Sep 272019
 


Salvador Dali Self-portrait in the studio 1919

 

These Once-Secret Memos Cast Doubt On Joe Biden’s Ukraine Story (Solomon)
Democrats Reveal the Real Purpose of the Impeachment Investigation (PCR)
Chelsea, Reality Hope New Approval Of Whistleblowers Will Set Them Free (Onion)
Wall Street To Dems: We’ll Sit Out, Or Back Trump, If Warren Nominated (CNBC)
Fed Will Need To Grow Its Balance Sheet ‘Permanently’ – Morgan Stanley (CNBC)
US Annual Health Insurance Costs Hit Record High Above $20,000 (BBG)
Quarter Of UK Rural Businesses ‘Could Be Bankrupted By No-Deal Brexit’ (G.)
China’s Giant $400 Billion Iran Investment Complicates US Options (F.)
Yemen’s Houthis Are Bringing Down A Goliath (Escobar)
Spanish Security Company Spied On Julian Assange In London For US (El Pais)
Trump Administration Proposes Historically Low Refugee Limit (AP)

 

 

John Solomon’s account is really important in the impeachment hearings.. And everything he says is documented.

Watched quite a lot of the House hearing yesterday, and thought: this is a circus. Everyone knows Trump is guilty or not before they’ve seen anything, just depending on what party they belong to. And no, no fan of Adam Schiff.

These Once-Secret Memos Cast Doubt On Joe Biden’s Ukraine Story (Solomon)

Former Vice President Joe Biden, now a 2020 Democratic presidential contender, has locked into a specific story about the controversy in Ukraine. He insists that, in spring 2016, he strong-armed Ukraine to fire its chief prosecutor solely because Biden believed that official was corrupt and inept, not because the Ukrainian was investigating a natural gas company, Burisma Holdings, that hired Biden’s son, Hunter, into a lucrative job. There’s just one problem. Hundreds of pages of never-released memos and documents — many from inside the American team helping Burisma to stave off its legal troubles — conflict with Biden’s narrative.

And they raise the troubling prospect that U.S. officials may have painted a false picture in Ukraine that helped ease Burisma’s legal troubles and stop prosecutors’ plans to interview Hunter Biden during the 2016 U.S. presidential election. [..] Some media outlets have reported that, at the time Joe Biden forced the firing in March 2016, there were no open investigations. Those reports are wrong. [..] the Ukraine Prosecutor General’s office still had two open inquiries in March 2016, according to the official case file provided me. [..] In a newly sworn affidavit prepared for a European court, Shokin testified that when he was fired in March 2016, he was told the reason was that Biden was unhappy about the Burisma investigation.

“The truth is that I was forced out because I was leading a wide-ranging corruption probe into Burisma Holdings, a natural gas firm active in Ukraine and Joe Biden’s son, Hunter Biden, was a member of the Board of Directors,” Shokin testified. “On several occasions President Poroshenko asked me to have a look at the case against Burisma and consider the possibility of winding down the investigative actions in respect of this company but I refused to close this investigation,” Shokin added.

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“..keeping him under investigation, at least through the November election, will increasingly erode the support of both Trump and the Republican party brand..”

Democrats Reveal the Real Purpose of the Impeachment Investigation (PCR)

The Democrats know that there is no impeachable offense. What they intend to do is to use the investigation to look into every aspect of Trump’s life and try to make dirt out of things unrelated to his talk with the Ukrainian president. This “impeachment investigation” is a political act to help their candidate win the next presidential election. Democrats themselves describe it in this way. For example, here is how Rob Kall, the director of one of the progressive Democrat websites, described the purpose of the investigation: “The idea should be to keep the impeachment going as long as possible, with new testimonies and new releases of disclosures of alleged corruption and treason on a regular basis.

“Looking at impeachment as a process for removing the president is the wrong way of thinking about it. Looking at it as a key that gives access to investigative tools is the smarter, more strategic, way of looking at it. “Ideally, it will get so bad for Trump that the Republicans will end up putting up someone else to run in the general election. “But keeping him under investigation, at least through the November election, will increasingly erode the support of both Trump and the Republican party brand, making a Democratic takeover of the Senate and the White House, and an increased control of the House even more likely.” In other words, it is a political power play.

The outcome depends on whether Americans see the impeachment investigation as another orchestrated hoax like Russiagate or whether they fall for the hoax as they iniatially did with the Russiagate investigation. The United States does not have a media. It has a propaganda ministry that helps the ruling elites control the explanations that Americans are given. Polls show that Americans have lost confidence in the media. If so, the impeachment investigation will backfire on the Democrats.

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Personally, I’m very much torn between tragedy and comedy.

