million for the week ended March 28, the government said. That was double the previous all-time high of 3.307 million set in the prior week. Economists polled by Reuters had forecast claims would jump to 3.50 million in the latest week, though estimates were as high as 5.25 million.

Read more …

There are dozens of these things happening. This is the Jerusalem Post on an Israeli company, which makes the “news” suspicious right off the bat.

Israeli Scientists: Coronavirus Vaccine Tested On Humans By June 1 (JPost)

A team of Israeli researchers says that they are days away from completing the production of the active component of a coronavirus vaccine that could be tested on humans as early as June 1. “We are in the final stages and within a few days we will hold the proteins – the active component of the vaccine,” Dr. Chen Katz, group leader of MIGAL’s biotechnology group, told The Jerusalem Post. In late February, MIGAL (The Galilee Research Institute) committed to completing production of its vaccine within three weeks and having it on the market in 90 days. Katz said they were slightly delayed because it took longer than expected to receive the genetic construct that they ordered from China due to the airways being closed and it having to be rerouted.

As a reminder, for the past four years, researchers at MIGAL have been developing a vaccine against infectious bronchitis virus (IBV), which causes a bronchial disease affecting poultry. The effectiveness of the vaccine has been proven in preclinical trials carried out at the Veterinary Institute. “Our basic concept was to develop the technology and not specifically a vaccine for this kind or that kind of virus,” said Katz. “The scientific framework for the vaccine is based on a new protein expression vector, which forms and secretes a chimeric soluble protein that delivers the viral antigen into mucosal tissues by self-activated endocytosis, causing the body to form antibodies against the virus.”

In preclinical trials, the team demonstrated that the oral vaccination induces high levels of specific anti-IBV antibodies, Katz said. “Let’s call it pure luck,” he said. “We decided to choose coronavirus as a model for our system just as a proof of concept for our technology.”

Read more …

This can’t be the exception. Such “counting errors” maust be commonplace.

France’s Coronavirus Death Toll Jumps As Nursing Homes Included (R.)

The coronavirus death count in France surged to nearly 5,400 people on Thursday after the health ministry began including nursing home fatalities in its data. The pandemic had claimed the lives of 4,503 patients in hospitals by Thursday, up 12% on the previous day’s 4,032, said Jerome Salomon, head of the health authority. A provisional tally showed the coronavirus had killed a further 884 people in nursing homes and other care facilities, he added. This makes for a total of 5,387 lives lost to coronavirus in France – an increase of 1,355 over Wednesday’s cumulative total – although data has not yet been collected from all of the country’s 7,400 nursing homes. “We are in France confronting an exceptional epidemic with an unprecedented impact on public health,” Salomon told a news conference.


The country’s broad lockdown is likely to be extended beyond April 15, Prime Minister Edouard Philippe said on Thursday, extending a confinement order to try and deal with the crisis that began on March 17. The government was racing to try to ensure it can produce or procure itself certain medications needed to treat coronavirus patients as stocks were running low, Philippe told TF1 TV, echoing concerns across Europe as the pandemic places a huge strain on hospitals in Italy, Spain and elsewhere. More than two-thirds of all the known nursing home deaths have been registered in France’s Grand Est region, which abuts the border with Germany. It was the first region in France to be overwhelmed by a wave of infections that has rapidly moved west to engulf greater Paris, where hospitals are desperately trying to add intensive care beds to cope with the influx of critically ill patients.

Read more …

A few remarks: Germany has a huge amount of ICU places. Neighbor the Netherlands has far fewer. But that’s also partly due to a different philosophy: where most countries try to keep people alive as long as possible, the Netherlands has a tradition, way before corona, of focusing more on quality than quantity of life. Old people with multiple ailments are not kept alive at all costs.

And if Andrew Cuomo is correct when he stated that of all people put on a ventilator only 20% survives, a question mark may be suitable. Is Germany’s low death rate a result of them keeping people on ventilators for a long time that will not have a quality life again? Religion is a big issue, but on the other hand there’s a huge increase in Do Not Resuscitate documents.

Note: Germany this morning, like many other countries have, issued a warning that it may run out of ICU places. That may lead to German doctors having to make decisions that they’re not used to making, unlike their Dutch counterparts.

Germany Has A Low Coronavirus Mortality Rate: Here’s Why (CNBC)

Germany seems to be taking the epidemic in its stride with a high number of cases but a low number of deaths, thanks to a number of factors. In Europe, while Italy and Spain are the worst hit countries with over 100,000 cases each, as of Friday, Germany has recorded 84,794 confirmed cases but has witnessed just 1,107 deaths, according to data from Johns Hopkins University. The low mortality rate in Germany, at just over 1%, is far below its neighboring European countries, and this has been put down to Germany’s decision to implement widespread testing of people suspected of having the virus, as opposed to Italy or the U.K.’s decision to only test symptomatic cases.

Karl Lauterbach, a professor of health economics and epidemiology at the University of Cologne, and a politician in the Social Democratic Party (SPD) of Germany, told CNBC that Germany’s less severe experience of the pandemic so far was down to a handful of factors. “I think so far we’ve been lucky because we were hit by the wave of new infections later than many other European countries, for example Italy, Spain and France,” he told CNBC Thursday. “So we had a minor but important delay in the wave of infections coming to Germany. Secondly, the first people that got infected in Germany tended to be younger than the average of the population … so we were hit later and with younger patients initially.”

Lauterbach noted that a third factor that helped Germany was a slow increase in the number of infections, allowing those patients to be treated at the country’s top medical institutions, including some of the country’s best university hospitals (including those in Bonn, Dusseldorf, Aachen and Cologne) in the Heinsberg region where there was a cluster of infections at the start of the outbreak. “Number four, all things considered, the German health-care system and hospital system has been modernized by the Social Democrats and Christian Democrats over the last 20 years … this meant we had more hospital beds, more ventilators, more ICU (Intensive Care Units) beds and more hospital doctors, roughly speaking, than any other comparable country in Europe … So our system is in a reasonable shape for such an epidemic.”

While almost all European countries have introduced lockdowns to prevent the spread of the coronavirus, fatality rates have differed wildly. The mortality rate in Italy around the end of March stood at 11%, for example. Germany’s rate is comparable with South Korea, a country that has also attracted plaudits for its management of the coronavirus crisis with extensive testing, contact tracing and digital surveillance of its citizens. Germany’s lockdown, alongside a rigorous testing regime, has also helped, Lauterbach said. While countries like the U.K. now have to build a diagnostics industry from scratch, Germany already had one built around the multinational might of Roche.

The country reportedly has the capacity to carry out up to 500,000 tests a week, whereas the U.K. can currently only manage just over 10,000 a day. Asked about the possible trajectory Germany’s coronavirus rate could take, Lauterbach said his worst-case scenario was that 10% of Germany’s 83 million population contract the virus, and with a 1% fatality rate, then 80,000 people would die. “It must be lower than that, it would be a tragedy if 10% of the population get infected, that’s my personal worst-case scenario.”

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We all know who will be the winners.

Fed’s Dilemma: Picking Winners For $4 Trillion In Credit (R.)

When the Federal Reserve polled Wall Street about financial stability risks last fall, “global pandemic” didn’t make the list. But the coronavirus outbreak has triggered virtually every other shock that was mentioned – from a stock market rout to a looming global recession – and is forcing the U.S. central bank and the U.S. Treasury to triage a system springing leaks by the day. Compared with the 2007-2009 meltdown, which was centered in the mortgage and financial markets, the current crisis is a massively more complex problem with the Fed pulled to intervene in virtually every aspect of U.S. household and corporate commerce and finance.

The challenge now facing the central bank, in consultation with the Treasury, is prioritizing which market, set of companies or group of institutions to help next as it plans how to leverage more than $450 billion of seed money from the Treasury into perhaps $4.5 trillion in credit programs. It is an uncomfortable role that could push the Fed beyond its traditional job of keeping financial markets open and running smoothly, to picking winners and losers in whatever economy emerges from a pandemic that has brought business activity to a virtual standstill.

“You’ve entered not just the world of accepting credit risk but of allocating it as well,” said Mark Spindel, a Fed historian who is the chief executive officer of Potomac River Capital. Through the emergency $2.3 trillion legislation passed last week, “Congress and Treasury have decided to cast the Fed as the only balance sheet large enough” for the measures that might be needed. In the extreme, that could include roughly $26 trillion in debt held by non-financial companies and households – $16 trillion if home mortgages are excluded.

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Keith Jurow omits one way the housing zombie has been kept alive: ultra low rates.

This Hard Truth About The Mortgage Markets Isn’t Being Told (Jurow)

Everyone wants to know what impact the coronavirus and the government response to it will have on housing markets. While it is too early to hazard a guess, some things are becoming increasingly clear. Already, it looks as if the U.S. is moving towards a temporary moratorium on mortgage payments. Fannie Mae and Freddie Mac unveiled an emergency program which provides a two-month deferral of mortgage payments for any homeowner who claims to be facing a hardship because of the virus. The payments will be tacked on at the end of the mortgage term. The coronavirus rescue law just enacted by Congress includes a provision which requires all firms that service federally-backed mortgages to grant a forbearance of up to 360 days for any borrowers who say they have been harmed by the coronavirus outbreak.

It is not much of a stretch to say that this virus has changed everything. Many of you may sense that the virus has undermined what you thought was still a fairly strong housing market around the country. In truth, the so-called housing recovery since 2010 has been little more than a carefully constructed illusion. The belief in a strong housing recovery was carefully devised using a strategy of misleading information, withheld data and false impressions. As I have explained in recent columns, the strategy to turn around collapsing housing markets unfolded in three parts: (1) restrict the number of foreclosed properties placed on the market; (2) radically reduce the number of seriously delinquent homes actually foreclosed and repossessed, and (3) provide millions of delinquent homeowners a mortgage modification as an alternative to foreclosure.

This strategy fooled nearly everyone into believing that the disaster has been overcome. The best example is Los Angeles County — ground zero for the collapse. In 2008, more than 37,000 properties were foreclosed. The plunge in foreclosures didn’t really kick in until 2012 when the number dropped to slightly over 10,000. The next year, foreclosures plunged to 3,340. Don’t think for a minute that this was due to an improving economy. Not at all. It was simply the strategy of desperate servicers. With so few properties foreclosed and even fewer placed on the market, home prices had no where to go but up.

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The Fed will be dragged to the ground by the zombies it’s carrying.

A Corporate Debt Reckoning Is Coming (13D)

Corporate debt is the timebomb everyone saw ticking, but no one was able to defuse. Ratings agencies warned about it: Moody’s, S&P. Central banks and international financial institutions did too: the Fed, the Bank of England, the Bank for International Settlements, the IMF. Financial luminaries expressed concern: Jamie Dimon, Seth Klarman, Jes Staley, Jeffrey Gundlach, Henry McVey. Even a presidential candidate brought the issue on the campaign trail: Elizabeth Warren. Yet, as we’ve documented in these pages for more than two years, corporations have only piled on more debt as their balance sheet health has deteriorated.


Total U.S. non-financial corporate debt sits at just under $10 trillion, a record 47% of GDP. One in six U.S. companies is now a zombie, meaning their interest expenses exceed their earnings before interest and taxes. As of year-end 2019, the percentage of listed companies in the U.S. losing money over 12 months sat close to 40%. In the 12 months to November, non-financial S&P 500 cash balances had declined by 11%, the largest percentage decline since at least 1980.
For too long, record-low interest rates inspired complacency, from companies to lenders to regulators and investors. As we warned in WILTW August 8, 2019, corporate fundamentals will eventually matter. Now, with COVID-19 grinding the global economy to a halt, that time has come.

Systemic threats are littered throughout the corporate debt ecosystem. Greater than 50% of outstanding debt is rated BBB, one rung above junk. As downgrades come, asset managers will be forced to flood the market with supply at a time demand has dried up. Meanwhile, leveraged loans — which have swelled by 50% since 2015 to over $1.2 trillion — threaten unprecedented losses given covenant deterioration. And bond ETFs could face a liquidity crisis as a flood of redemptions force offloading of all-too-illiquid bonds. Red lights are now flashing. Distressed debt in the U.S. has quadrupled in less than a week to nearly $1 trillion. Last week, bond fund outflows quadrupled the previous record, which was set the previous week. Moody’s and S&P have already declared a significant portion of outstanding debt under review for potential downgrade.


Source: FInancial Times

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Boeing’s miliary division is as fault-prone as its 737MAX part. And that’s what the country’s security depends on.

US Air Force To Release $882 Million To Boeing (R.)

The U.S. Air Force will release $882 million in payments to Boeing that were held back due to flaws in the KC-46 air refueling tanker, a Pentagon official said on Thursday. The release of the payment to Boeing is part of a broader recommendation sent to Air Force contracting officials, according to a memo seen by Reuters, aimed at maintaining the financial health of suppliers to the Department of Defense. Will Roper, the Air Force’s chief buyer, told reporters the initiative will free up billions of dollars in funding for numerous contractors, not just Boeing. “If we want to have a defense industrial base coming out of COVID-19, that’s able to continue building,” Roper said, “every day is a new challenge.”


Boeing’s financial situation has become increasingly precarious as economic fallout from the coronavirus has frozen key lending markets and cut off demand for Boeing’s commercial aircraft. The Air Force had the right to hold back about $28 million of the cost of each of the first 52 KC-46 Pegasus jets on order to ensure Boeing delivers fully functional tankers. With 33 jets delivered thus far, the Air Force could have withheld up to $924 million. The Air Force plans to buy 179 of the aircraft, which refuel other aircraft mid-air, but the program has been plagued with problems, including foreign object debris found onboard the planes and issues with a camera system used during the refueling process.

Read more …

A lot of money changed hands yesterday. But who won?

US Crude Futures Trim Record Gain (R.)

Benchmark U.S. crude fell more than 1% in early trade on Friday, coming off its biggest one-day gain in the previous session after U.S. President Donald Trump said he expected Saudi Arabia and Russia to announce a major oil production cut. U.S. West Texas Intermediate (WTI) crude futures were down 1.4%, or 36 cents, at $24.96 a barrel at 2223 GMT, after having surged 24.7% on Thursday. Even with the huge gains, prices have still slumped nearly 60% this year as oil demand has plummeted due to the coronavirus pandemic while Saudi Arabia and Russia have flooded the market with crude in a price war.


Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman, and expects Saudi Arabia and Russia to cut oil output by as much as 10 million to 15 million barrels, as the two countries signaled willingness to make a deal. Analysts said even if Russia and Saudi Arabia agreed to cut production by as much as 15 million barrels per day (bpd) that would not be enough to balance the market in face of a deep economic recession. “The 10-15 million bpd oil production cut reportedly being brokered by President Trump is a great start, but deeper cuts will likely be needed to get through a difficult Q2,” said Stephen Innes, chief global market strategist at AxiCorp. A deal between Russia and Saudi Arabia could effectively establish a floor for WTI in the $30s, he said.

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At times it feels like he closely follows a Rudy Giuliani scenario. Rule of thumb: if someone has never been really popular and all of a sudden is, do ask why.

