Oct 132021
 
 October 13, 2021  Posted by at 9:05 am Finance Tagged with: , , , , , , , ,  33 Responses »


M. C. Escher Bond of union 1956

 

The Coming Real Pandemic of the Vaccinated (S&F)
Airline Pilot Warns Biden’s Mandate Will Create ‘Massive Disruptions’ (WJ)
911 System In Jeopardy As First Responders Reject Jab (ZH)
The Great New Normal Purge (CJ Hopkins)
Senators Seek Federal Grand Jury For Covid-19 Statistical Manipulation (JTN)
Are the COVID Shots Working? (Mercola)
Australia Building Quarantine Camps For “Ongoing Operations” (SN)
Covid, Lockdown And The Retreat Of Scientific Debate (Kulldorff)
OSHA Submits Vaccine Rule To White House (CNN)
Brooklyn Nets Ban Kyrie Irving From Playing Until He Gets Covid-19 Vaccine (ZH)
Texas Businesses Stuck Between Federal And State Vaccine Rules (Y!)
NY Post Editorial Board Bashes Biden’s ‘Cabinet of Horrors’ (NM)
Wisconsin’s Election Probe Zeroes In On Democrat Machine Tactics (JTN)
Former DNI Ratcliffe Says He’s Given Durham 1,000 Intel Documents (JTN)
John Durham and the Amazing Disappearing DNC Hack (Parry)

 

 

Kory Merck

 

 

 

 

Sir Christopher Chope MP

 

 

Try some melatonin. Works vs Covid.

 

 

Israel

 

 

What we’ve been afraid of for quite some time now.

The Coming Real Pandemic of the Vaccinated (S&F)

Drs. Trozzi and Alexander explain ADE and other dangers of the ‘vaccines’, and warn of the coming wave of deaths among those who have received these experimental gene therapies. Dr. Mark Trozzi is an ER doctor with 25 years experience. He took a leave of absence early this year to fight Covid tyranny full time. His website is drtrozzi.com. Dr. Paul Alexander is a world-class clinical epidemiologist who was trained at McMaster University, Canada’s top university for epidemiological research. Dr. Alexander was fired from his position at the university for speaking the truth about the harms being caused by the Covid ‘vaccines’.


“78% of the deaths in the U.K. are among the ‘double-vaccinated.” Dr. Mark Trozzi. “If we vaccinate our children the deaths we’ve seen in adults so far we will now see in children.” Dr. Paul Alexander. Watch and share this very important interview. The next fear-mongering tactic coming down the pipe is a ‘wave of pediatric cases’, but in actual fact children are in no danger from Covid whatsoever. Sadly, many are likely to die as a result of the bioweapons being falsely represented as ‘vaccines’.

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Just in: Boeing will require its 125,000 workers in the United States to be vaccinated against COVID-19 by Dec. 8.

Airline Pilot Warns Biden’s Mandate Will Create ‘Massive Disruptions’ (WJ)

An airline pilot and activist for individual liberty told Fox News on Monday that situations such as mass flight cancelations will become more common if the Biden administration refuses to backdown from its hardline stance against coercing Americans to get vaccinated against COVID. Speaking on “Tucker Carlson Tonight,” Joshua Yoder, a commercial airline pilot and the co-founder of a group called U.S. Freedom Flyers, cautioned that events such as this past weekend’s Southwest Arlines flight cancellations could soon be unavoidable. The reason: Yoder said the people who do skilled jobs, such as flying planes and driving trucks, will stand against President Joe Biden and their own employers. “My motive for resisting [the COVID vaccine] is primarily religious for myself,” Yoder told Fox News host Tucker Carlson.

“Among my friends I saw a need. Many of us don’t want to take this. People were being coerced. I believe in freedom, and I’m here to support the freedom of my fellow employees and all people across this country.” “I’m not going to take a mandate. I’m not going to be forced to do something that I don’t believe in,” he added. “If you have flights reduced by 30 percent because 30 percent of pilots are fired because they won’t take the vaccine, this is going to affect how your goods get here from overseas, how they are distributed to the store,” he said when asked to describe the effect on the national transportation infrastructure. “The same thing is happening with the truckers; it’s happening in the shipping industry. Those Amazon boxes that typically show up in two days, you might be looking at three weeks,” he continued, making note of a reported shortage of truckers and dock workers as ports — such as the one at Long Beach in Los Angeles Country — experience a backlog of ships waiting to be unloaded.

[..] Yoder, when speaking of staffing shortages and logistics, asserted that more shortages of employees, such as the one which that hit Southwest, could come. He blamed Biden for the issues and challenged any notion that the federal government is in control of what American citizens and workers choose with regard to vaccines. “It’s squarely his [Biden’s] fault,” he said. “First of all, we have all the control, and the control comes from a simple word, and that’s ‘no,’” he said. “We just don’t need to comply. As far as I’m concerned, I will never promote a sick-out or a work action that is illegal. With U.S. Freedom Flyers, the organization I’m with, we will never promote such a thing. With that being said, we also cannot control the actions of individuals.”

“And I think that you will see massive disruptions in supply chain and in your travel if we just stand up and say no,” he said. “If these companies fire us and they fire 30% of the workforce, aircraft are going to stop moving, and it’s going to affect you. It’s going to affect your air travel, and it’s going to affect the economy.”

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What will the world look like by Christmas? Will anything function at all?

911 System In Jeopardy As First Responders Reject Jab (ZH)

The American Ambulance Association (AAA) warned House and Senate leaders the “nation’s EMS system is facing a crippling workforce shortage, a long-term problem that has been building for more than a decade. It threatens to undermine our emergency 9-1-1 infrastructure and deserves urgent attention by Congress.” “The magnitude has really blown up over the last few months,” AAA President Shawn Baird told NBC News. “When you take a system that was already fragile and stretched it because you didn’t have enough people entering the field, then you throw a public health emergency and all of the additional burdens that it put on our workforce, as well as the labor shortages across the entire economy, and it really has put us in a crisis mode,” Baird said.