Chelsea, Reality Hope New Approval Of Whistleblowers Will Set Them Free (Onion)

Following a CIA officer’s much-applauded decision to disclose evidence that President Trump urged his Ukrainian counterpart to interfere in the 2020 election, former intelligence analysts Chelsea Manning and Reality Winner expressed confidence Thursday that the nation’s newfound appreciation for whistleblowers would get them out of jail. “Now that everyone really seems to like it when wrongdoing is exposed, I’m sure it’s just a matter of time before they clear my name and let me go,” Winner said by phone from a federal prison in Texas, echoing the sentiments of Manning, who told reporters she expected not only to be released from jail but also to be allowed to return immediately to active duty in the Army.


“Americans recognize that what this anonymous whistleblower did was both courageous and patriotic, so I’m sure to be commended for releasing a report on interference in the 2016 election, right? I was ahead of my time, really. I’m not saying there will be a parade in my honor, but I sure wouldn’t be surprised. I’ll be out of here in a day or two, and then, who knows? Maybe I’ll even run for public office.” At press time, sources confirmed a chipper Edward Snowden had informed officials in the Justice Department that he was finally ready to leave Moscow and fly back home.

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The differences in fund-raising amounts are scary. The DNC is going to need Tulsi just for that.

Wall Street To Dems: We’ll Sit Out, Or Back Trump, If Warren Nominated (CNBC)

Democratic donors on Wall Street and in big business are preparing to sit out the presidential campaign fundraising cycle — or even back President Donald Trump — if Sen. Elizabeth Warren wins the party’s nomination. In recent weeks, CNBC spoke to several high-dollar Democratic donors and fundraisers in the business community and found that this opinion was becoming widely shared as Warren, an outspoken critic of big banks and corporations, gains momentum against Joe Biden in the 2020 race. “You’re in a box because you’re a Democrat and you’re thinking, ‘I want to help the party, but she’s going to hurt me, so I’m going to help President Trump,’” said a senior private equity executive, who spoke on condition of anonymity in fear of retribution by party leaders.

The executive said this Wednesday, a day after Speaker Nancy Pelosi announced that the House would begin a formal impeachment inquiry into Trump. During the campaign, Warren has put out multiple plans intended to curb the influence of Wall Street, including a wealth tax. In July, she released a proposal that would make private equity firms responsible for debts and pension obligations of companies they buy. Trump, meanwhile, has given wealthy business leaders a helping hand with a major corporate tax cut and by eliminating regulations. Warren has sworn off taking part in big money fundraisers for the 2020 presidential primary. She has also promised to not take donations from special interest groups.

She finished raising at least $19 million in the second quarter mainly through small-dollar donors. The third quarter ends Monday. Trump, has been raising hundreds of millions of dollars, putting any eventual 2020 rival in a bind as about 20 Democrats vie for their party’s nomination. Trump’s campaign and the Republican National Committee have raised over $100 million in the second quarter. A large portion of that haul came from wealthy donors who gave to their joint fundraising committee, Trump Victory. In August, the RNC raised just over $23 million and has $53 million on hand. The Democratic National Committee have struggled to keep up. The DNC finished August bringing in $7.9 million and has $7.2 million in debt.

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No Greyerz yesterday, MS today. People do understand. But nobody acts.

Fed Will Need To Grow Its Balance Sheet ‘Permanently’ – Morgan Stanley (CNBC)

The Federal Reserve’s asset purchases likely will total $315 billion over the next six months as it seeks to stabilize overnight funding markets and contain the movements of its target interest rate, according to projections from Morgan Stanley. Those permanent moves will be necessary because the current temporary purchases likely won’t be enough to stabilize the market for overnight purchase agreements, or repos, the bank said. The Fed just a month ago halted a process that saw a more than $600 billion reduction of the balance sheet, which consists mostly of Treasurys and mortgage-backed securities that it had acquired in its efforts to pull the U.S. economy out of the financial crisis.


“We maintain that these temporary repo operations will not prove to be a sufficient long-term solution to the recent funding pressure,” Morgan Stanley strategist Kelcie Gerson said in a note. “Ultimately, the Fed will need to increase the size of its balance sheet permanently.” The Morgan Stanley forecast is a bit smaller than one recently from Bank of America Merrill Lynch, which estimated balance sheet expansion at $400 billion this year. The balance sheet currently stands about $3.9 trillion, pushed by three rounds of asset purchases in a process known as quantitative easing. Starting in October 2017, the Fed started allowing some proceeds from its maturing bonds to roll off each month, with a corresponding decrease of bank reserves that has taken the total down to about $1.5 trillion, the lowest in more than eight years.

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Another issue that nobody acts upon.

US Annual Health Insurance Costs Hit Record High Above $20,000 (BBG)

The cost of family health coverage in the U.S. now tops $20,000, an annual survey of employers found, a record high that has pushed an increasing number of American workers into plans that cover less or cost more, or force them out of the insurance market entirely. “It’s as much as buying a basic economy car,” said Drew Altman, chief executive officer of the Kaiser Family Foundation, “but buying it every year.” The nonprofit health research group conducts the yearly survey of coverage that people get through work, the main source of insurance in the U.S. for people under age 65. While employers pay most of the costs of coverage, according to the survey, workers’ average contribution is now $6,000 for a family plan.


