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Debt Rattle August 17 2024

Aug 172024
 
 August 17, 2024  Posted by at 9:00 am Finance Tagged with: , , , , , , , ,  58 Responses »


Salvador Dali The burning giraffe 1937
Dali: “The only difference between immortal Greece and our era is Sigmund Freud who discovered that the human body, which in Greek times was merely neoplatonical, is now filled with secret drawers only to be opened through psychoanalysis.”

 

• The Politics of Joy (Solomon)
• Biden’s Incriminating Admission Of US Involvement In Offensive On Russia (SCF)
• Scott Ritter: Russia Obliterates NATO Fighters, Weaponry (Sp.)
• So What Really Happened In Kursk? (Pepe Escobar)
• Prussian Field Marshals Do Not Mutiny. But Ukrainians Generals Must (Hayes)
• Ordinary Serbians Understand What The Ukrainian Farmers Still Do Not (SCF)
• Western Governments Sell Farfetched Nord Stream Tale to Wary Public (Sp.)
• Harris Unveils Plan To Fix Last 4 Years Of Economic Destruction (ZH)
• Scott Ritter: Biden Administration Declaring War on Journalism (Sp.)
• The No Prisoners, End of the Road Election (Kunstler)
• A BRICS Trio Is Staring Down Israel (Pepe Escobar)
• Trump To Be Surrounded By Bulletproof Glass At Outdoor Events (MN)
• ‘Disturbing Fact’ Emerges In Trump Assassination Probe (RT)
• The Digital Revolution Is Satan’s Master Weapon (Paul Craig Roberts)
• Bayer Shares Soar After Roundup Weedkiller Victory In Philadelphia Court (ZH)
• James Baldwin at 100 (Patrick Lawrence)

 

 


James Baldwin mural by Rico Gatson at the 167th Street subway station, New York.

 

 

https://twitter.com/i/status/1824168925040681066

 

 

Dennis Quaid plays Reagan in new movie

 

 

Gouging

 

 

270

 

 

Benz
https://twitter.com/i/status/1824271248265822586

 

 

Tucker

 

 

 

 

“The Ghost of Hubert Humphrey Is Stalking Kamala Harris”

• The Politics of Joy (Solomon)

Like Hubert Humphrey six decades ago, Kamala Harris has remained in step with the man responsible for changing her title from senator to vice president. She has toed President Biden’s war line, while at times voicing sympathy for the victims of the Gaza war that’s made possible by policies that she supports. Her words of compassion have yet to translate into opposing the pipeline of weapons and ammunition to the Israeli military as it keeps slaughtering Palestinian civilians. As the Democratic standard-bearer during carnage in Gaza, Harris has been trying to square a circle of mass murder, expressing empathy for victims while staying within bounds of U.S. government policies. Last week, Harris had her national security adviser declare that “she does not support an arms embargo on Israel.”

If maintained, that stance will continue to be a moral catastrophe — while increasing the chances that Harris will lose to Donald Trump. In effect, so far, Harris has opted to stay aligned with power brokers, big donors and conventional political wisdom instead of aligning with most voters. A CBS News / YouGov poll in June found that Americans opposed sending “weapons and supplies to Israel” by 61 to 39 percent. Last week, Harris described herself and running-mate Tim Walz as “joyful warriors.” Many outlets have heralded their joyride along the campaign trail. The Associated Press reported that “Harris is pushing joy.” A New York Times headline proclaimed that “joy is fueling her campaign.” The brand of the Harris campaign is fast becoming “the politics of joy.”

Such branding will be a sharp contrast to the outcries from thousands of protesters in Chicago outside the Democratic National Convention next week, as they denounce U.S. complicity with the methodical killing of so many children, women and other civilians in Gaza. Campaigning for joy while supporting horrendous warfare is nothing new. Fifty-six years before Vice President Harris called herself a “joyful warrior,” Vice President Humphrey declared that he stood for the “politics of joy” when announcing his run for the 1968 Democratic presidential nomination.

At that point, the Pentagon was several years into its massive killing spree in Vietnam, as Humphrey kicked off his campaign by saying: “here we are the spirit of dedication, here we are the way politics ought to be in America, the politics of happiness, politics of purpose, politics of joy; and that’s the way it’s going to be, all the way, too, from here on out.” If Kamala Harris loses to Trump after sticking with her support for arming the slaughter in Gaza, historians will likely echo words from biographer Offner, who wrote that after the 1968 election Humphrey “asked himself repeatedly whether he should have distanced himself sooner from President Johnson on the war. The answer was all too obvious.”

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Getting closer… don’t like this one bit.

“..there is reliable reporting that the enemy infantry is made up of NATO special forces from the United States, Britain, France, and Poland alongside the NeoNazis of Ukraine..”

“This is as close to World War Three taking place as it can get..”

• Biden’s Incriminating Admission Of US Involvement In Offensive On Russia (SCF)

It is breathtaking what is going on with the offensive into the Kursk and Belgorod regions of the Russian Federation. This is as close to World War Three taking place as it can get, if not already happening. This week American President Joe Biden admitted deep U.S. involvement in the invasion of Russia by Ukrainian forces. The complacent, casual admission is shocking. Biden told media that his officials were in “constant contact” with the Kiev regime on the offensive that began on August 6. Biden added with undisguised pleasure that the incursion had created a “real dilemma” for Russian leader Vladimir Putin. It seems likely that the summer offensive will go the same ill-fated way as last year’s offensive by Ukraine that took place in the main war zone area of Donbass, the region which was formerly eastern Ukraine but is now legally part of the Russian Federation.

The offensive last summer turned out to be a disaster for Ukrainian forces as superior Russian defenses decimated them. As with this summer’s offensive, there has been much Western media hyping of the initial gains. But the optimism is giving way to the reality that Russian forces are containing the cross-border foray and will eventually expel Ukrainian troops. There are indications that the Ukrainian side has lost over 2,000 casualties over the past 10 days and incurred heavy losses of destroyed NATO military equipment. Nevertheless, it is alarming what has been embarked on by the NATO-backed regime. This is the first time that Russia has been invaded by a foreign enemy since the Great Patriotic War when Nazi Germany waged its genocidal war. Ironically, a turning point in that war was in the Kursk region when the Red Army defeated the Wehrmacht.

The symbolism of today’s events in Kursk and Belgorod is horrifying. Here we have Ukrainian militants who glorify the Third Reich wearing Nazi helmets while they terrorize Russian civilians. Video footage shows deliberate shelling of civilian homes and apartment blocks in what can only be described as a scorched earth campaign. Up to 200,000 civilians have been evacuated from the Kursk and Belgorod regions. The invasion force is equipped with NATO tanks and armored vehicles. This is an incredible echo of history whereby German, British, and American tanks are marauding on Russian soil and terrorizing towns and villages. Furthermore, there is reliable reporting that the enemy infantry is made up of NATO special forces from the United States, Britain, France, and Poland alongside the NeoNazis of Ukraine. In short and shocking terms: NATO has invaded Russia with a terror campaign replicating Nazi Germany.

[..] Even Western media reports are conceding that the initial Ukrainian-NATO gains are slowing down. There are also Western reports expressing concern that the futile foray will only weaken the already overstretched Ukrainian lines in the main battle region of Donbass which will accelerate Russia’s advances in Ukraine. Moscow is indicating that it will push on without stopping to defeat the Kiev regime. As with Nazi Germany’s Kursk offensive, the NATO-backed regime will be seen to have recklessly overplayed its hand. The last reserves of its best battalions are taking severe losses in Kursk. From Russia’s perspective, the NATO invasion per se is not a serious threat. It is a barbaric violation of Russian territory and its citizens. But the assault in itself does not in any way constitute a national security threat. It will be dealt with harshly.

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“Ukraine is going to lose another 30 percent or more of its territory when this is done because Russia has basically determined that Ukraine can’t be trusted, the West can’t be trusted, that Russia can never believe in the notion of a Ukraine willing to live in peace with its Russian neighbor,” Ritter claimed. “So Russia is going to destroy Ukraine..”

• Scott Ritter: Russia Obliterates NATO Fighters, Weaponry (Sp.)

Kiev’s incursion has given Moscow the opportunity to destroy strategic reserves of troops and weapons. Ukraine was forced to expend some of their most well-trained soldiers and advanced technology in a failed effort to capture the Kursk nuclear power plant, highlighted former US Marine intelligence officer Scott Ritter. Such was the former UN chief weapons inspector’s analysis on Sputnik’s The Critical Hour program Thursday, where Ritter discussed the latest desperate maneuver of the failing Western proxy war. “A NATO-created, trained, equipped and directed force of not just Ukrainians, but Polish, French, Americans [and] British has invaded Russia,” said the American dissident, who faced persecution in Washington after challenging the George W. Bush administration’s claims of Iraqi weapons of mass destruction during the runup to the United States’ disastrous war on the Middle Eastern country.

“This force could be up to 20,000-strong,” Ritter noted. “It looks like the Ukrainians are seeking to reinforce it as we speak with thousands of more people drawn from the Zaporozhye front. It’s an invasion of Russia. And that should scare the heck out of everybody who just heard that statement.” “This is how you trigger nuclear war. Now, fortunately, the Russians aren’t panicking… the incursion has been contained. Not only that, it’s been blunted.”Ritter noted that Moscow quickly responded to the attack, taking the opportunity to destroy Ukrainian supply lines running from the Sumy region. Russia has also neutralized some of the regime’s most well-trained troops and high-tech NATO weaponry, such as a British Challenger tank, US M1 Abrams tanks and Bradley infantry fighting vehicles. The ongoing conflict against the Western client state has served as a showcase for Russian defense technology, which has fared well against Ukraine’s dwindling supplies of expensive NATO weaponry.

“They gave it to us. They handed it to us,” said Ritter of Kiev’s strategic reserves of troops and armaments. “The Russians are winning. The Ukrainians are dying. And there’s nothing Ukraine will have to replace these troops.” “These troops have been trained and prepared for well over a year and a half. These are NATO equivalent troops. Many of them are NATO troops, sheep-dipped Polish troops, sheep-dipped French troops, American mercenaries recruited as soon as they leave the active duty of the United States Armed Forces… This is a NATO unit, literally a NATO unit that was sent into Ukraine and the Russians are destroying it. That’s the reality of what’s going on in Kursk right now.” Ritter claimed Moscow had uncovered Ukrainian troops’ plans to seize a nuclear power plant in the Kursk region, essentially holding it hostage in exchange for the return of territory in Crimea, Kherson or Zaporozhye.

The Kiev regime would “threaten Russia and the world with a nuclear catastrophe if Russia wouldn’t come to the negotiating table,” the analyst claimed, calling the gambit “an insane plan.” The former intelligence officer compared Ukraine’s plan to the Battle of the Bulge, during which a weakened Nazi regime desperately attempted to cut British and American troops off from a supply base at the port of Antwerp. “I think most people, when the Kursk battle is evaluated, would say that the capture of the Kursk nuclear power plant was always a bridge too far,” Ritter claimed. “It wasn’t going to happen. But that appears to be the actual operational battle plan and goal and objective of the Ukrainian forces.”

The analyst claimed Ukraine’s repeated intransigence would force Moscow to capture more territory, noting Russia’s repeated attempts to reach a diplomatic solution with Kiev both before and after it launched its special military operation in early 2022. “Ukraine is going to lose another 30 percent or more of its territory when this is done because Russia has basically determined that Ukraine can’t be trusted, the West can’t be trusted, that Russia can never believe in the notion of a Ukraine willing to live in peace with its Russian neighbor,” Ritter claimed. “So Russia is going to destroy Ukraine. And, sadly, that is probably the way this war is going to end.”

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“President Putin’s reaction to the Kursk invasion was visible in his body language. He was furious: for the flagrant military/intel failure; for the obvious loss of face; and for the fact that this buries any possibility of rational dialogue about ending the war. Yet he managed to turn the upset around in no time…”

• So What Really Happened In Kursk? (Pepe Escobar)

An extremely serious debate is already raging among selected circles of power/intelligence in Moscow – and the heart of the matter could not be more incandescent. To cut to the chase: what really happened in Kursk? Was the Russian Ministry of Defense caught napping? Or did they see it coming and profited to set up a deadly trap for Kiev? Well-informed players willing to share a few nuggets on condition of anonymity all stress the extreme sensitivity of it all. An intel pro though has offered what may be interpreted as a precious clue: “It is rather surprising to see such a concentration of force was unnoticed by satellite and drone surveillance at Kursk, but I would not exaggerate its importance.” Another intel pro prefers to stress that “the foreign intel section is weak as it was very badly run.” This is a direct reference to the state of affairs after former security overseer Nikolai “Yoda” Patrushev, during Putin’s post-inauguration reshuffle, was transferred from his post as secretary of the Security Council to serve as a special presidential aide.

The sources, cautiously, seem to converge on a very serious possibility: “There seems to have been a breakdown in intel; they do not seem to have noticed the accumulation of troops at the Kursk border”. Another analyst though has offered a way more specific scenario, according to which a hawkish military faction, spread across the Ministry of Defense and the intel apparatus – and antagonistic to the new Minister of Defense Belousov, an economist – let the Ukrainian invasion proceed with two objectives in mind: set a trap for Kiev’s top enemy commanders and troops, who were diverted from the – collapsing – Donbass front; and put extra pressure on Putin to finally go for the head of the snake and finish off the war. This hawkish faction, incidentally, regards Chief of the General Staff Gerasimov as “totally incompetent”, in the words of one intel pro. There’s no smoking gun, but Gerasimov allegedly ignored several warnings about a Ukrainian buildup near the Kursk border.

A retired intel pro is even more controversial. He complains that “traitors of Russia” actually “stripped three regions from troops to surrender them to the Ukrainians.” Now, these “traitors of Russia” will be able “to ‘exchange’ the city of Suzha for leaving the fake country of Ukraine and promote it as an inevitable solution.” Incidentally, only this Thursday Belousov started chairing a series of meetings to improve security in the “three regions” – Kursk, Belgorod and Bryansk. Hawks in the siloviki apparatus don’t make it a secret that Gerasimov should be fired – and replaced by fabled General Sergey “Armageddon” Surovikin. They also enthusiastically support the FSB’s Alexander Bortnikov – who de facto solved the extremely murky Prigozhin affair – as the man now really supervising The Big Picture in Kursk.

Well, it’s complicated. President Putin’s reaction to the Kursk invasion was visible in his body language. He was furious: for the flagrant military/intel failure; for the obvious loss of face; and for the fact that this buries any possibility of rational dialogue about ending the war. Yet he managed to turn the upset around in no time, by designating Kursk as a counter-terrorist operation (CTO); supervised by the FSB’s Bortnikov; and with an inbuilt “take no prisoners” rationale. Every Ukrainian in Kursk not willing to surrender is a potential target – set for elimination. Now or later, no matter how long it takes.

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“..Herr Hitler, the petty Bohemian corporal with the same psycho-sexual neuroses we see in Kiev’s cross-dressing, coke-sniffing Zelensky..”

• Prussian Field Marshals Do Not Mutiny. But Ukrainians Generals Must (Hayes)

Kursk, Kharkov and Belgorod, Russian cities that are back in the news, just as they were this time 80 years ago when Manstein, Model, Hauser and Guderian, the cream of the Wehrmacht’s High Command, slugged it out with their Red Army equivalents, before seeing their forces battered there and, shortly afterwards, mauled beyond hope of redemption in Western Ukraine as well. Manstein, the architect of the Wehrmacht’s victory in the Third Battle of Kharkov, was, like Napoleon at Austerlitz, the master of the counter-attack but, also like Napoleon at Austerlitz, he had the tools at hand to get the job done. In his case, those tools consisted of SS divisions Das Reich and Leibstandarte SS Adolf Hitler, which crashed into the Red Army’s flank and put them on the ropes.

Whereas Manstein was an operational genius, who had the men at hand to do what was required of him, the same cannot be said of Ukraine’s High Command, who recently sent their best soldiers to their doom in Kursk for no hope of a strategic, operational or even tactical advantage. Because those Ukrainians and the Russian prisoners they took are stuck in Kursk with no hope of escape or reinforcements, the rank stupidity of those Ukrainians generals, who placed their men’s necks into a Russian noose, knows few precedents. Having allowed the Ukrainians have their day in the Kursk sun, the Russian Army will hunt them down, just as their great grandfathers hunted down the 7,000 or so SS stragglers, who did not surrender alongside Paulus at Stalingrad.

Although that is a particularly high price for Zelensky to pay for a few meaningless headlines in NATO’s press, there is one very important analogy to the trials Manstein faced, when he subsequently tried to establish a defensive line in Western Ukraine for the Red Army juggernaut heading his way. Instead of being let to his own considerable devices to stem the Red Army tide, Manstein and his fellow Prussian field marshals had to waste valuable time and resources dealing with the non-stop interference of Herr Hitler, the petty Bohemian corporal with the same psycho-sexual neuroses we see in Kiev’s cross-dressing, coke-sniffing Zelensky, who has personally claimed credit for the Kursk debacle.

The situation, as I write, is that the Russian Army continues not only to grind down their Ukrainian counter-parts but to undermine their key defensive lines at Pokrovsk and Niu-York. When the Ukrainian lines collapse there, as they will later this month, the Ukrainians, deprived of their strategic reserves wantonly sacrificed in Kursk, will be in headlong retreat, but with no Manstein or Model to stem the Russian advances. This is not to deny Ukraine the right to a counter attack but it is to say that such decisions should be the preserve of their competent generals, not of cross-dressing Zelensky or the desk generals he answers to in NATO’s Ramstein air base who, like him, have no real skin in the game.

Although Kursk will not be the end of this grizzly show, the end result of a Russian victory has already been determined, just as it was with Kursk in 1943. Only days prior to Herr Hitler blowing his brains out, Marshal Ferdinand Schörner‘s 12th Wehrmacht Army were able to inflict catastrophic casualties on the Poles at the Battle of Bautzen and it was that same month of April 1945 that the Americans suffered their highest fatalities of the European war at the hands of the Wehrmacht, who felt they still had to fight on. Also in April 1945, de Gaulle, not wanting to be upstaged in the division of spoils which would follow Germany’s surrender, launched a mini-D-Day attack on the isolated Royan pocket, which by any yardstick was a horrendous war crime not only because of the 1,500 French citizens the Yanks wantonly incinerated there but because Germany’s unconditional surrender was known to be only days away.

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“..the only hope for a prosperous future is through reintegration into Russia..”

• Ordinary Serbians Understand What The Ukrainian Farmers Still Do Not (SCF)

In Serbia, people took to the streets to protest against an agreement between the Serbian government and investment “giants” Blackrock and Rio Tinto. Pressure from large investment funds against state sovereignty is raising concerns among ordinary Serbian citizens, who are protesting to prevent their country from becoming a hostage of global financial predators. It is curious to observe the situation in Serbia and compare it with the terrible Ukrainian reality. One of the most serious and ignored issues regarding the current conflict is the active participation of private investment funds in military aid contracts between Western countries and Ukraine. Contrary to what the pro-Kiev media claims in their lying propaganda, Ukraine is not receiving anything “for free”. Kiev will have to pay for every dollar received in weapons from the US and Europe.

Obviously, Ukraine will not be able to actually pay all these debts. What remains of the country in the post-war period will be an economically devastated nation, unable to maintain its own basic living expenses. It would be naive to think that Western financial predators would not think of this when drafting their abusive contracts with Ukraine. So, to solve this problem, there are several clauses in Western contracts literally establishing the concession of Ukrainian territories and natural resources to international investment funds as a condition of guaranteeing payment.In other words, if Ukraine is unable to pay its billion-dollar military debts – and obviously it won’t be able to – Kiev will have to hand over land and resources to investment companies like Blackrock. This is already happening. Several hectares of fertile Ukrainian territories were transferred to Blackrock and other companies.

Financial predators especially prefer areas of the so-called “black earth” – a Eurasian region where the most fertile soil in the world is located. Millions of tons of black earth have already been exported from Ukraine as part of the process of “paying off” the regime’s exorbitant debts. This tends to get worse and worse, as the Ukrainian regime continues to receive successive military “aid” packages, further increasing its international debt. It is curious to think what global investment funds will do with productive Ukrainian territories. It is known that many of these properties are already being handed over to agricultural giants such as Monsanto. It is possible that Western companies will invest in these regions to receive profits from food production.

However, unfortunately, amid the advancement of the agendas of organizations like the WEF, the possibility of Western elites trying to foment a global food crisis cannot be ruled out. It is very likely that these fertile lands will stagnate and become unproductive to drive Ukraine out of the world market and create a food crisis situation. There are several recent actions that make it clear that the West, for some reason, wants to cause hunger in the world. European countries illegally blocked Russian ships carrying grain and fertilizers to poor states in Africa and Asia. In the same sense, sanctions on Russian and Belarusian fertilizers have harmed several emerging countries dependent on this technology to produce food. For the West, the more hunger, the more dependence and, therefore, the easier it is to impose ideological agendas and political hegemony. In other words, hunger in poor countries is a strategic weapon for Western elites.

It remains to be seen when Ukrainian farmers will discover the malign plan behind all the foreign support for Kiev. Perhaps the Ukrainian agrarian elite has not yet understood that they will be one of the biggest losers of the regime’s actions in this conflict. While the media talks about Russia “annexing” regions in the east, all the remaining territory of Ukraine is being quickly annexed by Blackrock and other investment funds. It seems clear that for Ukrainian farmers and rural workers, the only hope for a prosperous future is through reintegration into Russia. In everything that is left for Ukraine, there will be no more space for rural production and work in the fields. When farmers finally understand this reality, perhaps a wave of protests similar to what is happening in Serbia will begin in Ukraine. Or, in a more extreme case, perhaps farmers and rural workers will form popular militias and begin a partisan war against the neo-Nazi regime.

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“..this is not only not true, this cannot be true.”

• Western Governments Sell Farfetched Nord Stream Tale to Wary Public (Sp.)

Two-thirds of European Union citizens remain concerned over the lack of clarity surrounding the 2022 Nord Stream pipeline explosion, recent opinion polling reveals. A survey conducted in May found large numbers of Europeans were troubled by the lack of results from recent investigations into the matter, including 75% of Greeks, 74% of Hungarians, and 72% of Portuguese people who were still worried over the state of affairs. In Germany, perhaps Ukraine’s most important European backer, a full 71% of people said they were concerned over the lack of an explanation for the incident. It was in this context that German officials revealed a surprising break in the case this week, claiming a Ukrainian diving instructor known as Volodymyr Zhuravlev was responsible for the pipeline’s sabotage.

“My feeling is that this is a cover for something, whether for Kursk or something else that they’re planning,” said Serbian-American journalist Nebojsa Malic on Sputnik’s The Final Countdown program Thursday.[..] “They’re trying to wrap up the Nord Stream stuff because maybe the Germans arrested this guy on suspicion of something,” Malic speculated. “Maybe the story is unraveling. Nobody’s really yet offered a rebuttal to Seymour Hersh’s allegations from last year that pretty much conclusively point a finger to either the British or the Americans.” “He says Americans. Other people have put his information together and pointed a finger to the British. But it definitely wasn’t the Russians blowing up their own pipeline.” Host Ted Rall doubted German officials’ claim that an amateur diver could have been responsible for the sabotage, noting the difficulty of the operation.

“The Nord Stream 2 pipeline explosion took place at a depth of 260 feet”, Rall said, noting the pipeline was twice as deep as the 130-foot depth limit for recreational divers. “We’re being told that these are not professional [divers]… You think about the logistical challenge. You have to go to 260 feet. It’s pitch dark. It’s freezing cold. It’s freezing cold in the Caribbean at 260 feet. But this is the Baltic Sea, so it’s bitter.” Then, you have to locate this thing. You have to break through the external casing of the thing. You have to plant the bomb. And you have to get away from it, you know, before it blows up and kills you and the rented pleasure craft that you got from Poland or wherever… this is not only not true, this cannot be true.

At least not using the laws of physics as they exist on our planet. So, why on earth are they so lame at their cover story?” “They’re counting that most people are idiots,” said Malic. “When you’ve been deceiving the public for so long, you don’t have to bother to try very hard. And this is what these Western media have become basically, victims of their own success. They don’t have to be very creative with their deceptions because they rarely get challenged.” Malic speculated that pinning the blame on a Ukrainian diver could serve as a way to further discredit Volodymyr Zelensky, “whose legitimacy has expired in May” after his previous mandate as president ended, he noted.