What’s making the EMS labor shortage worse is President Biden’s vaccine mandates. First responders are quitting across the county because they don’t want to get the jab and have realized they can transfer to other higher-paying jobs. Waldoboro, Maine, town manager Julie Keizer told News Center Maine that “the vaccine mandate has contributed to the loss of first responders.” “I think part of the problem is everybody thought they (workers) would conform because nobody wants to lose their jobs,” Keizer added. “But when you look at the rate of pay for emergency workers, they can make more delivering packages than patients.”

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“The purge must be conducted openly, brutally, so that the masses understand that the rules of society have changed forever, that their former rights and freedoms are gone, that from now on any deviation from official ideology will be ruthlessly punished.”

The Great New Normal Purge (CJ Hopkins)

So, the Great New Normal Purge has begun … right on cue, right by the numbers. As we “paranoid conspiracy theorists” have been warning would happen for the past 18 months, people who refuse to convert to the new official ideology are now being segregated, stripped of their jobs, banned from attending schools, denied medical treatment, and otherwise persecuted. Relentless official propaganda demonizing “the Unvaccinated” is being pumped out by the corporate and state media, government leaders, health officials, and shrieking fanatics on social media. “The Unvaccinated” are the new official “Untermenschen,” an underclass of subhuman “others” the New Normal masses are being conditioned to hate. But it isn’t just a purge of “the Unvaccinated.” Anyone deviating from the official ideology is being systematically demonized and persecuted.

In Germany, Australia, and other New Normal countries, protesting the New Normal is officially outlawed. The New Normal Gestapo is going around to people’s homes to interrogate them about their anti-New Normal Facebook posts. Corporations are openly censoring content that contradicts the official narrative. New Normal goon squads roam the streets, checking people’s “vaccination” papers. And it’s not just governments and corporations carrying out the New Normal Purge. Friends are purging friends. Wives are purging husbands. Fathers are purging children. Children are purging parents. New Normals are purging old normal thoughts. Global “health authorities” are revising definitions to make them conform to New Normal “science.” And so on … a new official “reality” is being manufactured, right before our eyes. Anything and anyone that doesn’t conform to it is being purged, unpersoned, memory-holed, erased.

None of which should come as a surprise. Every nascent totalitarian system, at some stage of its takeover of society, launches a purge of political opponents, ideological dissidents, and other “anti-social deviants.” Such purges can be brief or open-ended, and they can take any number of outward forms, depending on the type of totalitarian system, but you cannot have totalitarianism without them. The essence of totalitarianism — regardless of which costumes and ideology it wears — is a desire to completely control society, every aspect of society, every individual behavior and thought. Every totalitarian system, whether an entire nation, a tiny cult, or any other form of social body, evolves toward this unachievable goal … the total ideological transformation and control of every single element of society (or whatever type of social body it comprises). This fanatical pursuit of total control, absolute ideological uniformity, and the elimination of all dissent, is what makes totalitarianism totalitarianism.

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“The CDC’s National Vital Statistics System told mortality data compilers to emphasize COVID-19 as the “cause” of death in a March 2020 alert, departing from a 2003 federal manual on recording infectious disease as a “contributing factor to death” in the presence of preexisting conditions, the letter said.”

Senators Seek Federal Grand Jury For Covid-19 Statistical Manipulation (JTN)

The CDC adopted a “double-standard exclusively for COVID-19 data collection” that inflated cases and deaths starting early in the pandemic, violating multiple federal laws and distorting mitigation policies, Oregon lawmakers told the feds’ top lawyer in the state. Advised by “a large team of world-renowned doctors, epidemiologists, virologists, and attorneys,” state Senators Kim Thatcher and Dennis Linthicum petitioned U.S. Attorney Scott Asphaug to approve a grand jury investigation into how the pandemic is being measured. “Public health policy must be based upon accurate and independently verifiable data to optimize outcomes and strengthen the public’s trust in the people leading them through this crisis,” the Republican lawmakers, whose state has imposed some of the harshest and longest COVID restrictions, wrote in a letter with several attached exhibits.

One is a synopsis of allegations, findings, relevant law and implicated agencies intended to “assist grand jury members in orienting themselves to the scope of alleged crimes committed.” Their letter is dated Aug. 16, but the materials were not released for a month to “protect those involved,” Stand for Health Freedom (SHF), the holistic medicine and legal nonprofit behind the petition effort, said in last month’s announcement. “I’m not sure there has ever been an allegation of government wrongdoing on this scale,” so the group wanted to assess “accuracy and safety” before going public, relationship manager Bailey Kuykendoll told Just the News. Asphaug’s office said Thursday it referred the petition to the Justice Department’s Office of Legislative Affairs. That office didn’t respond on whether or how it had answered the Oregon lawmakers’ request.

[..] The lawmakers’ petition also accuses the FDA of withholding “safe and effective evidence-based treatments” just as the Tuskegee study withheld penicillin from black men with syphilis. They name vitamin D and ivermectin, which have “extensive clinical histories of safety following the administration of billions of doses.” Doctors who prescribe these for COVID may face loss of license, fines and imprisonment, Thatcher and Linthicum said. [..] Thatcher said she was troubled that even as the infection’s high survivability rate became clear, arbitrary restrictions that worsened child abuse, suicide and mental health remained in place. “I began to really question whether the cure was worse than the disease,” said Thatcher, who is better known in Oregon for her legislative effort to compensate people wrongfully convicted.

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Well, they’re doing something alright.

Are the COVID Shots Working? (Mercola)

In a Twitter thread, Ben M. double-checked and recalculated the vaccine efficacy, taking into account all CLI admissions, not just those where the patient had been vaccinated at least 14 days prior. When adding those previously excluded patients back in, Ben M. came up with a vaccine effectiveness rate of 13%. He also discovered that if you look at how many people actually had a CLI (covid like illness) clinical diagnosis code among the 41,552 included patients, the rate of diagnosis between the unvaccinated, the partially vaccinated and the fully vaccinated was nearly identical: 73% for the unvaccinated, 71% for the partially vaccinated and 72% for the fully vaccinated.

Here’s where it gets interesting. When you look at the rate of CLI, and add in the rate of positive PCR tests, all of a sudden, differences between the groups become clear. Only 2% of the fully vaccinated had a positive PCR test, compared to 6% of the partially vaccinated and 18% of the unvaccinated. Ben M. speculates that vaccinated patients may be tested less routinely (12.5% less frequently to be exact), or unvaccinated patients are tested more routinely (11% more frequently than the vaccinated). But there may be another explanation. The U.S. Centers for Disease Control and Prevention actually has two different sets of testing criteria, depending on the patient’s vaccination status.