That’s just their share of upfront premiums, and doesn’t include co-payments, deductibles and other forms of cost-sharing once they need care. The seemingly inexorable rise of costs has led to deep frustration with U.S. health care, prompting questions about whether a system where coverage is tied to a job can survive. As premiums and deductibles have increased in the last two decades, the percentage of workers covered has slipped as employers dropped coverage and some workers chose not to enroll. Fewer Americans under 65 had employer coverage in 2017 than in 1999, according to a separate Kaiser Family Foundation analysis of federal data. That’s despite the fact that the U.S. economy employed 17 million more people in 2017 than in 1999.

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Yeah, it’s the Guardian, and yeah, it may be a little less bad than they say, but the Tories’ lack of preparedness for what they themselves promote is nuts regardless.

Quarter Of UK Rural Businesses ‘Could Be Bankrupted By No-Deal Brexit’ (G.)

As many as one in four rural businesses could be left facing bankruptcy in a no-deal Brexit, and the staunchly Conservative rural vote may be in doubt as a result, the head of the UK’s landowners’ group has warned on the eve of the Tory party conference. Farmers are particularly vulnerable to a no-deal Brexit because tariffs would be levied on exports, imports of cheap food could flood the market, and because decisions must be made now which will have an impact for the next year. Arable farmers are putting crops in the ground now for spring, and livestock farmers are preparing to breed sheep and other livestock for next year.


Tim Breitmeyer, president of the Country Land and Business Association, said farms and the rural businesses that rely on them were not in a position to absorb the shock of Brexit, and estimates suggested a large number would be in danger. “Agriculture is not making very much money. In many cases, they’re losing [money] without the single farm payment [subsidy]. If you have a tariff to add to your problems, if you have increased costs to add to your problems, it’s only going to make matters worse and tip some businesses over the top,” he told the Guardian. “Now I don’t know whether that’s 15% or 25% but I’m absolutely sure there will be quite a few farming businesses for which it actually just tips them into receivership.”

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China was never going to let Iran fall. But now Trump’s sanctions policies drive it straight into Beijing hands: “Chinese firms will maintain the right of the first refusal to participate in any and all petrochemical projects in Iran, including the provision of technology, systems, process ingredients and personnel required to complete such projects.”

China’s Giant $400 Billion Iran Investment Complicates US Options (F.)

Amidst historic U.S. – Iran tensions, Beijing is doubling-down on its strategic partnership with Tehran, ignoring U.S. efforts to isolate the Islamic Republic from global markets. Following an August visit by Iran Foreign Minister Mohammad Javad Zarif to Beijing, the two countries agreed to update a 25-year program signed in 2016, to include an unprecedented $400 billion of investment in the Iranian economy – sanctions be damned. The capital injection, which would focus on Iran’s oil and gas sector, would also be distributed across the country’s transportation and manufacturing infrastructure. In return, Chinese firms will maintain the right of the first refusal to participate in any and all petrochemical projects in Iran, including the provision of technology, systems, process ingredients and personnel required to complete such projects.


According to an exclusive interview with Petroleum Economist, a senior source in Iran’s petrochemical sector had this to say about the new agreement: “The central pillar of the new deal is that China will invest $280 billion developing Iran’s oil, gas and petrochemicals sectors… there will be another $120 billion investment in upgrading Iran’s transport and manufacturing infrastructure, which again can be front-loaded into the first five-year period and added to in each subsequent period should both parties agree.” This comes at a time when Washington is exerting its so-called ‘maximum pressure’ strategy against Iran, which aims to change its international behavior by bringing oil exports down to zero.

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Makes me think of how Britain fought back vs Germany, and Viernam vs the US. Once your entire economy moves into self-defense mode, -almost- anything is possible.

Yemen’s Houthis Are Bringing Down A Goliath (Escobar)

“It is clear to us that Iran bears responsibility for this attack. There is no other plausible explanation. We support ongoing investigations to establish further details.” The statement above was not written by Franz Kafka. In fact, it was written by a Kafka derivative: Brussels-based European bureaucracy. The Merkel-Macron-Johnson trio, representing Germany, France and the UK, seems to know what no “ongoing investigation” has unearthed: that Tehran was definitively responsible for the twin aerial strikes on Saudi oil installations. “There is no other plausible explanation” translates as the occultation of Yemen. Yemen only features as the pounding ground of a vicious Saudi war, de facto supported by Washington and London and conducted with US and UK weapons, which has generated a horrendous humanitarian crisis.