Cuomo’s Bubble is Starting to Burst (Lauria)

Cuomo’s present regard for the well-being of every New Yorker, rich or poor, and his lyrical demands to ramp up the number of hospital beds and ventilators is undermined by an ongoing record of drastically cutting back on the state’s assistance to public medical facilities that serve the poor. While he is now frantically trying to add hospital beds in the state (which has lost 20,000 in the past 20 years), Cuomo, over the past decade, agreed to close and consolidate numerous public hospitals, mostly serving the poor, to save money. For instance, in 2013 he approved the closure of the 500-bed Long Island College Hospital in Brooklyn, despite objections from the community.

Even in these extraordinary circumstances his budget proposal to shave $400 million off the state’s $35 billion Medicaid bill—which provides care to the poorest New Yorkers—was accepted by the state Senate on Thursday when it passed Cuomo’s 2020 budget. It comes precisely as Medicaid recipients need it most. The state Assembly is to vote on the budget Friday. “So determined is Cuomo to slash Medicaid spending that he’s prepared to reject more than $6 billion in matching federal aid approved earlier this month because it would force him to alter his austerity strategy,” The Nation reported on Monday. It said:

“If Cuomo gets his way with the state budget [which the Senate has now given him], many of the city’s most besieged hospitals will lose money at a time when Covid-19 is threatening to crash New York’s health care system. Central Brooklyn hospitals, serving many of the borough’s working class and poor, could lose $38 million a year. Manhattan hospitals could lose up to $58 million a year.” Naomi Zewde, an assistant professor in the Graduate School of Public Health and Health Policy at CUNY, told the magazine: “’The proposal to cut funding to public hospitals during a pandemic reflects really poor decision-making.’” Making it worse, is that Cuomo’s budget did not include rises in property or wealth taxes, despite a $10-15 billion shortfall. “There were no new taxes on the ultrarich, a measure many liberals had clamored for,” The New York Times reported.

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Yes, surveillance state. But no, it’s nothing new.

Google Releases Location Data On Lockdowns In 131 Countries (R.)

Google’s analysis of location data from billions of users’ phones is the largest public dataset available to help health authorities assess if people are abiding with shelter-in-place and similar orders issued across the world. Its reports show charts that compare traffic from Feb. 16 to March 29 at subway, train and bus stations, grocery stores and other broad categories of places with a five-week period earlier this year. In Italy, one of the countries hardest hit by the virus, visits to retail and recreation locations, including restaurants and movie theaters, plunged 94% while visits to workplaces slid 63%. Reflecting the severity of the crisis there, grocery and pharmacy visits in Italy dropped 85% and park visits were down by 90%.

In the United States, California, which was the first in the with a statewide lockdown, cut visits to retail and recreation locations by half. By contrast, Arkansas, one of the few states without a sweeping lockdown, has seen such visits fall 29%, the lowest for a U.S. state. The data also underscore some challenges authorities have faced in keeping people apart. Grocery store visits surged in Singapore, the United Kingdom and elsewhere as travel restrictions were set to go into place. Visits to parks spiked in March in some San Francisco Bay Area counties, forcing them to later put the sites off limits. By contrast, in Japan where authorities have been relatively relaxed in urging social distancing measures but where calls have been growing daily for a state of emergency, visits to retail and recreational places fell 26%. Visits to workplace dropped a mere 9%.

[..] Facebook Inc, which like Google has billions of users, has shared location data with non-governmental researchers that are producing similar reports for authorities in several countries. But the social media giant has not published any findings. Infectious disease specialists have said analyzing travel across groups by age, income and other demographics could help shape public service announcements. Google, which infers demographics from users’ internet use as well as some data given when signing up to Google services, said it was not reporting demographic information. The company said, though, it was open to including additional information and countries in follow-up reports.

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The biggest winner in the lockdown economy still finds time to abuse its workers.

Leaked Amazon Memo Details Plan to Smear Fired Warehouse Organizer (Vice)

Leaked notes from an internal meeting of Amazon leadership obtained by VICE News reveal company executives discussed a plan to smear fired warehouse employee Christian Smalls, calling him “not smart or articulate” as part of a PR strategy to make him “the face of the entire union/organizing movement.” “He’s not smart, or articulate, and to the extent the press wants to focus on us versus him, we will be in a much stronger PR position than simply explaining for the umpteenth time how we’re trying to protect workers,” wrote Amazon General Counsel David Zapolsky in notes from the meeting forwarded widely in the company. The discussion took place at a daily meeting, which included CEO Jeff Bezos, to update each other on the coronavirus situation.

Amazon SVP of Global Corporate Affairs Jay Carney described the purpose to CNN on Sunday: “We go over the update on what’s happening around the world with our employees and with our customers and our businesses. We also spend a significant amount of time just brainstorming about what else we can do” about COVID-19. Zapolsky’s notes also detailed Amazon’s efforts to buy millions of protective masks to protect its workers from the coronavirus, as well as an effort to begin producing and selling its own masks. So far, the company has secured at least 10 million masks for “our operations guys,” with 25 million more coming from a supplier in the next two weeks, Zapolsky wrote. Amazon fired the warehouse worker Smalls on Monday, after he led a walkout of a number of employees at a Staten Island distribution warehouse.

Amazon says he was fired for violating a company-imposed 14-day quarantine after he came into contact with an employee who tested positive for the coronavirus. Smalls says the employee who tested positive came into contact with many other workers for longer periods of time before her test came back. He claims he was singled out after pleading with management to sanitize the warehouse and be more transparent about the number of workers who were sick. [..] “We should spend the first part of our response strongly laying out the case for why the organizer’s conduct was immoral, unacceptable, and arguably illegal, in detail, and only then follow with our usual talking points about worker safety,” Zapolsky wrote. “Make him the most interesting part of the story, and if possible make him the face of the entire union/organizing movement.”

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It must be possible to run the Automatic Earth on people’s kind donations. These are no longer the times when ads pay for all you read, your donations have become an integral part of it. It has become a two-way street; and isn’t that liberating, when you think about it?

Thanks everyone for your wonderfully generous donations over the past days.

 

 

 

 

 

 

Support us in virustime. Help the Automatic Earth survive. It’s good for you.

 

Mar 242020
 


DPC City Hall subway station, New York 1904

 

Coronavirus Survived In Vacated Cruise Ship Cabins For Up To 17 Days (CNBC)
46.5% Of Diamond Princess Cruise Ship Passengers, Crew Were Asymptomatic (CNN)
Italy Has A Brief Glimpse Of Hope As New Cases Drop To A 5-Day Low (SCMP)
India Faces Spike In Coronavirus Cases – Study (R.)
Coronavirus Treatment Developed By Gilead Granted “Rare Disease” Status (IC)
Man Dies After Ingesting Chloroquine (NBC)
‘Miracle’ Malaria Drug Saved Us From Coronavirus, Claim Americans (DM)
War Couldn’t Stop Parliament, So Why Should COVID-19? (Aus.)
Ecuadoreans Print 3-D Protective Gear For COVID-19 Doctors (Telesur)
Electricity Consumption In Italy Plummets Amid Countrywide Quarantine (ZH)
China’s Propaganda Campaign in Europe (Kern)
All the Fed’s Corporate & Investor Bailout Programs and SPVs (WS)

 

 

Scariest bit today? Here it is:

 

 

Cases 391,947 (+ 46,654 from yesterday’s 345,292)

Deaths 17,138 (+ 2,213 from yesterday’s 14,925)

 

 

 

From Worldometer yesterday evening (before their day’s close)

One look at the US suffices. It was up 9,293 at 42,893. So far today another 2,434 were added, total now 46,168. Death toll yesterday was 522, now 582.

 

 

From Worldometer -NOTE: mortality rate for closed cases is at 14% !! 2 weeks ago it was at 6%-

 

 

From SCMP:

 

 

From COVID2019Live.info:

 

 

From COVID2019.app:

 

 

 

 

Just today, March 24, two more deaths from the Diamond Princess were announced. The last crew members left the ship March 1.

Coronavirus Survived In Vacated Cruise Ship Cabins For Up To 17 Days (CNBC)

The coronavirus survived for up to 17 days aboard the Diamond Princess cruise ship, living far longer on surfaces than previous research has shown, according to new data published Monday by the Centers for Disease Control and Prevention. The study examined the Japanese and U.S. government efforts to contain the COVID-19 outbreaks on the Carnival-owned Diamond Princess ship in Japan and the Grand Princess ship in California. Passengers and crew on both ships were quarantined on board after previous guests, who didn’t have any symptoms while aboard each of the ships, tested positive for COVID-19 after landing ashore.

The virus “was identified on a variety of surfaces in cabins of both symptomatic and asymptomatic infected passengers up to 17 days after cabins were vacated on the Diamond Princess but before disinfection procedures had been conducted,” the researchers wrote, adding that the finding doesn’t necessarily mean the virus spread by surface. “COVID-19 on cruise ships poses a risk for rapid spread of disease, causing outbreaks in a vulnerable population, and aggressive efforts are required to contain spread,” the CDC wrote, reiterating its guidance to vulnerable populations to avoid cruises during the pandemic.

[..] The new study set out to determine how “transmission occurred across multiple voyages of several ships.” They noted that as of March 17, there were at least 25 cruise ship voyages with confirmed COVID-19 cases that were detected either during or after the cruise ended. Almost half, 46.5%, of the infections aboard the Diamond Princess were asymptomatic when they were tested, partially explaining the “high attack rate” of the virus among passengers and crew. [..] The researchers found that 712 of 3,711 people on the Diamond Princess, or 19.2% were infected by COVID-19.

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And why wouldn’t this be true everywhere?

Note: the -unrelated- explainer video is pretty much a must see

46.5% Of Diamond Princess Cruise Ship Passengers, Crew Were Asymptomatic (CNN)

Nearly half of the Diamond Princess cruise ship passengers and crew who tested positive for the novel coronavirus were asymptomatic at the time they were tested, according to a new report from the US Centers for Disease Control and Prevention. Of the 712 passengers and crew members of the ship who tested positive for coronavirus, 331 – or 46.5% – were asymptomatic at the time of testing, the CDC said. The agency said that the high rate of asymptomatic infections could partly explain the high rate of infection among cruise ship passengers and crew.


Traces of the virus were found “on a variety of surfaces in cabins of both symptomatic and asymptomatic infected passengers up to 17 days after cabins were vacated on the Diamond Princess but before disinfection procedures had been conducted,” the CDC said. However, the surface contamination on the ship can’t be used to determine whether transmission occurred from contaminated surfaces without further study, the CDC cautioned. As of March 13, 107, or 25%, of the 428 Americans on the Diamond Princess tested positive for coronavirus, the agency said.

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Italian newspaper La Repubblica apparently reports that infection rate in Italy is 10x higher than acknowledged. I like the tweeted response:

“That’s actually good news (if true). Death rate much lower and also means everyone has it.”

If everyone’s infected, there’s no more need for lockdowns.

Italy Has A Brief Glimpse Of Hope As New Cases Drop To A 5-Day Low (SCMP)

Italy’s number of new Covid-19 cases dropped to a five-day low on Monday, easing tension on overstretched hospitals and bringing a glimmer of hope to a nation that has lost more lives than any other country to the pandemic. In Spain, however, more people died in the last 24 hours than at any point since the coronavirus outbreak erupted in what has become Europe’s second most devastated country. Italian health authorities announced 4,789 new cases in the last 24 hours, a drop from 5,560 on Sunday and 6,557 on Saturday. It was also lower than the levels of Thursday and Friday, when the figures for confirmed cases were still rising. The number of hospitalised cases in Lombardy – the Italian region enduring the most serious outbreak – also declined for the first time since the contagion took root.


“Today is perhaps the first positive day we have had in this hard, very tough month,” said Giulio Gallera, the top health official in Lombardy, an area known as the economic engine of Italy. “It is not the time to sing victory, but we are beginning to see the light at the end of the tunnel.” The number of coronavirus cases in Italy has risen to 63,927 – compared to 81,093 in mainland China. [..] The overall death rate from the pandemic in Italy has further risen to 9.5 per cent, far exceeding the global average of 4.4 per cent. Of the confirmed cases, 3,204 were in intensive care, while 26,522 were under home quarantine.

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The US went from 409 cases two weeks ago to 46,000 now, sure to cross the 100,000 line in a few days, i.e. in under 3 weeks. This “study” claims this could take almost 2 months in India.

India Faces Spike In Coronavirus Cases – Study (R.)

India could face between around 100,000 and 1.3 million confirmed cases of the disease caused by the new coronavirus by mid-May if it continues to spread at its current pace, according to a team of scientists based mainly in the United States. The estimates reinforce concerns among some medical officials and experts in India that the country of 1.4 billion people could see coronavirus cases jump sharply in the coming weeks and put its health system under severe strain. The scientists said projections could change as the country conducts more testing, while also putting in place stricter restrictions and measures to stem the spread of the virus.

“Even with the best case scenarios, probably, you are in a very painful crisis,” said Bhramar Mukherjee, a professor of biostatistics and epidemiology at the University of Michigan who was involved in the study. The study was carried out by the COV-IND-19 Study Group of scholars and scientists looking into the threat posed by the coronavirus, and COVID-19, the disease it causes, in India. [..] India probably has only around 100,000 intensive care unit (ICU) beds and 40,000 ventilators, said Dhruva Chaudhry, president of the Indian Society of Critical Care Medicine, based on industry estimates and other data. “We can handle it if an even number (of cases) come over a period of time,” Chaudhry said. But he warned that there was not sufficient infrastructure or staff to handle a sharp spike in critical patients.

[..] So far, India has reported 471 cases of the coronavirus and 9 deaths, numbers dwarfed by countries like China, Italy and Spain, but which are nonetheless beginning to accelerate. Authorities have imposed a lockdown across large parts of the country, including in the capital city New Delhi and the financial hub of Mumbai. The original study was based on data up to March 16, but following a request from Reuters, the team updated their model using cases from Indian health authorities up to March 21.

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Yeah, this stinks. But it’s not a “coronavirus treatment”. Remdesivir is an antiviral that’s alleged to be effective against Ebola and Marburg.

Coronavirus Treatment Developed By Gilead Granted “Rare Disease” Status (IC)

This afternoon, the Food and Drug Administration granted Gilead Sciences “orphan” drug status for its antiviral drug, remdesivir. The designation allows the pharmaceutical company to profit exclusively for seven years from the product, which is one of dozens being tested as a possible treatment for Covid-19, the disease caused by the new coronavirus. Experts warn the designation, reserved for treating “rare diseases,” could block supplies of the antiviral medication from generic drug manufacturers and provide a lucrative windfall for Gilead Sciences, which maintains close ties with President Donald Trump’s task force for controlling the coronavirus crisis. Joe Grogan, who serves on the White House coronavirus task force, lobbied for Gilead from 2011 to 2017 on issues including the pricing of pharmaceuticals.