Fully vaccinated individuals suspected of having contracted COVID-19 are to be tested using a CT of 28 or less, whereas unvaccinated patients are to be tested using a CT of 40. Anything over 35 CTs has been shown to produce 97% false positives, so this biased testing guidance virtually guarantees that vaccinated patients are more likely to test negative, while unvaccinated patients are more likely to get a false positive.

v$xxine effectiveness

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“Why anyone who had left Australia would come back again is unclear..”

Australia Building Quarantine Camps For “Ongoing Operations” (SN)

Despite some states tentatively beginning to lift lockdown restrictions, Australian authorities are building quarantine camps that won’t be completed until next year in order to prepare for “ongoing operations” and to house those “who have not had access to vaccination.” According to ABC Australia, one such 1,000-bed quarantine facility at Wellcamp Airport outside Toowoomba will be fully completed by the end of March 2022. “At this stage, the cabins will be used by domestic travellers returning from COVID hotspots,” states the report. However, it also makes clear that the camp will be used for “ongoing operations” and will be a source of employment for the local area.

The camps is split into different zones and accommodates singles, doubles, and family rooms while being patrolled by police and security guards 24/7. Citing new strains of COVID and people “who have not had access to vaccination,” Queensland Deputy Premier Steven Miles told the media outlet, “We anticipate there to be a continuing need for quarantine facilities.” The government is leasing the land on which the camp is being built from the Wagner Corporation for 12 months with an option for a further 12 months after that. Another 1,000-bed quarantine facility is also being built on a 30-hectare Army barracks site in the industrial area of Pinkenba, near Brisbane Airport.

“Why anyone who had left Australia would come back again is unclear,” writes Dave Blount. “It is possibly the most repressive country in the world regarding Covid tyranny.” As we previously highlighted, state authorities in America are also constructing new “quarantine facilities” for Americans who are “unable to quarantine at home.” As we reported last year, Authorities in Quebec City, Canada announced they will isolate “uncooperative” citizens in a coronavirus facility, the location of which remains a secret. New Zealand also announced plans to place COVID infectees and their family members in “quarantine facilities.” Back in January, German authorities also announced they would hold COVID dissidents who repeatedly fail to properly follow the rules in what was described as a ‘detention camp’ located in Dresden.

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“The language, here, is non-scientific: herd immunity is not a creed. It’s how pandemics end.”

Covid, Lockdown And The Retreat Of Scientific Debate (Kulldorff)

The BMJ article is full of errors that ought to have never found their way into any publication. Here are some examples:

1/ My colleagues and I are described as ‘critics of public health measures to curb Covid-19’. On the contrary, throughout the pandemic we have strongly advocated better public health measures to curb Covid-19 – specifically protection of high-risk older people, with many ‘clearly defined’ proposals. The failure to implement such measures, in our view, has led to many unnecessary Covid deaths.

2/We are described as ‘proponents of herd immunity’ which is akin to accusing someone of being in favour of gravity. Both are scientifically established phenomena. Every Covid strategy leads to herd immunity. The key is to minimise morbidity and mortality. The language, here, is non-scientific: herd immunity is not a creed. It’s how pandemics end.

3/ It says we have ‘expressed opposition to mass vaccination’. Dr. Gupta and I have spent decades on vaccine research and we are all strong advocates for Covid and other vaccines. They are among the greatest inventions in history. To falsely credit the anti-vaccine movement with support from professors at Harvard, Oxford and Stanford is damaging for vaccine confidence. This is unworthy of a medical journal.

4/ The GBD is referred to as a ‘sophisticated science denialism’. Note here how something that challenges an orthodoxy is described as anti-science – a label that presumably could have been applied to any scientific innovator who ever questioned a failed orthodoxy. Collateral public health damage from Covid restrictions are real and enormous on cardiovascular disease, cancer, diabetes, backsliding childhood vaccinations, starvation and mental health, just to name a few. It is not the GBD, but those who downplay lockdown harms who should be equated with those who question the harms of tobacco or climate change.

5/ The GBD was not ‘sponsored by the American Institute for Economic Research (AIER) – and I’m pleased to see that the BMJ has at least retracted this claim. We were there for media interviews, with no sponsorship. How did such a blunder end up in print in the first place? The AIER staff did not even know about the Declaration until the day before it was signed, and the AIER president and board did not know about it until after publication. If we had written the Declaration at say, Starbucks, would the BMJ have claimed that it was sponsored by the coffee shop?

6/ The BMJ article mentions ‘AIER contributor Scott Atlas’, but Dr. Atlas has never been affiliated with nor written for AIER. Neither have we – unless the BMJ also views us as affiliated with hundreds of universities and organisations that we have visited during our careers or that have reprinted some of our articles. Dr. Atlas was not even aware that AIER had reprinted one of his articles until the BMJ linked to it. Several AIER employees have gracefully supported the GBD, just like countless other people around the world, but we have never received any money from the AIER. This basic error again exposes how normal checks did not appear to have been applied by the BMJ.

7/The BMJ article ends by saying that my colleagues and I are peddling a ‘well-funded sophisticated science denialist campaign based on ideological and corporate interests’. Nobody has paid us money for our work on the GBD, or for advocating focused protection. None of us would have undertaken this project for professional gain: it is far easier to stay silent than put your head above the parapet. As a vaccine developer, Dr. Gupta has connections with a pharmaceutical start-up, but Dr. Bhattacharya and I are among the few drug/vaccine scientists who purposely avoid pharmaceutical company funding to be free from conflicts of interests.

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Weekly testing is still valid. Businesses that go beyond that do that on their own accord.

OSHA Submits Vaccine Rule To White House (CNN)

The Occupational Safety and Health Administration, which falls under the Labor Department, has submitted the text of a new vaccine rule for large employers to the Office of Management and Budget, bringing the emergency standard announced by President Joe Biden last month one step closer to taking effect. “The Occupational Safety and Health Administration has been working expeditiously to develop an emergency temporary standard that covers employers with 100 or more employees to ensure their workers are fully vaccinated or undergo weekly testing to protect employees from the spread of coronavirus in the workplace,” a Labor Department spokesman said Tuesday.