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Like the firemen set homes ablaze and then offer to put the fire out.

• Harris Unveils Plan To Fix Last 4 Years Of Economic Destruction (ZH)

With the election right around the corner and the average American choking on inflation, Vice President Kamala Harris has unveiled several galaxy brain policies aimed at “lowering costs for American families,” which she and her teleprompter will present at a Friday speech in North Carolina – just days before the Democratic National Convention in Chicago. While we know about Harris stealing Donald Trump’s plan to eliminate taxes on tips (after she was the tie-breaking vote on legislation to supercharge IRS enforcement), the proposals also include; Communist price controls to crack down on ‘corporate price-gouging in the food and grocery industries.’ (Except…)

• A $25,000 subsidy for first-time home buyers, under which those who have a two-year history of on-time rent payments would be eligible for “down-payment support.”
• A cap on prescription drug costs and the elimination of medical debt for millions of Americans
• Child tax credit that would provide $6,000 per child to families for the first year of a baby’s life (after JD Vance suggested an increase from $2,000 per child to $5,000)

Other items include efforts aimed at lowering the cost of rent and helping renters who are struggling financially, according to NBC News. She will also propose plans to stop data firms from driving up lease rates, as well as stopping Wall Street firms from buying and flipping homes in bulk. As part of the rollout, Harris will call on Congress to pass the Preventing the Algorithmic Facilitation of Rental Housing Cartels Act, a bill introduced by Sens. Ron Wyden, D-Ore., and Peter Welch, D-Vt., that they said would prevent corporate landlords from using private equity-backed price-setting tools to raise rents dramatically in communities across the country.

Harris will also call on Congress to pass the Stop Predatory Investing Act, a bill introduced by Sen. Sherrod Brown, D-Ohio, and several other Democratic senators. The bill is designed to stop communities from being taken advantage of by Wall Street investors and distant landlords. The bill would curtail those practices by removing key tax benefits for major investors who acquire large numbers of single-family rental homes. Harris will also call for the construction of three million new housing units via construction tax incentives – as well as a $40 billion proposal for local governments to build or preserve affordable housing units. We’re sure that won’t be a giant cash grab.

As even the Washington Post notes – “Harris has thus far surrounded herself with many former aides to Biden, and her team had made some overtures to business leaders that they hoped reflected a more centrist approach. But the policy positions she embraced Friday suggest she will continue, if not deepen, the party’s transformation under Biden, who pushed for more aggressive government intervention in the economy on industrial, labor and antitrust policies.” Meanwhile, according to a Gallup survey taken earlier this year, just 21% of Americans say it’s a good time to buy a house – while just days ago, July’s inflation reading showed that shelter prices jumped 0.4% from the previous month. According to Fed Chairman Jerome Powell, it might take ‘several years’ for the pandemic-era rent increases to abate.

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“..it is about the mainstream media working in close coordination with the US government to deceive the American people about a war..”

• Scott Ritter: Biden Administration Declaring War on Journalism (Sp.)

Recent FBI raids on properties belonging to Russian-American political scientist Dimitri K. Simes and Scott Ritter, who both challenge the mainstream US political propaganda, are meant to squash dissent on Ukraine, former UN weapons inspector Ritter told Sputnik. The conflict in Ukraine – in which the US has become deeply involved by providing the Kiev regime with billions of dollars – reportedly has people questioning Washington’s hawkish policy that the government seeks to suppress. “What is our crime? Our crime is to have an opinion that is opposite of that of the United States government when it comes to Ukraine,” Ritter emphasized. It is not just about the government deceiving the American people, it is about the mainstream media working in close coordination with the US government to deceive the American people about a war, Ritter noted.

“That’s where independent journalists come in. That’s where a genuinely free press [comes in], a press that isn’t subordinated to the US government, that doesn’t serve as a stenographer of US government policy, a free press that questions the official narrative,” he pointed out. Ritter concluded that the US government does not trust common people, irrespective of their political leanings, and is actively trying to deceive and manipulate the public. Earlier, Simes, a Channel One presenter in Russia and the founder and ex-president of the Center for the National Interest (USA), told Sputnik that he had not been to the United States since 2022, and had not been notified ahead of time that FBI agents would be conducting a search of his property in Rappahannock County, Virginia, this week.

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“..employ Bobby for, at least, cleaning up the public health and pharma sectors of the blob — an epic task he’s ideally suited for.”

• The No Prisoners, End of the Road Election (Kunstler)

It’s fun to muse on the torrent of panicked, deranged texting between Democratic Convention delegates as a runaway train of malignant fates, bad choices, insane policies, delusional ideas, and feral emotion drives them to nominate a moron for president. The confusion and self-doubt must be epic. Are we really gonna do this? Is this really happening? You must imagine this is the same state of mind as, say, a car-full of drunken bridesmaids fishtailing down the highway at 70mph toward a telephone pole. The mis-plays and subterfuges that brought them to this pass cannot be undone: the insult of letting “Joe Biden” front for a criminal blob government, the many hoaxes and the exorbitant lawfare lawlessness, the gross mismanagement of public affairs, wreckage of institutions, ruined economy, devalued dollar, destruction of households and communities, sexual lunacy and programmed mental illness — this is the party’s legacy.

Are none among them even a little bit ashamed of the damage they’ve done to this nation? And maybe wondering about it between one another? Perhaps even anxious to make it stop? And so, the delegates head to Chicago, a city in civic freefall, to either pretend to celebrate the capricious selection of utterly dubious leaders imposed on them by unseen hands, or, just maybe, to revolt against the evil cabal affecting to “defend our democracy” by squashing it. Of course that’s inside the convention. Lord knows what hijinks are being concocted for outside the United Center arena by the various tribes that run on hot yellow bile these dog days of summer — the Hamas mob, the sex freaks, Antifas, BLMs, assorted Bolsheviks, anarchists, utopians, climate change sob-sisters, Gramscian culture stompers, Spartacists, Trotskyites, Jacobins, Fabians, and plain old riffraff out for fun and loot. The gigantic parking wasteland surrounding the United Center on West Madison Street has the look of a perfect battlefield.

All that commences on Monday. In the meantime, much misdirection zings around the Trumpian opposition and the outlier Robert F Kennedy, Jr., as the intel blob that runs mainstream media attempts to seed dissension and confusion amongst them. It includes rumors that Mr. Trump made “a deal” with the blob to go all flabby in exchange for getting let off the hook on his many blob-contrived lawfare problems. The chance of that being true must be zero, even though New York Judge Juan Merchan has an opportunity to send the former president to jail on September 18. I would like to see him try that. It will surely prompt the most momentous and memorable tableau of symbolic resistance in US history since John Paul Jones yelled to the British ship Serapis requesting his surrender, “I have not yet begun to fight.”

As for RFK, Jr., stories circulate that Mr. Trump tried (and failed) to make a deal that would have got Bobby on-board as veep, or some other juicy assignment, if he would drop out of the race. But it’s hard to see exactly how that discredits either of them, since just about everybody expects Mr. Trump, if elected, to employ Bobby for, at least, cleaning up the public health and pharma sectors of the blob — an epic task he’s ideally suited for.

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“..Chinese Foreign Minister Wang Yi took a crucial phone call from Iranian Acting Foreign Minister Ali Bagheri Kani, during which he adamantly supported all of Tehran’s efforts to ensure regional peace and stability..”

• A BRICS Trio Is Staring Down Israel (Pepe Escobar)

The Global Majority is fully aware that the genocidals in Tel Aviv are trying as hard as they can to provoke an apocalyptic war – with full US military support, of course. Contrast that combative mindset with 2,500 years of Persian diplomacy. Iran’s acting Foreign Minister, Ali Bagheri Kani, has recently remarked how Tehran is trying hard to prevent “the Israeli regime’s ‘dream’ of triggering an all-out regional war.” But one should never interrupt the enemy when he is in total panic. Sun Tzu would have approved this maxim. Iran certainly won’t interfere as the US and G7 members pull out all stops to come up with some semblance of a Gaza ceasefire deal between Hamas and Israel to prevent a serious military retaliation by Iran and the Axis of Resistance. Earlier this week, that warning bore fruit: Hamas representative in Lebanon, Ahmed Abdel Hadi, reported yesterday that Hamas will not show up at the tentative negotiation round on Thursday – today. The reason?

The clear climate is full of deceit and procrastination from Netanyahu, playing for time while the Axis prepares a response to the assassination of martyrs [Hamas Politburo Chief Ismail] Haniyeh and [Hezbollah Military Commander Fuad] Shukr… [Hamas] will not enter into negotiations that provide cover for Netanyahu and his extremist government. So the waiting game, actually a masterclass of strategic ambiguity to rattle Israel’s nerves, will persist. Beneath all the cheap drama of the collective west begging Iran to not respond, there is a void. Nothing is offered in return. Worse. Washington’s European vassals – the UK, France, and Germany – issued a statement straight out of Desperation Row, where they “call on Iran and its allies to refrain from attacks that would further escalate regional tensions and jeopardize the opportunity to agree a ceasefire and the release of hostages. They will bear responsibility for actions that jeopardize this opportunity for peace and stability. No country or nation stands to gain from a further escalation in the Middle East.”

Predictably, not a single word about Israel. In this neo-Orwellian formulation, it’s as if the recorded history of the planet started when Iran announced it would retaliate for the assassinations of Haniyeh in Tehran. Iranian diplomacy swiftly replied to the vassals, stressing its “recognized right” to defend national sovereignty and create deterrence against Israel, the real source of terrorism in West Asia. And crucially, emphasizing they “do not seek permission from anyone” to exercise it. The heart of the matter predictably escapes western logic: If Washington had forced a Gaza ceasefire last year, the risk of an apocalyptic war convulsing West Asia would have been avoided. Instead, the US on Wednesday approved a further $20 billion weapons package to Tel Aviv, showing exactly how committed the Americans are to securing a permanent ceasefire. The Israeli provocations, especially the assassination of Haniyeh, were a direct affront to three top BRICS members: Iran, Russia, and China.

So, the response to Israel implies a concerted articulation of the trio, deriving from its interlocked comprehensive strategic partnerships. Earlier on Monday, Chinese Foreign Minister Wang Yi took a crucial phone call from Iranian Acting Foreign Minister Ali Bagheri Kani, during which he adamantly supported all of Tehran’s efforts to ensure regional peace and stability. It also signals Chinese support for an Iranian reaction to Israel. Especially considering that the assassination of Haniyeh was seen in Beijing as an unforgivable slap to its considerable diplomatic efforts, taking place only a few days after the Hamas chief, alongside other Palestinian political representatives, signed the Beijing Declaration. Then, on Tuesday, Palestinian Authority (PA) President Mahmoud Abbas met with his Russian counterpart Vladimir Putin at his Novo-Ogaryovo residence in Moscow. What Putin told Abbas is a gem of an understatement:

“It is well known that Russia today, unfortunately, must defend its interests, defend its people with weapons in its hands, but what is happening in the Middle East [West Asia], what is happening in Palestine – certainly does not go unnoticed.” Yet there is a serious problem. The US- and Israeli-backed Abbas is like some sort of broken reed, enjoying scarce credibility in Palestine, with the latest polls revealing that 94 percent of West Bankers and 83 percent of Gazans demand his resignation. Meanwhile, less than 8 percent of Palestinians blame Hamas as responsible for their current, horrible plight. Overwhelming trust is placed in the new Hamas leader, Yahya Sinwar.

Moscow is in a complex position – trying to boost a new political process in Palestine with its instrumental tools of statesmanship, in a much more forceful way than the Chinese. Yet Abbas is resisting it. There are some auspicious angles, though. In Moscow, Abbas said that they had discussed BRICS: “We have reached a verbal agreement that Palestine would be invited in the ‘outreach’ format,” and expressed hope that: A particular format of a meeting could be organized and it will be devoted exclusively to Palestine, so that all countries would voice their views on the developments that are taking place … It will all be as relevant as possible, considering the fact that the countries of this association [BRICS] are all friendly to Palestine.

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“It’s a miracle and God had something to do with it and maybe it’s – we want to save the world.”

• Trump To Be Surrounded By Bulletproof Glass At Outdoor Events (MN)

The Secret Service is to implement a raft of new security measures for upcoming outdoor rallies featuring President Trump, including surrounding him with bulletproof glass, according to a source. The Washington Post reports that the USSS has begun storing the glass in locations around the country in order to prepare for Trump campaign events. The source stated “Former presidents and candidates don’t normally get bulletproof glass or support from DoD [Department of Defense],” adding “This glass needs to be brought in on trucks and vans.” The report further notes that acting USSS head Ronald Rowe has overseen the plans after convening with Trump’s team.The report claims that Trump aides said he wants to do more outdoor rallies again, including a return to Butler PA where he was almost assassinated.

However, he stated that he did not want to go on a stage outside again without the protective glass.Previous presidents, including Trump himself have utilised the glass before. Trump spoke about the assassination attempt again during a press conference at his Bedminster, New Jersey golf club on Thursday afternoon. A reporter asked him “You’ve spoken about God saving your life and I’m wondering, have you put much thought into why God saved your life? As in for what purpose has he been shielding and protecting you?” “That was a miracle,” Trump responded, adding “It’s a miracle and God had something to do with it and maybe it’s – we want to save the world.”

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“..they “released the crime scene” after just three days and cleaned up the blood and other “biological evidence..”

• ‘Disturbing Fact’ Emerges In Trump Assassination Probe (RT)

The remains of Thomas Matthew Crooks, who tried to kill Republican presidential candidate Donald Trump last month, were released to his family for cremation in what appeared to be a cover-up, Congressman Clay Higgins has said. Crooks was killed by the US Secret Service on July 13 after he opened fire on Trump during his rally in Butler, Pennsylvania. He managed to injure Trump and two rally-goers, while killing a third. Higgins is a Louisiana Republican with background in law enforcement, and a member of the congressional Task Force established to investigate the attempted assassination. He traveled to Butler earlier this month to examine the crime scene. His report on the trip was made public on Thursday. “My effort to examine Crooks’ body on Monday, August 5, caused quite a stir and revealed a disturbing fact,” Higgins wrote in the report. “The FBI released the body for cremation 10 days after J13. On J23, Crooks was gone. Nobody knew this until Monday, August 5, including the County Coroner, law enforcement, Sheriff, etc.”

Higgins noted that the county coroner “would have never released Crooks’ body to the family for cremation or burial without specific permission from the FBI.” The coroner’s report and the autopsy report were not ready as of August 5, and without the body there was no way to verify their accuracy, Higgins noted. Such actions by the FBI “can only be described by any reasonable man as an obstruction to any following investigative effort,” he wrote. Higgins was in Butler for three days and spent about 20 hours investigating the crime scene. According to his findings, Crooks fired eight shots from the roof of a building overlooking the fairgrounds where Trump spoke. The ninth shot came from a Butler SWAT operator and struck Crooks’ rifle, while the tenth shot from a Secret Service sniper killed him.

The FBI reportedly has the casings from the roof, but they “released the crime scene” after just three days and cleaned up the blood and other “biological evidence,” according to the report.Crooks did not use a ladder to climb the roof, but an air conditioning unit. He somehow knew to take a position that minimized his exposure to Secret Service snipers, Higgins wrote, noting that it is not usual practice to assign counter-snipers to former presidents. “I have not yet investigated Crooks’ origins, how he came to be a shooter, how he manufactured a remote trigger bomb, etc. I have not reviewed the harvested evidence, nor have I examined his home, his vehicle, spoken with his family, his neighbors, his classmates, examined his computer, his emails, or his closet,” Higgins wrote, vowing that he intends to do so.

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Paul Craig Roberts has no internet service. He doesn’t like that.

• The Digital Revolution Is Satan’s Master Weapon (Paul Craig Roberts)

For the last three days I have been experiencing digital Hell. The Internet has been down for three days and there is no information. The company provides such minimum customer service that it has been difficult even to reach a robot. You have to leave a number for a call back as “all our representatives are busy helping other customers.” When the call comes you learn that there is an outage in a large area and given an estimated repair time. They put you on a message list for cell phone texts. The repair time estimates lengthened four times from August 13 into August 14 and have now ceased. The morning of the 14th a text informed me that my service was restored. It wasn’t. I called the service provider who, after a call back, eventually was able to confirm that the service was not restored.

What has happened, I believe, is that in order to boost the company’s profits and thus the “performance bonuses” of the executives and board, the company spends minimal money on maintenance and has replaced its own repair servicemen with outside contractors, reporting the cost savings as profits. In other words, the company is being sucked dry by its executives. Moreover, maintenance and improvements might have been deferred so long that parts for the existing equipment are no longer available or are hard to come by. This is America today. I drove several miles to a county library to check emails and found one saying my service was restored. Of course, it wasn’t. I tried to check foreign news sources to see what was going on, as US media is useless. The library’s firewall wouldn’t let me connect to some sites. Researchers have told me that Trump’s few accomplishments during his first term can no longer be found online except for a few branded disinformation by “fact checkers.” To spell it out for you, a fictional world of false narratives is being created for us while we sit there, insouciant as always, scrolling our cell phones.

In the old analog world this was impossible. Every newspaper had a morgue. Every library had printed evidence as did everyone who had books, newspapers, magazines. Today the information is in a cloud subject to denial of access and erasure. Google is putting our actual history in the Memory Hole and creating a new fictional history consistent with the official narratives. This is the price we pay for the ability to scroll cell phones. In the midst of my Internet frustration, BMW’s software engineers added another. My 6-year old BMW’s screen flashed “danger, tire inflation problem.” I am informed I can drive 80 mph, ten miles above Interstate speed limit, but must attend to the problem. I suppose there might be some danger on a German autobahn at 150 mph on under inflated tires, but on track weekends we always let air out of our tires for better grip. I never had any problem on under inflated tires at the 135-140 mph I could reach on the short straightaways.

To fix the problem, you have to attend to all four tires. But you are far from finished. The software can tell when inflation falls below the specified number, but it cannot tell when you inflate to the specified number. In other words, you can’t turn the warning off. The software doesn’t believe you. You have to prove it to the software by driving the car a distance so the system can recalibrate its tire inflation readings to confirm you are not taking an easy way out by turning off the warning. It wasn’t possible for the wonderful analog cars I had to waste a person’s time like this any more than it was possible for a corporation’s “customer service” department to waste hours of a customer’s time with what was in analog days accomplished in a three-minute (answered by the third ring) landline telephone call that always connected. Moreover the person who answered the phone was not a robot and was capable of handling whatever your problem was, and you didn’t have to wait another 20 minutes to reach the person in the department that handled only the one problem.

Try it yourself, call your bank, your Internet service. This is what you will get: do you want office hours, billing, to open an account, to close an account, to change an appointment, technical help or repair? You also have to indicate whether you speak English or Spanish, another indication of how far we are advanced in losing our country. Clearly, if there is any assimilation, it is white Americans assimilating to Immigrant-invaders. I am not just ranting. I am pointing out important and critical facts. The digital revolution has permitted corporations to shift the cost of customer relations to the customer. The customer pays for it in hours of wasted time and the stress of frustration. Even when you finally get a live person, it is someone in Asia you can barely understand and whose responses are automated and often difficult to realign to your problem.

The digital revolution has totally destroyed our privacy and our security. I have a notice in front of me from a financial corporation that reads: “The types of personal information we collect and share . . . can include: name, phone number, home and email addresses, marital status, family member information, Social Security number, driver’s license number, and driving records, healthcare information, credit information, and credit scores.” In other words, they put your entire identification on the Internet where any hacker can steal your identity, open accounts and credit cards in your name, and hack into your bank and investment accounts. I am told that I can “limit some but not all sharing.” Despite the privacy protection of the US Constitution, the digital revolution allows the NSA, the FBI, any foreign intelligence service, the State Department, Homeland Security, and just about anyone else to spy on us without a warrant and to compile a file on each of us containing our contacts, reading interests, purchases, travel, political orientation, affairs, and so forth.

Dumbshit nerds at Stanford University have actually created the ability to create a video of a person speaking in his own voice with lips matching the words speaking whatever offense authorities want to arrest him for. Imagine a defense attorney trying to convince a normal American jury that what they are seeing with their own eyes is a fabrication. Among Americans there doesn’t appear to be any awareness of what is off limits if freedom is to survive. I am convinced that whatever its advocates intend, the consequence of Artificial Intelligence is to displace humans from human functions and to commit us all to rule by tyrants. The few, tiny benefits of AI are not worth the destruction of human independence and freedom. Yet there is no way off this road to pure Hell and the destruction of mankind.

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This is just about labeling. Big deal… But let’s see the Supreme Court throw out 58,000 claims…

• Bayer Shares Soar After Roundup Weedkiller Victory In Philadelphia Court (ZH)

Shares of Bayer AG have been pressured over the years after a tidal wave of litigation over its Roundup weedkiller. The company settled much of the Roundup litigation but still faces tens of thousands of lawsuits. Bloomberg reported on Thursday that the 3rd US Circuit Court of Appeals in Philadelphia ruled in favor of Bayer’s Monsanto, shielding the German company from a lawsuit brought by a Pennsylvania groundskeeper. This decision could open the door for a crucial review by the US Supreme Court, potentially paving the way to finally resolve the ongoing litigation nightmare. Chief Judge Michael Chagares, writing for a unanimous three-judge panel, stated that the Federal Insecticide, Fungicide, and Rodenticide Act mandates nationwide uniformity in pesticide warning labels, blocking any attempt from Pennsylvania to add the warning label to the Roundup weedkiller bottle.

Bayer pointed out that the decision conflicts with rulings from federal appeals courts in Atlanta and San Francisco. This ruling sets the stage for the case to be reviewed by the US Supreme Court. A Bayer spokesman told Bloomberg via an emailed statement that the ruling “creates a split among the federal appellate courts and necessitates a review by the US Supreme Court.” Years of litigation have weighed on shares of Bayer trading in Germany, which have been down nearly 80% since peaking at around $120 in 2017. Shares are up 10% to end the week at around the 29 euro handle. “On the single stock level, Bayer’s shares are rallying after the company won an appeal in Roundup litigation, driving the Pharma space higher,” Goldman’s Ananya Prakash wrote in a note this AM.

Bloomberg, citing a note from Holly Froum, an analyst at Bloomberg Intelligence, highlights what might be next for Bayer… The next step could entail a more comprehensive review from the Philadelphia appeals court, which may take months and could push back trials scheduled in Pennsylvania, Holly Froum, an analyst at Bloomberg Intelligence, said in a note. That could reduce Bayer’s ultimate exposure in the overall litigation, potentially keeping settlement costs within the company’s $16 billion outlay, Froum said. So far, Bayer has settled most of Roundup litigation for $10.9 billion but faces almost 58,000 claims. Another 114,000 claims have been settled or deemed ineligible.

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When that photo was taken, JFK was still alive..

• James Baldwin at 100 (Patrick Lawrence)

Great writers, and I count Baldwin among these, are not to be put on shelves where they begin to gather dust — pigeon-holed, this is to say, by way of a few stock adjectives that save people the trouble of thinking very hard about them. Writer, civil-rights activist, gay advocate, witness, prophet: Yes, well. There is the elephant’s trunk, the elephant’s tail, and the elephant. It was Baldwin’s wholeness that made him James Baldwin, the man who lives among us by way of the best work. Many readers know Baldwin by his immensely powerful essays. In Notes of a Native Son, The Fire Next Time, No Name in the Street, The Devil Finds Work, The Evidence of Things Not Seen, and so on you find many sides of Baldwin: The pulpit sermonizer he trained early on to be, the man of letters, the journalist, the political philosopher, the media critic. There is enduring greatness in the best of these pieces. His sentences can come at you with the force of a controlled eruption. His diction is always masterful.

Along with this went the civil rights work, speaking and writing, the extended travels in the South, the fruitful friendships: King, Harry Belafonte, Brando, Medgar Evers, lots of others — altogether the unflinching solidarity. But Baldwin always wanted to be understood first as a novelist, David Leeming, a longtime friend, wrote in James Baldwin: A Biography (Knopf, 1994). It is debatable whether posterity will let Baldwin have his way, or whether he should. But I am struck — maybe a piece of evidence here — by how little the novels figure in the various remembrances marking his 100th. Go Tell It on the Mountain, 1953, was Baldwin’s first book and also his first published novel. Already he is in search of something more than what history handed him and the realities with which black life in mid-century America faced him.