“The Orphan Drug Act is for a rare disease and this is about as an extreme opposite of a rare disease you can possibly dream up,” said James Love, the director of Knowledge Ecology International, a watchdog on pharmaceutical patent abuse. “They’re talking about potentially half the population of the United States,” said Love, adding that “it’s absurd that this would happen in the middle of an epidemic when everything is in short supply.” The 1983 Orphan Drug Act gives special inducements to pharmaceutical companies to make products that treat rare diseases. In addition to the seven-year period of market exclusivity, “orphan” status can give companies grants and tax credits of 25 percent of the clinical drug testing cost. The law is reserved for drugs that treat illnesses that affect fewer than 200,000 people in the U.S.

But a loophole allows drugs that treat more common illnesses to be classified as orphans if the designation is given before the disease reaches that threshold. As of press time, there were more than 40,000 confirmed cases of Covid-19 in the U.S, and some 366,000 worldwide. The distinction could severely limit supply of remdesivir by granting Gilead Sciences exclusive protection over the drug and complete control of its price. Other pharmaceutical firms, including India-based pharmaceutical firm Cipla, are reportedly working towards a generic form of remdesivir, but patients in the U.S. could be prevented from buying generics with lower prices now that Gilead Sciences’ drug has been designated an orphan.

The distinction could severely limit supply of remdesivir by granting Gilead Sciences exclusive protection over the drug and complete control of its price. Other pharmaceutical firms, including India-based pharmaceutical firm Cipla, are reportedly working towards a generic form of remdesivir, but patients in the U.S. could be prevented from buying generics with lower prices now that Gilead Sciences’ drug has been designated an orphan. Today, Gilead abruptly announced that it would no longer provide emergency access to remdesivir, telling the New York Times that “overwhelming demand” left it unable to process requests for the drug through its compassionate use program. Hours later, the Food and Drug Administration gave the drug orphan status. Almost immediately, Gilead’s stock price shot up.

Read more …

Okay, I’m confused. Time for Dr. John Day and other medical commentariat to chime in. This suggests the “human” version’s generic name is hydroxychloroquine, but when we started discussing it here 5 weeks ago, we were talking about chloroquine phosphate, which the article says is for fish only.

Also, we don’t read how much these people took. And the woman is critical but still does elaborate interviews?

Man Dies After Ingesting Chloroquine (NBC)

An Arizona man has died after ingesting chloroquine phosphate — believing it would protect him from becoming infected with the coronavirus. The man’s wife also ingested the substance and is under critical care. The toxic ingredient they consumed was not the medication form of chloroquine, used to treat malaria in humans. Instead, it was an ingredient listed on a parasite treatment for fish. The man’s wife told NBC News she’d watched televised briefings during which President Trump talked about the potential benefits of chloroquine. Even though no drugs are approved to prevent or treat COVID-19, the disease caused by the coronavirus, some early research suggests it may be useful as a therapy.

The name “chloroquine” resonated with the man’s wife, who asked that her name not be used to protect the family’s privacy. She’d used it previously to treat her koi fish. “I saw it sitting on the back shelf and thought, ‘Hey, isn’t that the stuff they’re talking about on TV?'” The couple — both in their 60s and potentially at higher risk for complications of the virus — decided to mix a small amount of the substance with a liquid and drink it as a way to prevent the coronavirus. “We were afraid of getting sick,” she said. Within 20 minutes, both became extremely ill, at first feeling “dizzy and hot.” “I started vomiting,” the woman told NBC News. “My husband started developing respiratory problems and wanted to hold my hand.”

She called 911. The emergency responders “were asking a lot of questions” about what they’d consumed. “I was having a hard time talking, falling down.” Shortly after he arrived at the hospital, her husband died. [..] On Monday, Banner Health, based in Arizona, said the couple took the additive called chloroquine phosphate. The couple unfortunately equated the chloroquine phosphate in their fish treatment with the medication —known by its generic name, hydroxychloroquine ..

Read more …

One coin, two sides.

‘Miracle’ Malaria Drug Saved Us From Coronavirus, Claim Americans (DM)

People across the US have come forward to call the anti-malaria drug a ‘miracle’ coronavirus treatment as New York state officials announce they will start trials with the medication on Tuesday. On Monday, New York Gov. Andrew Cuomo said the state will doctors will start trialing hydroxychloroquine this week after the number of coronavirus cases in New York City alone rose to 12,000, an increase of more than 3,000 overnight. The drug has not yet been proven as effective in battling the virus, but President Donald Trump drummed up excitement over it when he called it a ‘game changer’ last week. Dr Anthony Fauci, the White House coronavirus expert, said more work was needed before it could be heralded as a solution. But people like Rio Giardinieri, Margaret Novins and Lost star Daniel Dae Kim are praising the drug for saving their lives.

Giardinieri, who is the vice-president of a company that manufactures cooking equipment for high-end restaurants in Los Angeles, said his doctors administered the drug as a last hope for his recovery. The 52-year-old believes he contracted the virus during a conference in New York and immediately fell ill with a fever for five days, back pain, headaches, a cough and fatigue. ‘I was at the point where I was barely able to speak, and breathing was very challenging,’ he told Fox 6. He went to Joe DiMaggio Hospital in South Florida, where doctors diagnosed him with pneumonia and coronavirus. Giardinieri explained that he was placed on oxygen but he was still unable to breath. After a week, doctors told him there was nothing else they could do and on Friday evening he said goodbye to his wife and three children.

‘I really thought my end was there. I had been through nine days of solid pain and for me, the end was there, so I made some calls to say, in my own way, goodbye to my friends and family,’ he told the news site. Giardinieri said a friend then told him about the anti-malaria drug. He immediately asked a doctor to administer the medication. He then explained what came next, including the moment when he felt like his heart was beating out of his chest. ‘They had to come in, and get me calmed down, and take care of me,’ Giardinieri said. But then the next morning he says he ‘woke up like nothing ever happened’ and feeling much better. The doctors said they don’t believe Giardinieri’s episode was a reaction to the anti-malaria drug but instead was likely the virus progressing in his body. ‘To me, the drug saved my life,’ Giardinieri said.

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Keep distance everywhere except in parliament? There are pictures of UK nurses in overloaded London subway trains. Because the risk of infection at work is not high enough, I guess.

War Couldn’t Stop Parliament, So Why Should COVID-19? (Aus.)

The decision to shut down parliament until August goes against the entire underpinnings of our Westminster political democracy. The argument that it practically needs to happen is just rubbish. Parliament kept operating through both World Wars. It operated during the Great Depression and even the Spanish Influenza of 1919. In those days we didn’t have the technology nor know-how we do today to make it even easier to keep parliament open, whether from a transport or communications perspective. The same reason that well prepared private schools have seamlessly moved to online learning systems is the reason the nation’s parliament could operate — at the very least — as a virtual chamber if necessary. Or as it did this week with social distancing and limited attendance.


What message does it send culturally that parliament is apparently so irrelevant it can pack up until the second half of the year without concern? Our democracy is not about the executive running the joint without parliamentary oversight — especially in times of crisis when scrutiny and accountability become even more important. While parliament inevitably includes no small degree of buffoonery, the role of Question Time and the platform the chamber gives individual MPs to voice the concerns of their local communities is vital. As are the committee processes.

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Shouldn’t everyone be doing this? Where are governments’ purchases of 3D printers?

Ecuadoreans Print 3-D Protective Gear For COVID-19 Doctors (Telesur)

Amid the COVID-19 pandemic, Ecuador has become the second worst-hit country in the region with over 980 infected as of Monday and with the rapid spread of the virus the country now faces a severe shortage of personal protective equipment (PPE) for its health workers. Yet this grim reality became an opportunity for a group of Ecuadoreans business owners and enthusiasts of 3-D printing to join together and apply their knowledge to produce much-needed equipment for the doctors and nurses fronting the virus. “As soon as the news came, we started to think and talk about ways to help…we saw there was a need for protective gear and realized we could help,” Mateo Arcos, co-coordinator of the Hacking COVID-10 EC initiative told teleSUR.


The group began with 60 volunteers that decided to produce face shields, which are PPEs that provide over the top, side, and front face protection against splash and splatter of fluid-borne pathogens. Now the initiative has over 280 volunteers. The decision to opt for this was based on the fact many medical personel across the country were cutting off plastic bottles in order to make their own masks, crippling health workers’ ability to respond to the coronavirus pandemic. “There is a clear scarcity of it so we opted to make them, also as it was the more viable option,” Arcos added.

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Imagine the earth protecting herself from mankind by debilitating its powers to destroy her any further.

Electricity Consumption In Italy Plummets Amid Countrywide Quarantine (ZH)

Italy has gone full “Wuhan” with a massive lockdown across the country amid a virus crisis that has paralyzed its economy. So far, 63,927 confirmed cases of COVID-19 had been reported, with 6,077 deaths. The Italian economy is being dragged into a depression as the fast-spreading virus cripples its northern regions, forcing the government to ban travel and close all industrial production across the country. The impact of the virus on Italy’s economy led to the collapse of electricity consumption last week. Electricity usage fell 16% YoY for March 16-22, according to Bloomberg calculations based on Terna SpA data.

Diego Marquina, an analyst covering European power markets at BloombergNEF, noted on Monday that electricity demand in every European country has declined due to the impact of quarantine measures to mitigate the virus spread. Marquina said if declining electricity consumption is “sustained…weekday power demand would most likely fall to Sunday levels – a 10-26% reduction, depending on the country.” He estimates that power prices could drop between 6-18 EUR/MWh.

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Remeber that, as I wrote yesterday in , the leadership in all these countries failed miserably. All of them, including China.

China’s Propaganda Campaign in Europe (Kern)

Fortune magazine explained the motivation behind China’s propaganda push: “For China, the outreach to Europe is part of an effort to claw back an international leadership role after early cover-ups helped the virus spread well beyond its borders. President Xi Jinping’s government has sought to silence critics, including reporters and online commentators, and also spread conspiracy theories about where the virus originated. “Geopolitically, China’s move to brand itself as Europe’s savior aims to improve its standing on a global stage as both spar with the Trump administration. China and the U.S. have continued a wider fight for global influence — Beijing kicked out more than a dozen American journalists this week — while also seeking to deflect blame for their handling of the disease.”

On March 12, China sent to Italy a team of nine Chinese medical staff along with some 30 tons of equipment on a flight organized by the Chinese Red Cross. The head of the Italian Red Cross, Francesco Rocca, said that the shipment “revealed the power of international solidarity.” In recent days, China has also sent aid to:

• Greece, March 21. An Air China plane carrying 8 tons of medical equipment — including 550,000 surgical masks and other items such as protective equipment, glasses, gloves and shoe covers — arrived at Athens International Airport. The Chinese Ambassador to Greece, Zhang Qiyue, referred to words by Aristotle: “What is a friend? A single soul living in two bodies.” He said that “difficult times reveal true friends” and that China and Greece are “working closely together in the fight against the coronavirus.” This, he said, “confirms once again the excellent relations and friendship between the two peoples.”

• Serbia, March 21. China flew six doctors, ventilators and medical masks to Serbia to help Belgrade halt spreading of the coronavirus infection. “A big thank you to President Xi Jinping, the Chinese Communist Party and the Chinese people,” said Serbian President Aleksandar Vucic. China’s ambassador to Belgrade, Chen Bo, said the aid was a sign of the “iron friendship” between the two countries.

• Spain, March 21. The founder and president of the Chinese technology company Huawei, Ren Zhengfei, donated one million face masks. They were expected to arrive at Zaragoza Airport in northeastern Spain on March 23. The masks will be stored at a warehouse belonging to the Spanish apparel retailer Zara. From there, Zara will put its logistics network at the service of the Spanish government.

• Czech Republic, March 21. A Ukrainian cargo plane reportedly carrying 100 tons of medical supplies from China arrived at the airport in Pardubice, a city situated 100 kilometers east of Prague. On March 20, a Chinese plane carrying one million masks arrived in the Czech Republic, which reportedly ordered another 5 million respirators from China along with 30 million masks and 250,000 sets of protective clothing.

• France, March 18. China sent to France, the second-most powerful country of the European Union, a batch of medical supplies, including protective masks, surgical masks, protective suits and medical gloves. The Chinese Embassy in France tweeted: “United we will win!” The following day, China sent a second batch of supplies. The Chinese Embassy tweeted: “The Chinese people are next to the French people. Solidarity and cooperation will allow us to overcome this pandemic.”

• The Netherlands, March 18. China Eastern Airlines, China Southern Airlines and Xiamen Airlines, codeshare partners with KLM Royal Dutch Airlines, donated 20,000 masks and 50,000 gloves. The shipment arrived at Amsterdam Airport Schiphol on a Xiamen Airlines flight. “These are extremely difficult times for our country and our company, so we are very happy with this help for KLM and for the Netherlands,” KLM CEO Pieter Elbers said. “Less than two months ago, KLM made a donation to China and now we are being helped so wonderfully and generously.”

• Poland, March 18. The Chinese government pledged to send Poland tens of thousands of protective items and 10,000 coronavirus test kits. On March 13, the Chinese Embassy in Warsaw sponsored a videoconference during which experts from China and Central Europe shared their knowledge on tackling the coronavirus.

• Belgium, March 18. A Chinese cargo plane carrying 1.5 million masks landed at Liege Airport. The masks, which will be distributed to Belgium, France and Slovenia, were donated by Jack Ma, the founder of Alibaba, a Chinese ecommerce giant known as the “Amazon of China.”

• Czech Republic, March 18. A plane carrying 150,000 test kits for coronavirus landed in Prague. The Ministry of Health paid about CZK 14 million ($550,000) for 100,000 testing kits, while another 50,000 kits were paid for by the Ministry of the Interior. Transport was provided by the Ministry of Defense.

• Spain, March 17. A Chinese plane carrying 500,000 masks arrived at Zaragoza Airport. “The sun always rises after the rain,” Chinese President Xi Jinping told Spanish Prime Minister Pedro Sánchez. He said that the friendship between China and Spain will be stronger and bilateral ties will have a brighter future after the joint fight against the virus. Xi said that after the pandemic, both countries should intensify exchanges and cooperation in a wide range of fields.

• Belgium, March 16. Another shipment of medical supplies donated by the Jack Ma Foundation and Alibaba Foundation for epidemic prevention in Europe arrived at Liege Airport.

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Unlimited purchases announced and stocks tank. Is that the end of the line?

All the Fed’s Corporate & Investor Bailout Programs and SPVs (WS)

With its announcement this morning, the Fed expanded its three fundamental mechanisms in which it is once again bailing out the biggest risk takers, over-leveraged companies, hedge funds, mortgage REITs, and PE firms; wiping out cash-flows for crash-averse savers and holders of Treasury securities; and creating special opportunities for well-connected individuals who have access to the Fed’s programs. And let’s get this straight: None of the programs are going to fix the economy.

These bailout programs fall into three mechanisms:
1. Fed buys assets directly. Until this morning, this was limited to Treasury securities, agency debt, and residential MBS backed by Ginnie Mae (US government agency) and the GSEs, Freddie Mac and Fannie Mae. This morning, the Fed added agency-backed commercial mortgage-backed securities (CMBS) to the list.