“On Tuesday, October 12, as part of the regulatory review process, the agency submitted the initial text of the emergency temporary standard to the Office of Management and Budget.” Once OMB concludes its review of the regulation, the emergency temporary standard will be published in the Federal Register, when it will go into effect. Last month, Biden announced the Labor Department would draft an emergency rule compelling private companies with 100 or more employees to require vaccinations or weekly testing. “While America is in much better shape than it was seven months ago when I took office, I need to tell you a second fact: We’re in a tough stretch and it could last for awhile,” the President said in a White House speech at the time.

The new emergency temporary standard will require large employers to give their workers paid time off to get vaccinated. If businesses don’t comply, the government will “take enforcement actions,” which could include “substantial fines” of up to nearly $14,000 per violation, according to officials. Officials have said the standard was a “minimum” and that some companies may choose to go further, including by mandating the vaccine instead of offering a testing alternative. “Each employer will decide exactly what they want to do, but what we’re saying through the Department of Labor rule making process is a minimum of testing once a week or full vaccination,” a senior administration official previously told CNN.

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Make that: Weekly testing is still valid, but not for Kyrie.

Brooklyn Nets Ban Kyrie Irving From Playing Until He Gets Covid-19 Vaccine (ZH)

The Brooklyn Nets have banned 29-year-old Kyrie Irving from both games and practice until he gets the Covid-19 vaccine, just one week before the team kicks off their regular season against the Bucks. The star point and shooting guard will even be barred from playing during away games – the vast majority which will be held in locations where there is no local vaccine mandate. The Nets said they won’t allow Irving to be deemed “part-time” in terms of his availability for games. The move comes after Irving missed Monday’s preseason loss to the 76ers (115-104) over his refusal to get the jab. “Given the evolving nature of the situation and after thorough deliberation, we have decided Kyrie Irving will not play or practice with the team until he is eligible to be a full participant,” said the team in a statement.


“Kyrie has made a personal choice, and we respect his individual right to choose. Currently, the choice restricts his ability to be a full-time member of the team, and we will not permit any member of our team to participate with part-time availability.” The mostly word-salad statement continues: “It is imperative that we continue to build chemistry as a team and remain true to our long-established values of togetherness and sacrifice. Our championship goals for the season have not changed, and to achieve these goals each member of our organization must pull in the same direction. We are excited for the start of the season and look forward to a successful campaign that will make the borough of Brooklyn proud.” Irving earns more than $400,000 per game – and forfeited some $817,000 in salary in January after missing two games to take part in a league-ordered quarantine after attending a birthday party in a club. He earned around $35 million last season, and was slated to earn $36.6 million this year – the last year of his contract.

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“A Federal Judge in TX has temporarily put on hold United Airlines’ policy that places employees on unpaid leave for claiming a religious exemption to the COVID-19 vaccine.”

Texas Businesses Stuck Between Federal And State Vaccine Rules (Y!)

American Airlines and Southwest Airlines said Tuesday they will continue requiring employees to be vaccinated against Covid-19, deferring to federal regulations as Texas and the White House square off over vaccine mandates. The clash comes as the Republican governor of Texas, Gregg Abbott, signed an order Monday banning all vaccine mandates in his state, including those coming from private companies. But that state rule is in direct contradiction with a regulation announced by President Joe Biden last month, which would require all companies with more than 100 employees to ensure their workers are vaccinated against the coronavirus.

White House spokeswoman Jen Psaki said Tuesday the new Texas law does not change the federal government’s vaccine mandate plans, which could cover some 100 million US workers. “We know that federal law overrides state law,” Psaki said. But the Biden administration has yet to detail the practical applications of the federal order. “There isn’t a big historic precedent for this and we want to get it right,” Psaki said, assuring that plans for the federal order could be expected within “weeks.” As federal contractors, major airlines must require their employees to be vaccinated by December 8, which could prove complicated for those based in Texas. American Airlines said it will defer to federal law over the state law.

“We are reviewing the executive order issued by Gov. Abbott, but we believe the federal vaccine mandate supersedes any conflicting state laws, and this does not change anything for American,” a spokesperson for the carrier said in a statement to AFP. Fellow Texas-based airline Southwest also said Tuesday it would continue requiring vaccines for employees, despite Abbott’s order. “According to the president’s executive order, federal action supersedes any state mandate or law, and we would be expected to comply with the president’s order to remain compliant as a federal contractor,” Southwest said in a statement.

And the Greater Houston Partnership, a Texas business group that includes Exxon Mobil, Chevron, BP, Shell and JP Morgan Chase, said in a statement Tuesday: “The governor’s executive order does not support Texas businesses’ ability and duty to create a safe workplace.” Abbott said Monday he supported vaccination, but would not allow mandates for it in his state. “I issued an Executive Order prohibiting vaccine mandates by ANY entity in Texas,” the governor wrote on Twitter.

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“Halloween came early this year, courtesy of the Biden administration..”

NY Post Editorial Board Bashes Biden’s ‘Cabinet of Horrors’ (NM)

The New York Post Editorial Board has come out to blast the “scandals from top to bottom in Joe Biden’s Cabinet of horrors” in a scathing review of the early struggles of the administration. “Halloween came early this year, courtesy of the Biden administration,” the editorial began. “While the president is primarily to blame for the choices in Afghanistan, the border and holding an infrastructure bill hostage to the Squad, his team is facing their own crises, many self-created. Here, some of the lowlights of many of the members of Joe Biden’s Cabinet of Horrors.” From calling Vice President Kamala Harris the VP in the shadows — “Harris has gone into hiding, barely making public appearances as her favorables have tanked”— to White House chief of staff Ron Klain being the “shadow president,” few were spared in Biden’s Cabinet from the Post’s critique of the administration’s first 10 months. Among the Post’s scathing rebukes:

Secretary of State Antony Blinken: “He has no answers for the debacle in Afghanistan.” Secretary of the Treasury Janet Yellen: “Yellen promised that she would ‘be a voice for fiscal sanity.’ So much for that!” Secretary of Defense Lloyd Austin: How can he trust Gen. Mark Milley after the joint chiefs of staff went behind former President Donald Trump’s back? And “How can he not tell Biden he must be removed from his post?” Attorney General Merrick Garland: His call for the FBI and U.S. attorneys to investigate and prosecute school board protests is “a spectacular overreach of federal power”; yet, the Post adds, “But in a fight between angry moms and a weaponized Department of Justice, our money is on the moms.”