Baldwin, right of center, with Hollywood actors Charlton Heston, left, and Marlon Brando, right, at the 1963 March on Washington for Jobs and Freedom. Sidney Poitier, rear, and Harry Belafonte, right of Brando, can also be seen in the crowd.

He looked over the fence of protest literature and the political novel to infuse his writing with complexities of black experience hitherto unexplored in fiction. Baldwin was after, in a word I hope not too reductive, interiority. Go Tell It is the story of John Grimes, a teenager whose family was part of the prewar and immediate postwar Great Migration. He is eager to escape the fates of those around him: the confinements, the learned inferiority, the self-contempt, the domestic turmoil — all the consequences of an inherited black identity. Grimes’ project, as Leeming puts it, is “salvation from the chains and fetters.” Giovanni’s Room, 1956, continues Baldwin’s quest in a way that may not be immediately evident. David, the American protagonist, is in Paris and draws close to an Italian bartender named Giovanni even though he, David, is engaged.

The novel is in essence the story of David’s inner turmoil as he discovers and explores his love for another man, along with his own subliminal homophobia. Giovanni’s Room was well-received, despite Baldwin’s anxieties as he published a novel featuring the theme of homosexuality. And here is one of the most interesting things about this book. There are no black characters in it. David, Giovanni, Hella (David’s fiancée) are white. You can call Giovanni’s Room “a gay novel” if you like, but the phrase implies things about Baldwin that were not so, while missing a big part of his aspiration. Baldwin was openly gay but also a private man. In Giovanni’s Room he wanted to write a novel declaring that he was a writer, as against a black writer.

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Job

 

 

Queen

 

 

Duckling

 

 

Swimming
https://twitter.com/i/status/1824446436018184463

 

 

King
https://twitter.com/i/status/1824280140383150380

 

 

Support the Automatic Earth in wartime with Paypal, Bitcoin and Patreon.

 

 

 

 

 

Debt Rattle July 14 2022

Jul 142022
 
 July 14, 2022  Posted by at 8:37 am Finance Tagged with: , , , , , , , , ,  62 Responses »


Pablo Picasso Guernica [Study] II 1937

 

• Russia And China Haven’t Even Started To Ratchet Up The Pain Dial (Escobar)
• Russia State TV: War Will Expand To Poland If US Continues To Arm Ukraine (NYP)
• NATO and EU Sound Alarm Over Risk Of Ukraine Weapons Smuggling (FT)
• The International Political Debacle: The Unipolar System Is Crumbling (Wilbert)
• The Fed’s Financial Nuke Will Obliterate The Global Economy (McDonald)
• Letter To My Friends From America (Faina Savenkova)
• Climate Mandates Imposed on Dutch Farmers Will Ruin Their Livelihoods (ET)
• German Firm Calls For Energy Price Cap To Avoid Social Unrest (R.)
• #VaccineInjured Trends on Twitter After British Report (Celente)
• UK Excess Deaths Not From Covid Approach 9,000 in Last 10 Weeks (DS)
• Doctors Push Hard for Child Vaccination Despite Their Own Research (BI)
• Federal Judge Orders Biden Admin to Cooperate in Social Media Collusion Lawsuit (ET)
• Court Rejects Bayer’s Latest Attempt to Duck Liability in Roundup Case (CHD)
• Jury Convicts CIA Programmer Of Leaking To WikiLeaks (Dissenter)

 

 

 

 

Tucker Ray Epps
https://twitter.com/i/status/1547385947817484290

 

 

 

 

 

 

 

 

 

 

Everything plays into Putin’s hands.

• Russia And China Haven’t Even Started To Ratchet Up The Pain Dial (Escobar)

A case can be made that Putin and Russia’s Security Council are implementing a tactical trifecta that has reduced the collective West to an amorphous bunch of bio headless chickens. The trifecta mixes the promise of negotiations – but only when considering Russia’s steady advances on the ground in Novorossiya; the fact that Russia’s global “isolation” has been proved in practice to be nonsense; and tweaking the most visible pain dial of them all: Europe’s dependence on Russian energy. The main reason for the graphic, thundering failure of the G20 Foreign Ministers summit in Bali is that the G7 – or NATOstan plus American colony Japan – could not force the BRICS plus major Global South players to isolate, sanction and/or demonize Russia.

On the contrary: multiple interpolations outside of the G20 spell out even more Eurasia-wide integration. Here are a few examples. The first transit of Russian products to India via the International North-South Transportation Corridor (INSTC) is now in effect, crisscrossing Eurasia from Mumbai to the Baltic via Iranian ports (Chabahar or Bandar Abbas), the Caspian Sea, and Southern and Central Russia. Crucially, the route is shorter and cheaper than going through the Suez Canal. In parallel, the head of the Iranian Central Bank, Ali Salehabadi, confirmed that a memorandum of interbank cooperation was signed between Tehran and Moscow. That means a viable alternative to SWIFT, and a direct consequence of Iran’s application to become a full BRICS member, announced at the recent summit in Beijing.

The BRICS, since 2014, when the New Development Bank (NDB) was founded, have been busy building their own financial infrastructure, including the near future creation of a single reserve currency. As part of the process, the harmonization of Russian and Iranian banking systems is inevitable. Iran is also about to become a full member of the Shanghai Cooperation Organization (SCO) at the upcoming summit in Samarkand in September. In parallel, Russia and Kazakhstan are solidifying their strategic partnership: Kazakhstan is a key member of BRI, EAEU and SCO. India gets even closer to Russia across the whole spectrum of trade – including energy. And next Tuesday, Tehran will be the stage for a crucial face-to-face meeting between Putin and Erdogan. Isolation? Really?

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Russia state TV is kind of wild, and not the Kremlin.

• Russia State TV: War Will Expand To Poland If US Continues To Arm Ukraine (NYP)

A Russian state TV host warned Tuesday that President Vladimir Putin’s war in Ukraine could expand to Poland if the US continued to arm Kyiv’s forces. On a broadcast of Russia Channel 1’s “60 minutes,” TV host Olga Skabeyeva made the veiled warning saying that if the West continued to send aid to Ukraine the conflict could intensify, Newsweek reported. “If God forbid, Americans deliver missiles that can travel 186 miles. Then we simply can’t stop,” the TV host said. “We’ll go all the way to Warsaw.” Skabeyeva referenced the M142 High Mobility Artillery Rocket Systems (HIMARS), which the US started sending to embattled Ukraine last week. Russia’s latest warning comes after the US pledged several more units to Ukraine. The Polish foreign ministry has yet to make any comment on the threat.

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This is Poland:

“All these weapons land in southern Poland” “..we have no idea where they go, where they are used or even if they stay in the country.”

• NATO and EU Sound Alarm Over Risk Of Ukraine Weapons Smuggling (FT)

Nato and EU states are pushing for better tracking of weapons supplied to Ukraine in response to fears that criminal groups are smuggling them out of the country and on to Europe’s black market. Since Russia launched its war against Ukraine, western states have pledged more than $10bn in military support, from portable rocket launchers and armoured vehicles to rifles and vast amounts of ammunition. A number of Nato member states are discussing with Kyiv some form of tracking system or detailed inventory lists for weapons supplied to Ukraine, two western officials briefed on the talks told the Financial Times. Ukraine’s government is setting up a more extensive weapons monitoring and tracing system with the help of western countries, a third person familiar with the situation said.


“All these weapons land in southern Poland, get shipped to the border and then are just divided up into vehicles to cross: trucks, vans, sometimes private cars,” said one of the western officials. “And from that moment we go blank on their location and we have no idea where they go, where they are used or even if they stay in the country.” The potential for US weapons sent to Ukraine to fall into the wrong hands is “among a host of considerations” given the “challenging situation” on the ground in the country, said Bonnie Denise Jenkins, US under secretary for arms control and international security, on Tuesday. s“The US very seriously takes our responsibility to protect American origin defence technologies and prevent their diversion or illicit proliferation,” Jenkins told reporters in Brussels, adding that the US was in “continued contact” with Kyiv on the issue.

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The west accelerates its own demise.

• The International Political Debacle: The Unipolar System Is Crumbling (Wilbert)

The multipolar world was going to emerge one way or another, but the mistakes of the Western leaders accelerated a process that would still take some years, and it can’t cope since it governs for less than 1 billion people (G7 population). And Operation Z in Ukraine was the trigger for a lack of diplomatic tact and will to war that even caused Ukraine’s allied leaders to fall, such as Boris Johnson. The bankruptcy of Europe was also imminent, since the various economic dependencies, including on Russian gas, prove that the continent, despite being so-called First World, was unable to generate an economy based on a real production of resources. And all attempts to escape from this dependency would lead to at least 10 years of pipeline works and economic agreements-treaties between other countries and them.

So it’s not like it was easy either to have prevented what was predestined to happen, but it could have been delayed if there was the right diplomacy, since the war was avoidable. But how? Simple. I’ll explain. What was Putin’s key argument? “Ukraine cannot join NATO!” And what could the West have done? Generated a document in multilateral coordination with the appropriate entities recognizing that the security of Russia, a member of the UN Security Council, was an important issue and Ukraine would not join the Atlanticist military alliance. Or: they could put 50,000 or 100,000 troops inside Kiev to stand up to the Russians since Biden shortly before the Special Military Operation began, acknowledged that Putin would “invade Ukraine,” so they knew the risks. But they did neither.

They wanted this war but it is not going as planned because the political debacle is happening, with the leaders who support the Atlanticist platforms falling away little by little, leaving the enthusiasts of the multipolar world standing like Putin and Xi Jinping in their proper nuclear strongholds. Moreover, it is interesting to note how parts of the Global South opposed the various diplomatic and economic sanctions on Russia, showing that they were unwilling to continue functioning as American semi-colonies in diplomatic and other matters.

It was inevitable that a totally new world would emerge out of the totally destroyed old world, because that is the natural way of what comes after destruction: reconstruction or new construction. And that is what is happening to the world at present, in that we see prominent leaders being murdered in the open or resignations due to inability of governance, clear signs of destruction. And after the destruction will come the construction, of which we don’t know what it will look like yet, but the first bricks have already been laid.

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“Volcker was jacking rates into a planet with about $200T LESS debt.”

• The Fed’s Financial Nuke Will Obliterate The Global Economy (McDonald)

We are living in a period of mass “Jonestown” economic delusion. Just twenty months ago – central bankers were offering to buy nearly every junk bond known to mankind, dramatically distorting the “true cost of capital.” All the way from crypto to emerging markets – it was a moral hazard overdose. Everyone on earth was borrowing money at fantasy-land bond yields. Now, the Fed is promising endless rate hikes and $1T of balance sheet reduction onto a planet with emerging market and Euro-zone credit markets in flames. Listen, all I have is an economics degree from the University of Massachusetts, but after having spent the last 20 years trading bonds professionally and embarking on a 20k feet deep autopsy on the largest bank failure of all time – from my seat the current Fed agenda is sheer madness and will be outed very soon.

The true cost of capital was distorted for so long, we now have hundreds of academics– clueless to the underlying serpent inside global markets. When the 6 foot seven, Paul Volcker walked the halls of the Marriner S. Eccles Building of the Federal Reserve Board in Washington, our planet embraced about $200T LESS debt than we are staring down the barrel at today. Please call out the risk management imbeciles that make any reference of “Powell to Volcker.” In 2021, global debt reached a record $303T, according to the Institute of International Finance, a global financial industry association. This is a FURTHER jump from record global debt in 2019 of $226T, as reported by the IMF in its Global Debt Database. Volcker was jacking rates into a planet with about $200T LESS debt. Please call out the risk management imbeciles that make any reference of Powell to Volcker.

Many economists in 2022 are highly delusional – a very dangerous group indeed. When you hike rates aggressively with a strong dollar you multiply interest rate risk, which was already off the charts coming from such a low 2020 base in terms of yield – it’s a convexity nightmare. Interest rate hikes today – hand in hand with a strong U.S. Dollar – carry 100x the destructive power than the Carter – Reagan era. At the same time, you add lighter fluid on to the credit risk fire in emerging markets with a raging greenback. Global banks have to mark to market most of these assets. If global rates reset higher and stay at elevated levels, the sovereign debt pile is in gave danger. The response to Lehman and Covid crisis squared (see above) has left a mathematically unsustainable bill for follow on generations.

The Fed CANNOT hike rates aggressively into this mess without blowing up the global economy. We are talking about mass – Jonestown delusion on roids. Then Covid-19 placed a colossal leverage cocktail on top. Emerging and frontier market countries currently owe the IMF over $100B. U.S. central banking policy + a strong USD is vaporizing this capital as we speak. A dollar screaming higher with agricultural commodities – priced globally in dollars – is a colossal tax on emerging market countries – clueless academics at the Fed are exporting inflation into countries that can least afford it.

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The 13-year-old girl from Lugansk.

• Letter To My Friends From America (Faina Savenkova)

Two events have recently occurred in the world. In America – in the suburbs of Chicago – people died during the celebration of Independence Day. And during these three days, 5 children died from artillery shelling of Ukraine in the Donbass – in Donetsk and Makeyevka. A 10-year-old girl was torn apart by an incoming Ukrainian shell. According to the data and evidence collected by the Russian Foundation for Combating Repression, the Ukrainian military was given direct orders to use weapons to kill against civilians of Donbass. Here are the proofs of that https://fondfbr.ru/en/articles/sergey-yudayev-en/

But did American journalists notice this? No. I can understand why America mourns the dead on Independence Day. But at the same time, she stubbornly does not want to see what Ukraine is doing. I live in Donbass, and after the murder of children with weapons supplied by you and Europe, probably, should hate you and rejoice that the Lord punishes those because of whom our children die. But I am Russian and I have been living in the war for eight years now. I understand what death is, so I don’t feel anger and hatred. And I grieve with you for the dead. Human life is priceless, and murder is always terrible, because it is impossible to bring back those who have been lost, it is impossible to drown out this pain. Just as it is impossible to isolate yourself from the war, because the war, in which your government is no less to blame than the rest, will surely return to you.

I am very sorry that many in America do not know that it all started 8 years ago. And Ukraine is killing civilians, destroying our cities, killing children. But it is unlikely that your politicians pay attention to this. They are ready to fight to the last Ukrainian and, apparently, believe that they will defeat Russia in a nuclear war. It won’t be like that. I would like you to understand that war is bad, as well as the killing of innocent people. I hope that all this will end soon, and humanity will once again understand the value of life and a peaceful future, and Russia and America will be friends.

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The quiet last few days will make Rutte think he’s winning. But the farmers will be back; they know it’s now or never.

The farmers are simply the easiest target. If nitrogen is the problem, force people to fly and drive 30% less. Much more effective. But that costs votes.

• Climate Mandates Imposed on Dutch Farmers Will Ruin Their Livelihoods (ET)

The livelihoods of Dutch farmers are under attack due to the Dutch government’s proposed nitrogen policy, which could necessitate the mass slaughter of livestock and potentially shut down almost a third of the country’s farms. If this policy is implemented, it will have “major security consequences, not just for the Netherlands, but for all of Europe and the world,” said Michael Yon, a war correspondent who has recently arrived in the Netherlands to report on the ground from the Dutch farmers’ protests. The Netherlands is a small country in Europe with a population of 17 million people, but it is the second-largest food exporter in the world, Yon said in a recent interview for EpochTV’s “Crossroads” program. “They have the most efficient farmers in the world.”

In 2021, the Netherlands’s coalition government proposed slashing livestock numbers in the country by 30 percent to meet nitrogen greenhouse gas emission targets. The country has already implemented stringent restrictions on new construction, intending to curb nitrogen emissions. Dutch bank Rabobank has argued that those new hurdles have slowed home building in the Netherlands, intensifying a housing shortage in the densely populated coastal nation. On June 10, Christianne van der Wal, the Dutch Minister for Nitrogen and Nature Policy, unveiled a plan to reduce nitrogen emissions in the Netherlands, according to a statement by the U.S. Department of Agriculture. “The Dutch Provinces are responsible for developing corresponding measures to reach the nitrogen emission reductions between 12 and 70 percent, depending on the area,” the statement said.

“Farmers in some provinces will be particularly hard hit … and the Dutch government acknowledged ‘there is not a future for all {Dutch} farmers within [this] approach.’” The Netherlands Chamber of Commerce says that nitrogen environmental pollution comes from burning fossil fuels but also from manure produced by livestock and fertilizers used in farming. It is estimated that to implement the proposed plan, farmers would need to reduce their cattle herds by 30 percent, according to Barron’s. But Yon said Dutch farmers are not polluting the environment and that they’ve been farming the land for thousands of years. Nitrogen is being labeled as a pollutant and used as a decoy by the World Economic Forum (WEF) to put the farmers out of business and control the food supply, Yon said.

[..] Dutch farmers and truckers realize that their government is following the recommendations of the WEF, which has been trying to take their land and control their food supply, Yon said. “If you control the food supply, you control that population completely,” he said. Dutch farmers are very educated, and they are both businesspeople and farmers, Yon said. They know that if they lose, they will lose their livelihood, and the consequences of their loss will be felt for many generations, he said. “The farmers are rising up. They know they’re going to be put out of business … which would put all of Europe on its knees, foodwise,” Yon said.

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“..twice as much now, and three times at the end of the summer.”

• German Firm Calls For Energy Price Cap To Avoid Social Unrest (R.)

Household energy costs could triple in Germany as Russian gas supplies dwindle, officials in the sector said, and one company representative raised the possibility of social unrest unless there was a cap on prices. In an interview with the RND newspaper group published on Thursday, Klaus Mueller, head of the Federal Network Agency regulator urged consumers to reduce consumption and set aside money. And in an interview with Reuters, the head of the municipal works of Chemnitz, one of the 900 city-owned public companies that are a major part of Germany’s energy landscape, went further. “We must help average households and set an upper limit for energy costs,” Roland Warner said, warning that annual bills of 1,500 euros could rise to 4,700 euros in October. “If we get social unrest the state won’t be able to cope.”

Energy minister Robert Habeck has in the past rejected calls for state price caps, saying the state cannot fully offset increased prices and that attempting to do so would send the wrong signal about the need to conserve energy. After prospering from cheap Russian gas for decades, Europe’s largest economy is facing a crunch as Russia dials back supplies. Western governments say Moscow is retaliating against sanctions imposed over its invasion of Ukraine, but Moscow blames technical problems. Some analysts warn that public backing for a tough line against Moscow could weaken further if living standards decline.

A Forsa poll published on Wednesday found that support for a boycott of Russian gas – a major source of finance for what Moscow calls its “special operation” in Ukraine – had fallen from 44% of respondents six weeks ago to just 32% now. With spot prices soaring, Mueller warned that end-consumers rolling over their fixed-term contracts now would find themselves paying twice as much now, and three times at the end of the summer. “Some prices on exchanges are up sevenfold,” said Mueller. “It’s not all going to come through immediately, and won’t be fully passed on, but it’s going to have to be paid eventually,” he said.

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Good on GB News.

• #VaccineInjured Trends on Twitter After British Report (Celente)

The hashtag #vaccineinjured trended on Twitter late Wednesday after GBN, a British news channel, aired a special on those who said their lives were upended after taking the COVID-19 vaccine. Some of these individuals held up photos of loved ones they said died after taking the vaccine, or said they suffered from an adverse reaction. The show was intended to shed light on these cases and criticized social media platforms for silencing them.

The COVID-19 vaccine’s effectiveness could drop to about 20 percent a few months after the booster shot is administered, according to an Italian review of COVID studies. “Booster doses were found to restore the VE [vaccine effectiveness] to levels comparable to those acquired soon after administration of the second dose; however, a fast decline of booster VE against Omicron was observed, with less than 20% VE against infection and less than 25% VE against symptomatic disease at 9 months from the booster administration,” the authors wrote in the paper. The study found that two doses of the COVID-19 vaccine were less than 5 percent effective at preventing a symptomatic infection with the Omicron variant, which is famous for evading the immune defense system. Three doses were up to about 22 percent effective at preventing symptomatic infection.

A recent Pew Research poll found a dramatic shift in the trust Americans have in health officials after more than two years of dealing with the COVID-19 outbreak. The survey found that President Joe Biden has lost public support in his handling of the outbreak. The survey pointed out that about 65 percent of Americans said they were confident in his ability to deal with the virus at the beginning of his presidency. The survey now says 56 percent of Americans believe he is doing a “fair or poor job” in handling the outbreak. Just 43 percent polled said he is doing an excellent job.

https://twitter.com/i/status/1547300429754761216

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900 a week in the UK alone.

• UK Excess Deaths Not From Covid Approach 9,000 in Last 10 Weeks (DS)

There have been over 8,750 more deaths than usual from causes other than COVID-19 in England and Wales in the past 10 weeks, the latest data from the Office for National Statistics show. In the week ending July 1st, the most recent week for which figures are available, there were 10,357 deaths registered, which is 1,128 or 12.2% above the five-year average. Of these, 332 were registered with Covid as a contributory cause and 212 were registered as due to Covid as underlying cause. This leaves 916 excess deaths from an underlying cause other than COVID-19, bringing the total non-Covid excess deaths in the 10 weeks since the recent spike began in late April to 8,756 deaths.

Experts have called for an urgent investigation of this alarming trend, though the Government has yet to signal it intends to do this or to offer any explanation of the high rate of deaths. Looking at deaths by date of occurrence, if we compare them to the rollout of vaccine doses in the spring booster campaign among over-75s in England we can see what appears to be a correlation, meaning a possible connection should be investigated. The sharp drop in the most recent week may be an indication that the wave is easing, though with the crisis in ambulance services and hospital capacity ongoing that remains to be seen.

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Iceland.

• Doctors Push Hard for Child Vaccination Despite Their Own Research (BI)

According to a study recently published in the Paediatric Infectious Disease Journal, the risk of COVID-19 to children is truly minuscule. The study tracks the outcomes for Icelandic children with a positive COVID-19 test, covering all the children who tested positive during the study period. It concludes that out of the 1,749 children tracked, none had severe symptoms and no child needed hospitalisation. A fifth of the children showed no symptoms. It is curious, then, that when Icelandic health authorities decided to offer COVID-19 vaccination to 5-11 year-old children earlier this year, two of the four study authors were among the most vocal advocates of the policy.

At the time, the health risks related to COVID-19 vaccines were becoming increasingly clear, with the rate of reported serious adverse effects in Iceland 75-fold the rate for flu vaccines in 2019. The French Medical Academy had recommended against vaccinating healthy young children, Swedish authorities had decided not to offer them vaccination and the JCVI had recommended against it. But Icelandic authorities decided to go ahead with an organised campaign. Earlier, the study’s lead researcher, Dr. Valtyr Thors, a prominent paediatrician, had said vaccination was not needed for young children, but in January 2022 he suddenly reversed his opinion and strongly recommended vaccination to “protect children against infection and serious illness”. At that time, the Omicron variant had already taken over in Iceland, and numbers showed vaccine protection against infection to be zero or negative.

Late December 2021, another author, paediatrician Dr. Asgeir Haraldsson, Professor of Medicine at the University of Iceland, said five to 10 out of every thousand healthy children would need hospitalisation after COVID-19 infection and strongly recommended vaccination, claiming both Delta and Omicron variants posed a considerably higher threat to children than previous variants. The study shows only 12% of infections among children occured in school. However, in late 2021 the importance of keeping schools open was repeatedly mentioned as an additional justification for the vaccination of children. In December 2021, Dr. Thors claimed infections in schools were a major problem and Chief Epidemiologist Dr. Thorolfur Gudnason suggested lifting quarantine requirements for vaccinated children under 16, while keeping them in place for the unvaccinated.

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“‘Government can’t outsource its censorship to Big Tech,’ Missouri attorney general says..”

• Federal Judge Orders Biden Admin to Cooperate in Social Media Collusion Lawsuit (ET)

A federal judge ordered the Biden administration on July 12 to comply with information requests in a lawsuit brought by Missouri and Louisiana officials about alleged federal government collusion with social media companies to suppress important news stories in the name of fighting so-called misinformation. The lawsuit could help bring to light the Biden administration’s behind-the-scenes efforts to discourage the dissemination of information related to the advent of the virus that causes the disease COVID-19 and the ongoing Hunter Biden laptop scandal, according to Eric Schmitt, Missouri’s Republican attorney general.