2. Fed sets up special purpose vehicles (SPV) and lends to the SPVs which then buy assets or lend. These SPVs can buy assets the Fed is not allowed to buy and they can lend to entities and individuals to buy certain assets. Under the Federal Reserve Act, these SPVs require taxpayer backing from the Treasury Department to protect the Fed from losses.

3. The Fed lends to its 24 Primary Dealers against collateral, and that collateral can be anything the Fed decides, including now stocks – and in the end finally old bicycles.

The entire alphabet soup of new programs will take a while to get set up and get started. And since they won’t fix the economy and its underlying problems, they might not work as well in accomplishing their goals – making the wealthy wealthier – as they did during the Financial Crisis. So we’ll have to see how this works out.

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May 042018
 


Herri met de Bles c1510-after 1555 Saint Jerome medidating

 

Fed’s QE Unwind Accelerates Sharply (WS)
The Root of It All (Batnick)
Tesla Is A Zombie Company (F.)
With No Letup In Home Prices, The California Exodus Surges (MW)
Demand For US Soybeans Remains Strong Despite China (CNBC)
US Charges VW Ex-CEO With Conspiracy And Fraud (G.)
Mueller’s Questions for Trump Show Folly of Special-Counsel Appointments (NR)
Why We Need To Be Propagandized For Our Own Good (CJ)
Neocons Form Brand New Russia-Bashing ‘Think’ Tank (RI)
UK Pushes To Strengthen Anti-Russia Alliance (G.)
Nobel Prize For Literature Postponed Amid Swedish Academy Turmoil (BBC)
Jacinda Ardern Pledges Shelter For All Homeless People Within Four Weeks (G.)

 

 

As most voices seem convinced QT would be madness.

Fed’s QE Unwind Accelerates Sharply (WS)

The QE Unwind is ramping up toward cruising speed. The Fed’s balance sheet for the week ending May 2, released this afternoon, shows a total drop of $104 billion since the beginning of the QE Unwind in October – to the lowest level since June 11, 2014. During the years and iterations of QE, the Fed acquired $3.4 trillion in Treasury securities and mortgage-backed securities. The mortgages underlying those MBS are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The “balance sheet normalization,” as the Fed calls it, was nudged into motion last October. But the pace accelerates every quarter until it reaches up to $50 billion a month in Q4 this year.

This would trim the balance sheet by up to $420 billion this year, and by up to $600 billion in 2019 and every year going forward, until the Fed considers the balance sheet to be adequately “normalized” — or until something big breaks, whichever comes first. [..] The balance of Treasury securities fell by $17.6 billion in April. This is up 60% from March, when $11 billion “rolled off.” Since the beginning of the QE-Unwind, $70 billion in Treasuries “rolled off.” Now at $2,395 billion, the balance of Treasuries has hit the lowest level since June 18, 2014.

[..] Residential MBS are different from regular bonds. Holders receive principal payments on a regular basis as the underlying mortgages are paid down or are paid off. At maturity, the remaining principal is paid off. Over the years, to keep the MBS balance from declining, the New York Fed’s Open Market Operations (OMO) has been continually buying MBS. But settlement of those trades occurs two to three months later. The Fed books the trades on an as-settled basis. The time lag between the trade and settlement causes the large weekly fluctuations on the Fed’s balance sheet. And it also delays when MBS that “rolled off” actually disappear from the balance sheet.

[..] Total assets on the Fed’s balance sheet dropped by $30 billion in April, and by $104 billion since the beginning of the QE-Unwind, to $4,356 billion. This is the lowest since June 11, 2014. Note that total assets are now down by $160 billion from the peak in January 2015:

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“The poor stay poor, the rich get rich. That’s how it goes. Everybody knows.”

The Root of It All (Batnick)

Steven Pinker wrote, “In almost every year from 1992 through 2015, an era in which the rate of violent crime plummeted, a majority of Americans told pollsters that crime was rising. In late 2015, large majorities in eleven developed countries said that “the world is getting worse.” But crime isn’t rising, and the world is objectively getting better. And while life is improving at the macro level, at the micro level, people aren’t feeling so great. So what gives? We tend to expect the worst as a way to insulate ourselves from disappointment. Life is not about good or bad, it’s about better or worse, so if things don’t turn out as bad as we imagine, we’re pleasantly surprised. If you were asked to think about how your life could improve, a few things might come to mind.

But imagine how your life could get worse, and a barrage of negative possibilities fills your brain. The risk and reward of every day life is asymmetrical. This is why being a pessimist feels safe and being an optimist feels reckless. [..] While the news certainly isn’t doing anyone any favors, there are legitimate reasons why people don’t feel like things are getting better. For too many, they aren’t. The chart below shows the change in real income since 1980. This chart is the root of all the negative things facing our society. People in the top 20% saw their income increase by 60%. People in the bottom 20% saw their income rise by just 5% over the same time. As Leonard Cohen said, “The poor stay poor, the rich get rich. That’s how it goes. Everybody knows.”

Real income increased 38% from 1980-2016, or just 0.87% per year, and 70% of that increase went to people in the top 20%. Things are better, especially around the world, but in our country, way too many people are getting left behind. Extreme poverty is collapsing, but relative poverty is exploding, and everything in life is relative. If things don’t feel better than they were two hundred years ago, it’s because people compare themselves to their neighbors, not to their ancestors.

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As simple as that.

Tesla Is A Zombie Company (F.)

Tesla’s quarter was terrible from a financial perspective, as I had expected. The controlling figure I use, operating cash flow (operating loss plus depreciation minus capital expenditures,) was reported as -$836 million in the quarter, which very nearly approximates one quarter of 2017’s full year cash outflow of $3.4 billion. Things are not improving at Tesla from a financial perspective, and the second quarter is likely to be just as bad as the first. For the third consecutive quarter, Tesla posted negative EBITDA (-$180 million) and if this were any other company, there would be an active death watch on the Street. Tesla’s bonds have dropped sharply in today’s trading, now quoted at 87 cents on the dollar.

This is not surprising given that Tesla is not even remotely close to earning enough profit to cover its interest expense, which management estimated would be $160 million in the second quarter. Tesla added $346 million to its now $10 billion debt pile in the quarter, and the management’s weasel-worded projection of “positive net income excluding non-cash stock based compensation in Q3 and Q4” would still leave Tesla short of covering its debt service costs, by my calculations. So, from a financial perspective, Tesla is a zombie company. There is simply no justification for Tesla’s current market capitalization of $47.2 billion, and the market eventually figures these things out. It’s actually been a slow burn for Tesla shares, not a plummet, but that can be just as painful.

On September 12, 2014, Teslashares closed at $279.20 and the Nasdaq Composite closed at 4567.60. As of this writing, Tesla is trading at $279.04 and the Nasdaq is trading at 7011.00. So that’s where the value destruction Musk has wrought is evident. His shares are down slightly in a period in which his peer companies have collectively risen 53.5%.

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Housing bubbles break communities.

With No Letup In Home Prices, The California Exodus Surges (MW)

Over a million more people moved out of California from 2006 to 2016 than moved in, according to a new report, due mainly to the high cost of housing that hits lower-income people the hardest. “A strong economy can also be dysfunctional,” noted the report, a project of Next 10 and Beacon Economics. Housing costs are much higher in California than in other states, yet wages for workers in the lower income brackets aren’t. And the state attracts more highly-educated high-earners who can afford pricey homes. There are many reasons for the housing crunch, but the lack of new construction may be the most significant.

According to the report, from 2008 to 2017, an average of 24.7 new housing permits were filed for every 100 new residents in California. That’s well below the national average of 43.1 permits per 100 people. If this trend persists, the researchers argued, analysts forecast the state will be about 3 million homes short by 2025. California homeowners spend an average of 21.9% of their income on housing costs, the 49th worst in the nation, while renters spend 32.8%, the 48th worst. The median rent statewide in 2016 was $1,375, which is 40.2% higher than the national average. And the median home price was — wait for it — more than double that of the national average.

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Globally, supple has a hard time keeping up with demand. Everybody involved knows this.

Demand For US Soybeans Remains Strong Despite China (CNBC)

Demand for U.S. soybeans remains strong, regardless of worries China could target the crop in retaliation over Trump administration tariffs. China has canceled several shipments of U.S. soybeans in the last month, raising questions over whether the country is taking preemptive action against the U.S. by reducing purchases. But analysts say the reduction is a minor amount and is not that surprising from a seasonal perspective. The “U.S. accounts for 37 percent of total soybean exports throughout the world. Beyond Brazil, there’s really nobody else,” said Rich Nelson, director of research at Allendale, an agricultural market research and trading firm. “Despite the trade concerns, there’s really nobody else. You’re just simply not going to have a massive decline in U.S. soybean exports,” he said.

Chinese cancellations of U.S. soybean orders for the week ended April 26 resulted in a decline of 133,700 metric tons in net sales to China, USDA Foreign Agricultural Service data showed Thursday. But 66,000 metric tons of those soybeans were sent to Vietnam instead, the data showed. Meanwhile, the U.S. sold 82,700 metric tons of soybeans in new sales to Mexico, 68,800 to Taiwan, 60,000 to Argentina and 52,600 to the Netherlands. Although Argentina is the third-largest exporter of soybeans, a severe drought has reduced production by 7 million tons to 40 million, according to USDA estimates. “That just goes to show we’re not dependent on China for soybean exports,” said Michael Stumo, head of Coalition for a Prosperous America, a nonprofit representing the interests of those in manufacturing, agriculture and labor unions.

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Germany doesn’t extradite its citizens.

US Charges VW Ex-CEO With Conspiracy And Fraud (G.)

US authorities have charged Volkswagen’s former chief executive officer Martin Winterkorn with conspiracy and wire fraud in relation to the car company’s efforts to cheat on US diesel emissions tests. Winterkorn, who resigned in 2015 as the scandal was revealed, conspired to defraud the US and violate the Clean Air Act, federal laws designed to control air pollution, according to an indictment unsealed on Thursday in a Michigan federal court. Five other VW executives were also charged in the indictment. He becomes the highest-ranking executive to be charged over “dieselgate” – a scheme where VW used software to trick government emissions testers.

“The indictment unsealed today alleges that Volkswagen’s scheme to cheat its legal requirements went all the way to the top of the company,” said US attorney general Jeff Sessions. “These are serious allegations and we’ll prosecute this case to the full extent of the law.” When news of the scheme broke Winterkorn said he was “stunned that misconduct on such a scale was possible in the Volkswagen Group”. He denied any knowledge of the scandal – which was used to evade pollution limits on nearly 600,000 diesel vehicles. Last December, Oliver Schmidt, a senior Volkswagen executive, was jailed for seven years and fined $400,000 for his part in the scheme. Schmidt, who had returned to Germany, was arrested while on holiday in Florida. VW pleaded guilty as a corporation in March, agreeing to pay a record $4.3bn in fines.

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“If Bob Mueller wants that kind of control over the executive branch, he should run for president. Otherwise, he is an inferior executive official who has been given a limited license — ultimately, by the chief executive — to investigate crime. If he doesn’t have an obvious crime, he has no business inventing one, much less probing his superior’s judgment. He should stand down.”

Mueller’s Questions for Trump Show Folly of Special-Counsel Appointments (NR)

I am assuming the authenticity of the questions that Special Counsel Robert Mueller reportedly wants to ask President Trump. The questions indicate that, after a year of his own investigation and two years of FBI investigation, the prosecutor lacks evidence of a crime. Yet he seeks to probe the chief executive’s motives and thought processes regarding exercises of presidential power that were lawful, regardless of one’s view of their wisdom. If Bob Mueller wants that kind of control over the executive branch, he should run for president. Otherwise, he is an inferior executive official who has been given a limited license — ultimately, by the chief executive — to investigate crime. If he doesn’t have an obvious crime, he has no business inventing one, much less probing his superior’s judgment. He should stand down.

The questions, reported by the New York Times, underscore that the special counsel is a pernicious institution. Trump should decline the interview. More to the point, the Justice Department should not permit Mueller to seek to interrogate the president on so paltry and presumptuous a showing.

When should a president be subject to criminal investigation? It is a bedrock principle that no one is above the law. The Framers made clear that this includes the president. But, like everything else, bedrock principles do not exist in a vacuum. They vie with other principles. Two competing considerations are especially significant here. First, our law-enforcement system is based on prosecutorial discretion. Under this principle, the desirability of prosecuting even a palpable violation of law must be balanced against other societal needs and desires. We trust prosecutors to perform this cost-benefit analysis with modesty about their mission and sensitivity to the disruption their investigations cause.

Second, the president is the most essential official in the world’s most consequential government. That government’s effectiveness is necessarily compromised if the president is under the cloud of an investigation. Not only are the president’s personal credibility and capability diminished; such an investigation discourages talented people from serving in an administration, further undermining good governance. The country is inexorably harmed because a suspect administration’s capacity to execute the laws and pursue the interests of the United States is undermined.

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Caitlin Johnstone on the Atlantic Council.

Why We Need To Be Propagandized For Our Own Good (CJ)

I sometimes try to get establishment loyalists to explain to me exactly why we’re all meant to be terrified of this “Russian propaganda” thing they keep carrying on about. What is the threat, specifically? That it makes the public less willing to go to war with Russia and its allies? That it makes us less trusting of lying, torturing, coup-staging intelligence agencies? Does accidentally catching a glimpse of that green RT logo turn you to stone like Medusa, or melt your face like in Raiders of the Lost Ark? “Well, it makes us lose trust in our institutions,” is the most common reply. Okay. So? Where’s the threat there? We know for a fact that we’ve been lied to by those institutions. Iraq isn’t just something we imagined. We should be skeptical of claims made by western governments, intelligence agencies and mass media. How specifically is that skepticism dangerous?

Trying to get answers to such questions from rank-and-file empire loyalists is like pulling teeth, and they are equally lacking in the mass media who are constantly sounding the alarm about Russian propaganda. All I see are stories about Russia funding environmentalists (the horror!), giving a voice to civil rights activists (oh noes!), and retweeting articles supportive of Jeremy Corbyn (think of the children!). At its very most dramatic, this horrifying, dangerous epidemic of Russian propaganda is telling westerners to be skeptical of what they’re being told about the Skripal poisoning and the alleged Douma gas attack, both of which do happen to have some very significant causes for skepticism.

When you try to get down to the brass tacks of the actual argument being made and demand specific details about the specific threats we’re meant to be worried about, there aren’t any to be found. Nobody’s been able to tell me what specifically is so dangerous about westerners being exposed to the Russian side of international debates, or of Russians giving a platform to one or both sides of an American domestic debate. Even if every single one of the allegations about Russian bots and disinformation are true (and they aren’t), where is the actual clear and present danger? No one can say. No one, that is, except the Atlantic Council.

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The entire MSM can’t get the job done?!