Secretary of the Interior Deb Haaland: She moved the Bureau of Land Management to Colorado, “but not enough bureaucrats wanted to live there (300 retired or quit), so Haaland is now moving it back to the swamp.” Secretary of Agriculture Tom Vilsack: Take a Democrat’s word for it: Collin C. Peterson, D-Minn., former House Agriculture Committee chairman. “I would argue this transfer tax, which could be as high as 43.4%, is the worst idea that has been proposed in terms of its impact on agriculture in my lifetime.”Secretary of Commerce Gina Raimondo: “Argued, counterintuitively, that companies needed to be taxed more in order to compete globally.”Secretary of Labor Marty Walsh: “When 194,000 jobs were added in September, far below the 500,000 forecast, Walsh said, ‘I don’t think it’s as bad as what everyone’s reporting.’ It’s his own department that reported it!”

Secretary of Health and Human Services Xavier Becerra: “Politico noted that the guy who should be in charge of the nation’s COVID response doesn’t even attend meetings. ‘They brief him,’ a person close to the pandemic response team told the outlet. ‘But he’s not a decider on response activities.’ Why? Because of his ‘lack of experience as a public health policymaker and communicator.'”Secretary of Housing and Urban Development Marcia Fudge: “As Democrats rush to spend even more money, only 11% of the $46 billion in emergency rental assistance has been distributed.”Secretary of Transportation Pete Buttigieg: “With supply issues impacting the economy and cargo ships waiting offshore, Buttigieg’s answer is a task force.”

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Drip drip drip.

Wisconsin’s Election Probe Zeroes In On Democrat Machine Tactics (JTN)

Move over Arizona and hold on Pennsylvania, the next election integrity investigation to take center stage is occurring in Wisconsin, where a former state Supreme Court justice empowered by the Legislature to compel testimony and document production is gathering steam. Interviews with more than a dozen witnesses, officials and lawyers who have interacted with retired Justice Mike Gableman and his staff suggest a strong focus on the role election bureaucracies played in changing the rules — without legislative consent — for how ballots were sent out, filled out, collected and counted.

Gableman’s early investigative work as special counsel appointed by Wisconsin Assembly Speaker Robin Vos is shining a spotlight among other things on the Wisconsin Election Commission, a statewide body created by GOP lawmakers after an earlier political rigging scandal in the state known as the John Doe investigations. The commission provides guidance and rules to the 1,852 election clerks in the state on how to conduct voting. The commission in 2020 altered numerous state voting rules and procedures during the pandemic, often without seeking legislative permission. The changes range from allowing nursing home staff to help fill out resident ballots to giving permission to election clerks to fill out missing witness information required for absentee ballots.

Those two changes alone affected thousands of ballots in a state in which Joe Biden was declared the winner with a narrow margin of just 20,600 votes. Perhaps even more consequential, the commission gave its blessing to an idea first conceived by election clerks in the blue counties of Dane and Milwaukee that voters could claim the normally rare status of “indefinitely confined” if they were too scared to go out during the COVID outbreak. The change allowed nearly 250,000 people to vote by absentee without complying with required voter ID rules. That advice, the Wisconsin Supreme Court ruled after the election, was unlawful. Only people who determine they have bona fide disabilities and infirmities are allowed to vote as “indefinitely confined,” and regulators had no right to declare the pandemic as such a condition, the justices ruled in the only major court decision after Nov. 3 to declare a large bloc of votes as potentially illegally cast.

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How close is Durham to looking at Hunter Biden?

Former DNI Ratcliffe Says He’s Given Durham 1,000 Intel Documents (JTN)

Former Director of National Intelligence John Ratcliffe says he’s given John Durham, investigating the Justice Department actions in its Russia collusion probe, a trove of documents that he thinks support charges beyond those recently filed against cybersecurity lawyer Michael Sussman. “Sussmann’s is the first of what I would hope would be a number,” of additional people charged, he told Fox News on Sunday. Ratcliffe made the argument on what he said was “1,000 intelligence community documents” that he thinks support additional charges that he would “expect” Durham to bring, in addition to the declassified documents he’s provided.

Durham, a former Connecticut attorney general, was appointed by the Trump administration to look into the origins of the federal investigation into whether the 2016 Trump presidential campaign colluded with Russia to influence the outcome of the election. A grand jury recently indicted against Sussmann, former federal prosecutor, of lying to the FBI. Ratcliffe, who oversaw the country’s 17 intelligence agencies in the latter part of the Trump administration, announced in October that he handed over the roughly 1,000 pages of materials to the Justice Department to assist with Durham’s investigation, according to the Washington Examiner. Ratcliffe has also declassified two heavily redacted Russia-related documents, including handwritten notes from former CIA Director John Brennan showing he briefed then-President Barack Obama in 2016 on an unverified Russian intelligence report.

The report claimed former Secretary of State Hillary Clinton planned in July 2016 on tying then-candidate Donald Trump to Russia’s hack of the Democratic National Committee to distract from her improper use of a private email server, the Examiner also reports. Sussmann, a former attorney at Perkins Coie, is accused of falsely telling an FBI lawyer he was not representing any clients when acting on behalf of a technology executive and Hillary Clinton’s 2016 presidential campaign during a September 2016 meeting on possible links between Trump and Russia.

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The FBI not doing its own investigation remains very weird.

John Durham and the Amazing Disappearing DNC Hack (Parry)

[..] at the same time as the alleged DNC hack, there were similar reports regarding the Democratic Congressional Campaign Committee’s (“DCCC”) server as well as DNC Chairman John Podesta’s personal email devices. In testimony before the Senate, FBI Director James Comey stated the following: Question (by Senator Burr): Did the FBI request access to those devices [the servers and Podesta’s devices] to perform forensics on? A: Yes, we did. Q: And would that access have provided intelligence or information helpful to your investigation in possibly finding … including to the Intelligence Community Assessment? A: Our forensics folks would always prefer to get access to the original device or server that’s involved. So, it’s the best evidence.