So Iran is the culprit, no evidence provided, end of story, even if the “investigation continues.” Hassan Ali Al-Emad, Yemeni scholar and the son of a prominent tribal leader with ascendance over ten clans, begs to differ. “From a military perspective, nobody ever took our forces in Yemen seriously. Perhaps they started understanding it when our missiles hit Aramco.” [..] “Past Yemeni governments had missiles, but after 9/11 Yemen was banned from buying weapons from Russia. But we still had 400 missiles in warehouses in South Yemen. We used 200 Scuds – the rest is still there [laughs].”

Al-Emad breaks down Houthi weaponry into three categories: the old missile stock; cannibalized missiles using different spare parts (“transformation made in Yemen”); and those with new technology that use reverse engineering. He stressed: “We accept help from everybody,” which suggests that not only Tehran and Hezbollah are pitching in. Al-Emad’s key demand is actually humanitarian: “We request that Sana’a airport be reopened for help to the Yemeni people.” And he has a message for global public opinion that the EU-3 are obviously not aware of: “Saudi is collapsing and America is embracing it in its fall.”

On the energy front, Persian Gulf energy traders that I have relied upon as trustworthy sources for two decades confirm that, contrary to Saudi Oil Minister Abdulazziz bin Salman’s spin, the damage from the Houthi attack on Abqaiq could last not only “months” but even years. As a Dubai-based trader put it: “When an Iraqi pipeline was damaged in the mid-2000s the pumps were destroyed. It takes two years to replace a pump as the backlogs are long. The Saudis, to secure their pipelines, acquired spare pumps for this reason. But they did not dream that Abqaiq could be damaged. If you build a refinery it can take three to five years if not more.

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“The secret probe is the consequence of a criminal complaint filed by Assange himself, in which he accuses Morales and the company of the alleged offenses involving violations of his privacy and the secrecy of his client-attorney privileges, as well as misappropriation, bribery and money laundering.”

Spanish Security Company Spied On Julian Assange In London For US (El Pais)

Undercover Global S. L., the Spanish defense and private security company that was charged with protecting the Ecuadorian embassy in London during the long stay there of WikiLeaks founder Julian Assange, spied on the cyberactivist for the US intelligence service. That’s according to statements and documents to which EL PAÍS have had access. David Morales, the owner of the company, supposedly handed over audio and video to the CIA of the meetings Assange held with his lawyers and collaborators. Morales is being investigated for this activity by Spain’s High Court, the Audiencia Nacional.

The judicial investigation into the director of UC Global S. L. and the activities of his company were ordered by a judge named José de la Mata, and they began weeks after EL PAÍS published videos, audios and reports that show how the company spied on the meetings that the cyberactivist held in the embassy. The secret probe is the consequence of a criminal complaint filed by Assange himself, in which he accuses Morales and the company of the alleged offenses involving violations of his privacy and the secrecy of his client-attorney privileges, as well as misappropriation, bribery and money laundering.

Morales, a former member of the military who is on leave of absence, stated both verbally and in writing to a number of his employees that, despite having been hired by the government of then-Ecuadorian President Rafael Correa, he also worked “for the Americans,” to whom he allegedly sent documents, videos and audios of the meetings that the Australian activist held in the embassy. “We are playing in another league. This is the first division,” he told his closest colleagues after attending a security fair in the US city of Las Vegas in 2015 where he supposedly made his first American contacts. Despite the fact that the Spanish firm – which is headquartered in the southern city of Jerez de la Frontera – was hired by Senain, the Ecuadorian intelligence services, Morales called on his employees several times to keep his relationship with the US intelligence services a secret.

The owner of UC Global S. L. ordered a meeting between the head of the Ecuadorian secret service, Rommy Vallejo, and Assange to be spied on, at a time when they were planning the exit of Assange from the Ecuadorian embassy using a diplomatic passport in order to take him to another country. This initiative was eventually rejected by Assange on the basis that he considered it to be “a defeat,” that would fuel conspiracy theories, according to sources close to the company consulted by this newspaper. The meeting took place on December 21, 2017 in the meeting room of the diplomatic building and was recorded both on video and audio by cameras installed by Morales’ employees.

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This is absolutely nuts. You need 100,000 at the very least, or mayhem will ensue. And the US can easily absorb those numbers. There are a million people coming, minimum, each year.

Trump Administration Proposes Historically Low Refugee Limit (AP)

The Trump administration wants to cap the number of refugees admitted into the United States to the lowest number since the resettlement program was created in 1980. A State Department proposal released Thursday would put a cap on the number of refugees at 18,000 for the fiscal year that starts Oct. 1. Of those refugee admissions spots, 5,000 would be set aside for persecuted religious minorities — an attempt to bolster President Donald Trump’s heightened focus on global religious freedom — and 1,500 would be set aside for nationals of Guatemala, Honduras and El Salvador, who are seeking asylum in the United States in far greater numbers.