Supporters of former President Donald Trump claim that if the story about the laptop belonging to the president’s troubled son hadn’t been suppressed, President Joe Biden would have lost the 2020 presidential election. Republicans say the laptop provides evidence of the son’s misbehavior and of the Biden family’s corruption. Facebook and Twitter infamously restricted the distribution of information related to the computer’s contents. Biden supporters claimed the story was manufactured by the Russian government as disinformation. Social media also suppressed numerous stories related to the origins of COVID-19, possible medical treatments to prevent, treat, or cure the disease, and discussions about government and corporate policies implemented to deal with the virus, many of which curbed personal freedoms.

Many government and corporate employees have been fired in the pandemic era for refusing to take government-approved vaccines, which they say have limited effectiveness and potentially severe side effects. The lawsuit could also provide fodder for Republicans who promise multiple investigations into government wrongdoing should they retake Congress in the November elections. Among the defendants are President Joe Biden, his former White House press secretary Jen Psaki, Department of Homeland Security Secretary Alejandro Mayorkas, former Disinformation Governance Board executive director Nina Jankowicz, and Anthony Fauci, chief medical adviser to the president and director of the National Institute of Allergy and Infectious Diseases.

According to court documents, the states allege that the administration “colluded with and/or coerced social media companies to suppress disfavored speakers, viewpoints, and content on social media platforms by labeling the content ‘disinformation,’ ‘misinformation,’ and ‘malinformation.’” The states “allege the suppression of disfavored speakers, viewpoints, and contents constitutes government action and therefore violates Plaintiff States’ freedom of speech in violation of the First Amendment to the United States Constitution.”

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“..a cancer warning would deviate from Roundup’s EPA-approved labeling..”

• Court Rejects Bayer’s Latest Attempt to Duck Liability in Roundup Case (CHD)

A federal appeals court has rejected a bid by Monsanto owner Bayer AG to head off claims brought by cancer victims alleging that Monsanto failed to warn them of the risks of Roundup. In a decision handed down Tuesday, the 11th U.S. Circuit Court of Appeals ruled that a “failure to warn claim” brought against Monsanto in Georgia by Roundup user John Carson is not preempted by requirements under the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) as lawyers for Monsanto, and its owner Bayer, have argued. Bayer has sought — and now failed — in multiple courts to find backing for its argument that it should be protected from allegations that Monsanto failed to warn users of a cancer risk associated with its products. (Bayer bought Monsanto in 2018.)

The company asserts that if it had placed cancer risk warnings on product labels it would have conflicted with provisions of FIFRA that give the U.S. Environmental Protection Agency (EPA) oversight of labeling language. The EPA has said in its assessment, that the herbicides are “not likely” to be carcinogenic. “It’s another resounding rejection of Monsanto’s preemption defense,” said attorney Brent Wisner, who served as co-counsel for the first trial to take place in the nationwide Roundup litigation, which resulted in a unanimous jury decision finding Monsanto had hidden the cancer risks of its weed killers. “It is safe to say that their argument is dead. Every court to consider this issue has sided with plaintiffs,” Wisner said.

Bayer said in a statement that it believes the federal appeals court erred in its ruling. “We respectfully disagree with the Eleventh Circuit’s decision, as a cancer warning would deviate from Roundup’s EPA-approved labeling, render the product misbranded, and require the company to make a label change that would be contrary to the consistent conclusions of EPA’s scientific assessments for more than four decades. “The court’s determination that the FIFRA’s statutory registration process is not sufficiently formal to trigger preemption is inconsistent with Supreme Court precedent, and the company will review its legal options regarding further proceedings.”

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Not what the Espionage Act was meant for, even back in 1917.

• Jury Convicts CIA Programmer Of Leaking To WikiLeaks (Dissenter)

A federal jury in New York convicted former CIA employee Joshua Schulte of violating the Espionage Act when he allegedly released materials on the CIA’s hacking capabilities to WikiLeaks. This was the second trial against Schulte. In March 2020, his first trial ended in a mistrial on several Espionage Act charges, but he was found guilty of contempt of court and lying to the FBI. Unlike the first trial, Schulte represented himself and argued his case. He again maintained he was not the source of the leaks published by WikiLeaks. A jury deliberated for nearly three days before announcing a verdict. Judge Jesse M. Furman in the Southern District of New York did not schedule a sentencing date because there are other charges pending against Schulte.

Known as the “Vault 7” materials, WikiLeaks began releasing documents on March 7, 2017. They came from what WikiLeaks described as an “isolated, high-security network situated inside the CIA’s Center for Cyber Intelligence.” Documents revealed how the CIA could target iPhones, Androids, and Samsung TVs and convert the devices’ microphones into bugs used to spy on targeted persons. Malware was also developed to infect Microsoft Windows users, and the CIA was “hoarding” security vulnerabilities in software and hardware that they could use for their covert operations instead of notifying companies that users were at risk of being hacked.

It was one of the largest leaks of information in the history of CIA and a huge embarrassment for then-CIA Director Mike Pompeo, who responded by labeling WikiLeaks a “non-state hostile intelligence agency” and developing “secret war plans” against the media organization that included kidnapping or even killing WikiLeaks founder Julian Assange. The US government has charged Assange with violating the Espionage Act, and the UK government authorized his extradition in June. Assistant US Attorney Michael D. Lockard asserted that on April 20, 2016, Schulte “stole the entirety of the CIA’s highly sensitive cyber intelligence capabilities.” This occurred just days after the CIA “locked the defendant out of the secure restricted vault-like location on the network.”

“Shortly after stealing this extraordinarily sensitive intelligence information, the defendant transmitted those backups to WikiLeaks, knowing full well that WikiLeaks would put it up on the internet,” Lockard argued. “In the weeks following this break-in, the defendant took every step he would need to take in order to transmit those files to WikiLeaks. He downloaded a program that WikiLeaks itself recommends to leakers to use to send stolen data.” [..] US prosecutors never presented any forensic evidence to specifically tie Schulte to the publication of the CIA hacking materials on WikiLeaks. Schulte acted very confident during his closing argument. He insisted that Lockard was “worried about the lack of evidence” because he had told the jury the “lack of evidence is not evidence of innocence.”

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Oborne

 

 

 

 

 

 

 

 

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Debt Rattle June 22 2022

Jun 222022
 
 June 22, 2022  Posted by at 9:16 am Finance Tagged with: , , , , , , , , ,  42 Responses »


James Ensor Baths at Ostend 1890

 

• Just 11% of Americans Blame Putin for High Energy Prices (BB)
• Ruble Rises To Seven-year High, Best Performing Currency In The World (BNE)
• Russia Leapfrogs Saudi Arabia As China’s Biggest Oil Supplier (Fortune)
• Inflation as a Political Power Play Gone Wrong (Varoufakis)
• The Fed’s Austerity Program to Reduce Wages (Michael Hudson)
• Biden: We Need More Money for the Second Pandemic (Celente)
• Be Warned, A Full-blooded European Sovereign Debt Crisis Is Coming (Blain)
• The New Yorker Accidentally Makes Ron DeSantis Look Awesome (NR)
• Can DeSantis Displace Trump as the GOP Combatant-in-Chief? (New Yorker)
• How Did America Become Ruled By Its Military-Industrial Complex? (Zuesse)
• British ‘Watchdog’ Journalists Unmasked As Security State Lapdogs (Cook)
• Court Orders EPA to Reassess Glyphosate Risk to Human Health, Environment (CHD)
• US Supreme Court Denies Bayer Bid To Block Roundup Lawsuits (AFP)

 

 

 

 

Yeadon

 

 

 

 

 

 

 

 

“By the far the largest share of Americans—52 percent—say it is Biden’s energy policies that are to blame for high gas prices.”

• Just 11% of Americans Blame Putin for High Energy Prices (BB)

President Joe Biden’s attempts to convince the American people that Russian leader Vladimir Putin is responsible for high gas prices and inflation has failed, polling data released Tuesday showed. “With the biggest single driver of inflation being Putin’s war against Ukraine, @POTUS has taken action to blunt the impact of Putin’s Price Hike for families,” the White Hosue falsely claimed on Monday. The American public is not buying what the Biden White House is selling. Just 11 percent of Americans think Putin is to blame for high energy prices, according to a poll of 1,000 U.S. likely voters taken by Rasmussen between June 16 and June 19. Biden has also sought to blame oil companies and refiners for high prices but just 29 percent find that convincing.

By the far the largest share of Americans—52 percent—say it is Biden’s energy policies that are to blame for high gas prices. Biden has nominated at least two opponents of fossil fuel to key financial regulation posts—although those nominations were ultimately defeated. On the campaign trail, Biden said a number of times that he would end fossil fuels and stand athwart fossil fuel expansion. One of his first actions as president was to cancel the permits needed for the Keystone Pipeline. Biden increased the royalty rate—essentially, a tax rate—on oil production on federal lands by 50 percent this year, the first hike in 100 years. It’s only now that high gas prices have become a political liability for the president that his administration has pivoted to claiming the Biden administration is not opposed to fossil fuel extraction.

Eighty percent of Republicans think Biden’s policies are most to blame for rising fuel costs. Most troubling for Biden, 54 percent of voters not affiliated with either major party blame Biden. Among Democratic voters, only 24 percent blame Biden, 46 percent blame major oil companies, and 20 percent blame Putin. So Biden’s “Putin price hikes” message is not even resonating within his own party. The issue of gas prices has increasing salience with voters. Ninety-two percent of voters view the rising price of gasoline, home heating oil and other petroleum products as a serious problem, including 68 percent who consider rising fuel costs a Very Serious problem. In April, 83 percent said rising petroleum prices were a serious problem.

A single word

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Will it get too strong?

• Ruble Rises To Seven-year High, Best Performing Currency In The World (BNE)

Russia’s ruble jumped 6% against the euro on June 21 to a seven-year high, making it the best performing currency in the world. By 1338 GMT, the ruble had gained 6.3% to trade at 58.75 versus the euro , its strongest point since early June 2015, reports Reuters. And the ruble was up 4.6% against the dollar at 57.47, just below the 57.0750 it traded at on June 17, its strongest level since late March 2018. Analysts say the rate is largely artificial as its value has been boosted by the strict capital controls imposed by the Central Bank of Russia (CBR) following Russia’s invasion of Ukraine on February 24.

The value has also been pushed up by soaring commodity prices that has earned Russia a windfall of over €100bn of payments for oil and gas exported to Europe since the war began. The value has been lowered further by the extreme sanctions imposed by the West on Russia that has seen the volume of imports, predominantly equipment and machinery, cut in half leading to record current account surpluses. Some economists have dubbed the current strong ruble “Dutch Disease on steroids” as the value of the currency is being pushed up by the same commodity export inflows that pushed up the Netherlands guilder when that country began to produce gas.

The government has become concerned by the high level of the ruble and is working to weaken it back to its fair value that economists estimate to be around RUB65-70. However, with the sanctions in place the authorities have fewer tools at their disposal. The so-called budget rule that automatically syphons off excess earnings to the National Welfare Fund (NWF) to sterilise them has been suspended after the West seized some $300bn of CBR reserves. Another alternative is to reduce the inflow of revenues from raw material exports.

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“Total imports from Russia increased 80% year-on-year to almost $10.3 billion.”

• Russia Leapfrogs Saudi Arabia As China’s Biggest Oil Supplier (Fortune)

Russia has reclaimed its position as China’s biggest oil supplier, overtaking Saudi Arabia in May as Beijing cashed in on discounted Russian energy. Last month, Chinese imports of Russian oil surged by 55% from a year earlier, according to data from the Chinese government. The increase meant Russia surpassed Saudi Arabia as China’s biggest source market for oil, recovering the top spot after a gap of 19 months. China imported around 8.42 million tons of crude oil from Russia in May, the data showed—the equivalent of 1.98 million barrels per day, according to Reuters. Meanwhile, China’s purchases of Russian liquefied natural gas rose 54% from the previous May. Total imports from Russia increased 80% year-on-year to almost $10.3 billion.

China and Russia have maintained strong political and economic ties since the latter’s invasion of Ukraine, with the country’s two presidents holding a “warm and friendly” phone call last week in which they committed to deepening the relationship between their two countries. Western sanctions on Russian energy in the wake of the invasion of Ukraine have forced Moscow to slash the price of its energy exports as it searches further afield for buyers to plug the gap set to be left by Europe. In May, Reuters reported that the spot price of Russian oil was around $29 less per barrel than it was before the invasion of Ukraine and well below the price of oil from the Middle East, Africa, the U.S. and Europe.

The price of Urals—Russia’s main export blend—averaged $73.24 a barrel between mid-April and mid-May, according to Bloomberg, making it almost a third cheaper than Brent crude futures over the same period. Urals is usually traded at a discount to Brent crude, but the gap between the price of the two products is reported to have widened drastically since Russia invaded Ukraine in late February. According to data from Finnish fuel refiner Neste, Urals was priced, on average, at $33.63 less than Brent over the five days to Monday. A year earlier, the price difference was around $1.50, according to Neste.

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“As the locked-down multitudes spent some of their furlough money on scarce imports, prices began to rise.”

• Inflation as a Political Power Play Gone Wrong (Varoufakis)

For 50 years, the US economy has sustained the net exports of Europe, Japan, South Korea, then China and other emerging economies, while the lion’s share of those foreigners’ profits rushed to Wall Street in search of higher returns. On the back of this tsunami of capital heading for America, the financiers were building pyramids of private money (such as options and derivatives) to fund the corporations building up a global labyrinth of ports, ships, warehouses, storage yards, and road and rail transport. When the crash of 2008 burned down these pyramids, the whole financialized labyrinth of global just-in-time supply chains was imperiled. To save not just the bankers but also the labyrinth itself, central bankers stepped in to replace the financiers’ pyramids with public money.

Meanwhile, governments were cutting public expenditure, jobs, and services. It was nothing short of lavish socialism for capital and harsh austerity for labor. Wages shrunk, and prices and profits were stagnant, but the price of assets purchased by the rich (and thus their wealth) skyrocketed. Thus, investment (relative to available cash) dropped to an all-time low, capacity shrunk, market power boomed, and capitalists became both richer and more reliant on central-bank money than ever. It was a new power game. The traditional struggle between capital and labor to increase their respective shares of total income through mark-ups and wage increases continued but was no longer the source of most new wealth.

After 2008, universal austerity yielded low investment (money demand), which, combined with plentiful central-bank liquidity (money supply), kept the price of money (interest rates) close to zero. With productive capacity (even new housing) on the wane, good jobs scarce, and wages stagnant, wealth triumphed in equity and real-estate markets, which had decoupled from the real economy. Then came the pandemic, which changed one big thing: Western governments were forced to channel some of the new rivers of central-bank money to the locked-down masses within economies that, over the decades, had depleted their capacity to produce stuff and were now facing busted supply chains to boot. As the locked-down multitudes spent some of their furlough money on scarce imports, prices began to rise.

Corporations with great paper wealth responded by exploiting their immense market power (yielded by their shrunken productive capacity) to push prices through the roof. After two decades of a central-bank-supported bonanza of soaring asset prices and rising corporate debt, a little price inflation was all it took to end the power game that shaped the post-2008 world in the image of a revived ruling class. So, what happens now?

Inflation
https://twitter.com/i/status/1539163807729303552

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“Biden has thoroughly backed up Republican-appointed Federal Reserve Chairman Jerome Powell in endorsing a financial crash in hope that it will roll back U.S. wage levels.”

• The Fed’s Austerity Program to Reduce Wages (Michael Hudson)

The Federal Reserve Board’s ostensible policy aim is to manage the money supply and bank credit in a way that maintains price stability. That usually means fighting inflation, which is blamed entirely on “too much employment,” euphemized as “too much money.”[1] In Congress’s more progressive days, the Fed was charged with a second objective: to promote full employment. The problem is that full employment is supposed to be inflationary – and the way to fight inflation is to reduce employment, which is viewed simplistically as being determined by the supply of credit.

So in practice, one of the Fed’s two directives has to give. And hardly by surprise, the “full employment” aim is thrown overboard – if indeed it ever was taken seriously by the Fed’s managers. In the Carter Administration (1777-80) leading up to the great price inflation of 1980, Fed Chairman Paul Volcker expressed his economic philosophy in a note card that he kept in his pocket, to whip out and demonstrate where his priority lay. The card charted the weekly wage of the average U.S. construction worker. Chairman Volcker wanted wages to go down, blaming the inflation on too much employment – meaning too full. He pushed the U.S. bank rate to an unprecedented 20 percent – the highest normal rate since Babylonian times back in the first millennium BC. This did indeed crash the economy, and with it employment and prosperity.

Volcker called this “harsh monetary medicine,” as if the crash of financial markets and economic growth showed that his “cure” for inflation was working. Apart from employment and wage levels, another victim of Volcker’s interest-rate hike was the Democratic Party’s fortunes in the 1980 presidential election. They lost the White House for twelve years. The party thus is taking great courage – or simply being ignorant – by entering on this autumn’s midterm election by emulating Mr. Volcker’s attempt to drive down wage levels by financial tightening, which already has crashed the stock market by 20 percent. President Biden has thoroughly backed up Republican-appointed Federal Reserve Chairman Jerome Powell in endorsing a financial crash in hope that it will roll back U.S. wage levels. That is the policy of the Democratic Party’s donor class and hence political constituency.

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“We have to think ahead. And that’s not something the last outfit did very well. That’s something we’ve been doing fairly well. That’s why we need the money. Thank you all very much.”

• Biden: We Need More Money for the Second Pandemic (Celente)

President Joe Biden warned Americans Thursday that there is going to be a second pandemic and we need to be ready. Transcript from the White House: “Well, we’ll get through at least this year. We do need more money. But we don’t just need more money for vaccines for children, eventually; we need more money to plan for the second pandemic. There’s going to be another pandemic. We have to think ahead. And that’s not something the last outfit did very well. That’s something we’ve been doing fairly well. That’s why we need the money. Thank you all very much.”


Bloomberg reported last week that researchers believe that there is a 50/50 chance of another pandemic in the next 25 years. The report said that the Biden administration wants $88.2 billion in funding to adjust the pandemic preparedness in the U.S. to focus on a central White House response. “The plan is aimed at avoiding confusion that has plagued the U.S. pandemic response. The government would need to invest tens of billions of dollars to back the ideas in the new plan to strengthen U.S. biodefense, people familiar with the new plan told Bloomberg.” 1 Americans are still getting infected with COVD. About 300 people in the United States are dying from the virus each day and the average number of new infections each day was over 100,000 since the end of May.

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“So buy Italy, sell Germany, and ignore anyone who says sell dollars.”

• Be Warned, A Full-blooded European Sovereign Debt Crisis Is Coming (Blain)

Welcome to the age of divergence! A new long-term trend is upon us. Buy Dollars, Sell Europe. Unfortunately, it’s likely to play into Putin’s hands in Ukraine. Hurts to say it, but Europe is going to struggle most with what’s coming next. It’s got limited choices between galloping inflation, economic misery, and political instability. Being Europe, there is a significant risk it’s likely to reap the non-benefits of all three. After the US and UK hiked interest rates this week, the global inflation threat is so pronounced that even the Swiss National Bank surprised markets by joining the central bank tightening trend. The Bank of Japan – well, they have a different view, keeping up QE and zero interest rates, but they have a different demography, and a tumbling yen that doesn’t particularly bother them.

Thus far, central banks are struggling in this crisis. Addressing the massive exogenous inflation shock of the Ukraine war, following the exogenous shock of the pandemic with 50 basis point rate hikes, feels like treating a gaping flesh wound with a kid’s sticky plaster. It isn’t going to stop inflation. The Bank of England is now predicting Q3 inflation of 11% and raising interest rates is a massive problem for markets. Reading through acres of market research, the credibility of central banks is being called into question around the globe. They face a devil or the deep blue sea choice – how to a) preserve jobs and economic stability by avoiding a market crash, or b) slash inflation? And/or is not an option. It’s a thankless task, made more complex by the consequences of the last 13 years of monetary experimentation.

The ECB? It exists in the same economic world as the rest of us. But being a committee of 19 national members makes it somewhat unwieldy. At the best of times, steering an economy with imprecise monetary tools is challenging. For the ECB, it’s a compromise at best. That’s a major reason that 10 years after the last European Sovereign Debt Crisis, absolutely nothing is fixed about the debt-raddled south. [..] A full-blooded European Sovereign Credit Crisis is coming, and perversely it will give us a clear investment winner! I am not for one second suggesting Italy is an attractive investment proposition, but it’s a screaming speculative opportunity! Buy Italy!

That’s because keeping Italy and several other debt-stressed members in the Euro remains the defining policy of the ECB, and thus the European Union. So buy Italy, sell Germany, and ignore anyone who says sell dollars. Why would you? The US may longer be the globally trusted world policeman, but it’s still the global hegemon. There is not a credible dollar replacement. US Treasuries remain the ultimate safe haven, and if folk sell Treasuries, it’s because they need dollars to pay as the benchmark for all commodity and finished goods trade.

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“..what we learn from the profile is that DeSantis is smart, serious, hard-working, focused, honest, and apparently incorruptible..”

• The New Yorker Accidentally Makes Ron DeSantis Look Awesome (NR)

The New Yorker set out to do a hit piece on Florida governor Ron DeSantis. But what we learn from the profile is that DeSantis is smart, serious, hard-working, focused, honest, and apparently incorruptible. He ignores media “noise” and does what he thinks is best for Florida based on analysis of data and science. He grew up in a working-class neighborhood, then attended Yale, where he worked several jobs to pay tuition, and Harvard Law School. He served in the military in Iraq. The main thing the New Yorker hates about DeSantis is his effectiveness and hence the implicit threat he poses to Democrats: “Like Trump with a brain.”

Quotes from the piece: “He’d read all the medical literature — all of it, not just the abstracts.” “Ron’s strength as a politician is that he doesn’t give a f**k. . . . Ron’s weakness as a politician is that he doesn’t give a f**k. Big donors? He doesn’t give a s**t. Cancels on them all the time.” “He’s good-looking. . . . His wife is really good-looking. His family is beautiful. They look like they’re from central casting.” “He’s a serious guy. Driven.” “He was stubborn. If he set his mind to something, you couldn’t shake him. He was focussed and motivated. He didn’t get that from me.” [This is Ron DeSantis Sr. speaking. DeSantis’s dad opened the door in a Florida State University T-shirt and proceeded to chat amiably about his son’s baseball prowess.]

“Ron was a voracious worker, and he worked at phenomenal speed. He was a superb writer, especially for his age.” “He’s so f***ing smart and so creative. You couldn’t even plagiarize off his work. He’d take some angle, and everyone knew there was only one person who could have done that.” “He’s just incredibly disciplined.” And summations by the author of the piece, Dexter Filkins: “DeSantis has an intense work ethic, a formidable intelligence, and a granular understanding of policy.” He’s “articulate and fast on his feet.” He’s “dogged and precise.”

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Looks like an election time PR piece.

• Can DeSantis Displace Trump as the GOP Combatant-in-Chief? (New Yorker)

One Sunday afternoon in September, 2020, Jay Bhattacharya, an epidemiologist at Stanford University, was at home in Los Altos when he got an unexpected call. It was Ron DeSantis, the governor of Florida, and he wanted to talk about the coronavirus. In the early months of the pandemic, Bhattacharya had established himself as an outlier among public-health experts. He is one of three scientists who drafted the Great Barrington Declaration, which argued that many governments were doing more harm than good by shutting down economies and schools. The only practical approach, they said, would be to protect the most vulnerable—mainly by isolating the elderly—and allow everyone else to go about their lives until vaccines and herd immunity neutralized the disease. With covid-19 killing hundreds of Americans every day, the signers of the declaration became pariahs in their profession. “I’ve lost friends,” Bhattacharya told me. “I’m lucky to have tenure.”

DeSantis, young and aggressively confident, was similarly convinced that he could find a better way to handle the virus. Talking with him, Bhattacharya was surprised by his command of the research. “He’d read all the medical literature—all of it, not just the abstracts,” he told me. The science, though, remained unclear—Did the virus linger on surfaces? Did it travel in droplets or in a fog?—and many politicians found that the most appealing solutions were the ones that fit their ideology. For DeSantis, who espouses a libertarian vision of small government and personal freedom, the ideas in the Great Barrington Declaration resonated. In his view, the government, apart from protecting the elderly and making treatments available, should do almost nothing.