Neocons Form Brand New Russia-Bashing ‘Think’ Tank (RI)

A group of neocon heartthrobs have banded together with an eclectic array of Russiagaters to form a visionary organization committed to protecting Western democracy. You can also pre-order their book, according to their website. Chaired by pompous chess wizard turned Kremlinologist Garry Kasparov, the brand-new Renew Democracy Initiative (RDI) is the latest three-letter-initialism non-profit devoted to “the defense of democratic freedom and prosperity.” The trailblazing think tank has already sent shockwaves through Washington, DC and every European capital. Celebrated war cheerleader Max Boot, who serves on RDI’s board of directors, announced the creation of this highly original organization in a Washington Post op-ed.

Interestingly, the unveiling started with a laundry list of 10 other groups that are already “protesting Trump and championing democracy.” So why does the world need RDI, then? Because RDI is different – some might even say “special.” Unlike the dozens of other well-financed bastions of status-quo thinking, RDI aims to “unite both the center-left and center-right” by promoting “liberty, democracy and sanity in an age of discord.” And where will this much-needed sanity come from? From RDI’s all-star team of important intellectuals and free thinkers, of course – some of whom just happen to be really tight with the other 10 groups mentioned in Boot’s WaPo piece. Dear Mr. Boot: does fighting Putin with the Committee to Investigate Russia allow enough spare time to fight Putin with the Renew Democracy Initiative? Curious minds want to know.

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It’s contagious.

UK Pushes To Strengthen Anti-Russia Alliance (G.)

The UK will use a series of international summits this year to call for a comprehensive strategy to combat Russian disinformation and urge a rethink over traditional diplomatic dialogue with Moscow, following the Kremlin’s aggressive campaign of denials over the use of chemical weapons in the UK and Syria. British diplomats plan to use four major summits this year – the G7, the G20, Nato and the European Union – to try to deepen the alliance against Russia hastily built by the Foreign Office after the poisoning of the former Russian double agent Sergei Skripal in Salisbury in March. “The foreign secretary regards Russia’s response to Douma and Salisbury as a turning point and thinks there is international support to do more,” a Whitehall official said.

“The areas the UK are most likely to pursue are countering Russian disinformation and finding a mechanism to enforce accountability for the use of chemical weapons.” Former Foreign Office officials admit that an institutional reluctance to call out Russia once permeated British diplomatic thinking, but say that after the poisoning of Skripal and his daughter, Yulia, that attitude is evaporating. A cross-party alliance in parliament has developed which sees the question of Russian corruption no longer through the prism of finance, but instead as a security and foreign policy threat, requiring fresh sanctions even if this causes short-term economic damage to the UK.

[..] For some old hands in the Foreign Office with deep experience of Russia, however, demonising Russia is a disastrous strategy. Sir Anthony Brenton, the British ambassador to Russia between 2004 and 2008, insists a fruitful common agenda with Moscow on issues such as nuclear disarmament, Islamist terrorism and cyberwarfare is still possible. “What on earth was her majesty’s foreign secretary doing comparing the Russian World Cup with Hitler’s 1936 Olympics?” he asked. “If you are looking for a single statement really calculated to infuriate the Russians there it is, or indeed the defence secretary telling Russia to shut up. Elementary diplomacy goes a long way with the Russians and we need to get back to that.

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Still feels like a weird story.

Nobel Prize For Literature Postponed Amid Swedish Academy Turmoil (BBC)

The organisation that decides the Nobel Prize for Literature has said it will not announce an award this year, after it was engulfed in a scandal over sexual assault allegations. The Swedish Academy has been in crisis over its handling of allegations against the husband of a member. She has since quit, as have the academy’s head and four other members. The academy says it will now announce the 2018 winner along with the 2019 winner next year.

The scandal is the biggest to hit the prize since it was first awarded in 1901. The academy said the decision had been made due to a lack of public confidence. Some academy members had argued that the prize should proceed to protect the tradition, but others said the institution was in no state to present the award. Apart from six years during the world wars, there has been only one year when the prize was not awarded. No worthy winner was found in 1935.

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You go girl. The only right thing to do.

Jacinda Ardern Pledges Shelter For All Homeless People Within Four Weeks (G.)

The New Zealand government has promised to get the country’s homeless population off the streets and into shelter in time for winter. In a joint announcement on Friday, housing minister Phil Twyford and prime minister Jacinda Ardern announced a NZ$100m emergency housing package to tackle the ballooning problem. An estimated 40,000 people live in cars, tents and garages amid a chronic housing shortage in the nation of 4.7 million people. “We’re pulling out all the stops to support people in need and urgently increase housing supply this winter,” said housing minister Phil Twyford. “Our government will make sure everyone is helped to find warm, dry housing this winter.”

With winter starting on 1 June in the southern hemisphere, less than four weeks away, the government has put out an urgent call for anyone with additional accommodation that may be suitable to house homeless people. Seasonal worker accommodation such as shearers quarters, private rental properties, motor camps and maraes (Maori meeting houses) would all be considered. New Zealand has the highest rates of homelessness in the OECD, with more than 40,000 people living on the streets, in emergency housing or in substandard conditions. Per capita New Zealand’s homeless population is almost twice as bad as Australia, which is placed third on the list. More than half of New Zealand’s homeless population live in Auckland but it is also growing in smaller cities such as Rotorua, Tauranga, Queenstown and Wellington.

Read more …

Mar 172018
 


Jacobello Alberegno The Beast of the Apocalypse 1360-90

 

The Guardian ran an article yesterday by one of its editors, David Shariatmadari, that both proves and disproves its own theme at the same time: “An Information Apocalypse Is Coming”. Now, I don’t fancy the term apocalypse in a setting like this, it feels too much like going for a cheap thrill, but since he used it, why not.

My first reaction to the headline, and the article, is: what do you mean it’s ‘coming’? Don’t you think we have such an apocalypse already, that we’re living it, we’re smack in the middle of such a thing? If you don’t think so, would that have anything to do with you working at a major newspaper? Or with your views of the world, political and other, that shape how you experience ‘information’?

Shariatmadari starts out convincingly and honestly enough with a description of a speech that JFK was supposed to give in Dallas right after he was murdered, a speech that has been ‘resurrected’ using technology that enables one to make it seem like he did deliver it.

 

An Information Apocalypse Is Coming. How Can We Protect Ourselves?

“In a world of complex and continuing problems, in a world full of frustrations and irritations, America’s leadership must be guided by the lights of learning and reason, or else those who confuse rhetoric with reality, and the plausible with the possible will gain the popular ascendancy with their seemingly swift and simple solutions to every world problem.”

John F Kennedy’s last speech reads like a warning from history, as relevant today as it was when it was delivered in 1963 at the Dallas Trade Mart. His rich, Boston Brahmin accent reassures us even as he delivers the uncomfortable message. The contrast between his eloquence and the swagger of Donald Trump is almost painful to hear.

Yes, Kennedy’s words are lofty ones, and they do possess at least some predictive qualities. But history does play a part too. Would we have read the same in them that we do now, had Kennedy not been shot right before he could deliver them? Hard to tell.

What’s more, not long before JFK was elected president America had been in the tight and severe grip of J. Edgar Hoover and Joseph McCarthy’s anti-communist campaign, in which lots of reality was replaced with rhetoric, something Kennedy undoubtedly had in mind while writing the speech. JFK was not just addressing future threats, he was talking about the past as well.

But the writer slips into a much bigger faux pas right after: injecting Trump into the picture. It’s fine if someone doesn’t like Trump, but naming him there and then, in an article about ‘information apocalypse’, also means confusing objectivity with regards to your topic with subjectivity concerning your political ideas. While the Kennedy speech item relates to -advancing(?)- technology, a valid part of the apocalypse, mentioning Trump has nothing to do with that apocalypse, at least not objectively. Back to David Shariatmadari:

The problem is, Kennedy never spoke these words. He was killed before he made it to the Trade Mart. You can only hear them now thanks to audio technology developed by a British company, CereProc. Fragments of his voice have been taken from other speeches and public appearances, spliced and put back together, with neural networks employed to mimic his natural intonation. The result is pretty convincing, although there’s a machine-like ring to some of the syllables, a synthetic stutter. Enough to recognise, if you already know, that this is a feat of technology, not oratory.

We like to think of innovation as morally neutral. We empower scientists and engineers to range freely in the hope they might discover things that save labour and lives. The ends to which these are put aren’t the responsibility of the researchers. The agile robots produced by Boston Dynamics might look like they could cheerfully pin you up against a wall and snap your neck, but do we really want to close off this avenue of research? After all, they might equally be capable of performing life-saving surgery. The methods used to resurrect JFK can also help people with illnesses such as motor neurone disease – like the late Stephen Hawking – that affect their ability to speak.

It’s certainly true that we are so ‘geared’ towards progress, we ‘conveniently’ forget and ignore that every next step carries its own shadow side, every yin comes with its yang. ‘Progress’ and ‘innovation’ – and related terms- ring so positive in our eyes and ears it borders on -wilful- blindness. That blindness is set to play a major role in our future, and in our acceptance as gospel of a lot of ‘information’.

“Dual use” of technology is not a new problem. Nuclear physics gave us both energy and bombs. What is new is the democratisation of advanced IT, the fact that anyone with a computer can now engage in the weaponisation of information; 2016 was the year we woke up to the power of fake news, with internet conspiracy theories and lies used to bolster the case for both Brexit and Donald Trump.

Ouch! See, he does it again. This is not an objective discourse on ‘information disinformation’, but a way to make people think -through a method he’s supposed to be exposing- that ‘fake news’ led to Brexit and Trump. That’s a political view, not a neutral one. Yes, there are many voices out there who connect ‘fake news’ directly to things they don’t like, but that’s just a trap.

And as I said, it may have to do with the fact that the writer works for a major newspaper, which of course he wants to, and wishes to, see as some kind of beacon against fake news, but if he lets his own personal views slip into an objective treatment of a topic this easily, it automatically becomes self-defeating.

There is no proof that Trump and Brexit’s success are down to fake news more than their opposite sides, ‘fake news’ is everywhere, and that very much includes the Guardian. The coverage of the UK government accusations against Russia in the poisoning case proves that more than ever.

You can be anti-Trump, anti-Brexit and anti-Putin all you want, but they don’t define fake news or an information apocalypse, any more than ‘commies’ did in the days of Hoover and McCarthy.

We may, however, look back on it as a kind of phoney war, when photoshopping and video manipulation were still easily detectable. That window is closing fast. A program developed at Stanford University allows users to convincingly put words into politicians’ mouths. Celebrities can be inserted into porn videos. Quite soon it will be all but impossible for ordinary people to tell what’s real and what’s not.

That is am almost bewildering line. Does the writer really think ‘ordinary people’ can today tell apart what’s real and what’s not? If his paper had honestly covered his country’s, and his government’s, involvement in the wars all over the Middle East and North Africa over the past decades, would his readers still be supportive of the politicians that today inhabit Westminster?

Or does the paper prefer supporting the incumbents over Nigel Farage and Donald Trump, because it owes its reputation and position and revenues to supporting the likes of Theresa May and Tony Blair? Yeah, I know, with a critical view, yada yada, but when has the Guardian labeled any UK politician a war criminal? Much easier to go after Farage, isn’t it? The question is: what part of this is fake, and what is not?

What will the effects of this be? When a public figure claims the racist or sexist audio of them is simply fake, will we believe them? How will political campaigns work when millions of voters have the power to engage in dirty tricks? What about health messages on the dangers of diesel or the safety of vaccines? Will vested interests or conspiracy theorists attempt to manipulate them?

This appears to make sense, but it does not really. We are way past that. ‘Ordinary people’ have already lost their capacity to tell truth from fiction. Newspapers and TV stations have long disseminated the views of their owners, it’s just that they now have -newfound- competition from a million other sources: the blessings of social media.

The core issue here is that 1984 is not some point in the future, as we for some reason prefer to think. We are living 1984. Perhaps the fact that we are now 34 years past it should give us a clue about that? People tend to think that perhaps Orwell was right, but his predictions were way early. Were they, though?

Also: Orwell may not have foreseen the blessings and trappings of social media, but he did foresee how governments and their media sympathizers would react to them: with more disinformation.

Unable to trust what they see or hear, will people retreat into lives of non-engagement, ceding the public sphere to the already powerful or the unscrupulous? The potential for an “information apocalypse” is beginning to be taken seriously.

This is a full-blown time warp. If it is true that people only now take the potential for an “information apocalypse” seriously, they are so far behind the curve ball that one must question the role of the media in that. Why didn’t people know about that potential when it was an actual issue? Why did nobody tell them?

The problem is we have no idea what a world in which all words and images are suspect will look like, so it’s hard to come up with solutions.

Yes, we do have an idea about that, because we see it around us 24/7. Maybe not with images as fully fabricated as the JFK speech, but the essence is manipulation itself, not the means by which it’s delivered.

Perhaps not very much will change – perhaps we will develop a sixth sense for bullshit and propaganda, in the same way that it has become easy to distinguish sales calls from genuine inquiries, and scam emails with fake bank logos from the real thing.

David, we ARE all bullshitters, we all lie all the time, for a myriad of reasons, to look better, to feel better, to seem better, to get rich, to get laid. It’s who we are. We lie to ourselves most of all. A sixth sense against bullshit and propaganda is the very last thing we will ever develop, because it would force us to face our own bullshit.

But there’s no guarantee we’ll be able to defend ourselves from the onslaught, and society could start to change in unpredictable ways as a result. Like the generation JFK was addressing in his speech, we are on the cusp of a new and scary age. Rhetoric and reality, the plausible and the possible, are becoming difficult to separate. We await a figure of Kennedy’s stature to help us find a way through. Until then, we must at the very least face up to the scale of the coming challenge.

We are not “on the cusp of a new and scary age”, we are in the smack middle of it. We haven’t been able to separate rhetoric and reality, the plausible and the possible, for ages. What’s different from 100 years ago, or 50 years ago, is that now we are faced with an information overload so severe that this in itself makes us less capable of separating chaff from wheat.

So yes, that perhaps is new. But bullshit and propaganda are not. And labeling Trump and Brexit the main threats misses your own topic by miles. You could make an equally valid point that they are the results of many years of bullshit and propaganda by old-style politics and old-style media.

Maybe they’re what happens when ‘ordinary people’ switch off from an overload of bullshit and propaganda forced upon them by people and institutions they grew up to trust. And then feel they were betrayed by. A sixth sense after all.

 

 

Mar 132018
 


Mayfair Building, Times Square NYC 1954

 

Sea Change Is Underway in Money Markets for Banks, Investors (BBG)
The Real Reasons Trump Blocked Broadcom’s Qualcomm Takeover (CNBC)
Donald Trump’s Attack on German Prosperity (Spiegel)
Trump Pushes EU to Cut Tariffs as Bloc Vows to Resist ‘Bullies’ (BBG)
Trump’s Metal Tariffs ‘Like An Atomic Bomb’ For European Firms (CNBC)
Is The Dot.Com Bubble Back? (Roberts)
China Plans New Ministries, Merger Of Regulators In Massive Revamp (R.)
Central Banks Are Looking for New Ways to Meet Inflation Targets (BBG)
Labour’s Nationalisation Plans As Damaging As ‘No Deal’ Brexit – CBI (G.)
Another Quandary (Jim Kunstler)
Russian Foreign Ministry Slams UK’s Comments On Skripal Poisoning Case (Tass)
Saudis Reportedly Wielding Veto Power Over Prince Alwaleed (CNBC)
The Rich Aren’t Happy About New Zealand Foreign Bolthole Ban (BBG)
The Pentagon & Hollywood’s Successful And Deadly Propaganda Alliance (RT)
Krill Fishing Poses Serious Threat To Antarctic Ecosystem (G.)