Q: Were you given access to do the forensics on those servers? A: We were not. We were … a highly respected private company eventually got access and shared with us what they saw there. Q: But is that typically the way the FBI would prefer to do the forensics or would your forensic unit rather see the servers and do the forensics themselves? A: We always prefer to have access hands on ourselves, if that’s possible. Q: Do you know why you were denied access to those servers? A: I don’t know for sure. Um, I don’t know for sure. Q: Was there one request or multiple requests? A: Multiple requests at different levels and ultimately what was agreed to is that the private company would share with us what they saw.

So, instead of using a search warrant or some other legal process to perform a direct, hands on forensic examination of the DNC server, the FBI agreed to base its investigation on the findings of a private cybersecurity company. And, as discussed in the previous article, that company, CrowdStrike, was to do the investigation pursuant to its contract with Michael Sussmann of Perkins Coie, the law firm that represented Hillary Clinton’s presidential campaign. Think about that. When presented with allegations of a devastating foreign cyber attack on one of the two major political parties, the FBI meekly agreed to allow CrowdStrike and Perkins Coie to do the forensic examination and, for all intents and purposes, run the investigation.

Not even the lowliest local police department would agree to such an absurd arrangement. What if this was a murder case? Would the Smallville PD allow a private investigator and lawyer hired by the murder victim’s family to process the crime scene, do the autopsy, and tell the police and district attorney what they supposedly found? Wouldn’t such findings be subject to attack in court as coming from sources that may have had an interest in shaping and tailoring the investigative results to suit the needs and desires of their client? Wouldn’t there be legal problems with the evidence’s provenance, chain of custody, and the reliability and comprehensiveness of the investigative work that supposedly produced it? Would the police and district attorney ever allow themselves to get roped into such a bizarre, ridiculous, nightmarish, and self-defeating arrangement?

Of course not. No rational person or organization intent on conducting a serious investigation would. But that, in effect, is precisely what the FBI — the self-proclaimed greatest investigative agency in the world — did when faced with this purportedly monumental foreign attack on the Democrat Party apparatus.

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Oct 122018
 
 October 12, 2018  Posted by at 9:22 am Finance Tagged with: , , , , , , , , , , , ,  8 Responses »


M. C. Escher Order and chaos 1950

 

Donald Trump is Right About the Fed (Whalen)
Stocks Could Fall 40% To 50% To Reach Fair Value – Yusko (CNBC)
4 Pillars of Debt in Danger of Collapse (Nomi Prins)
The Dollar and its Discontents (Eichengreen)
China September Exports Surge, Creating Record Surplus With US (R.)
Facebook, Twitter Purge More Dissident Media Pages (CJ)
Italian Parliament Approves Controversial New Spending Targets (AP)
Turks Had Saudi Consulate Bugged With Audio (ZH)
Journalist’s Disappearance Hardens Congress Stance On Saudi Arms Deals (R.)
More Than A Million UK Residents Live In ‘Food Deserts’ (G.)

 

 

Chris Whalen on the absence of price discovery.

Donald Trump is Right About the Fed (Whalen)

President Donald Trump has been criticizing the Federal Open Market Committee for raising interest rates. The reaction of the US equity markets is self explanatory. But while the economist love cult in the Big Media may take umbrage at President Trump’s critique of the central bank, in fact Trump is dead right. First, the Fed’s actions in terms of buying $4 trillion in Treasury debt and mortgage paper has badly crippled the value of the fixed income market as a measure of risk. The Treasury yield curve no longer accurately describes the term structure of interest rates or risk premiums. This means that the Treasury yield curve is useless as an indicator of or guide for policy. Nobody at the Federal Reserve Board understands this issue or cares.

Second, Operation Twist further manipulated and distorted the Treasury market. By selling short-term paper and buying long dated securities, the Fed suppressed long-term interest rates, again making indicators like the 10-year Treasury bond useless as an measure of risk. Without QE 2-3 and Operation Twist, the 10-Year Treasury would be well over 4% by now. Instead it is 3% and change and will probably rally to test 3% between now and year end. Third is the real issuing bothering President Trump, even if he cannot find the precise words, namely liquidity. We have the illusion of liquidity in the financial markets today. Sell Side firms are prohibited by Dodd-Frank and the Volcker Rule from deploying capital in the cash equity and debt markets. All bank portfolios are now passive. No trading, no market making. There is nobody to catch the falling knife.

The only credit being extended today in the short-term markets is with collateral. There is no longer any unsecured lending between banks and, especially, non-banks. As we noted in The Institutional Risk Analyst earlier this week, there are scores of nonbank lenders in mortgages, autos and consumer unsecured lending that are ready to go belly up. Half of the non-bank mortgage lenders in the US are in default on their bank credit lines. As in 2007, the model builders at the Fed in Washington have no idea nor do they care to hear outside opinions. If you understand that the Fed’s previous “extraordinary” policy actions have the effect of understating LT interest rates by at least a percentage point, then you know why President Trump is howling like a wounded hound. Nobody understands the danger of leverage better than a real estate developer.

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But nobody says it’ll take 70-80%. Why?

Stocks Could Fall 40% To 50% To Reach Fair Value – Yusko (CNBC)

Investors should brace themselves for a significant stock market correction, as well as a recession in the first half of next year, investor Mark Yusko warned on Thursday. In fact, he says, fair value for equities would be down about 40 percent to 50 percent. However, that doesn’t necessarily mean the stock market will have to go to fair value, Yusko said. “If interest rates keep normalizing, if liquidity keeps falling, if earnings go to where I think they are going to go, which is lower, I think we are going to have a meaningful correction,” the founder and chief investment officer at Morgan Creek Capital said on CNBC’s “Power Lunch.”