Initially, as the virus began spreading in Florida, DeSantis had ordered a statewide lockdown, in accordance with Dr. Anthony Fauci’s recommendations. Three weeks later, he changed his mind. “We will never do any of these lockdowns again,” he said. After talking to Bhattacharya, he lifted nearly all remaining restrictions—on schools, government buildings, stores, restaurants, and other private businesses—and halted the enforcement of mask mandates. As the death toll mounted, he was mocked by critics as “DeathSantis” and denounced by the mainstream press. “Any public distrust of this administration has been well-earned,” the Miami Herald editorial board wrote. “We can’t trust the governor with our lives.” A former political adviser with knowledge of the covid response told me that DeSantis was unfazed: “We were getting crucified, but to him it was just noise.” DeSantis revels in defying what he sees as a corrupt and self-satisfied liberal establishment.

Those who work closely with him say that he is unique among elected officials in his disregard for public opinion and the press. “Ron’s strength as a politician is that he doesn’t give a fuck,” a Republican consultant who knows him told me. “Ron’s weakness as a politician is that he doesn’t give a fuck. Big donors? He doesn’t give a shit. Cancels on them all the time.”

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FDR=peace. Truman=war.

• How Did America Become Ruled By Its Military-Industrial Complex? (Zuesse)

A document dated 21 January 1946 from the U.S. Joint Chiefs of Staff, and titled “STATEMENT OF EFFECT OF ATOMIC WEAPONS ON NATIONAL SECURITY AND MILITARY ORGANIZATION”, opened with a “Memorandum by the Chief of Staff, U.S. Army,” which itself opened:

“Upon reading the Joint Strategic Survey Committee’s statement on the above subject (J.C.S. 1477/5), I obtained a somewhat unfavorable over-all impression. While most of the specific statements made seem reasonable, the over-all tone seems to depreciate the importance of of the development of atomic weapons and to insist unnecessarily strongly that the conventional armed services will not be eliminated. While I agree entirely, so far as the immediate future is concerned, with the latter concept, I have not felt that there is strong public demand at the present that the services be in fact eliminated. The general tone of the statement might therefore be misconstrued by Congress and the public, and be looked upon as an indication of reactionism on the part of the military and an unwillingness under any circumstances to reduce the size of the military establishment.”

That was at a time when the widespread American assumption was that there would continue to be no standing army in this country. Within less than two years of FDR’s death on 12 April 1945, such a permanent-war U.S. Government became officially created. FDR’s plan for a U.N. that would internationally outlaw all empires became replaced by Truman’s plan for an America that would itself become what Hitler, himself, had only aspired to create: the world’s very first all-encompassing global empire. Truman’s dream is today’s American dream, in today’s Washington DC; and here was how the Nobel Peace-Prize-winning U.S. President, Barack Obama (the other of history’s slickest liars), stated it to graduating West Point cadets, on 28 May 2014:

“The United States is and remains the one indispensable nation. That has been true for the century passed and it will be true for the century to come. … Russia’s aggression toward former Soviet states unnerves capitals in Europe, while China’s economic rise and military reach worries its neighbors. From Brazil to India, rising middle classes compete with us, and governments seek a greater say in global forums. … It will be your generation’s task to respond to this new world. ” It’s endlessly onward and upward, for the U.S. All other nations are “dispensable.” And that objective is backed-up now, by half of the world’s military expenditures. This is how it happened. It happened by deceit, at every step of the way.

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Britain is rotting on all sides simultaneously.

• British ‘Watchdog’ Journalists Unmasked As Security State Lapdogs (Cook)

Events of the past few days suggest British journalism – the so-called Fourth Estate – is not what it purports to be: a watchdog monitoring the centers of state power. It is quite the opposite. The pretensions of the establishment media took a severe battering this month as the defamation trial of Guardian columnist Carole Cadwalladr reached its conclusion and the hacked emails of Paul Mason, a long-time stalwart of the BBC, Channel 4 and the Guardian, were published online. Both of these celebrated journalists have found themselves outed as recruits – in their differing ways – to a covert information war being waged by Western intelligence agencies.

Had they been honest about it, that collusion might not matter so much. After all, few journalists are as neutral or as dispassionate as the profession likes to pretend. But as have many of their colleagues, Cadwalladr and Mason have broken what should be a core principle of journalism: transparency. The role of serious journalists is to bring matters of import into the public space for debate and scrutiny. Journalists thinking critically aspire to hold those who wield power – primarily state agencies – to account on the principle that, without scrutiny, power quickly corrupts. The purpose of real journalism – as opposed to the gossip, entertainment and national-security stenography that usually passes for journalism – is to hit up, not down.

And yet, each of these journalists, we now know, was actively colluding, or seeking to collude, with state actors who prefer to operate in the shadows, out of sight. Both journalists were coopted to advance the aims of the intelligence services. And worse, each of them either sought to become a conduit for, or actively assist in, covert smear campaigns run by Western intelligence services against other journalists. What they were doing – along with so many other establishment journalists – is the very antithesis of journalism. They were helping to conceal the operation of power to make it harder to scrutinize. And not only that. In the process, they were trying to weaken already marginalized journalists fighting to hold state power to account.

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Both the Supreme Court and the U.S. Court of Appeals for the Ninth Circuit come out against Bayer.

• Court Orders EPA to Reassess Glyphosate Risk to Human Health, Environment (CHD)

In a historic victory for farmworkers and the environment on June 17, the U.S. Court of Appeals for the Ninth Circuit sided with the Center for Food Safety (CFS) and its represented farmworker and conservation clients by overturning the U.S. Environmental Protection Agency’s (EPA) decision that the toxic pesticide glyphosate is safe for humans and imperiled wildlife. Glyphosate is the active ingredient in Monsanto-Bayer’s flagship Roundup weedkiller, the most widely used pesticide in the world. The 54-page opinion held the Trump administration’s 2020 interim registration of glyphosate to be unlawful because “EPA did not adequately consider whether glyphosate causes cancer and shirked its duties under the Endangered Species Act (ESA).”

Represented by the Center for Food Safety, the petitioners in the lawsuit included the Rural Coalition, Farmworker Association of Florida, Organización en California de Lideres Campesinas and Beyond Pesticides. A consolidated case is led by Natural Resources Defense Council and includes Pesticide Action Network. “Today’s decision gives voice to those who suffer from glyphosate’s cancer, non-Hodgkin’s lymphoma,” said Amy van Saun, senior attorney with the Center for Food Safety and lead counsel in the case. “EPA’s ‘no cancer’ risk conclusion did not stand up to scrutiny. Today is a major victory for farmworkers and others exposed to glyphosate. Imperiled wildlife also won today, as the court agreed that EPA needed to ensure the safety of endangered species before greenlighting glyphosate.”

[..] As to its cancer conclusion, the court concluded that EPA flouted its own Cancer Guidelines and ignored the criticisms of its own experts. EPA’s “not likely to cause cancer” conclusion was inconsistent with the evidence before it, in the form of both epidemiological studies (real-world cancer cases) and lab animal studies. In addition to its lack of conclusion as to non-Hodgkin’s lymphoma risk (the cancer most tied to glyphosate), the court also concluded that EPA’s general “no cancer” decision was divorced from its own guidelines and experts when EPA selectively discounted evidence that glyphosate causes tumors in animals.

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1000s of lawsuits. $15 billion set aside. Let’s make sure it’s not enough.

• US Supreme Court Denies Bayer Bid To Block Roundup Lawsuits (AFP)

The US Supreme Court on Tuesday declined to hear a bid from Bayer-owned Monsanto that aimed to challenge thousands of lawsuits claiming its weedkiller Roundup causes cancer, a potentially costly ruling. The high court did not explain its decision, which left intact a $25 million ruling in favor of a California man who alleged he developed cancer after using the chemical for years. The decision marks a major blow to the German conglomerate’s legal fight against Roundup-related cases, and Bayer has set aside more than $15 billion to deal with a wave of US lawsuits linked to the weedkiller.


“Bayer respectfully disagrees with the Supreme Court’s decision,” the company said in a statement. Bayer has been plagued by problems since it bought Monsanto, which owns Roundup, in 2018 for $63 billion and inherited its legal woes. The German firm says it has not committed any wrongdoing, and maintains that scientific studies and regulatory approvals show Roundup’s main ingredient glyphosate is safe. Glyphosate is nonetheless classified as a “probable carcinogen” by the International Agency for Research on Cancer at the World Health Organization (WHO).

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Debt Rattle June 24 2020

Jun 242020
 
 June 24, 2020  Posted by at 12:09 pm Finance Tagged with: , , , , , , , , , ,  34 Responses »


Dorothea Lange Arkansas flood refugee family near Memphis, Texas 1937

 

• 80% of COVID19 Cases In The US Went Undetected In March (CNN)
• What the US Stock Market Looks Like Minus APPL, MSFT, AMZN, GOOG, FB (WS)
• Putin Reviews Military Parade On Eve Of Vote That Could Extend His Rule (R.)
• ‘The Skripal Case And The Decline Of Russia’s Spy Agencies (G.)
• Johnson And May Ignored Claims Russia Had ‘Likely Hold’ Over Trump (G.)
• Siberia Is On Fire And Off The Charts (Canary)
• Bayer Pays $10 Billion To Settle Thousands Of Monsanto Glyphosate Lawsuits (ZH)

 

 

It’s still a bit of a battle to get started again, as you can see, but we’ll get there. All day yesterday for instance my head was much more occupied with the banning of Mark Twain and Harper Lee than with corona. But I already wrote about To KIll A Mockingbird.

 

 

Worldometer reports new cases for June 23 (midnight to midnight GMT+0) at + 162,994 .

 

 

As Texas, where our resident GP is located, continues to surge:

 

 

 

 

 

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

 

 

From Worldometer:

 

 

From COVID19Info.live:

 

 

 

 

 

 

But how about now?

• 80% of COVID19 Cases In The US Went Undetected In March (CNN)

A new study suggests that as many as 8.7 million Americans came down with coronavirus in March, but more than 80% of them were never diagnosed. A team of researchers looked at the number of people who went to doctors or clinics with influenza-like illnesses that were never diagnosed as coronavirus, influenza or any of the other viruses that usually circulate in winter. There was a giant spike in these cases in March, the researchers reported in the journal Science Translational Medicine. “The findings support a scenario where more than 8.7 million new SARS-CoV-2 infections appeared in the U.S. during March and estimate that more than 80% of these cases remained unidentified as the outbreak rapidly spread,” Justin Silverman of Penn State University, Alex Washburne of Montana State University and colleagues at Cornell University and elsewhere, wrote.

Only 100,000 cases were officially reported during that time period, and the US still reports only 2.3 million cases as of Monday. But there was a shortage of coronavirus testing kits at the time. The team used data collected from each state by the US Centers for Disease Control and Prevention for influenza-like illness. The CDC uses this data to track the annual seasonal flu epidemic. It asks doctors to report all cases of people coming in for treatment for fever, cough and other symptoms caused by influenza. “We found a clear, anomalous surge in influenza-like illness (ILI) outpatients during the COVID-19 epidemic that correlated with the progression of the epidemic in multiple states across the US,” Silverman and colleagues wrote.

“The surge of non-influenza ILI outpatients was much larger than the number of confirmed cases in each state, providing evidence of large numbers of probable symptomatic COVID-19 cases that remained undetected.”

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Makes me think of playing Monopoly.

• What the US Stock Market Looks Like Minus APPL, MSFT, AMZN, GOOG, FB (WS)

The market capitalization of the five largest stocks combined – the “Giant 5:” Apple, Microsoft, Amazon, Alphabet, and Facebook – rose to a new record today of $6.18 trillion. Since their combined low point on March 16, their market capitalization has soared by 51%. That’s an increase of $2.1 trillion in a little over three months. Since January 2017, my Giant 5 index has soared by 164% (market cap data via YCharts):

So how big did they get? The overall stock market capitalization, as measured by the Wilshire 5000 Market Cap Index tracking 3,451 US-listed companies, ticked up to $31.8 trillion, up by 41.6% from its low on March 23. Today, the “Giant 5” accounted for 19.4% of the total US stock market capitalization, as measured by the Wilshire 5000, a new record. On January 3, 2017, the Giant 5 had accounted for 10% of the Wilshire 5000. In the three months since the crash in March, the share of the Giant 5 has soared from abound 16% to 19.4% today (Wilshire 5000 data via YCharts):

Let’s take the five largest stocks out of the largest stock market in the world, with 3,451 companies, and see what’s left over. What’s left over is now valued at $25.7 trillion. It’s up by 28.4% from the March 23 low, and while that’s till strong for a three-month rally, it’s a far cry from the 51% for the Giant 5. And here is the thing: All these companies combined, minus the “Giant 5,” are way below their peak in February 2020, and below a whole bunch of other dates before then, and below where they’d first been in at the end of January 2018. For the entire rest of the stock market – all its winners and losers combined – minus the “Giant 5” the period since January 2018 was a very rough and unpleasant ride to nowhere. It declined 1%. You would have been better off putting your money in one of those despicable freaking savings accounts:

Seen the other way around: If you had shorted on January 26, 2018, the entire stock market minus the “Giant 5,” you would have had a wild unpleasant ride and made 1%. But if you had shorted the “Giant 5” over the same period, you would have lost 70%. This is how dependent the stock market, and broad portfolios reflecting it, have become on the Giant 5. It’s not that there aren’t a bunch of other companies that have gained as much or more than the Big 5 in percentage terms – there are – but in dollar terms, and in weight in the market, they just don’t measure up to these five giants. Apple and Microsoft both are now worth over $1.5 trillion. Amazon is at nearly $1.4 trillion, Alphabet at $1.0 trillion. These are gigantic valuations. They also speak of an immense concentration of power in a single company.

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Russia holds its parade to honor the victims of WWII. The western press needs to make that look sinister. As Putin simply calls for cooperation. He must have sinister reasons for doing so.

• Putin Reviews Military Parade On Eve Of Vote That Could Extend His Rule (R.)

President Vladimir Putin reviewed a spectacular Red Square military parade on Wednesday, a patriotic display critics said was designed to lift his lower-than-usual ratings on the eve of a nationwide vote that could extend his rule until 2036. Putin watched as intercontinental ballistic missile launchers trundled past, nuclear-capable bombers flew overhead, and columns of tanks and over 14,000 troops, including some from allies like China, marched past under hot sunshine. The parade, to mark the 75th anniversary of the Soviet Union’s World War Two victory over the Nazis, was postponed from May 9 because of the novel coronavirus outbreak, but critics said it was still irresponsible to go ahead with it.

The Kremlin dismissed that assertion, saying new daily infections, though still in the thousands, were on the wane, especially in the Russian capital, the original epicentre of the outbreak, and that all safety precautions were taken. Volunteers gave masks and gloves to those watching on Red Square and ordered them to sit two seats apart. Putin, flanked by veterans, did not wear a mask, but people around him had been tested for the coronavirus, including veterans quarantined at a resort outside Moscow beforehand. Thousands of people thronged Moscow’s streets to watch tanks roll through the city on what was a public holiday. Putin struck a conciliatory tone towards the West, despite complaining beforehand about what he called attempts by some European countries to rewrite history.

He said Moscow would never forget the contribution made by the Soviet Union’s wartime allies, including their opening of a second front in 1944. Putin also made an indirect reference to his desire for the five permanent members of the U.N. Security Council to hold a summit to try to tackle the world’s problems. “We are open to dialogue and cooperation on the most current international questions,” said Putin. “Among them is the creation of a reliable and general system of security, which the complex fast-changing modern world needs. Only together can we defend it from new dangerous threats,” he said.

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“A Chain Of Stupidity” is what Assange smearer Luke Harding sees in Russia’s intelligence. But the smart folks at Atlantic Council-sponsored Bellingcat will save us from their stupidity. By claiming that Assad conducted chemical attacks on his people. By claiming that Russia downed MH17.

• ‘The Skripal Case And The Decline Of Russia’s Spy Agencies (G.)

A man named Eliot Higgins was following events in Libya, too – not from the front line, but from his home in the east Midlands. Specifically, from his sofa. It was a safer place to be – and, as it turned out, as good a perch as any from which to analyse the conflict, and to consider questions that, in the heat of battle, were interesting, but seemingly unanswerable. Questions such as: where did the rebels get their arms? Higgins recalls growing up as a shy “nerd”. According to his brother Ross, Higgins was an obsessive gamer and early computer enthusiast. He liked Lego, played Pong on an antediluvian 1980s Atari and was a fan of Dungeons and Dragons. He spent hours immersed in the online roleplay game World of Warcraft, where participants pooled skills and collaborated across virtual borders. His instincts were completist: he wanted to finish and win the game. This would prove useful later on.

Higgins tried for a career in journalism and enrolled on a media studies course in Southampton. It didn’t work out, and he left without a degree. Next, he earned a living via a series of unlikely administrative jobs. One day Higgins logged on to the Guardian’s Middle East live blog. Libya was the centre of international attention. Higgins made his own contributions to the comment section of the Guardian blog, using the name Brown Moses – taken from a Frank Zappa song. The blog often featured videos uploaded by anti-regime fighters. There was fierce debate as to whether these images were authentic or bogus.

One such video showed a newly captured town. The rebels claimed it was Tiji, a sleepy settlement with a barracks that had been recently bombed by Nato jets, close to the border with Tunisia, and on the strategic main road leading to Tripoli. There was a mosque, a white road and a few little buildings with trees around them. The video showed a rebel-driven tank rolling noisily down a two-lane highway. There were utility poles. Higgins used satellite images to see if he could identify the settlement and thereby win the discussion. The features were sufficiently distinctive for him to be able to prove he was correct: the town was Tiji. “I’m very argumentative,” he says. It was the first time he had used geolocation tools. He realised he could collect user-generated videos and later work out exactly where they had been filmed.

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Ah, Harding has a new book out and that needs to be promoted. So let’s use the Steele Dossier for that. Its credibility hasn’t survived Mueller, but who in Britain knows that? Just throw in that Russia especially hates Britain, that’ll do it.

• Johnson And May Ignored Claims Russia Had ‘Likely Hold’ Over Trump (G.)

Boris Johnson and Theresa May ignored claims the Kremlin had a “likely hold” over Donald Trump and may have covertly funded Brexit, the former spy Christopher Steele alleges in secret evidence given to MPs who drew up the Russia report. In testimony to MPs, the MI6 veteran accused the government led by May and in which Johnson was foreign secretary for two years of turning a blind eye to allegations about Trump because they were afraid of offending the US president. Steele first presented a dossier about Trump to senior UK intelligence figures in late 2016, who he says took it seriously at first. But, he writes, “on reaching top political decision-makers, a blanket appeared to be thrown over it”.

“No inquiries were made or actions taken thereafter on the substance of the intelligence in the dossier by HMG [Her Majesty’s government],” Steele says in the critical document. The allegation is contained in a short summary of a larger file of information presented in August 2018 by Steele to parliament’s intelligence and security committee (ISC), inquiring into Kremlin infiltration into British politics and public life. Steele accuses May’s government of selling British interests short by not taking matters further: “In this case, political considerations seemed to outweigh national security interests. If so, in my view, HMG made a serious mistake in balancing matters of strategic importance to our country.”

The Russia expert concluded: “A prospective trade deal should never be allowed to eclipse considerations of national security.” Steele’s confidential testimony is revealed for the first time in a book by the Guardian journalist Luke Harding, Shadow State: Murder, Mayhem and Russia’s Remaking of the West, to be published next week.

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Siberia has an extreme climate. But it’s now even more extreme.

• Siberia Is On Fire And Off The Charts (Canary)

Scientists have expressed concerns about the implications for the rest of the world after a heatwave in Russia’s Siberia region. On Saturday, the thermometer hit a likely record of 38C – or 100.4 degrees Fahrenheit – in the Siberian town of Verkhoyansk in Russia’s Sakha Republic. The World Meteorological Organisation said it is looking to verify the temperature reading, which would be a record for the region north of the Arctic Circle. The increasing temperatures in Siberia have been linked to wildfires that grow bigger and more severe every year, as well as the thawing of the permafrost.

University of Michigan environmental school dean Jonathan Overpeck, a climate scientist, said: “The Arctic is figuratively and literally on fire – it’s warming much faster than we thought it would in response to rising levels of carbon dioxide and other greenhouse gases in the atmosphere, and this warming is leading to a rapid meltdown and increase in wildfires. “The record warming in Siberia is a warning sign of major proportions.” Much of Siberia had high temperatures this year that were beyond unseasonably warm. From January through to May, the average temperature in north-central Siberia has been about 8C above average, according to the climate science non-profit organisation Berkeley Earth.

Siberia is in the Guinness Book of World Records for its extreme temperatures. It is a place where the thermometer has swung by 106C (190 degrees Fahrenheit), from a low of minus 68C to 38C.

Read more …

Very scary people, the lot of them.

• Bayer Pays $10 Billion To Settle Thousands Of Monsanto Glyphosate Lawsuits (ZH)

After decades of widespread use as company scientists played down research showing a definitive link between the product and growing rates of non-Hodgkins lymphoma, Monsanto parent company Bayer has agreed to pay up to $10 billion to settle claims that glyphosate, the active ingredient in Roundup, causes cancer. Citing people familiar with the matter, German newspaper Handelsblatt reported that the company has agreed to settle tens of thousands of glyphosate-related lawsuits in the US for between $8 billion to $10 billion. Of that number, $2 billion is considered a “reserve” which can be used to settle future claims. The rest will be used to settle all of the lawsuits pending in the United States from users of the controversial weed killer, the number of active lawsuits against the Roundup purveyor recently numbered more than 50k.


Talks for an out of court settlement have been ongoing since last summer. Last year, scientists evaluated a batch of existing studies and determined that Monsanto’s ubiquitous weed-killer Roundup and its active ingredient glyphosate increased cancer risk of non-Hodgkin lymphoma (NHL) by 41%, according to a research published in February 2019. Back in 2018, a San Francisco Jury awarded $289 million in damages to a former school groundskeeper, Dewayne Johnson, who said Monsanto’s Roundup weedkiller gave him terminal cancer. That award consisted of $40 million in compensatory damages and $250 million in punitive damages.

Read more …

 

 

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Debt Rattle June 23 2020

Jun 232020
 
 June 23, 2020  Posted by at 10:01 am Finance Tagged with: , , , , , , , , , , , , , ,  41 Responses »


G. G. Bain Katherine Stinson, “the flying schoolgirl,” Sheepshead Bay Speedway, Brooklyn 1918

 

• Protesters Fail To Bring Down Andrew Jackson Statue Near White House (R.)
• To Kill A Mockingbird, Huckleberry Finn Banned From Minnesota Syllabuses (SOTT)
• WHO Reports Largest Single-Day Increase In COVID19 Cases (SCMP)
• Mexico Reports 5,343 New Coronavirus Infections And 1,044 Deaths (R.)
• Surge In Coronavirus Cases Linked To More Texans In Their 20s (TT)
• Complete Shutdown Could Be Only Way To Stop Coronavirus in Utah (SacBee)
• Judge’s Ruling Opens Door For Bolton To Be Sued Or Prosecuted (JTN)
• Jerry Nadler Preparing To Subpoena Bill Barr (NBC)
• Fired NY Prosecutor Given Biden-Ukraine Info In 2018, Didn’t Follow Up (JTN)
• Ghislaine Maxwell Hiding Behind French Extradition Laws (ZH)
• Bayer Wins Court Ruling Restricting California’s Roundup Warning (R.)
• BlackRock, the New Great Vampire Squid (Ellen Brown)

 

 

I have a hard time getting back to the daily grind. Also think maybe I should adapt the format somewhat. It’s clear that the virus will be with us for a long time. Deaths are increasing again:

 

 

 

Worldometer reports new cases for June 22 (midnight to midnight GMT+0) at + 138,975 .

 

 

 

 

 

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

 

 

From Worldometer:

 

 

From COVID19Info.live:

 

 

 

 

https://twitter.com/DrEricDing/status/1274940547824783360

 

 

 

 

I told you guys: you’re going to have to rename the capital AND the country.

• Protesters Fail To Bring Down Andrew Jackson Statue Near White House (R.)