Last year, the administration placed the cap at a record low of 30,000. The historically low limits have drawn protests from human rights groups as well as government officials. “To cut the number of refugees the U.S. will accept to this low of a number reflects nothing more than this administration’s attempts to further hate, division and prejudice in a country that once valued dignity, equality and fairness,” said Ryan Mace, Grassroots Advocacy and Refugee Specialist at Amnesty International USA. The group dismissed arguments that the U.S. lacks the capacity to adequately vet and settle refugees, calling this “a purely political decision.”

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Whistleblowers: WikiLeaks has never revealed a source.

 

 

 

 

 

Aug 262018
 


Vincent van Gogh Starry night over the Rhône 1888

 

The Real John McCain (Kerwick)
Steele or Assange: Who Really Deserves 1st Amendment Protection? (Machon)
Trump: 5-Year Prison Sentence for Whistleblower Reality Winner ‘Unfair’ (TIME)
Cohen’s Plea Deal Is Prosecutor’s Attempt To Set Up Trump (Hill)
Europe Must Save The British From Themselves On Brexit (IT)
Ending The Fiscal-Monetary Tug-o-War (NEF)
Greece’s “Bailout” Was a Disaster for Greece (Klein)
Greece Remains A Debtor’s Prison, The EU Won’t Let Go Of The Keys (Varoufakis)
US Study Shows How Austerity Devastated Greece’s Health (UoW)
Italy Disembarks Stranded Migrants, Salvini Under Investigation (R.)
Time Is Running Out For The Pope To Pacify The Faithful’s Anger (O.)

 

 

I was going to leave McCain in peace. I strongly believe in not kicking a man when he’s down, and besides there’s already so much anger out there. I’ve always thought that perhaps as a POW he suffered some kind of brain damage. But I still can’t get the image out of my head of him singing “Bomb, bomb, bomb, bomb, bomb Iran” And then seeing people refer to him as an “unparalleled example of human decency”. It’s too much.

The Real John McCain (Kerwick)

McCain is not alone in having their blood on his hands. Yet in a Regime, a Government-Media-Complex, comprised of warmongers, McCain enjoys the dubious distinction of being the warmonger par excellence. On the false pretense that Saddam Hussein posed an imminent threat against the United States via the “weapons of mass destruction” (WMDs) that he never possessed, McCain urged as loudly and tirelessly as anyone for war. Those libertarians and old right conservative sorts who exposed holes in the WMD narrative and forecasted the disaster to which such a war would lead were dismissed, ignored, or mocked. Estimates of casualties vary, but today, some 14 years after McCain got his way, anywhere between 195,000 and possibly one million Iraqis are dead.

The Iraq Body Count project found that during the decade following the invasion, 174,000 Iraqis were killed. Of this number, 112,000-123,000 were civilian noncombatants. At present, the number is closer to 200,000 civilian noncombatant deaths. Between 2003 and 2014, nearly 5,000 American service members lost their lives in this war that McCain and his ilk cooked on the basis of a lie. Yet contractors, aid relief workers, and journalists are also among those who lost their lives. While we can tabulate numbers, the pain, suffering, and trauma endured by the loved ones of those killed is incalculable. In addition to the hundreds of thousands of Iraqi and American corpses that McCain and his comrades left in the wake of their rush to war, there are that many more who have lived but who suffer daily.

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Annie Machon is a former MI5 agent. She makes some very good points. One of them: Assange doesn’t get 1st amendment protection because he’s not American. Steele does get it even though he’s British.

Steele or Assange: Who Really Deserves 1st Amendment Protection? (Machon)

Steele has won a legal case in the USA, where he had been sued by three Russian oligarchs who claimed that the ‘Dirty Dossier’ traduced their reputations. And he won on the basis that his report was protected by First Amendment rights under the constitution of the USA, which guarantees US citizens the right to freedom of expression. Despite the fact that Steele is British. “But Judge Anthony Epstein disagreed, writing in his judgment that “advocacy on issues of public interest has the capacity to inform public debate, and thereby furthers the purposes of the First Amendment, regardless of the citizenship or residency of the speakers.”

This is the nub of the issue: Steele, a former official UK intelligence officer and current mercenary spy-for-hire, is granted legal protection by the American courts for digging up and subsequently leaking what appears to be controversial and defamatory information about the current US president as well as various Russians, all paid for by Trump’s political opponents. And Steele is given the full protection of the US legal system. On the other hand, we have an award-winning journalist and publisher, Assange, whose organization WikiLeaks has never been found to report anything factually incorrect in more than 10 years, being told that if he were to be extradited from his current political asylum in the Ecuadorian embassy in London to face the full wrath of a vengeful American establishment, he is not entitled to claim the protection of the First Amendment because he is an Australian citizen, not an American.

[..] On a slightly tangential note, there has been some speculation, suppressed in the UK at least via the D Notice censorship system, that MI6 informant and Russian traitor Sergei Skripal, the victim of the alleged Novichok poisoning in the UK earlier this year, remained in contact with his alleged handler Pablo Miller, who also is reported to work for Orbis Business Intelligence. If this were indeed the case, then it would be a logical assumption that Orbis, via Miller, might well have used Skripal as one of its “reliable sources” for the Dossier.