 

 

Is this where central banks fail in their quest for control?

Sea Change Is Underway in Money Markets for Banks, Investors (BBG)

While many fixed-income investors may be focused on the specter of higher long-term Treasury yields, there’s a sea change afoot at the shorter end – in U.S. money markets. The London interbank offered rate, or Libor, and rates on Treasury bills are at levels not seen since 2008. The Fed’s move to tighten policy forms the backdrop for the increase, but an added force behind the surge this year has come from a deluge of supply as U.S. deficits widen. Higher short-term borrowing costs have implications for investors and also for banks, which find themselves paying up to borrow through the commercial-paper market as they compete to lure cash. “We are in a new paradigm,” said Jerome Schneider at Pimco. “The clear focus for the market is where will incremental demand come from to meet this supply.”

The Treasury has been jacking up debt sales this quarter: Net issuance is slated to exceed $400 billion, with the bulk coming in bills. The Treasury increased the 4-week bill sale to $65 billion, from as low as $15 billion earlier in the year. The march higher in Libor has widespread consequences despite regulatory efforts to replace it following a price-fixing scandal. About $350 trillion of financial products and loans are linked to Libor, with a large chunk hinged to the dollar-based version of the benchmark. Libor is among the main indexes, along with one-year T-bill rates, used to set U.S. adjustable-rate mortgages.

Assets in U.S. government-only money funds, which include bills among key holdings, have risen to $2.26 trillion, from $2.07 trillion last year. As the Fed keeps hiking, with the next move likely this month, the influx may continue. But for banks, the increasing appeal of T-bill rates is making them pay up to compete, through offering better returns on the commercial paper they use for short-term borrowing. “Banks still need funding and they need to entice investors,” Schneider said.

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Protectionism, national security. Where’s the anti-Trump lobby on this?

The Real Reasons Trump Blocked Broadcom’s Qualcomm Takeover (CNBC)

The threat of China factored heavily into the U.S. government’s decision to block Broadcom’s proposed buyout of Qualcomm. President Donald Trump, for his part, officially declared on Monday that the proposed $117 billion deal was prohibited on national security grounds. The president said in his order that “there is credible evidence” leading him to believe that Broadcom through control of San Diego-based Qualcomm “might take action that threatens to impair the national security of the United States.” That conclusion may seem extreme given that Broadcom is based in Singapore — and looking to redomicile to the U.S., where it conducts most of its operations — but it’s not a fear of the Southeast Asian city state that is raising national security concerns.

“The case that has been constructed is that, given Broadcom’s business practices, the worry is that they will cut investment significantly, particularly in the 5G roadmap, weaken Qualcomm, as well as the U.S. position and allow Huawei, a Chinese company to take the lead,” explained Stacy Rasgon, chip analyst at Bernstein. The Treasury Department said last week in a letter to lawyers involved in the deal that Qualcomm was trusted by the U.S. government and cited Huawei as a competitive threat in the development of 5G, which is a telecommunications standard that will allow for faster transfer of data. Beyond those 5G concerns, there’s even more to Trump’s decision to block the deal, experts said.

“It is not just China, it is not just chips. It is broad technology. It is U.S. military power and economic power going forward and he’s got a very consistent point of view,” said Ron Napier, head of Napier Investment Advisors. “Trump has been saying all year long since he was inaugurated that security is very important to him, technology is very important to him, trade is very important to him and getting jobs back to the United States is very important to him. He’s making this all into one fabric,” he added. “He sees this as the U.S.’ last big stand if it’s going to remain the leader of the free world,” Napier told CNBC.

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Far too much steep is produced every year. THAT is the problem.

Donald Trump’s Attack on German Prosperity (Spiegel)

The looming conflict is a sign of the turning point at which the global economy finds itself. Recently, the economy in most corners of the globe has been healthy, with the world experiencing a rare phase of synchronous growth. But it looks as though that phase is now coming to an end. Interest rates are rising and sovereign debt is growing, the result of which is that governments are beginning to lose their flexibility and it is likely that some countries will soon face difficulties borrowing money on the open market. Increasing financial market instability shows that insecurity is on the rise. And in this situation, protectionist policies pursued by populists and nationalists harm economic growth and endanger international prosperity.

It is something on which a majority of economists actually agree: tariff barriers slow growth, put jobs at risk and drive up inflation. Once a trade war is triggered, there is no winner, although Munich-based economist Gabriel Felbermayr says that Germany has the most to lose. “There is no other country in the world that would be hit as hard.” Felbermayr, 41, heads up the Center for International Economics at the Center for Economic Studies (CES). The shaved-headed economics professor, originally from Austria, has examined just how devastating Trump’s economic policies could be for the German economy. Every fourth job in the country, he says, is dependent on exports. And in five key sectors – automobiles, machinery, electrical engineering, pharmaceuticals and precision instruments – fully three-quarters of all exports go to the United States.

“If the U.S. were to cut itself off, it would threaten the German business model,” Felbermayr says. “Everything would start teetering.” [..] The global steel market has been imbalanced for years, with producers manufacturing 1.6 billion tons of crude steel each year against an annual demand of just 900 million tons. China is primarily to blame for this lopsidedness. Inexpensive energy and low wages enable the country’s steel producers to sell their products cheaply around the world. If the U.S. were to make moves to protect its domestic steel producers, even more cheap steel would flow into the EU than is already the case. Were that to happen, says Wolfgang Eder, head of the Austrian steel concern Voestalpine, “Europe would threaten to become the world’s garbage pail.”

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The EU vows to stand up to bullies. Ask the Greeks about that one. What kind of person has the guts to say that?

Trump Pushes EU to Cut Tariffs as Bloc Vows to Resist ‘Bullies’ (BBG)

The EU told U.S. President Donald Trump it won’t be cowed by his escalating protectionist rhetoric and talk of punitive tariffs. “Europe is prepared,” Dutch Finance Minister Wopke Hoekstra said Monday as he headed into a meeting with his counterparts from the rest of the euro area. “We are not afraid, we will stand up to the bullies,” Trade Commissioner Cecilia Malmstrom said earlier in the day. Trump returned to the offensive over the weekend, raising the prospect of higher levies on European cars and telling supporters at a rally that the countries of the EU have banded together “to screw the U.S. on trade.” The latest brinkmanship follows new tariffs on steel and aluminum imports that are straining a transatlantic relationship already tested by disputes from climate change to Middle East policy.

“Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large Tariffs and Barriers they use against the U.S.A.,” Trump tweeted on Monday. “Not fair to our farmers and manufacturers.” Trump’s rhetoric drew unanimous condemnation from European finance ministers gathering in Brussels. France’s Bruno Le Maire said that he’s concerned about “a trade war between the EU and the U.S.” while his Spanish counterpart Roman Escolano, making his debut as minister, said protectionism is always a mistake. Malmstrom accused the Trump administration of using trade “to threaten and intimidate” Europeans and using the issue as a “scapegoat.”

A meeting in Brussels between Malmstrom and her U.S. counterpart Robert Lighthizer on Saturday ended without a breakthrough, as the EU didn’t receive assurances that it will be exempted from the metal tariffs. “If anyone starts throwing stones, it’s better first to make sure he’s not living in a glass house,” European Commission spokesman Enrico Brivio said.

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If even more Chinese steel floods into Europe, that is now Trump’s fault.

Trump’s Metal Tariffs ‘Like An Atomic Bomb’ For European Firms (CNBC)

Donald Trump’s decision to impose tariffs on steel and aluminum could cause major disruption for companies in Europe, a business lobbyist told CNBC Monday, who argued that the U.S. president should have taken less severe measures to protect his domestic market. U.S.’s allies, including the European Union and Japan, are hoping to be excluded from new tariffs that Trump announced last week. The decision to raise steel import taxes by 25% and aluminum by 10% could hurt not only those industries directly, but also carmakers and construction firms which use the raw materials. Trump decided that the tariffs would be the best way to deal with overcapacity in these sectors and based his argument on national security.

“This is a very exceptional mechanism that is rarely used. It’s a bit considered like an atomic bomb, because really to use this is like saying ‘look we are really at a level where we cannot use anti-dumping or anti-subsidies’,” Luisa Santos, the international relations director at BusinessEurope, told CNBC Monday. [..] European steel and aluminum businesses are reportedly preparing for a collapse in local prices if the tariffs are indeed applied to their region. Charles de Lusignan, from the Steel Association for Europe, said ultimately the tariffs could mean a scaling back in Europe, with firms letting people go, cutting investment and also innovation. “We need to act immediately because the damage will be done within the first weeks,” he said. “In fact it might already be happening, because obviously an exporter knows that the steel might be blocked in the future so they already start sending it ahead.”

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Not a relevant question.

Is The Dot.Com Bubble Back? (Roberts)

Whether you believe there is a “bubble” in the Technology stocks, or the markets, is really not important. There are plenty of arguments for both sides. At the peak of every bull market in history, there was no one claiming that a crash was imminent. It was always the contrary with market pundits waging war against those nagging naysayers of the bullish mantra that “stocks have reached a permanently high plateau” or “this is a new secular bull market.” (Here is why it isn’t.) Yet, in the end, it was something unexpected, unknown or simply dismissed that devastated investors. This is why the discussion of “this time is not like the last time” is largely irrelevant.

Individuals no longer “invest” to become a “shareholder” in a publicly traded business. The “quaint concept” of “valuations” died with the mainstreaming of investing during the 1990’s as the “Wall Street Casino” opened for business. Today, investors only think in terms of speculating on “electronically traded bits of paper” in the hopes the value will rise over time. The problem, of course, is they are never told when to “sell” to capture that valuation increase which is the most critical aspect of the investment process. Instead, individuals continue to “bet” the “greater fool” will always appear. For now, the “bullish case” remains alive and well. The media will go on berating those heretics who dare to point out the risks that prevail, but the one simple truth is “this time is indeed different.”

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There goes the last shred of transparency.

China Plans New Ministries, Merger Of Regulators In Massive Revamp (R.)

China said it will merge its banking and insurance regulators, according to a parliament document released on Tuesday, in a series of proposed changes in the biggest ministry shake-up in years. In a long-awaited move to streamline and tighten oversight of the financial system in the world’s second-biggest economy, China will also transfer some of the banking and insurance regulators’ roles to the central bank, documents showed. In much-anticipated plans to create seven new ministries and a raft of government agencies announced on Tuesday, one of the most significant changes was creation of the national markets supervision management bureau.

The new body will decide on antimonopoly and pricing issues, replacing the roles played by the three national antitrust regulators: the National Development & Reform Commission (NDRC), the Ministry of Commerce and the State Administration for Industry and Commerce (SAIC). Unifying the structure under one agency, rather than handing the responsibility to one of the three existing watchdogs, reflects the growing importance of the issue for the government. China will also form a powerful new competition regulator in a bid to ramp up oversight of mergers and acquisitions and price-fixing as the world’s second-largest economy seeks to make policymaking more efficient and coordinated. Since the beginning of last year, Beijing has cracked down on leverage and risky market practices, with China’s various regulators releasing a flurry of new rules in an attempt to rein in risks.

Read more …

Only, they don’t know what it is.

Central Banks Are Looking for New Ways to Meet Inflation Targets (BBG)

With so many central banks failing to hit their inflation targets, some are considering changes to the tool kits they use to steer their economies. Norway’s decision to lower its price target is just the latest example, and follows more or less official adjustments in Sweden, Argentina and the euro area. Even in New Zealand, the birthplace of inflation targeting, the central bank is shifting to a broader goal that includes a focus on employment. But there’s no one-fits-all solution for monetary authorities and debate is splintered. Raising inflation targets has been discussed equally intensively in recent years as reducing or amending them.

And while some central banks acknowledge a need to reconsider their mandates, others are doubling down on existing policies. Claudio Borio, a top official at the Bank for International Settlements, poured fuel on the debate in September with a provocative speech calling for a broad rethink that accounts for how globalization and technological advances have influenced inflation. “Shall we throw away the books?” ECB President Mario Draghi asked on Thursday. “There are serious costs about changing course on credibility and the anchoring of expectations. We can go on on this for a while about changing objective.”

Read more …

Think tanks are your friend.

Labour’s Nationalisation Plans As Damaging As ‘No Deal’ Brexit – CBI (G.)

The head of Britain’s biggest business lobby group has attacked Labour’s nationalisation plans as potentially just as damaging to the economy as Britain leaving the European Union without a deal. In a speech on Monday, Paul Drechsler, the CBI president, said renationalising large parts of the economy would cause serious harm to the UK’s reputation as a place for international investors, which he argued would be as bad as a hard Brexit and would damage job prospects and living standards. “So you want to nationalise energy, rail and water, and bring public services contracts back in house? Let’s see the evidence that it will deliver a better service to consumers at a lower cost,” he said.

The intervention by the lobby group – which represents about 190,000 companies, including transport and utility firms – constitutes a warning from the boardrooms of corporate Britain that they harbour concerns over Labour’s plans for the economy despite supporting the party over its stance on Brexit. The CBI was among leading business voices supporting Jeremy Corbyn’s move to keep Britain in a customs union with the EU. The lobby group warned before the referendum that Brexit could lead to almost a million job losses and cost the economy £100bn – the equivalent of 5% of GDP – by 2020. Drechsler challenged Labour to provide evidence that its plans would lead to a better service for consumers at a lower cost.

He said private investment had helped create jobs and improve the efficiency of utility companies since they were sold off under the Thatcher government of the 1980s, and argued that progress could be undone if they were taken back into state control. However, utility companies and railway operators have faced intense pressure over their service standards and prices at a time when households are under increasing financial strain. Public support has swung behind Labour’s plans for greater state control of several key industries – shown in recent polls that suggest widespread backing for nationalisation of the railways, water, gas and electricity.

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Mentally ill, cannabis.

Another Quandary (Jim Kunstler)

That crusty ole rascal, Gov. Jerry Brown of California, seems to be enjoying his sunset journey into Civil War Two or maybe the destination is more like Blade Runner (since we know that history only rhymes but does not repeat). Anyway, it’s not a good place. The once-golden state begins to look something like what one federal official recently called — dare I say it? — a shithole. “A mix of used hypodermic needles, human feces, and other trash litters the streets and sidewalks in a large section of downtown San Francisco, a local news outlet reported Sunday night. It’s a problem that has grown by epic proportions in recent years and has many concerned for the health and safety of some the city’s youngest residents…” — The Blaze

Yes, quite literally. This particular failure of the political Left started in the 1970s when states began aggressively shuttering their large mental hospitals. Many of these institutions dated from the late 19th century – ghastly old gothic revival warehouses for the mentally ill, fraught with overtones of abuse and neglect, scenes out of Vincent Price movies… lightning flashes through the barred windows… a scream in the night… hysterical laughter echoing down the dark, tiled hallways…. They were an embarrassment, for sure, and certainly an affront to liberal sensibilities. But, of course, they fucked up the remedy for that. Instead of replacing the giant old state insane asylums with smaller, better-managed institutions, they just released the inmates under the rationale that they were a politically oppressed minority group. And there it ended.