Protesters tried tearing down a statue of Andrew Jackson, the seventh president of the United States, in a park near the White House on Monday, scrawling “killer scum” on its pedestal and pulling on the monument with ropes before police intervened. The confrontation unfolded in Lafayette Square, where crowds peacefully protesting the death of George Floyd under the knee of a police officer were forcibly displaced three weeks ago to make way for staged photos of President Trump holding up a bible in front of a nearby church. The thwarted effort to topple the famed bronze likeness of Jackson astride a rearing horse was the latest bid, in protests fuelled by Floyd’s death, to destroy monuments of historical figures considered racist or divisive.

President Donald Trump took to Twitter here saying that many people were arrested for the “disgraceful vandalism” in Lafayette Park and also for defacing the exterior of St. John’s Church. “Ten years in prison under the Veteran’s Memorial Preservation Act. Beware!” he warned. Monday’s incident began around dusk with scores of protesters, most wearing masks against coronavirus infection, breaking through a 6-foot-tall fence erected in recent days around the statute at the center of the park.

Protesters then climbed onto the monument, fastening ropes and cords around the sculpted heads of both Jackson and his horse and dousing the marble pedestal with yellow paint before the crowd began trying to yank the statute from its base. Dozens of law enforcement officers, led by U.S. Park Police, stormed into the square, swinging batons and firing chemical agents to scatter protesters. By dark, police had taken control and outnumbered demonstrators in the immediate area. Jackson, a former U.S. Army general nicknamed “Old Hickory,” served two terms in the White House, from 1829 to 1837, espousing a populist political style that has sometimes been compared with that of Trump.

Read more …

This is a story that has no beginning and no end. There are some pretty offensive stories in the Bible. Go for it.

• To Kill A Mockingbird, Huckleberry Finn Banned From Minnesota Syllabuses (SOTT)

Two classic American novels have been banned from syllabuses at schools in Minnesota, USA. The reason being a concern that racial slurs used in Harper Lee’s To Kill a Mockingbird and Mark Twain’s The Adventures of Huckleberry Finn, could make pupils feel “humiliated or marginalised”. According to The Telegraph, The Duluth school district, which includes over 20 schools, is removing the books from the curriculum for ninth and 11th grade English classes. However, copies of Lee and Twain’s classics will remain in the school libraries. While Duluth district’s curriculum director Michael Cary has said To Kill A Mockingbird and Huckleberry Finn will be replaced by books that “teach the same lessons” without using racial slurs.

The American Library Association have listed the two novels as among the most banned books from 2001-2009, mainly due to the offensive language used by some characters. To Kill a Mockingbird deals with racial injustice in segregated 1930s Alabama. While Huckleberry Finn is set in the 19th century before slavery was abolished. The American Library Association stated that most of the complaints were from black parents concerned about books on the curriculum containing racial slurs. Both books were temporarily removed from Virginia schools in 2016 after a parental complaint. While just this October Mississippi schools banned To Kill a Mockingbird from their syllabuses. However, students with parental permission can take part in a study of Lee’s novel.

The Pulitzer Prize-winning author died in 2016 after publishing just two books. The second was Go Set a Watchman, her first draft of To Kill a Mockingbird, written decades ago and published in 2015. Amazon said it was their most pre-ordered book ever since Harry Potter and the Deathly Hallows in 2007. Last year, Harry Potter books were banned from a school in Nashville, Tennessee. According to The Tennessean, pupils at St Edward Catholic School will no longer be able to borrow JK Rowling’s fantasy books to read from its library. The magical adventures have been censored from the school library because of their content, after Reverend Dan Reehil, a pastor of the Roman Catholic school wrote an email voicing his concerns. The email said: “These books present magic as both good and evil, which is not true, but in fact a clever deception.”

Read more …

They did it only 3 days after I signaled this. Keep your eye on India, Mexico.

• WHO Reports Largest Single-Day Increase In COVID19 Cases (SCMP)

The World Health Organisation on Sunday reported the largest single-day increase in coronavirus cases by its count, at more than 183,000 new cases in the latest 24 hours. The UN health agency said Brazil led the way with 54,771 cases tallied. The Brazilian government has since announced that the country’s death toll has passed 50,000. The US was next at 36,617 infections, while over 15,400 were in India. Experts said rising case counts can reflect multiple factors including more widespread testing as well as broader infection. Testing continues to be a contentious issue in the US, with a White House aide defending President Donald Trump’s latest remarks on the issue.

Trump had drawn criticism after saying at a campaign rally in Tulsa, Oklahoma, on Saturday that the US has tested 25 million people, but the “bad part” is that it found more cases. “When you do testing to that extent, you’re going to find more people, you’re going to find more cases,” Trump said. “So I said to my people, ‘Slow the testing down, please’.” White House trade adviser Peter Navarro said on CNN that Trump was being “tongue-in-cheek” and made the comment in a “light mood.” Democratic rival Joe Biden’s campaign accused Trump of “putting politics ahead of the safety and economic well-being of the American people”.

The US has the world’s highest number of reported infections, over 2.2 million, and the highest death toll, at about 120,000, according to a tally by Johns Hopkins University. Health officials say robust testing is vital for tracking outbreaks and keeping the virus in check. Overall in the pandemic, WHO reported 8,708,008 cases – 183,020 in the last 24 hours – with 461,715 deaths worldwide, with a daily increase of 4,743. More than two-thirds of those new deaths were reported in the Americas. Brazil’s Health Ministry said on Monday that the country had a total of 1,085,038 confirmed cases and 50,617 deaths.

Read more …

This was on Sunday. Yesterday they had “only” 758 deaths.

• Mexico Reports 5,343 New Coronavirus Infections And 1,044 Deaths (R.)

Mexico on Sunday reported 5,343 new infections and 1,044 additional deaths from the coronavirus that causes COVID-19, the health ministry said, bringing the totals for the country to 180,545 cases and 21,825 deaths. The government has said the actual number of infected people is likely significantly higher than the confirmed cases.

Read more …

Party!

• Surge In Coronavirus Cases Linked To More Texans In Their 20s (TT)

Texans under the age of 30 are testing positive for the new coronavirus at a higher rate than previously seen since the pandemic began, contributing to a recent surge in the number of cases in the state, Gov. Greg Abbott said during a press conference Tuesday. Data from several counties and health experts confirms the trend in younger people testing positive across Texas. “There are certain counties where a majority of the people who are tested positive in that county are under the age of 30, and this typically results from people going to bars,” Abbott said during the conference. “That is the case in Lubbock County, Bexar County, Cameron County.” mAbbott said that it’s unclear why more young people are contracting the virus, but he speculated that it could be from increased activity over Memorial Day weekend, visits to bars or other types of social gatherings.


This comes as Texas businesses have begun to reopen with relaxed restrictions under Abbott’s executive orders. As of last Friday, restaurants can operate at 75% capacity, while almost all other businesses can operate at 50%. Texas water parks and amusement parks have been allowed to reopen as well. In recent weeks, thousands of Texans have also flooded the streets of some of the largest cities to protest police brutality in the wake of George Floyd’s death. One of the areas of concern Abbott mentioned was Hays County, where 476 of the 938 confirmed cases are people ages 20 to 29. People in their 20s accounted for 50.7% of all the cases in Hays County as of Monday, an increase from Friday, when the age group made up 42% of total cases.

Read more …

Not just in Utah, I would venture.

• Complete Shutdown Could Be Only Way To Stop Coronavirus in Utah (SacBee)

With coronavirus cases climbing fast in Utah, the state’s top health official is warning that if something doesn’t change soon, a full-scale shutdown will be the only way to control the virus’ spread, outlets report. “We are quickly getting to a point where the only viable option to manage spread and deaths will be a complete shutdown,” a memo state epidemiologist Dr. Angela Dunn shared with state and local health officials, said, according to KUTV Dunn went on to say that Utah must achieve an average daily case count of 200, for seven consecutive days, by July 1, KUTV reported, or else raise the threat level to orange.


Doing so “will send the message to Utahns that this outbreak continues to be a serious problem, and state leadership is committed to saving lives and preventing a complete economic shutdown.” Gov. Gary Herbert downgraded the alert status to yellow on May 15, and 12 days later, coronavirus spread began to accelerate, Dunn said, The Salt Lake Tribune reported. The memo, released on Friday, came the same day Gov. Herbert downgraded most of rural Utah’s status to green, the lowest alert level, according to The Salt Lake Tribune.

Read more …

“These guys shouldn’t be joining administrations to write books and enrich themselves..”

• Judge’s Ruling Opens Door For Bolton To Be Sued Or Prosecuted (JTN)

John Bolton’s legal troubles may be far from over. The former National Security Advisor won a limited but notable victory in court Saturday when a federal judge ruled that he would not prevent his tell-all book, “The Room Where It Happened,” from being published. The Trump administration had sued to stop the book’s publication, claiming it contained classified information that would endanger national security if it were to be released to the general public. U.S. District Judge Royce Lamberth ruled in favor of Bolton, stating that since the book has already been circulated among numerous journalists and media outlets the question of injunction was mostly moot. Yet he acknowledged in his ruling that Bolton may still have “expose[d] himself to criminal liability” in publishing the exposé.

Alan Dershowitz agreed. Dershowitz, the storied Harvard law professor and noted proponent of civil liberties, told Just the News on Saturday that there “may be a basis for a lawsuit against Bolton by the government.” Dershowitz pointed to the 1980 Supreme Court case Snepp v. United States as the controlling precedent. In that case, Frank Snepp — a CIA intelligence analyst in Saigon during the Vietnam War —published the book “Decent Interval” following his departure from the agency. The government sued Snepp over the book, which was drawn from an after-action report he had written for the CIA following his service in Saigon. The government argued that Snepp had broken his contractual obligation to submit his book to the CIA prior to publication.

The Supreme Court eventually ruled against Snepp, forcing him to surrender his monetary earnings to the federal government and enjoining him from future publication without prepublication review from the government. Dershowitz represented Snepp in the controlling case. “We argued the rule was unconstitutional. We lost,” he told Just the News. “I don’t approve of that decision,” he said. “I think it’s wrong on the law, and I think it’s wrong on the Constitution. But it may be a basis for a lawsuit against Bolton by the government.”

Kevin Brock, meanwhile — the former FBI assistant director for intelligence — suggested that it appeared Bolton had worked for the Trump administration just to line his own pockets. “Everybody who’s at the SCS level in government has to sign documentation that they’re not going to disclose information that they collect while they’re performing their duties without first getting approval,” Brock said. “It seems like more and more executives are ignoring that, and the courts haven’t really tested it or enforced it that I’m aware of.” “These guys shouldn’t be joining administrations to write books and enrich themselves,” he said. “It’s like they’re accepting jobs with an eye to enriching themselves after serving.”

Read more …

Sure, subpoena people who are willing to come voluntarily, and then talk about it on the Rachel Maddow show. Prediction: Barr will come when he wants, not Nadler.

• Jerry Nadler Preparing To Subpoena Bill Barr (NBC)

The Democrat who leads the House Judiciary Committee is set to subpoena Attorney General William Barr for testimony early next month, NBC News has confirmed. Rep. Jerry Nadler, D-N.Y., is preparing to subpoena testimony on July 2, a committee spokesperson confirmed Monday night. “We have begun the process to issue that subpoena,” Nadler said Monday night on MSNBC’s “The Rachel Maddow Show.” News of the planned subpoena was reported earlier Monday by Axios. Barr has been criticized in recent days for the abrupt removal of the top prosecutor for the influential Southern District of New York, U.S. Attorney Geoffrey Berman, over the weekend.

Nadler said Sunday on CNN that Barr deserves to be impeached but that doing so would be a waste of time because the majority-Republican Senate would never convict him. Barr had been scheduled to testify before the Judiciary Committee in March, but his testimony was canceled because of the coronavirus pandemic. In a letter, Rep. Jim Jordan of Ohio, the ranking Republican on the Judiciary Committee, acknowledged that Nadler intends to subpoena Barr, but he objected to it. “Attorney General Barr remains willing to testify voluntarily once the pandemic concludes,” wrote Jordan, a staunch ally of President Donald Trump’s. “Accordingly, there is no legitimate basis for you to compel his testimony at this time.”

Jordan also wrote that circumstances had not changed enough since March to warrant a subpoena. When Barr and House Democrats reached an agreement on testimony this spring, Democrats wrote that they planned to ask him about the Justice Department’s decision to overrule career prosecutors and propose a reduction in the prison sentence for Trump confidant Roger Stone.

Read more …

To be continued.

• Fired NY Prosecutor Given Biden-Ukraine Info In 2018, Didn’t Follow Up (JTN)

Could the impeachment scandal have been prevented if the now-fired U.S. Attorney Geoffrey Berman had followed up on Ukrainian allegations about Joe Biden and his family in 2018? That’s the tantalizing question raised by emails from fall 2018 between an American lawyer and the chief federal prosecutor in Manhattan that were obtained by Just the News. The memos show that well before Ukrainian prosecutors reached out to Rudy Giuliani, President Trump’s lawyer, in 2019 to talk about the Bidens and alleged 2016 election interference they first approached Berman’s office in New York in October 2018 via another American lawyer.

The memos show Little Rock, Ark., lawyer Bud Cummins, a former U.S. attorney himself, reached out at least five times in October 2018 to Berman seeking to arrange a meeting with then-Ukrainian Prosecutor General Yuriy Lutsenko.Lutsenko, who emerged as a key figure in the impeachment scandal, wanted to confidentially share with federal prosecutors in New York evidence he claimed to possess that raised concerns about the Bidens’ behavior as well as alleged wrongdoing in the Paul Manafort corruption case. “Prosecutor General Yuriy Lutsenko is offering to come to U.S. meet with high-level law enforcement to share the fruits of investigations within Ukraine which have produced evidence of two basic alleged crimes,” Cummins wrote Berman on Oct. 4, 2018, one day after the two had talked on the phone about the allegations.

The allegations included that Joe Biden had “exercised influence to protect Burisma Holdings” after his son Hunter and his son’s business partner Devon Archer had joined the Ukrainian gas company’s board of directors and “substantial sums of money were paid to them,” Cummins wrote. At the time Hunter Biden and Archer joined Burisma in 2014, the company was under criminal investigation in both England and Ukraine for alleged corruption. The British case was dropped in 2015, and the Ukraine cases were eventually settled in the final days of the Obama administration.

Joe Biden boasted during a 2018 public appearance that he forced the firing on Lutsenko’s predecessor, Viktor Shokin, back in 2016by threatening to withhold $1 billion in U.S. aid to Ukraine. At the time, Shokin was leading the investigation into Burisma. Biden denies the investigation factored into his decision. Biden’s and Archer’s firm received more than $3 million in payments from Burisma between 2014 and 2016, bank records obtained by the FBI show.

Read more …

“Under French law anyone born on French soil is safe from extradition to another country, regardless of the alleged crime.”

• Ghislaine Maxwell Hiding Behind French Extradition Laws (ZH)

Jeffrey Epstein’s accused ‘madam’ is reportedly holed up in a luxury apartment on Paris’s Avenue Matignon – just a five minute drive from the dead pedophile’s $8.6 million flat, according to the Daily Mail. Maxwell “is moving locations every month to keep private investigators off her tail and is staying at the residences of trusted colleagues and contacts,” according to a source. “She wants to remain in France for as long as she can to take advantage of extradition laws and has a huge network of contacts willing to keep her hidden,” they added. “Under French law anyone born on French soil is safe from extradition to another country, regardless of the alleged crime.”

It doesn’t mean she won’t be prosecuted for her links to Epstein but if she does end up facing charges it will be in France and not the US. The French apartment is linked to a Normandy-based business contact, according to the report. Epstein and Maxwell began dating in the early 1990s, after which she became his ‘madam’ and helicopter pilot – allegedly ferrying underage girls to his multiple properties around the world. In 2003, Epstein told a reporter with Vanity Fair that Maxwell was his “best friend.”

Maxwell comes from money. Her father was publisher Robert Maxwell – who himself faced accusations of being a Mossad double (and possibly triple) agent and a “bad character” who was “almost certainly financed by Russia,” according to the British Foreign Office. Robert Maxwell died in 1991 when he fell from his yacht, the Lady Ghislaine – however the circumstances surrounding his demise have been rife with speculation (including that it was a Mossad assassination – a theory which attorney and longtime Epstein associate Alan Dershowitz slammed in a 2003 op-ed). Ghislaine has been accused by three women of procuring and training young girls to perform massage and sexual acts on Epstein and his associates.

Read more …

Whenever Bayer wins, everyone else loses..

• Bayer Wins Court Ruling Restricting California’s Roundup Warning (R.)

Bayer AG won a court ruling blocking California from requiring the German-based company to tell consumers that a chemical in its Roundup herbicide is known to cause cancer, Bloomberg News reported on Monday. A federal judge in Sacramento on Monday granted Bayer’s request to block the state from requiring the company or any businesses from providing a “clear and reasonable warning before exposing any individual to glyphosate,” the report said. Bayer, which acquired Roundup manufacturer Monsanto in a $63 billion deal in 2018, to date has faced three juries over claims that Roundup causes cancer. The company has denied the allegations made by more than 42,700 plaintiffs in the United States, saying decades of studies have shown Roundup and glyphosate are safe for human use.

Read more …

“It is the world’s largest asset manager and “shadow bank,” larger than the world’s largest bank (which is in China)..”

• BlackRock, the New Great Vampire Squid (Ellen Brown)

To most people, if they are familiar with it at all, BlackRock is an asset manager that helps pension funds and retirees manage their savings through “passive” investments that track the stock market. But working behind the scenes, it is much more than that. BlackRock has been called “the most powerful institution in the financial system,” “the most powerful company in the world” and the “secret power.” It is the world’s largest asset manager and “shadow bank,” larger than the world’s largest bank (which is in China), with over $7 trillion in assets under direct management and another $20 trillion managed through its Aladdin risk-monitoring software. BlackRock has also been called “the fourth branch of government” and “almost a shadow government”, but no part of it actually belongs to the government.

Despite its size and global power, BlackRock is not even regulated as a “Systemically Important Financial Institution” under the Dodd-Frank Act, thanks to pressure from its CEO Larry Fink, who has long had “cozy” relationships with government officials. BlackRock’s strategic importance and political weight were evident when four BlackRock executives, led by former Swiss National Bank head Philipp Hildebrand, presented a proposal at the annual meeting of central bankers in Jackson Hole, Wyoming, in August 2019 for an economic reset that was actually put into effect in March 2020. Acknowledging that central bankers were running out of ammunition for controlling the money supply and the economy, the BlackRock group argued that it was time for the central bank to abandon its long-vaunted independence and join monetary policy (the usual province of the central bank) with fiscal policy (the usual province of the legislature).

They proposed that the central bank maintain a “Standing Emergency Fiscal Facility” that would be activated when interest rate manipulation was no longer working to avoid deflation. The Facility would be deployed by an “independent expert” appointed by the central bank. The COVID-19 crisis presented the perfect opportunity to execute this proposal in the US, with BlackRock itself appointed to administer it. In March 2020, it was awarded a no-bid contract under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to deploy a $454 billion slush fund established by the Treasury in partnership with the Federal Reserve. This fund in turn could be leveraged to provide over $4 trillion in Federal Reserve credit. While the public was distracted with protests, riots and lockdowns, BlackRock suddenly emerged from the shadows to become the “fourth branch of government,” managing the controls to the central bank’s print-on-demand fiat money.

Read more …

 

 

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Debt Rattle January 17 2020

Jan 172020
 
 January 17, 2020  Posted by at 10:57 am Finance Tagged with: , , , , , , , , , , ,  13 Responses »


Jack Delano Mrs. Marcella Hart, mother of three, employed as a wiper at the roundhouse. Chicago & North Western R.R. 1943

 

• BlackRock Will Start Moving Away from Fossil Fuels (NewYorker)
• Microsoft Pledges To Eliminate Carbon Footprint By 2050 (Ind.)
• With Rivals Stuck In Impeachment Trial, Biden, Buttigieg To Barnstorm Iowa (R.)
• Parnas Now Denies Speaking With Trump (WE)
• Putin Purged the West from the Kremlin (Luongo)
• China’s Economic Growth Hits 29-Year Low (BBC)
• Manhattan’s Homeless Shelters Are Full, Luxury Skyscrapers Are Empty (Atl.)
• The Loss of Truth In the Media Is a Threat to Our Democracy (Ray Dalio)
• Bayer Close To Roundup Settlement – Mediator (R.)
• Chemicals In Tap Water Cause Thousands Of Cancer Deaths Across Europe (RT)

 

 

Next week brings not only the Capitol Hill Bizarro circus, there’s also Davos. So we have BlackRock and Microsoft making their solid pledges. Because they see profit in playing nice.

“..there’s about eighty trillion dollars of money on the planet. If that’s correct, then BlackRock’s holding of seven trillion dollars means that nearly a dime of every dollar rests in its digital files”

• BlackRock Will Start Moving Away from Fossil Fuels (NewYorker)

If you felt the earth tremble a little bit in Manhattan on Tuesday morning, it was likely caused by the sheer heft of vast amounts of money starting to shift. “Seismic” is the only word to describe the recent decision of the asset-management firm BlackRock to acknowledge the urgency of the climate crisis and begin (emphasis on begin) to start redirecting its investments. By one estimate, there’s about eighty trillion dollars of money on the planet. If that’s correct, then BlackRock’s holding of seven trillion dollars means that nearly a dime of every dollar rests in its digital files, mostly in the form of stocks it invests in for pension funds and the like. So when BlackRock’s C.E.O., Larry Fink, devoted his annual letter to investors to explaining that climate change has now put us “on the edge of a fundamental reshaping of finance,” it marked a watershed moment in climate history.

He’s right about the financial future, of course—one can’t look at the clouds of smoke now obscuring the Australian continent and come away thinking that we can maintain our present course. But anyone paying attention—which includes investment-fund C.E.O.s—has known the score for years. What’s changed now are a couple of factors. For one, fossil-fuel stocks have begun to drag down portfolios. As the Times observed, “Had Mr. Fink moved a decade ago to pull BlackRock’s funds out of companies that contribute to climate change, his clients would have been well served. In the past 10 years, through Friday, companies in the S&P 500 energy sector had gained just 2 percent in total. In the same period, the broader S&P 500 nearly tripled.”

But, at least as important, public pressure just keeps mounting. Activist campaigns have been working to make the financial industry start to pay attention. (I’m involved with one, and was among those arrested, on Friday, after a sojourn in the lobby of a Chase branch.) In the past few months, Goldman Sachs, Liberty Mutual, and the Hartford Financial Services Group, Inc., have all put forth new climate policies, and the European Investment Bank—the largest international public bank in the world—announced that it would stop lending to fossil-fuel projects altogether.

Read more …

CEO Satya Nadella said on the BBC this morning that the world needs much more energy by 2040. Grow the world cleaner! Disregard these lying fools.

• Microsoft Pledges To Eliminate Carbon Footprint By 2050 (Ind.)

Microsoft has promised to remove as much carbon as it has put into the atmosphere by 2050 – a goal critics say is undermined by the tech-giant’s ongoing contracts with some of the largest contributors to greenhouse gas emissions in the world. The pledge – one of the most ambitious to be undertaken by a Fortune 500 company – includes the creation of a “Climate Innovation Fund”, which will invest $1bn (£760m) over the next four years to speed up the development of carbon removal technology. Speaking from Washington, chief executive Satya Nadella said the company would seek to be carbon-negative – taking more carbon out of the atmosphere than it puts in – by 2030. “If the last decade has taught us anything, it’s that technology built without these principles can do more harm than good,” he said.

“We must begin to offset the damaging effects of climate change,” Mr Nadella added, commenting that if global temperatures continue to rise unabated “the results will be devastating”. The move was lauded by politicians with the US – with Democratic senator Chris Coons and Republican Mike Braun, both chairs of the bipartisan Senate Climate Solutions Caucus, describing the mood as “exactly the kind of bold action we need from the business community”. However, it is unclear how the pledge will run alongside Microsoft’s work with giants in the oil industry including Chevron and Exxon Mobil – both of which were identified among the globe’s top companies for greenhouse gas emissions from 1988 to 2015, placing in 12th and 5th respectively according to environmental non-profit CDP.