Yusko, a noted stock picker who took first place in Portfolios with Purpose’s fantasy stock-picking contest in 2016, predicts a recession in the first or second quarter of 2019. “Things are paying out now just like they did in 2000, 2001, 2002,” he said. In the back part of 2000, the stock market went down, 2001 brought a recession, and in 2002 the stock market took a big turn down. “It’s just going to be painful for a while to adjust this overvaluation,” Yusko added. [..] Yusko also questioned whether the economy is really strong. “We had one good quarter. We’ve been sub 2 percent [economic growth] for six years,” he said. Plus, forecasts are that GDP is going to be lower than expectations in the third quarter and even lower in the fourth quarter, and there are bad demographics and bad debt, he added.

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“..there’s now even less reason to believe the Fed will raise rates at the next meeting in December.”

4 Pillars of Debt in Danger of Collapse (Nomi Prins)

Last month I was in a series of high-level meetings with members of Congress and the Senate in Washington. While there’s been major news about the Supreme Court, my discussions were on something that both sides of the aisle are coming to consensus over. You see, issues that impact your own bottom line are way more about economics than they are about politics. On Capitol Hill, leaders know that. They also know that voters react to what impacts their money. That’s why, behind the scenes, I’ve been discussing issues focused on protecting the economy. Behind closed doors, we’ve been working on how to shield the economy from Too Big to Fail banks and how the U.S. can better fund infrastructure projects. These are initiatives that all politicians should care about.

Underneath the surface of the economy is a financial system that is heavily influenced by the Federal Reserve. That’s why political figures and the media alike have all tried to understand what direction the system is headed. Also last week I joined Fox Business at their headquarters to discuss the economy, the Fed and what they all mean for the markets. On camera, we discussed this week’s Federal Reserve meeting and the likely outcomes. Off camera, we jumped into a similar discussion that those in DC have pressed me on. Charles Payne, the Fox host, asked me what I thought of new Fed chairman, Jerome Powell, in general. Payne knew that I view the entire central bank system as a massive artificial bank and market stimulant.

What I told him is that Powell actually has a good sense of balance in terms of what he does with rates, and the size of the Fed’s book. He understands the repercussion that moving rates too much, too quickly, or selling off the assets, could have on the global economy and the markets. Savvy investors know that if the U.S. economy falters, because everything is connected, it could reverberate on the world. That’s why I could forecast that the Fed would raise rates by 25 basis points last week ahead of time. And they did. However, there’s now even less reason to believe the Fed will raise rates at the next meeting in December.

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Could USD lose its position in just 5-10 years?

The Dollar and its Discontents (Eichengreen)

It is worth recalling how the dollar gained international prominence in the first place. Before 1914, it played essentially no international role. But a geopolitical shock, together with an institutional change, transformed the dollar’s status. The geopolitical shock was World War I, which made it hard for neutral countries to transact with British banks and settle their accounts using sterling. The institutional change was the Federal Reserve Act, which created an entity that enhanced the liquidity of markets in dollar-denominated credits and allowed US banks to operate abroad for the first time. By the early 1920s the dollar had matched and, on some dimensions, surpassed sterling as the principal vehicle for international transactions.

This precedent suggests that 5-10 years is a plausible time frame over which the US could lose what Valéry Giscard d’Estaing, then France’s finance minister, famously called the “exorbitant privilege” afforded it by issuing the world’s main international currency. This doesn’t mean that foreign banks and companies will shun the dollar entirely. US financial markets are large and liquid and are likely to remain so. US banks operate globally. In particular, foreign companies will continue to use dollars in transactions with the US itself.

But in an era of US unilateralism, they will want to hedge their bets. If the geopolitical shock of Trump’s unilateralism spurs an institutional innovation that makes it easier for European banks and companies to make payments in euros, then the transformation could be swift (as it were). If Iran receives euros rather than dollars for its oil exports, it will use those euros to pay for merchandise imports. With companies elsewhere earning euros rather than dollars, there will be less reason for central banks to hold dollars in order to intervene in the foreign exchange market and stabilize the local currency against the greenback. At this point, there would be no going back.

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Before more tariffs kick in.

China September Exports Surge, Creating Record Surplus With US (R.)

China reported on Friday an unexpected acceleration in export growth in September and a record trade surplus with the United States, which could exacerbate an already-heated dispute between Beijing and Washington. September exports rose 14.5 percent from a year earlier, Chinese customs data showed. That blew past forecasts for an 8.9 percent increase in a Reuters poll and was well above August’s 9.8 percent gain. Growth in imports for September instead showed a moderate slowdown to 14.3 percent from 19.9 percent in August, slightly missing analysts’ forecast of a 15.0 percent growth.

China’s trade surplus with the United States widened to a record in September despite wider application of U.S. tariffs, an outcome that could push President Donald Trump to turn up the heat on Beijing in their trade dispute. The politically-sensitive surplus was $34.13 billion in September, surpassing the record of $31.05 billion in August. China’s export data has been surprisingly resilient to tariffs, possibly because companies ramped up shipments before broader and stiffer U.S. duties went into effect.

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Is it election time?

Facebook, Twitter Purge More Dissident Media Pages (CJ)

Facebook has purged more dissident political media pages today, this time under the pretense of protecting its users from “inauthentic activity”. In a statement co-authored by Facebook Head of Cybersecurity Nathaniel Gleicher (who also happens to be the former White House National Security Council Director of Cybersecurity Policy), the massive social media platform explained that it has removed “559 Pages and 251 accounts that have consistently broken our rules against spam and coordinated inauthentic behavior.”

This “inauthentic behavior”, according to Facebook, consists of using “sensational political content -regardless of its political slant- to build an audience and drive traffic to their websites,” which is the same as saying they write about controversial things, and posting those political articles “in dozens of Facebook Groups, often hundreds of times in a short period, to drum up traffic for their websites.” In other words, the pages were removed for publishing controversial political content and trying to get people to read it. Not for writing “fake news”, but for doing what they could to get legitimate indie media news stories viewed by people who might want to view it.

[..] Two of the most high-profile pages which were shut down have probably been seen at some point by any political dissident who uses Facebook; the Free Thought Project, which had 3.1 million followers, and Anti-Media, which had 2.1 million. [..] As if that wasn’t creepy enough, some of the accounts purged by Facebook appear to be getting censored on Twitter as well, bringing back memories of the August cross-platform coordinated silencing of Alex Jones. The aforementioned Anti-Media has now been suspended from Twitter just hours after tweeting about being removed from Facebook, along with one of its top writers Carey Wedler, and a Unicorn Riot activist named Patti Beers who had more than 30,000 Twitter followers has just been removed from both sites as well.