And so here we are, going on a half-century later, with an economy that manufactures failure and immiseration at a greater volume than its other finished products, and many more lost souls out on the city streets, and now we are an even more ideologically inflamed society than we were in 1973, with the ranks of intersectional oppressed minorities and aggrieved victim groups grown into virtual armies-of-the-night — and the mentally ill just lost in the crowd. It never seems to occur to anyone that a mental hospital can be run humanely, at an appropriate scale, and that these poor, sad creatures might, at least, be better off there with a bed, a bathroom, and somebody to check in on them daily than they are wallowing in the gutters of San Francisco and other cities. Surely there are up-to-date models in other lands for this kind of caretaking — if maybe we sent a few bureaucrats overseas to have a look.

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Who needs proof in an echo chamber? Whether it’s Theresa May or the House Intelligence case, the lines have been drawn long ago.

Russian Foreign Ministry Slams UK’s Comments On Skripal Poisoning Case (Tass)

Russian Foreign Ministry Spokeswoman Maria Zakharova has dubbed as a ‘circus show’ comments of UK Prime Minister Theresa May on the poisoning of Sergey Skripal, a former colonel in Russia’s GRU military intelligence, and his daughter. “This is a circus show in Britain’s parliament,” she stressed. “The conclusion is obvious – a next political media campaign based on provocation,” Zakharova added. Earlier, Theresa May said it is “highly likely” that Russia is responsible for the poisoning of Sergey Skripal and his daughter. Moscow urges London to make public the results of the investigation into the deaths of Alexander Litvinenko and Boris Berezovsky, Zakharova said.

“Before making up new stories, let somebody in the Kingdom tell us what the previous fairy-tales ended in – those about Litvinenko, Berezovsky, Perepilichny and many others who died under mysterious circumstances on British soil,” the diplomat said. Former GRU Colonel Sergey Skripal, 66, and his 33-year-old daughter Julia on March 4 suffered from the effects of an unidentified nerve agent. They were found in an unconscious condition on a bench near The Maltings shopping center in Salisbury. Both are now in hospital in critical condition.

In 2004, Skripal was arrested by the federal security service FSB, charged, tried and convicted of high treason and stripped of all ranks and awards. In 2010 he was handed over to the United States under an arrangement to exchange persons arrested on spying charges. Later in the same year Skripal settled in Britain.

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The price of freedom.

Saudis Reportedly Wielding Veto Power Over Prince Alwaleed (CNBC)

Prince Alwaleed Bin Talal remains chairman of Kingdom Holding Company following his release from detention, but the Saudi government reportedly has final say over decisions at the investment firm. Investment decisions at Kingdom Holding are now subject to approval by the government, The Wall Street Journal reported on Monday, citing senior Saudi advisers. Kingdom Holding has $12.5 billion invested across more than a dozen sectors around the world, according to its website. Alwaleed’s personal investment portfolio is also under government control, according to the Journal. Alwaleed holds substantial stakes in companies like Citigroup, Twitter, Lyft and Time Warner.

The Journal report does not indicate whether the government has exercised its newfound influence over these investments. However, sources tell the Journal the government has already intervened in a major real estate project, ordering senior managers at Kingdom Holding to abandon the Jeddah Tower, which would be the world’s tallest skyscraper when — and if — it is completed. Officials have directed Kingdom Holding to instead focus its energy on a new city called Neom, which is expected to cost $500 billion to build. The project was announced in October by Crown Prince Mohammed bin Salman, the influential king in waiting who is overseeing the kingdom’s economic transformation and spearheaded the campaign that led to Alwaleed’s detention.

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What happens when there’s only rich people left? Or: who cares about New Zealanders?

The Rich Aren’t Happy About New Zealand Foreign Bolthole Ban (BBG)

Rich-listers like Californian billionaire Ric Kayne have issued a warning to New Zealand – banning house sales to foreigners could hurt the country’s reputation and turn wealthy investors away. Kayne, who has built an exclusive golf course in New Zealand and wants to expand his investments, is one of several rich businessmen who claim the proposed new law will have unintended consequences. They’re seeking amendments to the draft legislation or its withdrawal in its current form. “The vision we have for what we would like to contribute to New Zealand is now being threatened,” Kayne wrote in submissions to a parliamentary committee examining the proposed law change.

“The new rules will “impact on us personally, and others like us who, having discovered this country, want to devote considerable resources to preserving, protecting and enhancing it.” The new Labour-led government came to power in October on a pledge to fix a housing crisis with a raft of measures, including a ban on foreign speculators buying residential property. While data suggest non-residents have only a minor impact on the wider housing market, support for the move was boosted by headlines about rich foreigners buying mansions and farms in New Zealand as boltholes away from the world’s ills.

House prices have surged more than 60% in the past decade amid record immigration and a construction shortfall. In biggest city Auckland, prices have almost doubled since 2007 to an average of more than NZ$1 million ($730,000). That’s made it more difficult for first-time buyers to enter the market and driven up rents, leaving increasing numbers of poor people homeless. “It’s really important for us that we sort our housing market out, that we give New Zealanders a fair go at buying their first home,” Finance Minister Grant Robertson said in a television interview Sunday. While the country welcomes foreign investment, “what we want is good-quality investment that supports the productivity of the New Zealand economy,” he said.

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Ethics and Hollywood.

The Pentagon & Hollywood’s Successful And Deadly Propaganda Alliance (RT)

The Pentagon helps Hollywood to make money and, in turn, Hollywood churns out effective propaganda for the brutal American war machine. The US has the largest military budget in the world, spending over $611 billion – far larger than any other nation on Earth. The US military also has at their disposal the most successful propaganda apparatus the world has ever known… Hollywood. Since their collaboration on the first Best Picture winner ‘Wings’ in 1927, the US military has used Hollywood to manufacture and shape its public image in over 1,800 films and TV shows. Hollywood has, in turn, used military hardware in their films and TV shows to make gobs and gobs of money.

A plethora of movies like ‘Lone Survivor,’ ‘Captain Philips,’ and even blockbuster franchises like ‘Transformers’ and Marvel, DC and X-Men superhero movies have agreed to cede creative control in exchange for use of US military hardware over the years. In order to obtain cooperation from the Department of Defense (DoD), producers must sign contracts that guarantee a military approved version of the script makes it to the big screen. In return for signing away creative control, Hollywood producers save tens of millions of dollars from their budgets on military equipment, service members to operate the equipment, and expensive location fees.

Capt. Russell Coons, director of the Navy Office of Information West, told Al Jazeera what the military expects for their cooperation: “We’re not going to support a program that disgraces a uniform or presents us in a compromising way.” Phil Strub, the DOD chief Hollywood liaison, says the guidelines are clear. “If the filmmakers are willing to negotiate with us to resolve our script concerns, usually we’ll reach an agreement. If not, filmmakers are free to press on without military assistance.”

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We’ve screwed up even the bottom of the food chain. Winning!

Krill Fishing Poses Serious Threat To Antarctic Ecosystem (G.)

Industrial fishing for krill in the pristine waters around Antarctica is threatening the future of one of the world’s last great wildernesses, according to a new report. The study by Greenpeace analysed the movements of krill fishing vessels in the region and found they were increasingly operating “in the immediate vicinity of penguin colonies and whale feeding grounds”. It also highlights incidents of fishing boats being involved in groundings, oil spills and accidents, which it said posed a serious threat to the Antarctic ecosystem. The report, published on Tuesday, comes amid growing concern about the impact of fishing and climate change on the Antarctic.

A global campaign has been launched to create a network of ocean sanctuaries to protect the seas in the region and Greenpeace is calling for an immediate halt to fishing in areas being considered for sanctuary status. Frida Bengtsson, from Greenpeace’s Protect the Antarctic campaign, said: “If the krill industry wants to show it’s a responsible player, then it should be voluntarily getting out of any area which is being proposed as an ocean sanctuary, and should instead be backing the protection of these huge swaths of the Antarctic.” Last month a study found a combination of climate change and industrial-scale fishing is hitting the krill population, with a potentially disastrous impact on larger predators.


Photograph: Justin Hofman/Alamy Stock Photo

The study warned that the penguin population could drop by almost one-third by the end of the century due to changes in krill biomass. Krill are a key part of the delicate Antarctic food chain. They feed on marine algae and are a key source of food for whales, penguins and seals. They are also important in removing the greenhouse gas carbon dioxide from the atmosphere by eating carbon-rich food near the surface and excreting it when they sink to lower, colder water. There is a growing global demand for krill-based health products which are claimed to help with a range of ailments from heart disease to high blood pressure, strokes and depression. A recent analysis of the global krill industry predicted it was on course to grow 12% a year over the next three years. Krill populations have declined by 80% since the 1970s.

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Feb 262018
 
 February 26, 2018  Posted by at 10:58 am Finance Tagged with: , , , , , , , , , ,  15 Responses »


Lewis Wickes Hine Hot day, East Side, New York 1908

 

The Albatross of Debt – Part 2 (David Stockman)
Day Of Reckoning Nears with Record $650 Billion In Stock Buybacks (ZH)
It’s Dalio Versus Everyone Else as Money Flows to Europe Stocks (BBG)
A Strong Euro Is A Headache For The ECB (Mises)
1% Interest Rate Rise Would Cost Average UK Homeowner £930 a Year (G.)
Corbyn Policy Shift Draws Brexit Battle Lines (Ind.)
Erdogan Slams ‘Worldwide War Of Propaganda’ Against Turkey (K.)
Eastern Ghouta Crisis: The West’s Hypocrisy Knows No Bounds (SCF)
It Is Always, Always, ALWAYS Okay To Question Official Narratives (CJ)
The Exponent Problem Of Running Other People’s Lives (Gore)
More Than Half of World’s Ocean Surface Hit By ‘Industrial Fishing’ (CNBC)
Millennials To Be Most Overweight Generation in History (Ind.)

 

 

Some numbers in case you were still unsure.

The Albatross of Debt – Part 2 (David Stockman)

Needless to say, we have reached the mane. What drove the US economy for the past three decades was debt expansion – private and public – at rates far faster than GDP growth. But that entailed a steady ratcheting up of the national leverage ratio until we hit what amounts to the top of the tiger’s back – that is, Peak Debt at 3.5X national income. As we also showed yesterday, the fulcrum event was Nixon’s abandonment of the dollar’s anchor to a fixed weight of gold at Camp David in August 1971. That unleashed the Fed to expand it balance sheet at will, thereby injecting fiat credit into the financial system at relentlessly accelerating rates; and it also paved the way for takeover of the FOMC by Keynesian academics and apparatchiks in lieu of the conservative bankers and money men who had run the Fed prior to 1970.

At length, the Fed’s balance sheet grew by 82X over the 48 years since June 1970, erupting from $55 billion to $4.5 trillion at the recent QE3 peak. The effect was drastic and enduring financial repression that drove bond yields far below what would have prevailed on the free market based on the supply of domestic real money savings. Stated differently, as the so-called “reserve currency issuer” the Fed’s massive balance sheet eruption forced money-printing reciprocity among all the central banks of the world owing to the fear of rising exchange rates – a syndrome which afflicts politicians and policy-makers everywhere. So the convoy of modest central bank balance sheets that collectively stood at perhaps $80 billion in June 1970 totals more than $22 trillion today.

That is, herded-on by the rogue central bank unleashed at Camp David, the convoy of global central banks evolved into a gigantic yield-insensitive bond buyer. For all practical purposes, they collectively operated the monetary equivalent of roach motels: The bonds went in but never came out. This massive sequestering of real debt funded by fiat credits, which central banks conjured from thin air, had the obvious first order effect of suppressing yields well below honest market clearing levels. That’s just the law of supply and demand 101.

[..] global GDP has expanded from about $3 trillion to $80 trillion since 1970 or by 26X. By contrast, the balance sheets of central banks has exploded by around 275X. [..] In June 1970 the GDP was $1.1 trillion and it has since expanded by 18X to $19.6 trillion. By contrast, total public and private debt outstanding was $1.58 trillion and has since expanded by 42X to $67 trillion. In effect, the law of compounding eventually rules. That’s because to extend these unsustainably divergent trends for even another decade would lead to an outright absurdity. As we also pointed out in Part 1, ten years from now nominal GDP would total $35 trillion and total public and private debt would reach $150 trillion.

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This will not look benign for much longer.

Day Of Reckoning Nears with Record $650 Billion In Stock Buybacks (ZH)

When it comes to stock buybacks – an increasingly politically charged topic – 2018 has already been a historic year: as we reported last weekend the $171 billion in YTD stock buyback announcements is the most ever for this early in the year. In fact, it is already more than double the prior 10 year average of $77 billion in YTD buyback announcements. And, according to Goldman’s revised forecast of corporate cash use, the buyback tsunami is about to be truly unleashed this year. In a note released on Friday, Goldman’s chief equity strategist David Kostin revises his prior forecast for S&P 500 corporate cash spending, and now expects that in 2018 corporate cash outlays will grow by 15% to $2.5 trillion as a result of corporate tax reform and strong EPS growth, with $1.4 trillion (54% of the total) going toward growth while $1.2 trillion (46%) gets returned to shareholders.

While Goldman expects capex to grow by a modest 11% to $690BN, remaining the single largest use of cash, it will be so only by a fraction as buybacks will be breathing down CapEx’ neck, and are set to increase by a whopping 23% from $527BN in 2017 to an all time high of $650BN, an amount which would make total 2018 buybacks the highest annual S&P500 stock repurchase on record. A quick reminder: corporations – via share buybacks – have been the main buyers of shares in the U.S. since 2009. Non-financial corporates have repurchased a net US$3.3 trillion worth of US equities since 2009, according to the Federal Reserve’s flow of funds data based on calculations from CLSA’s Chris Wood. By contrast, households and institutions (insurers and pension funds) have sold a net US$672 billion and US$1.2 trillion respectively over the same period, while mutual funds and ETFs have bought a net US$1.6 trillion.

[..] Chris Cole last October perfectly encapsulated the importance of stock buybacks to perpetuate the record low vol regime observed until recently: “The later stages of the 2009–2017 bull market are a valuation illusion built on share buyback alchemy…The technique optically reduces the price-to-earnings multiple because the denominator doesn’t adjust for the reduced share count… Share buybacks are a major contributor to the low volatility regime because a large price insensitive buyer is always ready to purchase the market on weakness…Share buybacks result in a lower volatility, lower liquidity, which in turn incentivizes more share buybacks, further incentivizing passive and systematic strategies that are short volatility in all their forms. Like a snake eating its own tail, the market cannot rely on share buybacks indefinitely to nourish the illusion of growth. Rising corporate debt levels and higher interest rates are a catalyst for slowing down the $500-$800 billion in annual share buybacks artificially supporting markets and suppressing volatility.” A graphic representation of Cole’s lament:

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One-eyed leading blind?!