Last February the firm announced it had the potential to expand Exxonmobil’s production by up to 50,000 barrels of oil a day by 2025 from the Permian Basin in the southwest US – and in 2017 it announced a multi-year deal to sell cloud services to US energy giant Chevron Corp. Bill Weihl, former director of sustainability at Facebook Inc, said Microsoft does not take into account that its work with oil companies could outweigh the gains Microsoft makes on its own carbon reduction. “There is good stuff here,” Mr Weihl said of the carbon capture plan. “But the topline message, that this is urgent, is not matched by what they’re focusing on.”

[..] The announcement follows a December lawsuit in which Microsoft was named alongside the likes of Tesla and Google parent firm Alphabet – with the companies accusing the company of being complicit in the deaths of children from the Democratic Republic of Congo who were mining a metal integral to their devices. The children cited in the landmark lawsuit had been put to work to find cobalt – a precious metal vital to the production of modern batteries that has been intensively mined since the dawn of smartphones.

Read more …

Unless Biden is called as a witness?!

• With Rivals Stuck In Impeachment Trial, Biden, Buttigieg To Barnstorm Iowa (R.)

Democratic presidential candidates Joe Biden and Pete Buttigieg will blitz Iowa before the state kicks off the party’s nominating contest on Feb. 3, while their key rivals will be largely unable to campaign because they must sit as Senate jurors in Republican President Donald Trump’s impeachment trial. Aides to Biden and Buttigieg, locked in a tight four-way battle with U.S. Senators Bernie Sanders and Elizabeth Warren, would not comment on the unprecedented advantage next week’s Senate trial presents them. Yet newly released schedules reveal an intense on-the-ground push by both candidates in the final stretch in Iowa, while Sanders, Warren and another senator, Amy Klobuchar, will miss most remaining campaign days to participate in the impeachment trial.

“I would rather be in Iowa today,” Sanders told reporters at the U.S. Capitol on Tuesday after the trial formally kicked off. “I would rather be in New Hampshire and in Nevada and so forth. But I swore a constitutional oath as a United States senator to do my job, and I’m here to do my job.” A senior aide to former Vice President Biden, speaking on the condition of anonymity, said the campaign has not recalibrated its Iowa strategy because of the Senate trial. But their No. 1 priority is getting Biden talking to as many voters as possible in Iowa in the final days of what polls suggest is a virtual tie among the four.

Biden heads to Iowa on Friday and will spend nearly every day between then and the Feb. 3 caucuses in the state, the aide said. Biden’s wife, Jill Biden, who has been campaigning heavily on behalf of her husband in Iowa and other early-voting states, will also spend much of the final 18 days in the state. [..] To be sure, Sanders, Warren and Klobuchar are not ceding Iowa. They plan to campaign there during the final three weekends and will rely on representatives traveling the state for them on weekdays when the Senate trial is in session. Warren’s campaign has said they are considering remote appearances and events hosted by key supporters or family members.

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Parnas is a natural born liar, as the MSM said until now. But not anymore? Now his words “change the entire impeachment trial”? He’s just a guy who’s been indicted and seeks relief.

• Parnas Now Denies Speaking With Trump (WE)

Indicted businessman Lev Parnas said he did not speak directly with President Trump about a pressure campaign against Ukraine that sought to benefit Trump politically, despite earlier reports to the contrary. Last November, CNN reported that Parnas told close associates he had spoken to Trump. “At one point during the party that night, Parnas and Fruman slipped out of a large reception room packed with hundreds of Trump donors to have a private meeting with the President and Giuliani, according to two acquaintances in whom Parnas confided right after the meeting,” CNN wrote. “Eventually, according to what Parnas told his confidants, the topic turned to Ukraine that night,” the article continued.


“According to those two confidants, Parnas said that ‘the big guy,’ as he sometimes referred to the President in conversation, talked about tasking him and Fruman with what Parnas described as ‘a secret mission’ to pressure the Ukrainian government to investigate Joe Biden and his son Hunter.” The New York Times told a different story Wednesday, reporting: “Mr. Parnas said that although he did not speak with Mr. Trump about the efforts, he met with the president on several occasions and was told by Mr. Giuliani that Mr. Trump was kept in the loop.” Parnas’s decision to go public has led to congressional Democrats demanding that he and other key players in the pressure campaign be called to testify in next week’s Senate impeachment trial.

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A success story like none other these days.

• Putin Purged the West from the Kremlin (Luongo)

[..] the next thing to do was to reform an economy rightly criticized for being too heavily dependent on oil and gas revenues. And that is a much tougher task. It meant getting control over the Russian central bank and the financial sector. Putin was given that opportunity during the downturn in oil prices in 2014. Using the crisis as an opportunity Putin began the decoupling of Russia’s economy from the West. During the early boom years of his Presidency oil revenue strengthened both the Russian state coffers and the so-called oligarchs who Putin was actively fighting for control. He warned the CEO’s of Gazprom, Rosneft and Sberbank that they were too heavily exposed to the U.S. dollar this way in the years leading up to the crash in oil prices in 2014-16.

And when the U.S. sanctioned Russia in 2014 over the reunification with Crimea these firms all had to come to Putin for a bailout. Their dollar-denominated debt was swapped out for euro and ruble debt through the Bank of Russia and he instructed the central bank to allow the ruble to fall, to stop defending it. Taking the inflationary hit was dangerous but necessary if Russia was to become a truly independent economic force. Since then it’s been a tug of war with the IMF-trained bureaucracy within the Bank of Russia to set monetary policy in accordance with Russia’s needs not what the international community demanded. That strong Presidency was a huge boon. But, now that the job is mostly done, it can be an albatross.

Putin understands that a Russia flush with too much oil money is a Russia ruled by that money and becomes lazy because of that money. Contrary to popular opinion, Putin doesn’t want to see oil prices back near $100 per barrel. Because Russia’s comparative advantage in oil and gas is so high relative to everyone else on the world stage and to other domestic industries that money retards innovation and investment in new technologies and a broadening of the Russian domestic economy. And this has been Putin’s focus for a while now. Oil and gas are geostrategic assets used to shore up Russia’s position as a regional power, building connections with its new partners while opening up new markets for Russian businesses. But it isn’t the end of the Russian story of the future, rather the beginning.

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There’s still not enough salt to take the numbers with. But at least at 6.1%, Xi can claim he meant to do this.

• China’s Economic Growth Hits 29-Year Low (BBC)

China’s economy grew last year at the slowest pace in almost three decades. Official figures show that the world’s second largest economy expanded by 6.1% in 2019 from the year before – the worst figure in 29 years. The country has faced weak domestic demand and the impact of the bitter trade war with the US. The government has been rolling out measures over the past two years in an attempt to boost growth. It comes after almost two years of trade tensions with the US – although hopes of a better relationship with America have seen improvements in manufacturing and business confidence data. This week Washington and Beijing signed a “phase one” trade deal. However, analysts remain unsure whether those recent gains will continue.

In response to the lower growth rate, Beijing is now widely expected to roll out yet more stimulus measures. The government has used a combination of measures aimed at easing the slowdown, including tax cuts and allowing local governments to sell large amounts of bonds to fund their infrastructure programmes. The country’s banks have also been encouraged to lend more, especially to small firms. New loans in the local currency hit a record high of $2.44 trillion (£1.86tn) last year. So far the economy has been slow to pick up, with investment growth falling to record low levels. Historically, China has seen much stronger economic expansion, with the first decade of the 21st Century seeing double-digit percentage growth.

But – although that 6.1% growth rate is China’s weakest expansion in almost three decades – it is much higher than other leading economies. The US central bank, for example, has forecast that the American economy will grow by around 2.2% this year. As part of the phase one deal, China pledged to boost US imports by $200bn above 2017 levels and strengthen intellectual property rules. In exchange, the US agreed to halve some of the new tariffs it has imposed on Chinese products. Speaking in Washington, US President Donald Trump said the pact would be “transformative” for the American economy.

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The long term effects of the Fed’s bubbles are disastrous. That’s why they should be taken out of the equation.

• Manhattan’s Homeless Shelters Are Full, Luxury Skyscrapers Are Empty (Atl.)

In Manhattan, the homeless shelters are full, and the luxury skyscrapers are vacant. Such is the tale of two cities within America’s largest metro. Even as 80,000 people sleep in New York City’s shelters or on its streets, Manhattan residents have watched skinny condominium skyscrapers rise across the island. These colossal stalagmites initially transformed not only the city’s skyline but also the real-estate market for new homes. From 2011 to 2019, the average price of a newly listed condo in New York soared from $1.15 million to $3.77 million. But the bust is upon us. Today, nearly half of the Manhattan luxury-condo units that have come onto the market in the past five years are still unsold, according to The New York Times.

What happened? While real estate might seem like the world’s most local industry, these luxury condos weren’t exclusively built for locals. They were also made for foreigners with tens of millions of dollars to spare. Developers bet huge on foreign plutocrats—Russian oligarchs, Chinese moguls, Saudi royalty—looking to buy second (or seventh) homes. But the Chinese economy slowed, while declining oil prices dampened the demand for pieds-à-terre among Russian and Middle Eastern zillionaires. It didn’t help that the Treasury Department cracked down on attempts to launder money through fancy real estate. Despite pressure from nervous lenders, developers have been reluctant to slash prices too suddenly or dramatically, lest the market suddenly clear and they leave millions on the table.

[..] In the past decade, New York City real-estate prices have gone from merely obscene to downright macabre. From 2010 to 2019, the average sale price of homes doubled in many Brooklyn neighborhoods, including Prospect Heights and Williamsburg, according to the Times. Buyers there could consider themselves lucky: In Cobble Hill, the typical sales price tripled to $2.5 million in nine years. This is not normal. And for middle-class families, particularly for the immigrants who give New York City so much of its dynamism, it has made living in Manhattan or gentrified Brooklyn practically impossible. No wonder, then, that the New York City area is losing about 300 residents every day.

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Look, if you quote the Washington Post’s Executive Editor to make this point, you’ve already lost.

• The Loss of Truth In the Media Is a Threat to Our Democracy (Ray Dalio)

While I have reflected on the corrosive effects that fake and distorted media are having on our society’s well-being for the past few years, I am now more concerned about it than ever. To me media distortions + great polarity + the upcoming elections = a significant risk to quality democracy. It is no longer controversial to say that media distortions are a serious problem. Even most of the media folks I speak with share my concern. As Martin Baron, the Washington Post’s Executive Editor, said in reflecting on the problem, “If you have a society where people can’t agree on the basic facts, how do you have a functioning democracy?” This is not just a fringe media problem; it is a mainstream media problem. A 2019 Gallup study said that only 13 percent of Americans surveyed have “a great deal” of trust in the media.


Only 41 percent of those surveyed said that they have either a “fair” or “great deal” of trust in media. That compares with 55 percent having such confidence in 1999 and 72 percent in 1976. The dramatically decreased trustworthiness has even plagued icons of journalistic trust such as The Wall Street Journal and The New York Times, as sensationalism and commercialism have superseded accuracy and journalistic integrity as primary objectives. A number of media writers have in private told me that their editors have specifically hired them to write negative, sensationalistic stories because they sell best. They explained that the financial decline of print media and the public’s short attention span have required them to produce such attention-grabbing headlines and stories or face financial decline.

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This doesn’t smell right at all.

• Bayer Close To Roundup Settlement – Mediator (R.)

Bayer is close to settling more than 75,000 cancer claims related to its Roundup herbicide, mediator Ken Feinberg told Bloomberg in an interview, saying he was “cautiously optimistic” a deal could be reached in about a month. Feinberg was quoted as saying that the number of cases had grown to between 75,000 and 85,000 and “maybe more”. Bayer in October said it was now facing 42,700 U.S. plaintiffs blaming its glyphosate-based weedkillers for their cancer. Bayer has ruled out withdrawing from the market in the U.S., saying regulators and extensive research have found glyphosate to be safe.


A spokesman for Bayer said: “The number reported by Bloomberg includes potential plaintiffs with unserved cases and is a speculative estimate about the numbers of plaintiffs who might be included in a potential settlement.” He added: “The number of served cases as reported on a quarterly basis remains significantly below 50,000. Bayer does not report or speculate about potential plaintiffs with unserved cases.”

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Mass suicide continues. We cannot help ourselves, it’s a force that’s bigger than us.

• Chemicals In Tap Water Cause Thousands Of Cancer Deaths Across Europe (RT)

Each year, more than 6,500 cases of bladder cancer, roughly five percent of all cases in Europe, are found to be attributable to exposure to trihalomethanes (THMs) in drinking water – and it’s all perfectly legal. For a study of countries’ water quality, the EU28 became the EU26, as adequate data for Bulgaria and Romania could not be obtained. Nevertheless, the project covered 75% of the total EU population, and a reading of its findings is ominous.

What the hell are THMs?THMs are a class of molecule that appear as a by-product of the disinfectants used to clean drinking water. When chlorine, the main chemical used to clean drinking water, comes into contact with organic matter, it breaks down into THMs. And despite being legal up to certain levels, long-term exposure to them has been consistently associated with an increased risk of bladder cancer. The EU has set that legal limit at 100 lg=L, but anything over 50 lg=L causes a 51 percent increase in the probability of bladder cancer, in men at least. This study was undertaken at the Barcelona Institute for Global Health, in a city which has THM levels above the present regulatory maximum limit of 100 lg=L. Astonishingly, there is no provision for the lowering of this maximum in the latest European Council directive.

How common is bladder cancer?Bladder cancer is only the tenth most common form of cancer in the UK; 135,000 people in the EU were diagnosed with it in 2016. It is usually quite treatable with a simple surgical procedure as long as it is caught before spreading to other body parts. Some evidence suggests it affects men more than women (although this could be down to lifestyle differences, such as higher rates of smoking).

The countries with the highest percentages of bladder cancer cases attributable to THM exposure were Cyprus (23 percent), Malta (18 percent) and Ireland (17 percent). In other words, 23 out of 100 Cypriot people who are diagnosed with cancer in a given year are likely to have contracted it from their drinking water. Meanwhile, the greatest number of attributable cases actually occurred in Spain (1,482 attributable cases) and the United Kingdom (1,356) although this is a function of population as well as THM contamination.

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Debt Rattle July 26 2019

Jul 262019
 
 July 26, 2019  Posted by at 8:31 am Finance Tagged with: , , , , , , , , , , , , ,  4 Responses »


Pablo Picasso Dora Maar with green nails 1936

 

• What Mueller Was Trying to Hide (Strassel)
• Barr And State AGs Discuss Big Tech Monopolies (ZH)
• Tulsi Gabbard Sues Google For Campaign “Interference” (ZH)
• Brussels Repels Boris Johnson’s Quest For New Brexit Deal (G.)
• Don’t Call It A Coup, You’ll Spoil Boris Johnson’s Big Day Out (G.)
• World Trade in Face of Tariffmageddon, Trade Wars & Manufacturing Slowdown (WS)
• After Century of Chaos and War, Versailles Treaty Still Haunts the World (Sp.)
• The Tyranny of the Police State Disguised as Law-and-Order (Whitehead)
• In Roundup Case, US Judge Cuts $2 Billion Verdict To $86 Million (R.)
• Florida Senator Says Under Siege For Seeking Epstein Probe (Julie K. Brown)
• Boeing Targets October, FAA Official Says No Timeline For 737 MAX (R.)
• Jacinda Ardern Accused By Maori Of ‘Lacking Leadership’ In Land Dispute (G.)
• The Cheapest Way to Save the Planet Grows Like a Weed (Brown)
• Earth, But Not As We Knew It – James Lovelock Turns 100 (G.)

 

 

Horowitz and/or Durham will have to look at Weissmann and the rest of Mueller’s lawyers. As well as the FBI.

• What Mueller Was Trying to Hide (Strassel)

Special counsel Robert Mueller testified before two House committees Wednesday, and his performance requires us to look at his investigation and report in a new light. We’ve been told it was solely about Russian electoral interference and obstruction of justice. It’s now clear it was equally about protecting the actual miscreants behind the Russia-collusion hoax. The most notable aspect of the Mueller report was always what it omitted: the origins of this mess. Christopher Steele’s dossier was central to the FBI probe, the basis of many of the claims of conspiracy between the Trump campaign and Russia. Yet the Mueller authors studiously wrote around the dossier, mentioning it only in perfunctory terms. The report ignored Mr. Steele’s paymaster, Fusion GPS, and its own ties to Russians. It also ignored Fusion’s paymaster, the Clinton campaign, and the ugly politics behind the dossier hit job.


Mr. Mueller’s testimony this week put to rest any doubt that this sheltering was deliberate. In his opening statement he declared that he would not “address questions about the opening of the FBI’s Russia investigation, which occurred months before my appointment, or matters related to the so-called Steele Dossier.” The purpose of those omissions was obvious, as those two areas go to the heart of why the nation has been forced to endure years of collusion fantasy. Mr. Mueller claimed he couldn’t answer questions about the dossier because it “predated” his tenure and is the subject of a Justice Department investigation. These excuses are disingenuous. Nearly everything Mr. Mueller investigated predated his tenure, and there’s no reason the Justice Department probe bars Mr. Mueller from providing a straightforward, factual account of his team’s handling of the dossier.

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The pushback intensifies. They’re going to have to find a way out. Even if the CIA likes things just the way they are.

• Barr And State AGs Discuss Big Tech Monopolies (ZH)

A bipartisan group of eight state attorneys general met with US Attorney General William Barr on Thursday to discuss “the real concerns consumers across the country have with big tech companies stifling competition,” according to Politico. “Our bipartisan coalition of eight state attorneys general was pleased with the opportunity to meet with U.S. Attorney General Barr to talk about the real concerns consumers across the country have with big tech companies stifling competition on the internet,” reads a joint statement from the state AGs, which include Texas, Mississippi and Louisiana.

“The potential state action adds yet another layer to the growing scrutiny of the power of online platforms. In announcing its antitrust review this week, the DOJ said it will consider “widespread concerns” expressed about search, social media and online retail services.” -Politico. Meanwhile, Facebook co-founder Chris Hughes is has been meeting with regulators to make the case for breaking up the social media giant, according to the New York Times. In recent weeks, Mr. Hughes has joined two leading antitrust academics, Scott Hemphill of New York University and Tim Wu of Columbia University, in meetings with the Federal Trade Commission, the Justice Department and state attorneys general. In those meetings, the three have laid out a potential antitrust case against Facebook, Mr. Wu and Mr. Hemphill said.

“For nearly a decade, they argue, Facebook has made “serial defensive acquisitions” to protect its dominant position in the market for social networks, according to slides they have shown government officials. By scooping up nascent rivals, they assert, Facebook has thwarted potential competitors, making it easier for the social network to charge advertisers higher prices and to offer a worse experience for users.” -New York Times

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Barr can start right here.

• Tulsi Gabbard Sues Google For Campaign “Interference” (ZH)

Progressive Democrat presidential candidate Tulsi Gabbard, who has long been under fire from mainstream media and establishment voices in her own party for her vehemently anti-war and anti-interventionist stance, is suing Google, The New York Times reports, in what is said to be the first time in history a presidential candidate has sued a major technology firm. It must be remembered that though considered a “long shot” by party insiders based on her outlier stances (for which she’s been called a popular Ron Paul type unorthodox figure among the Dems), from criticizing the Democrats’ ‘Russiagate’ fixation to calling for an end to “regime change wars” abroad to being willing to meet with Syria’s President Bashar al-Assad, Google searches for her named surged across the US during last month’s first round of presidential nominee debates.

And now, as the Times reports, she says Google infringed on her free speech by suspending her campaign’s ability to get its message out: “Tulsi Now Inc., the campaign committee for Ms. Gabbard, said Google suspended the campaign’s advertising account for six hours on June 27 and June 28, obstructing its ability to raise money and spread her message to potential voters.” Google and other major US tech companies like Facebook have faced an avalanche of scrutiny and criticism of late for censoring and/or manipulating the visibility of those with unorthodox political views. The new lawsuit claims Google took steps to “interfere” with Gabbard’s chances in the upcoming 2020 presidential election.

“Google’s arbitrary and capricious treatment of Gabbard’s campaign should raise concerns for policymakers everywhere about the company’s ability to use its dominance to impact political discourse, in a way that interferes with the upcoming 2020 presidential election,” the lawsuit stated. Specifically the lawsuit suggests Google diverted Gabbard campaign emails to be sent to spam folders on Gmail at “a disproportionately high rate” compared to her Democratic rival candidates.

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No-deal Brexit was voted down in London multiple times. What are the odds it won’t be if Boris tries again?

• Brussels Repels Boris Johnson’s Quest For New Brexit Deal (G.)

Brussels has roundly rebuffed Boris Johnson after he laid down tough conditions for the new Brexit deal he hopes to strike over the summer. Speaking to the House of Commons for the first time as prime minister on Thursday, Johnson reiterated his campaign pledge of ditching the Irish backstop and promised to ramp up preparations for a no-deal Brexit immediately. “I would prefer us to leave the EU with a deal,” he said. “I would much prefer it. I believe that it is possible even at this late stage, and I will work flat-out to make it happen. “But certain things need to be clear: the withdrawal agreement negotiated by my predecessor has been three times rejected by this house; its terms are unacceptable to this parliament and to this country.”


In a phone call later in the day, the European commission president, Jean-Claude Juncker, signalled the EU27’s determination to stick with the deal negotiated with Theresa May’s government – which includes the backstop. “President Juncker listened to what Prime Minister Johnson had to say, reiterating the EU’s position that the withdrawal agreement is the best and only agreement possible – in line with the European council guidelines,” a commission spokesperson said. Juncker told Johnson the EU was willing to “add language” to the political declaration – the non-binding document that covers the future relationship – but would only consider any other proposals “providing they are compatible with the withdrawal agreement”.

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“When you haven’t got a principle left to betray, such displays of craven loyalty come as second nature.”

• Don’t Call It A Coup, You’ll Spoil Boris Johnson’s Big Day Out (G.)

If a developing country had just changed its entire government without an election, we’d be calling it a coup. And if that coup had been led by a man clearly unfit for office, whom even his own family can’t trust to tell the truth, we’d be calling that country a failed state. But as this is the UK and the leader in question is Boris Johnson, we plead the exceptionalism of a first-world democracy. No matter that no one voted for a de facto Vote Leave government of shits and charlatans, that is what we now have. Taking Back Control is far too precious a virtue to be entrusted to the people. For now at least. When he had made his first speech as prime minister outside Downing Street, Johnson had briefly tried to present himself as a serious figure.

Even if the content of what he was saying was still basically the same divisive doggybollocks. It hadn’t gone down that well. Because if there was one thing more terrifying than Boris acting the fool, it was Boris pretending to be serious. A carapace of sincerity that dissolves on contact with reality. Everyone knows Boris is serious about only one thing: the fulfilment of his own delusions. Other people only exist as satellites to his own ego. Useful idiots in the service of World King Idiot. A man who can go toe to toe with Donald Trump in any dysfunctionality contest. Someone who believes he is an innocent victim, misunderstood by the entire world, but who is actually a sociopath only misunderstood by himself. Someone deserving of the undying gratitude of a nation for taking a pay cut to enter Downing Street.

For his first outing in the Commons, Johnson had gone back to his more familiar default setting. The Fool. The court jester from whom no one expects the truth, so long as they are entertained. “Pifflepafflewifflewaffle,” he began. The script remains the same, even if the persona changes. Dominic Raab, Sajid Javid, Priti Patel and the dozen or so other members of the recently appointed cabinet on the frontbench roared their approval. When you haven’t got a principle left to betray, such displays of craven loyalty come as second nature.

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No collapse yet, but a plateau.

• World Trade in Face of Tariffmageddon, Trade Wars & Manufacturing Slowdown (WS)

World trade volume – imports and exports of merchandise across the globe – increased 0.3% in May from April, after falling 0.6% in the prior month, according to the Merchandise World Trade Monitor, released today by CPB Netherlands Bureau for Economic Policy Analysis. On a year-over-year basis, the index fell 0.4%. And it is down 2.1% from the peak in October 2018. This isn’t exactly stellar, compared to 2017 and 2018, when the world trade index increased between 2% and 6% year-over-year.

But it isn’t a “collapse” either. A collapse of world trade occurred during the Global Financial Crisis when companies shut down their ordering process – not knowing if the banking system would still be there the next morning – and when consumers closed their wallets, particularly American consumers who provide much of the oomph behind world trade, given their penchant for imports, but they were losing their jobs by the millions. From September 2008 through the trough in May 2009, the World Trade Monitor plunged 17.5%.