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Winner is definitely not a fan of Trump.

Trump: 5-Year Prison Sentence for Whistleblower Reality Winner ‘Unfair’ (TIME)

President Donald Trump said NSA whistleblower Reality Winner‘s five-year prison sentence for leaking a classified document to the media was “unfair” – and he used the assertion to again attack Attorney General Jeff Sessions. In a Friday morning tweet, Trump called Winner’s leaks “‘small potatoes’ compared to what Hillary Clinton did,” referring to his repeated accusations that his rival in the 2016 election had broken the law in her use of a private email server while Secretary of State. The tweet also marks the second time in two days that Trump has lashed out at Sessions, following remarks he made Wednesday saying his Attorney General “never took control of the Justice Department.”

“So unfair Jeff, Double Standard,” Trump wrote Friday. The attacks on Sessions come directly after Trump’s lawyer Michael Cohen pleaded guilty and implicated the President in campaign financing crimes.Winner, an ex-NSA contractor, leaked classified government information to a news organization in 2017. That news organization was never officially identified in court proceedings, however on the same day Winner was arrested the investigative site The Intercept released a report detailing a Russian attempt to influence voting in the 2016 election. Trump’s apparent support for Winner is contrary to his insistence that Edward Snowden, another former NSA employee who leaked secret information to the media, is a “traitor.”

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No agreement on whether Cohen violated anything other then laws linked to his own business. Payments to mistresses may be perfectly legal.

Cohen’s Plea Deal Is Prosecutor’s Attempt To Set Up Trump (Hill)

Why was Michael Cohen investigated? Because the “Steele dossier” had him making secret trips to meet with Russians that never happened, so his business dealings got a thorough scrubbing and, in the process, he fell into the Paul Manafort bin reserved by the special counsel for squeezing until the juice comes out. We are back to 1998 all over again, with presidents and candidates covering up their alleged marital misdeeds and prosecutors trying to turn legal acts into illegal ones by inventing new crimes.

The plot to get President Trump out of office thickens, as Cohen obviously was his own mini crime syndicate and decided that his betrayals meant he would be better served turning on his old boss to cut the best deal with prosecutors he could rather than holding out and getting the full Manafort treatment. That was clear the minute he hired attorney Lanny Davis, who does not try cases and did past work for Hillary Clinton. Cohen had recorded his client, trying to entrap him, sold information about Trump to corporations for millions of dollars while acting as his lawyer, and did not pay taxes on millions.

The sweetener for the prosecutors, of course, was getting Cohen to plead guilty to campaign violations that were not campaign violations. Money paid to people who come out of the woodwork and shake down people under threat of revealing bad sexual stories are not legitimate campaign expenditures. They are personal expenditures. That is true for both candidates we like and candidates we do not. Just imagine if candidates used campaign funds instead of their own money to pay folks like Stormy Daniels to keep quiet about affairs. They would get indicted for misuse of campaign funds for personal purposes and for tax evasion.

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Germny, Greece, UK.

Europe Must Save The British From Themselves On Brexit (IT)

[Keynes in 1919 on the Treaty of Versailles] : “The policy of reducing Germany to servitude for a generation, of degrading the lives of millions of human beings, and of depriving a whole nation of happiness should be abhorrent and detestable – abhorrent and detestable, even if it were possible, even if it enriched ourselves, even if it did not sow the decay of the whole civilized life of Europe.”

[..] Just as British civil servants, especially in the treasury and foreign office, never thought for a second that Germany would meet the demands of Versailles, I can’t believe anybody at the ECB or IMF thinks there is a chance that they will get back what Greece apparently owes them. According to some experts, Germany ended up paying back less then one-sixth of what was demanded in 1919. The withdrawal agreement that the United Kingdom may or may not negotiate over the next few weeks will not bear such close resemblance to those postwar reparations. At least Germany – and, more recently, Greece – tried to limit the damage being inflicted by the other side of the table.

Today the UK negotiators turn up for talks goaded by the Brexiteers to do as bad a deal as possible, to inflict as much damage as they can on themselves. If Keynes were alive today he would write another scathing polemic. The EU has a big call to make. Having crushed the Greeks, does it now do the same to the British? Does it accede to their weird demands for a dreadful deal? How much should it punish the Brexiteers for their idiocy?

Brussels is looking at opponents squabbling over whether to shoot themselves in the foot or the head. Are EU leaders, unlike their 1919 counterparts, able to see that the time for (limited) generosity has arrived? They have the opportunity to save the British from themselves. Why would they do this? The Versailles negotiators couldn’t see that it was in their own interests not to overly punish the Germans. Europe today runs too many risks from an enfeebled and resentful UK. Europe needs to remind itself of the civilising zeal of the EU’s founders and the values of the Enlightenment. Or, at the very least, the value of enlightened self-interest.