It’s Dalio Versus Everyone Else as Money Flows to Europe Stocks (BBG)

Billionaire Ray Dalio has $18.45 billion in bets against Europe’s biggest stocks. Most of the rest of the investing world is headed in the other direction. U.S. stocks lost $9.7 billion in investment so far this month while Eurozone shares have gained $3.2 billion, according to data compiled by Bloomberg. Peers of Dalio’s firm, Bridgewater Associates, are mostly wagering that Eurozone equities will rise. “I’m surprised. That’s a big bet. Dalio and his team are very confident,” said Rick Herman at BB&T Institutional Investment. “That’s definitely out of consensus. European stocks are cheaper, and they also have stronger earnings growth.”

Dalio has always marched to the beat of his own drummer, so his big short position, especially when other hedge funds are betting in the opposite direction, could be seen in that context. Even among those who are short, Bridgewater stands out, according to a Bloomberg survey of hedge funds. The combined value of their shorts stands at $23 billion. Dalio’s position has decreased from $22 billion on Feb. 15 but is still a whopping 43% larger than the outstanding bets by Cliff Asness’s AQR Capital Management.

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” A weak dollar while the US economy grows as it is, means an opportunity for the Federal Reserve. Will Powell use this opportunity?”

A Strong Euro Is A Headache For The ECB (Mises)

In recent weeks, the euro has been at its highest level, relative to the US dollar, that we’ve seen in the last three years. This is a movement that surprises when the European Central Bank is carrying out the most aggressive monetary expansion in the world after the Bank of Japan. A strong euro is not a problem for any European citizen. European households keep a large part of their financial wealth in deposits. Additionally, a strong euro curbs inflation in imported products, mainly energy and food, generating a significant wealth effect. If we look at the commodity index between January 6, 2017 and January 12, 2018, we can see that it has fallen by more than 12% in euros, while it is slightly up in US dollars. For the average European citizen, a stable or strong euro is a blessing, and one of the essential factors for the recovery of household disposable income.

A strong euro has not been a problem either for exports. Spain, for example, has increased by 53% the weight of exports in GDP in the last five years and Eurozone exports in 2017 marked a record, growing more than the average of global trade and with a record trade surplus, which is one of the decisive factors explaining the euro strength. But a strong euro is bad news for central planners, indebted states and obsolete or low value-added sectors that need the hidden subsidy of devaluation. A strong euro destroys the ECB expectations of inflation, the increase in estimated profits of the low productivity sectors and puts in danger the debt reduction of inefficient states, which have been unable to reduce their deficits quickly enough. The ECB´s monetary policy, which becomes an assault on the savers and efficient sectors to subsidize the inefficient and indebted, does not work in a globalized world with open economies.

And, ironically, that is good for European families, who see their wealth in deposits strengthen and stable disposable income because inflation is low. Although the ECB maintains ultra-low rates and monthly repurchases of 30,000 million euros, they are unable to devalue as they would like. The European central planner must scratch its head thinking why. The US economy accelerates its growth, inflation expectations rise, the trade deficit is at decade-lows, the Federal Reserve is raising interest rates … And the US dollar does not strengthen. The main explanation lies in the trade surplus of China and the Eurozone. Central banks should know it is difficult to have rising trade profits and weakening currencies. A weak dollar while the US economy grows as it is, means an opportunity for the Federal Reserve. It can raise rates and strengthen options ahead of a global slowdown without worrying about its currency. Will Powell use this opportunity?

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Eevryone’s favorite bubble.

1% Interest Rate Rise Would Cost Average UK Homeowner £930 a Year (G.)

A 1% rise in interest rates would add around £10bn to the UK’s mortgage bill, according to analysis from estate agent Savills. The increase would equate to adding £930 a year to the cost of servicing the average mortgage. Borrowers on variable rate deals influenced by movements in the Bank of England base rate would be the first to feel the pain, putting the annual mortgage bill up by £4.3bn immediately, Savills said. The 59% of borrowers on fixed-rate deals would feel the impact later, when their existing mortgage deals come to an end. Of the total increase, Savills calculates that buy-to-let landlords would pay an additional £2.4bn, with other home owners paying £7.8bn more.

“This would bring an end to the historically low mortgage costs that have boosted housing affordability and limit the buying power of those needing a mortgage, and underscores our forecasts for more subdued house price growth over the next five years,” said Lucian Cook, head of residential research at Savills. Savills forecasts that average UK house price growth will stand at 14% in total over the next five years. Borrowers are bracing themselves for further possible interest hikes following the increase last year from 0.25% to 0.5%. Earlier this month, the Bank of England governor, Mark Carney, readied borrowers for further and faster interest rate hikes, although he also stressed that rises would be limited and gradual.

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“For the many, not the few” already sounds old and stale. Be careful with that.

Corbyn Policy Shift Draws Brexit Battle Lines (Ind.)

Jeremy Corbyn will today create a clear Brexit dividing line between Labour and the Tories in a keynote speech which will see him finally commit to keep the UK in a European customs union. The Labour leader will argue the move would enable his party to secure “full tariff-free access” to the single market but without committing to all of its rules, allowing him to negotiate exemptions on freedom of movement and workers’ rights. The move ends months of speculation about Mr Corbyn’s stance on the issue, which goes to the heart of the debate about Britain’s future. It also simultaneously heaps pressure on Theresa May as pro-EU Tory rebels are poised to join Labour and force her to keep the UK in the customs union.

The Prime Minister is scrambling to agree Britain’s approach to the future relationship with the EU by Friday, as Brexiteers also threaten her leadership from the right, if she fails to seek a deal that allows the UK to agree trade deals – something staying in the customs union would preclude. In a much-anticipated speech in Coventry, Mr Corbyn will say: “Britain will need a bespoke relationship of its own. Labour would negotiate a new and strong relationship with the single market that includes full tariff-free access and a floor under existing rights, standards and protections. “That new relationship would need to ensure we can deliver our ambitious economic programme, take the essential steps to upgrade and transform our economy, and build an economy for the 21st century that works for the many, not the few.”

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Dressing up one’s propaganda as a war against propaganda.

Erdogan Slams ‘Worldwide War Of Propaganda’ Against Turkey (K.)

Turkish President Recep Tayyip Erdogan has lashed at what he claims is a “worldwide war of propaganda” against his country. “The launching of a worldwide war of propaganda based on lies, slander and distortion, by those who cannot deal with Turkey on the ground will not work,” Erdogan was quoted by Anadolu agency as saying during a meeting of his ruling Justice and Development Party (AKP) in southern Turkey on Saturday. “Those who see us as yesterday’s Turkey and treat us in this manner have begun to gradually realize the truth,” Erdogan said, according to the report.

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We’re back to Putin kills babies.

Eastern Ghouta Crisis: The West’s Hypocrisy Knows No Bounds (SCF)

As usual, the West has demonstrated its ability to fire off a quick response when it comes to slamming Russia for something it has not done. This time it’s about Eastern Ghouta, a Damascus suburb under terrorist control. The accusation? Russia and its ally Syria are guilty of killing innocent civilians, thanks to their “devastating” attacks and “siege-and-starve tactics.” It’s the same old story – no actions against terrorists are permissible because of the risk of collateral damage. The Western media have jumped on the anti-Russia bandwagon as readily as if they were orchestra members carefully following the tempo of their conductor’s baton. US Ambassador to the UN Nikki Haley wasted no time chiming in. One has to do some digging into the problem to see what’s really happening in Eastern Ghouta.

It was reported on Feb. 21 that talks to end the hostilities had broken down because the terrorists had refused to lay down their arms. The anti-government groups, including the notorious Al-Nusra (Hayat Tahrir al-Sham), have prevented civilians from leaving this dangerous zone. They are obstructing the humanitarian operations of international aid agencies, such as the Red Cross and World Food Program. The UN has repeatedly expressed its concern over the situation in the region, urging that humanitarian access to the area be safeguarded.

The presence of armed jihadists in Eastern Ghouta, which is at the root of the problem, is never mentioned in Western press reports. The attacks on Russia’s embassy in Damascus, carried out by the same “guys” who are causing the suffering of civilians in Ghouta, receive little or no media attention. Russian aircraft did not conduct air strikes on this suburb. The Western accusations are groundlessand offer no details. The Russian military has been involved in humanitarian efforts to help the refugees fleeing this dangerous area. It was Moscow alone who called for the urgent UN Security Council meeting to discuss the situation.

The Syrian authorities have never made a secret of their intention to rid the area of jihadists. A ground offensive might be coming soon, but would that be a bad thing? Isn’t it the duty of any government to provide security to its citizens by fighting the terrorists who are holding civilians hostage? Terrorists from Eastern Ghouta regularly shell Damascus, killing civilians. The sooner the suburb is liberated, the better for everyone. If the anti-Assad fighters were real patriots, they would have left the populated areas a long time ago. Instead, they use civilians as human shields. Aren’t they the ones to blame for this dire situation? But no, the Western media call them “rebels,” not “gangs of ruthless murderers.” The terrorists in Ghouta won’t surrender because they are pinning their hopes on the West to help them out.

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It’s a duty.

It Is Always, Always, ALWAYS Okay To Question Official Narratives (CJ)

On the fifth of April, 2017, CNN staged a fake, scripted interview featuring a seven year-old Syrian girl sounding out pro-regime change talking points syllable-by-syllable using concepts that she could not possibly understand. CNN host Alisyn Camerota was asking the child questions throughout the performance, which means that Camerota necessarily had the other half of the script. CNN has never offered an explanation for this event, and nobody has ever been able to provide me with a plausible defense of it. This is not some tinfoil hat fantasy I made up in my imagination. This happened. CNN knowingly staged a fake, scripted interview and deceitfully passed it off to its audience as a real one, exploiting a small child for interventionist propaganda in an inexcusably fraudulent way.

And yet CNN has the gall to get huffy and indignant when it’s suggested that they tried to use scripted questions in a town hall about the Florida school shooting. I rarely pay much attention to the false flag theories which emerge after every hotly publicized mass shooting in America. They’re very convoluted and consist mostly of pointing out inconsistencies and plot holes in the official story being advanced, without offering any clear substantial narrative about what did happen and why. It’s not that I doubt for one second that the US power establishment would butcher American citizens if it significantly benefitted them, I just see no clearly laid-out evidence that that’s what happened in these cases. That said, the fact that the same mass media machine which brazenly staged a war psyop using a seven year-old girl is loudly condemning people who question the official narrative about the Florida school shooting is obscene.

[..] The mass media created conspiracy theories. By lying to the public day after day after day in the most grotesque and brazen ways imaginable, they created an environment where people will necessarily question the ways in which reality differs from what they’ve been told. How could they not? And yet these depraved manipulators still dedicate massive amounts of resources toward putting immense public pressure on anyone who still has unanswered questions, because Seth Rich’s family wants you to shut up and some guy shot a hole in a pizza shop floor.

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Math for sociopaths.

The Exponent Problem Of Running Other People’s Lives (Gore)

Most people find managing their own affairs sufficiently challenging. Earning a living, establishing a family, rearing children, saving for college and retirement, and dealing with illness and aging fill the days and leave little time, attention, or energy to manage someone else’s affairs. A hypothesis: the effort required to run other people’s lives is an exponential function. If X is the sum total of everything required to run your life; running two lives is X squared; three lives is X cubed, and so on. Call it the exponent problem. For partial verification, try running someone else’s life for a day or two. See how it works out for you and the other person. Why do governments fail? Government is someone imposing rules on someone else, and backing them up with repression, fraud, and violence when necessary.

The governed always outnumber those governing, which means the latter face the exponent problem. In the US, there are around 22 million employed by the government, and let’s add in another million who actively influence it. The US population is around 323 million, so there are 23 million rulers to 300 million ruled, or about 13 ruled per ruler. How fitting, like the 13 original colonies! Whatever amount X of time, energy, money, attention, and other resources the rulers expend on their own lives, they must expend that X to the thirteenth power to “govern” the ruled. If X could actually be quantified and it was only 2, it would still take 8192 times the effort to rule the US as it does for the rulers to govern their own lives. Those are just illustrative numbers, but you get the picture. No wonder rulers use repression, fraud, and violence.

They’re overwhelmed by the exponent problem. On its best days governance is a comic proposition, on its worst, a tragic and terrible one. A farce, but in its own way tragic and terrible, is preceding the ultimately tragic and terrible outcome of the US government’s efforts to govern every aspect of its constituents’ lives and exercise power over what it considers its global domain.

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Let theme at jellyfish.

More Than Half of World’s Ocean Surface Hit By ‘Industrial Fishing’ (CNBC)

Commercial fishing covers more than 55% of the ocean’s surface, a new study has revealed in a potentially worrying sign about the depletion of marine resources. Fish from the wild do not currently contribute a significant portion of human caloric consumption, but “the footprint of industrial fishing in the ocean is over four times larger than the land area occupied by agriculture,” researchers said in a paper published by the journal Science on Thursday. And the bulk of activity is dominated by just five countries: China, Spain, Taiwan, Japan and South Korea. Publishing a comprehensive map of global fisheries for the first time using satellite technology and big data, researchers discovered that fishing patterns were strongly influenced by cultural and political events rather than weather.

“The Christmas holiday and fishing moratorium in China have a bigger effect on the global temporal footprint of fishing than any seasonal weather changes.” Every year, the world’s second-largest economy imposes a nation-wide fishing ban that usually lasts for three months. Beijing will institute the rule in the Yellow River from April 1 to June 30 this year, Xinhua reported this week. Other water bodies, such as the Yangtze River and Pearl River, could also see annual bans.

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Causing the biggest leap in demand for health care in history. A system that‘s already shaking on its foundations.

Millennials To Be Most Overweight Generation in History (Ind.)

Middle-aged millennials are set to be the most overweight generation since records began, with experts warning they are unwittingly and significantly increasing their risk of cancer. Analysis by Cancer Research UK (CRUK) shows that on current trends 70% of millennials, those born between the early 1980s to mid-1990s, will be overweight or obese by the age 35 to 45. However, despite being linked to 800,000 cancer cases a year, the vast majority of people are unaware of the additional risk obesity brings. Health campaigners said the figures were “horrifying” and a consequence of the Government only paying “lip service” to tackle the obesity crisis, while slashing health budgets.

The seven out of 10 figure for millennials compared to around 50% of the “baby boomer” generation, born between 1945 and 1955, who were overweight or obese in their thirties and forties. “This means millennials are the most overweight generation since current records began”, said CRUK after it extrapolated current obesity trends to look at the state of the nation’s weight in 2028. The UK is already the most overweight nation in Western Europe, with obesity rates rising even faster than in the US. However, just 15% of people in the UK are aware that being obese increases your risks of developing bowel, kidney and breast cancers, and at least 10 other types.

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