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“EU rules do not allow the ECB to help a country unless this has already agreed on a rescue “program”..

Italian Parliament Approves Controversial New Spending Targets (AP)

Italy’s parliament approved on Thursday deficit-raising spending targets, defying markets and Italy’s eurozone partners who had been pressing for changes. The parliamentary vote clears the proposals to be forwarded to the European Commission for review. But the document already has been criticized as unrealistic by the parliament’s own budget office and the Bank of Italy. The new spending targets are set to raise Italy’s deficit to 2.4 per cent of GDP next year. In a slight softening, Italy’s leaders pledged to lower the deficit in the subsequent two years. But that has done little to assuage concern over the boost in spending to meet a raft of campaign promises made by the two populist parties that formed the governing coalition, and the impact it will have on Italy’s high public debt.

Also on Thursday, five senior sources told Reuters that the European Central Bank won’t come to Italy’s rescue if its governments or bank sector run out of cash unless the country secures a bailout from the European Union. Italy has seen its borrowing costs surge on financial markets since its new government unveiled plans to increase its budget deficit, defying EU rules and reawakening concerns about its huge pile of public debt. The sources, attending an economic summit in Indonesia, said Italy could still avoid a debt crisis if its government changed course but should not count on the central bank to tame investors or prop up its banks.

This is because EU rules do not allow the ECB to help a country unless this has already agreed on a rescue “program” – political jargon for a bailout in exchange for belt-tightening and painful economic reforms, an option the Italian government has firmly rejected. Any attempt to circumvent those rules would damage the ECB’s credibility beyond repair and undermine acceptance of the monetary union in creditor countries, such as Germany, the sources said. “It’s a test-case to show Europe and its mechanisms work,” said one of the sources on the sidelines of the IMF’s annual meetings in the Indonesian resort town of Nusa Dua.

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You don’t need 15 guys to kill someone.

Turks Had Saudi Consulate Bugged With Audio (ZH)

The Washington Post has provided further details on its prior reporting that US intelligence knew full well that Saudi Arabia was seeking to lure the now disappeared and allegedly murdered journalist Jamal Khashoggi to its embassy in Istanbul in order detain or kill him. In an interesting new revelation the Post speculates based on intel sources that the whole October 2nd incident may have been an attempted “rendition” gone wrong. As more damning evidence emerges showing a Saudi “hit team” of 15 military and intelligence individuals murdered Khashoggi and chopped up his body to carry out of the country, there now appears a strong consensus that the order may have come straight from the top, most likely from crown prince Mohammed bin Salman (MbS) himself.

Middle East Eye, for example, concludes based on WaPo’s prior report, “Saudi Arabia’s Crown Prince Mohammed bin Salman, the country’s de facto ruler, ordered an operation targeting journalist and US resident Jamal Khashoggi… citing US intelligence intercepts.” What’s more is that NBC now reports that the Turks had the Saudi consulate bugged with listening devices before the disappearance and what now appears to be gruesome murder — which suggests Turkey is currently in possession of an audio recording of the alleged killing.

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Yeah, right..

Journalist’s Disappearance Hardens Congress Stance On Saudi Arms Deals (R.)

The disappearance of Saudi journalist Jamal Khashoggi has hardened resistance in the U.S. Congress to selling weapons to Saudi Arabia, already a sore point for many lawmakers concerned about the humanitarian crisis created by Yemen’s civil war. Even before Turkish reports said Khashoggi was killed at a Saudi consulate in Istanbul, Democratic U.S. lawmakers had placed “holds” on at least four military equipment deals, largely because of Saudi attacks that have killed Yemeni civilians. President Donald Trump was wary of halting arms sales over the case, saying on Thursday the kingdom would just move its money into Russia and China.

[..] An informal U.S. review process lets the top Republicans and Democrats on the Senate Foreign Relations and House Foreign Affairs Committees stall major foreign arms deals if they have concerns such as whether weapons would be used to kill civilians. Corker said he recently told a defense contractor not to push for a deal with the Saudis, even before the Khashoggi case. “I shared with him before this happened, please do not push to have any arms sales brought up right now because they will not pass. It will not happen. With this, I can assure it won’t happen for a while,” Corker said. While details of all the blocked Saudi deals were not immediately available, one was the planned sale of hundreds of millions of dollars worth of high-tech munitions to Saudi Arabia and the United Arab Emirates.

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“She occasionally gets a taxi but finds that depletes her food budget. “A taxi is a meal..”

More Than A Million UK Residents Live In ‘Food Deserts’ (G.)

More than a million people in the UK live in “food deserts” – neighbourhoods where poverty, poor public transport and a dearth of big supermarkets severely limit access to affordable fresh fruit and vegetables, a study has claimed. Nearly one in 10 of the country’s most economically deprived areas are food deserts, it says – typically large out-of-town housing estates and deprived inner-city wards served by a handful of small, relatively expensive corner shops. Public health experts are concerned that these neighbourhoods – which are often also “food swamps” with high densities of fast-food outlets – are helping to fuel a rise in diet-related conditions such as obesity and diabetes, as well as driving food insecurity.

The most deprived areas include Marfleet in Hull, Hartcliffe in Bristol, Hattersley in Greater Manchester, Everton in Liverpool and Sparkbrook in Birmingham. Eight of Scotland’s 10 most deprived food deserts are in Glasgow, and three of Wales’s nine worst are in Cardiff. The study, by the Social Market Foundation thinktank and food company Kellogg’s, says poor, elderly and disabled people are disproportionately affected, as they cannot afford or are physically unable to travel to large supermarkets.

Food deserts are defined by the report as neighbourhoods of between 5,000-15,000 people served by two or fewer big supermarkets. In “normal” areas of this size there are typically between three and seven large food stores, it says. Small shops are less likely to sell fresh or healthy food. The report cites Lisa Cauchi, a mother of eight in Salford, in the north-west of England, who said the nearest reliable source of affordable fresh fruit and vegetables was a big supermarket half an hour’s walk away. She occasionally gets a taxi but finds that depletes her food budget. “A taxi is a meal,” she said.

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