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The Bank of England and the Treasury move in opposite directions.

Ending The Fiscal-Monetary Tug-o-War (NEF)

For some time now our two most influential economic institutions -the Bank of England and the Treasury – have been pulling in opposite directions. The Bank has tried to do its job of boosting aggregate demand (spending), but the Treasury has been running fiscal austerity, which has the opposite effect. The great irony is that through its monetary policy stimulus the Bank of England has opened up significant ‘fiscal space’. ‘Fiscal space’is a term used by the IMF to describe the extent to which national governments can take on more public borrowing without harming their economy. This begs the question whether the Treasury has acted irresponsibly by not taking full advantage of the fiscal potential the Bank affords it?

Without fiscal cooperation, the Bank is left trying to stimulate the economy on its own by indirectly influencing the borrowing and spending behaviour of the private sector. To this end, the Bank has lowered interest rates to historic lows, and has injected £445 billion and £125 billion of new money through so called Quantitative Easing (QE) and the Term Funding Scheme (TFS), respectively. In doing so, the Bank has helped keep the economy afloat – but at what cost? Standalone monetary policy has reduced the number of safe assets in the market, supported more risk taking, encouraged households to take on more debt (to record levels), fuelled asset price bubbles, and promoted inequality. To boot, very little of the new money created by the Bank has trickled down into productive investments and household incomes.

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We are finally waking up. But it’s way too late.

Greece’s “Bailout” Was a Disaster for Greece (Klein)

Had Greece been a country with its own currency, such as the Czech Republic or New Zealand, the central bank could have plugged the funding gap and prevented an abrupt collapse in spending. Membership in the euro area removed that option. The government and the banks owed debt in a currency the Bank of Greece could not print, and the ECB was not keen on helping. The textbook response would have been for the government to default on its debt and get a loan from the International Monetary Fund to help smooth out the adjustment. The amount of money required to buy time after a restructuring would not have been large compared with the nearly €300 billion that ended up being lent.

That option was blocked, however, by a coalition of Greece’s “European partners” and the U.S. They were still traumatized by the bankruptcy of Lehman Brothers and had come to believe that its default had made the financial crisis far worse than it otherwise would have been. The result was a firm commitment to avoid any reduction in what the Greek government owed. Their concern was not about what a default would do to Greece, but about what it would do to them. In addition to the €230 billion in potential losses on government debt, which by itself might have been enough to wipe out the capital of many large European banks, foreigners had another €120 billion in exposure to Greek banks. Greek banks did not have much exposure to Greek government debt—only about 8% of total assets in 2009—but it was still more than their total capital and loan-loss reserves.

Restructuring the government’s debt would therefore have required either the partial liquidation of the Greek banking system or an explicit bailout of Greece’s banks paid by someone else. Again, this should have been doable, but U.S. Treasury Secretary Timothy Geithner and ECB President Jean-Claude Trichet were terrified about how it might affect the still-fragile Euro-American financial system. [..] There was no political will in 2010 to spend hundreds of billions of euros to bail out Dutch, French, and German banks. To Greece’s eternal misfortune, however, there was enough “solidarity” to launder that Northern European bank bailout through the Greek government.

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“..it was decided that the Greek government could not be allowed to tell the truth..”

Greece Remains A Debtor’s Prison, The EU Won’t Let Go Of The Keys (Varoufakis)

On the European continent, a far worse drama was unfolding due to the EU’s odd decision, back in 1998, to create monetary union featuring a European Central Bank without a state to support it politically and 19 governments responsible for salvaging their banks in times of financial tumult, but without a central bank to aid them. Why this anomalous arrangement? Because the German condition for swapping the deutschmark for the euro was a total ban on any central bank financing of banks or governments – Italian or Greek, say. So, when in 2009 the French and German banks proved even more insolvent than those of Wall Street or the City, there was no central bank with the legal authority, or backed by the political will, to save them.

Thus, in 2009, even Germany’s Chancellor Merkel panicked when told that her government had to inject, overnight, €406bn of taxpayers’ money into the German banks. Alas, it was not enough. A few months later, Mrs Merkel’s aides informed her that, just like the German banks, the over-indebted Greek state was finding it impossible to roll over its debt. Had it declared its bankruptcy, Italy, Ireland, Spain and Portugal would follow suit, with the result that Berlin and Paris would have faced a fresh bailout of their banks greater than €1tn. At that point, it was decided that the Greek government could not be allowed to tell the truth, that is, confess to its bankruptcy.

To maintain the lie, insolvent Athens was given, under the smokescreen of “solidarity with the Greeks”, the largest loan in human history, to be passed on immediately to the German and French banks. To pacify angry German parliamentarians, that gargantuan loan was given on condition of brutal austerity for the Greek people, placing them in a permanent great depression. To get a feel for the devastation that ensued, imagine what would have happened in the UK if RBS, Lloyds and the other City banks had been rescued without the help of the Bank of England and solely via foreign loans to the exchequer. All granted on the condition that UK wages would be reduced by 40%, pensions by 45%, the minimum wage by 30%, NHS spending by 32%. The UK would now be the wasteland of Europe, just as Greece is today.

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How to devastate an entire population.

US Study Shows How Austerity Devastated Greece’s Health (UoW)

A new study by a School of Dentistry faculty member and dozens of other researchers from the University of Washington and around the world has found that Greece’s population health declined markedly and death rates rose sharply after harsh austerity measures were imposed on Greece by the European Union and the International Money Fund in 2010. “This study is important because it provides a framework for health surveillance on a national level following major socioeconomic changes,” said Dr. Georgios Kotsakis of the School of Dentistry’s Department of Periodontics, one of the study’s authors. The study, which was published this week in the British journal The Lancet Public Health, reported that government health spending fell sharply and that the causes of death that increased the most were largely those that could have been addressed by health care.

The researchers noted that Greece’s reduced health spending, required as part of the austerity measures, had been criticized for omitting measures to protect the country’s National Health System. They said that health policymakers should place a special focus on ensuring that Greece’s health-care system is equipped to meet the needs of the country’s citizens. The researchers identified an increase in the pace at which Greece’s population was aging as another important concern and wrote: “The increase in total deaths in children younger than 5 years and older adults with increase in causes sensitive to resource availability (e.g., access to screening and urgent care) suggest that the health system requires substantial restructuring to cope with the effects that the financial crisis has had on resource availability, resource allocation, and population structure.”

They reported that while the country’s overall death rate rose by about 5.6 percent from 2000 to 2010, it jumped by about 17.7 percent in the six years that followed, after austerity measures were imposed. The rate rose three times faster than the rate in Western Europe overall, and came at a time when mortality rates were actually declining worldwide. The largest increase came among people 70 and older, while the very young also saw a disproportionate increase.

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Yeah, but it’s only until the next ship tries to dock.

Italy Disembarks Stranded Migrants, Salvini Under Investigation (R.)

Italy on Sunday disembarked all 150 migrants from a rescue ship that had been docked for five days in a Sicilian port, ending the migrants’ ordeal and a bitter stand-off between Rome’s anti-establishment government and its European Union partners. The migrants, mainly from Eritrea, had been stranded in the port of Catania since Monday because the government refused to let them off the boat until other EU states agreed to take some of them in. Interior Minister Matteo Salvini said Albania had offered to accept 20 of the migrants and Ireland 20-25, while the rest would be housed by Italy’s Catholic Church “at zero cost” to the Italian taxpayer.

“The church has opened its heart and opened its wallet,” Salvini, from the right-wing League party, told supporters at a rally in Pinzolo in northern Italy on Saturday evening. Salvini, who has led a popular crackdown against immigration since the government took office in June, also announced that he had been placed under investigation by a Sicilian prosecutor for abuse of office, kidnapping and illegal arrest. “Being investigated for defending the rights of Italians is a disgrace,” he said. On Saturday, the United Nations called for reason from all sides after a meeting of envoys from 10 EU states in Brussels a day earlier failed to break the deadlock. “Frightened people who may be in need of international protection should not be caught in the maelstrom of politics,” the U.N. refugee agency UNHCR said in a statement.

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The Vatican is a huge business empire disguised as a religion. That why there will never be a thorough investigation.

Time Is Running Out For The Pope To Pacify The Faithful’s Anger (O.)

Wave after wave of scandal concerning decades of abuse by priests and cover-up by bishops has crashed at the doors of the Vatican this year. The issue threatens to derail Francis’s papacy unless he can belatedly show that he does not just understand the scale and systemic nature of the problem but is willing to take concrete action to deal with it. The past few weeks alone have seen the publication of a shocking grand jury report into clerical abuse and its concealment in Pennsylvania, the resignation as a cardinal of a former archbishop of Washington over alleged sexual assaults, a police raid on the Catholic church’s HQ in Chile, the sentencing of an Australian archbishop convicted of covering up child abuse, and a growing clamour from Irish survivors for the pope to take responsibility for these failings.

More scandals and revelations may be looming. Cardinal George Pell, the third-ranking official in the Vatican and an ally of Pope Francis, is facing legal proceedings in Australia relating to allegations of historic sexual offences. Early next year, the trial will begin in France of two cardinals on charges of concealing sexual abuse. “This is a potential tipping point, not just for Francis’s papacy, but in the Catholic church writ large,” said John Allen, editor of the Catholic magazine Crux and a Vatican expert. “Ordinary Mass-going Catholics are saying that when this first blew up, and for a long time afterwards, they stuck with the church, because people in power were saying, ‘we understand how awful this is, it has to be fixed and we’re going to fix it’. What is punching Catholics in the gut right now is the thought that what they were told about the determination to get this sorted simply wasn’t real.”

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