In the Eurozone, there has been some decline in both imports and exports in recent months. While Germany is heavily exposed to the automotive sector and is getting hit harder, other countries such as Greece, Italy, Portugal, and France, are not. Especially in Southern Europe, food exports – such as olive oil, wine, salami, cheese, and other specialty foods – play a larger role among their exports, and there is no slowdown in food products. Also note the impact of the euro debt crisis on imports (red line):

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“A new world seemed to have been created.”

• After Century of Chaos and War, Versailles Treaty Still Haunts the World (Sp.)

A century ago, in July 1919, Germany began its journey to the lowest reaches of Hades. Another 26 years would pass before a previously civilized, enlightened people finally emerged, their nation in ruins, its cities bombed and its countryside occupied. Another four decades would pass before their country was reunited, and even then some of Berlin’s neighbors, convinced that Germans possessed a double dose of original sin, preferred a divided Germany. In 1919, World War I formally came to an end. The victorious allies dictated a peace that humbled Germany, formalized the disintegration of the Austro-Hungarian and Ottoman Empires, created a gaggle of weak ethnically based states, and shared the geopolitical spoils among the victors. A new world seemed to have been created.

The treaty signed on June 28 in the famous Hall of Mirrors at the Versailles palace, however, proved to be but a brief interlude of peace. Germany remained recalcitrant. The myth had emerged that the German military had been defeated by the Dolchstoss, or “stab-in-the-back,” at home. But the reality was unpleasant enough: the peace settlement made no pretense of applying Woodrow Wilson’s famed Fourteen Points to Germany as the surrendering Germans had expected. The first democratically elected German government resigned rather than signing what became known as the Versailles Treaty. After being threatened with invasion, the successor leadership submitted. Not until two weeks later, in July, did the reluctant Reichstag ratify the pact.

The Deutsche Zeitung inveighed against the “disgraceful treaty” and promised, “We will never stop until we win back what we deserve.” Versailles almost immediately began radicalizing politics in the Weimar republic, encouraging violence, assassinations of left-wing politicians, and extremist bids for power, including by an army veteran and surprisingly effective rabble-rouser named Adolf Hitler. The sense of crisis gradually receded, however, only to have the Great Depression destroy much of the middle class, the mainstay of any democratic order. Hitler gained power, and a little more than two decades after losing one war Germany plunged into another one…

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“America’s expanding military empire is bleeding the country dry at a rate of more than $15 billion a month (or $20 million an hour)..”

• The Tyranny of the Police State Disguised as Law-and-Order (Whitehead)

Having been co-opted by greedy defense contractors, corrupt politicians and incompetent government officials, America’s expanding military empire is bleeding the country dry at a rate of more than $15 billion a month (or $20 million an hour)—and that’s just what the government spends on foreign wars. The U.S. military empire’s determination to police the rest of the world has resulted in more than 1.3 million U.S. troops being stationed at roughly 1000 military bases in over 150 countries around the world. That doesn’t include the number of private contractors pulling in hefty salaries at taxpayer expense. In Afghanistan, for example, private contractors outnumber U.S. troops three to one. No matter how we might differ about the role of the U.S. military in foreign affairs, surely we can agree that America’s war spending and commitment to policing the rest of the world are bankrupting the nation and spreading our troops dangerously thin.

All of the imperial powers amassed by Barack Obama and George W. Bush—to kill American citizens without due process, to detain suspects indefinitely, to strip Americans of their citizenship rights, to carry out mass surveillance on Americans without probable cause, to suspend laws during wartime, to disregard laws with which they might disagree, to conduct secret wars and convene secret courts, to sanction torture, to sidestep the legislatures and courts with executive orders and signing statements, to direct the military to operate beyond the reach of the law, to operate a shadow government, and to act as a dictator and a tyrant, above the law and beyond any real accountability—were inherited by Donald Trump.

These presidential powers—acquired through the use of executive orders, decrees, memorandums, proclamations, national security directives and legislative signing statements and which can be activated by any sitting president—enable past, president and future presidents to operate above the law and beyond the reach of the Constitution. Yet no matter how we might differ about how success or failure of past or present presidential administrations, surely we can agree that the president should not be empowered to act as an imperial dictator with permanent powers.

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Trying not to say Monsanto. And why have a jury system when judges keep overruling them? Doesn’t that make it all a mockery?

• In Roundup Case, US Judge Cuts $2 Billion Verdict To $86 Million (R.)

A California judge on Thursday reduced a $2 billion jury verdict, slashing the award for a couple who blamed Bayer’s glyphosate-based weed killer Roundup for their cancer to $86.7 million. Superior Court Judge Winifred Smith of the California Superior Court in Oakland said the jury’s billion-dollar punitive damages awards were excessive and unconstitutional, but rejected Bayer’s request to strike the punitive award outright. Under Smith’s final order, California couple Alva and Alberta Pilliod would receive roughly $17 million in compensatory and $69 million in punitive damages, down from $55 million and $2 billion, respectively. The plaintiffs still have to formally accept the reduced award. Bayer in a statement on Thursday said Smith’s decision to slash the award was a step in the right direction, but added it would file an appeal.


“We continue to believe that the verdict and damage awards are not supported by the evidence at trial and conflict with the extensive body of reliable science and conclusions of leading health regulators worldwide that confirms glyphosate-based herbicides can be used safely and that glyphosate is not carcinogenic,” the company said. [..] The company had asked Smith to strike the punitive damages award in the Pilliods’ case, arguing that hundreds of studies and assessments by regulators worldwide concluded the herbicide to be safe for human use. But the judge in her Thursday order rejected those arguments.“In this case there was clear and convincing evidence that Monsanto made efforts to impede, discourage, or distort scientific inquiry and the resulting science,” Smith said.

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Typical: sheriff is very powerful. Not so typical: Senator Lauren Book’s dad is a very powerful lobbyist.

• Florida Senator Says Under Siege For Seeking Epstein Probe (Julie K. Brown)

Florida Sen. Lauren Book has reached out to Capitol police after receiving an anonymous warning connected to her demand for a state inquiry into Palm Beach Sheriff Ric Bradshaw’s handling of accused sex trafficker Jeffrey Epstein’s lenient work release program, the Miami Herald has learned. Book, a vocal advocate for child sexual assault survivors, said she also received more than a dozen calls from Bradshaw’s political supporters asking her to back off on her call for an investigation by the Florida Department of Law Enforcement into Bradshaw. On Monday, Book, a Democrat, wrote a letter to Republican Gov. Ron DeSantis asking him to authorize a probe into how Epstein, accused of molesting dozens of underage girls and a registered sex offender, was permitted to leave the Palm Beach County Jail and spend much of his 2008-2009 incarceration in an office in West Palm Beach.

DeSantis said Thursday after a Cabinet meeting that he would “certainly consider” an investigation but that he has yet to decide how the state should respond. [..] the Palm Beach Sheriff’s Office issued a new statement that its previously announced internal affairs investigation of the deputies who guarded and supervised Epstein during his work release had become a criminal investigation as well. No further elaboration was provided. Meanwhile, Book, in an interview with the Herald, said she had asked the Capitol police, who handle security for state lawmakers, to look into claims made on a Russian website alleging that Bradshaw was behind an effort to access her phone and emails by using the pretext of “imminent danger’’ to obtain her personal information.

“I’ve received countless phone calls saying ‘Little girl you don’t know what you’re getting into,’ and telling me that I should just stop,’’ said Book, a child sexual abuse survivor herself who has worked to pass strict sex offender laws in Florida. In a statement, PBSO said it had no knowledge of anyone trying to threaten or pressure Book.

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Southwest has already cancelled flights till 2020, and they far more 737 MAXs than anyone else. Even closed down Newark operations because of it.

• Boeing Targets October, FAA Official Says No Timeline For 737 MAX (R.)

The U.S. Federal Aviation Administration distanced itself on Thursday from suggestions by Boeing that its grounded 737 MAX could resume flying passengers in October, saying regulators do not have a timeline for vetting safety upgrades. Boeing Chief Executive Dennis Muilenburg told analysts on Wednesday he was confident the MAX would be back in service as early as October after a certification flight with regulators in September. But the FAA’s top official declined to be pinned down on Boeing’s target of October or any other timeline for clearing the plane, which was grounded in March after two fatal crashes.


“We don’t have a timeline. Don’t have October. Don’t have August. Don’t have 2021,” Acting Administrator Dan Elwell told reporters at the EAA AirVenture air show in Oshkosh, Wisconsin. “We have one criteria. When the 737 MAX has been – when the complications to it have been satisfactorily assessed, and the MAX is safe to return to service, that’s the only criteria,” Elwell said. [..] U.S. airlines are cancelling thousands of monthly flights due to the grounding and have warned of an increasing financial toll in the second half of the year. Southwest Airlines, a top customer, said on Thursday it was scheduling without the MAX until early January and ending operations at Newark Liberty International airport due to a scarcity of planes.

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Not looking good, Jacinda.

• Jacinda Ardern Accused By Maori Of ‘Lacking Leadership’ In Land Dispute (G.)

New Zealand’s prime minister, Jacinda Ardern, is being accused of a “lack of leadership” over an escalating land dispute between Maori and a construction company which plans to build 500 homes on sacred land in south Auckland. Opposition to the project boiled over this week over when a group that had been illegally occupying the land was served an eviction notice. The protest group has grown into about 300 people with police also increasing their presence. Seven protesters were arrested on Thursday night after they linked arms and chained themselves to a van to block part of the motorway near the city’s airport. The site, called Ihumatao, is home to New Zealand’s earliest market gardens as well as being a significant archaeological site on land considered sacred by local Maori.


Fletcher Building is looking to develop around 500 homes on the land, which local Maori say was stolen from them after land wars with the British dating back to the 1860s. The protest group want the land given back to local Maori. Protesters have implored Ardern to step in, including sending a letter directly to her. However, she has so far said the government will not get involved. “This is something obviously everyone wants to see resolution around, no one wants to see the kinds of disruption and outpouring of emotion [we have seen],” Ardern said. “Everyone wants a resolution but ultimately it will have to come from mana whenua (Maori). Protest leader Pania Newton told media that Ardern’s words showed “a lack of leadership” and showed “ignorance” about its treaty obligations. “This is the revolution of our generation,” Newton said.

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How much industrial hemp can we plant? Pretty sure if we do it, it’ll be for money.

• The Cheapest Way to Save the Planet Grows Like a Weed (Brown)

Planting billions of trees across the world is by far the cheapest and most efficient way to tackle the climate crisis. So states a Guardian article, citing a new analysis published in the journal Science. The author explains: As trees grow, they absorb and store the carbon dioxide emissions that are driving global heating. New research estimates that a worldwide planting programme could remove two-thirds of all the emissions that have been pumped into the atmosphere by human activities, a figure the scientists describe as “mind-blowing”. [..] The July analytical review in Science calculated how many additional trees could be planted globally without encroaching on crop land or urban areas.

It found that there are 1.7 billion hectares (4.2 billion acres) of treeless land on which 1.2 trillion native tree saplings would naturally grow. Using the most efficient methods, 1 trillion trees could be restored for as little as $300 billion—less than 2% of the lower range of estimates for the Green New Deal introduced by progressive Democrats in February. The Guardian quoted Professor Tom Crowther at the Swiss university ETH Zürich, who said, “What blows my mind is the scale. I thought restoration would be in the top 10, but it is overwhelmingly more powerful than all of the other climate change solutions proposed.” He said it was also by far the cheapest solution that has ever been proposed. The chief drawback of reforestation as a solution to the climate crisis, as The Guardian piece points out, is that trees grow slowly.

The projected restoration could take 50 to 100 years to reach its full carbon sequestering potential. Fortunately, as of December 2018, there is now a cheaper, faster and more efficient alternative—one that was suppressed for nearly a century but was legalized on a national scale when President Trump signed the Agriculture Improvement Act of 2018. This is the widespread cultivation of industrial hemp, the nonintoxicating form of cannabis grown for fiber, cloth, oil, food and other purposes. Hemp grows to 13 feet in 100 days, making it one of the fastest carbon dioxide-to-biomass conversion tools available. Industrial hemp has been proved to absorb more CO2 per hectare than any forest or commercial crop, making it the ideal carbon sink. It can be grown on a wide scale on nutrient-poor soils with very small amounts of water and no fertilizers.

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A formidable mind. And one not shy about contradicting himself.

• Earth, But Not As We Knew It – James Lovelock Turns 100 (G.)

James Lovelock, the scientist and writer, is 100 years old on Friday and remains a combination of environmental Cassandra and Old Testament prophet. Unlike them, though, he changes his mind about what the future holds. Foolish consistency, Emerson wrote, is the hobgoblin of little minds, and Mr Lovelock’s mind is not little. More than 10 years before the record high July temperatures, Mr Lovelock flatly told the Guardian that 80% of human life on Earth would perish by 2100 because of the climate emergency. He imagined a dystopian end of humanity where “the few breeding pairs of people that survive will be in the Arctic where the climate remains tolerable” by the end of the 21st century.

As a scientist (his first letter to Nature was published in 1945, on the subject of writing on petri dishes), Mr Lovelock’s life has been studded with insight. He invented an electron capture detector that could pick up minute traces of pollutants – such as the pesticides that spurred Rachel Carson to write the 1962 book Silent Spring. At home he built instruments that ended up on Mars, helping Nasa to establish that the red planet was lifeless.

Mr Lovelock’s imagination has not narrowed, but his vision has become bleaker with time. His new book Novacene: The Coming Age of Hyperintelligence proposes that the 300,000-year Anthropocene era of Earth’s human domination is ending. Novacene is a new age where our species is doomed to a worse fate than clinging on for dear life at the north pole as previously imagined. Instead we will become lackeys of cyborgs able to think 10,000 times faster than humans. We will be kept on to ensure there are habitable temperatures for these superior intelligences.

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How the Mueller people -and the Senate, let’s not forget them- kept Russiagate alive all that time:

 

 

 

 

Debt Rattle March 31 2019

Mar 312019
 
 March 31, 2019  Posted by at 9:41 am Finance Tagged with: , , , , , , , , , , ,  14 Responses »


Banksy Devolved Parliament 2009

 

• Boris Johnson and Michael Gove Under Fire On Vote Leave’s Law-Breaking (G.)
• EU Will Delay Brexit To Allow Another Referendum (Ind.)
• May Risks ‘Total Collapse’ Of Government In Brexit Impasse – Sunday Times (R.)
• Furious Tory MPs Tell May: We’ll Block Snap Brexit Election (G.)
• Corbyn Accuses Government Of ‘Bullying’ MPs (G.)
• The Insanity of Global Trade (Roar)
• Chelsea Manning’s Lawyers File An Appeal Against Her Detention (Canary)
• Who Is Paying For Monsanto’s Crimes? We Are (G.)
• $80 Million Roundup Verdict Is Only $2.5M After Taxes, New IRS Math (F.)
• EU Bans UK’s Most-Used Pesticide Over Health And Environment Fears (G.)
• How The Lion Lost Its Strength (G.)
• Chicxulub: Stunning Fossils Record Dinosaurs’ Demise (BBC)

 

 

For anyone who wanted to stop Brexit, this seemed the way out: show illegal activity. Plenty appears to be there, but it’s been swept under the carpet. Why hasn’t it been investigated much more?

• Boris Johnson and Michael Gove Under Fire On Vote Leave’s Law-Breaking (G.)

Conservative leadership candidates Boris Johnson and Michael Gove are facing growing calls to account for illegal behaviour by the official Vote Leave Brexit campaign. The group has dropped its appeal against the Electoral Commission’s ruling that it broke the law by channelling hundreds of thousands of pounds of donations to an ostensibly independent campaign group, BeLeave. When the Observer revealed evidence a year ago that Vote Leave had broken spending rules, Johnson attacked the report on Twitter as “utterly ludicrous” and said it had “won … legally”. A Johnson adviser said on Saturday that the former foreign secretary would not comment on the end of the appeal.

There has been no government response to the appeal being dropped and little media coverage. And while national broadcasters and newspapers gave prime coverage to Vote Leave chief executive Matthew Elliot when he launched an aggressive media campaign against the watchdog’s initial findings, few covered the decision to to end the appeals process in any depth. After the announcement, whistleblower Shahmir Sanni, who was outed by a member of Theresa May’s team, lost his job and was vilified as a fantasist after his revelations about Vote Leave’s spending, said: “The [end of the appeal] feels extremely vindicating, but the way the media has responded to it has been extremely disappointing. The only excuse they had is that they were appealing. Now we know they broke the law, they need to be held to account.”


Liberal Democrat MP Layla Moran said the confirmation that Vote Leave had broken the law underlined the need for a second referendum. “It is now incumbent on the government to act. We have heard minister after minister say the referendum is valid. This is proof it was not,” she said. “Going ahead with Brexit in these circumstances would be the biggest betrayal of our democracy of all.”

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Britain can only do what the EU will allow.

• EU Will Delay Brexit To Allow Another Referendum (Ind.)

EU leaders are prepared to let Britain delay Brexit again to allow time for a second referendum, The Independent understands. After parliament rejected Theresa May’s deal for a third time, the bloc called a summit on 10 April – two days before the UK is on course to leave without a deal. And senior Brussels officials familiar with leaders’ thinking say that barring a credible plan to get a majority for the withdrawal agreement, the UK would be given more time only if it was for another clear option such as a general election or a referendum. The EU has already warned that a further extension, which could run until at least the end of the year, would also require the UK to take part in European parliament elections scheduled for the end of May.


As reported by The Independent, the prime minister is considering a general election as a way out of the Brexit chaos in Westminster, where MPs have rejected all options – including a no-deal Brexit. Senior officials in Brussels have made clear that an extension would also be justified if it was to make time for a referendum. Indicative votes in the Commons this week showed relatively strong support for a confirmatory referendum among MPs, with numbers such that only around a dozen more would need to be convinced to back one to pass it. One senior EU official said there were “three possible justifications” for a long extension emerging in member states’ thinking following their summit last week.

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Obviously. But a lot more could collapse.

• May Risks ‘Total Collapse’ Of Government In Brexit Impasse – Sunday Times (R.)

British Prime Minister Theresa May risks the “total collapse” of her government if she fails to get her battered Brexit deal through parliament, the Sunday Times newspaper said, amid growing speculation that she might call an early election. Underscoring the tough choices facing May to break the Brexit impasse, the newspaper said at least six pro-European Union senior ministers will resign if she opts for a potentially damaging no-deal departure from the EU. But at the same time, rival ministers who support Brexit were threatening to quit if May decides to stay close to the EU with a customs union or if she sought a long delay to Brexit, the Sunday Times said.

May’s Brexit strategy is in tatters after the exit deal she hammered out with other EU leaders was rejected for a third time by the House of Commons on Friday, the day that Britain was supposed to leave the bloc. [..] The Mail on Sunday newspaper said May’s advisors were divided over whether she should call an early election if she fails to win support for her Brexit deal from parliament in the coming week. The newspaper said a possible “run-off” vote could take place on Tuesday in parliament between May’s deal and whatever alternative emerges as the most popular from voting by lawmakers on Monday. That meant an election could be called as early as Wednesday, the newspaper said …


The Sunday Telegraph said senior members of the Conservative Party did not want May to lead them into a snap election, fearing the party would be “annihilated” at the polls if she faced down parliament over Brexit in the coming months. An opinion poll in the Mail on Sunday gave the opposition Labour Party a lead of five percentage points over the Conservatives. That lead fell to three points if voters were offered the chance to vote for a new group of independent lawmakers who have not yet created an official party.

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“The threat of an election immediately angered both pro-Brexit and pro-Remain MPs. May would need a two-thirds majority in the Commons to secure one..”

• Furious Tory MPs Tell May: We’ll Block Snap Brexit Election (G.)

Conservative MPs from across the party are threatening to vote down any attempt by Theresa May to lead them into a snap election, warning it would split the Tories and exacerbate the Brexit crisis. In a sign of the collapse in authority suffered by the prime minister, cabinet ministers are among those warning that there will be a serious campaign by Conservative MPs to vote against an election headed by May, a move she hinted at last week to break the Brexit deadlock. The threat of an election immediately angered both pro-Brexit and pro-Remain MPs. May would need a two-thirds majority in the Commons to secure one, meaning a serious rebellion by Tories could block it. May would then be forced to secure an election by backing a no-confidence vote in her own government, which only requires a simple majority of MPs.


Foreign Office minister Alan Duncan said: “If we have a general election before Brexit is resolved, it will only make things worse.” Antoinette Sandbach, a Tory MP who backs another referendum being held on any deal agreed by parliament, said she would vote against calling an election. “The answer is not a general election, and I would vote against that. We need to find a way forward in parliament and then put that to the people in a confirmatory referendum.” Mark Francois, a member of the European Research Group of pro-Brexit MPs, said there was “not a chance” that Conservative MPs would back an election under May. “‘Of course they wouldn’t – not after last time. And remember, she needs a super majority to do it.”

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Then call for a national government, you twit.

• Corbyn Accuses Government Of ‘Bullying’ MPs (G.)

The Labour leader, Jeremy Corbyn, has accused the government of running down the clock and “bullying and threatening” MPs as it tried to force through Theresa May’s Brexit deal. Speaking in Newport, south Wales, before a byelection on Thursday, Corbyn also refused to say what his party’s parliamentary tactics would be during a second round of indicative votes due to take place on Monday. He said that the option of giving the public a confirmatory referendum on any Brexit deal “is the Labour position so far, but there hasn’t been enough support for that across the floor in the House of Commons”. During this week’s indicative votes, the option for a public vote was whipped by Labour but was defeated by 295 to 268 votes, with 27 of the party’s MPs rebelling.


Corbyn said: “The absolute priority at the moment is to end this chaos the government has brought us to by their endlessly running down the clock and basically bullying and threatening people. The bullying hasn’t worked, the threats haven’t worked. It’s time now for the sensible people to take over.” He cautioned: “This is a very dangerous period, because if we crash out without a deal then the supply chains get interrupted, jobs are at stake, and also the sense of security of many EU nationals living in Britain, and of course British people living across Europe.” [..] “However people voted in the referendum, no one voted to lose their jobs, no one voted to be worse off, and no one voted to deregulate our society.”

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Maximizing waste production is our economic model. Lovely video.

• The Insanity of Global Trade (Roar)

The way trade works in the global economy is often absurd. Food routinely gets shipped halfway across the world to be processed, then shipped back to be sold right where it started. Mexican calves — fed imported American corn — are exported to the United States to be butchered, and then the meat is exported back to Mexico for sale. More than half of the seafood caught in Alaska gets processed in China, and much of it is sent right back to American grocery store shelves. Compounding the insanity of this “re-importation” is the equally head-scratching phenomenon of “redundant trade”. This is a common practice whereby countries both import and export identical quantities of identical products in a given year.

For instance, in 2007, Britain imported 15,000 tons of chocolate-covered waffles, while exporting 14,000 tons. In 2017, the US both imported and exported nearly 1.5 million tons of beef and nearly half a million tons of potatoes. On the face of it, this kind of trade makes no economic sense. Why would it be worth the immense cost — in money as well as fuel — of sending perfectly good food abroad only to bring it right back again? The answer lies in the way the global economy is structured. Direct and indirect subsidies for fossil fuels, on the order of $5 trillion per year worldwide, allow the costs of shipping to be largely borne by taxpayers and the environment instead of the businesses that actually engage in it. This allows transnational corporations to take advantage of differences in labor and environmental laws between countries, not to mention tax loopholes, in service of making a bigger profit.


The consequences of this bad behavior are already severe, and set to become worse in the coming decades. Small farmers, particularly in the Global South, have seen their livelihoods undermined by influxes of cheap food from abroad. Trade agreements have made it impossible for companies to compete in the global economy unless they base their operations in places with the weakest protections for workers and the environment. And all the while, the share of global carbon emissions produced by commercial shipping is set to rise to 17 percent by 2050, if action isn’t taken to curb our addiction to trade.

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So far, the law has not been on Chelsea’s side. Or actually, it has. It just doesn’t count for much anymore.

• Chelsea Manning’s Lawyers File An Appeal Against Her Detention (Canary)

Chelsea’s Manning’s legal team have filed an appeal on her behalf. They’ve asked that the fourth circuit court order her release from detention. On 8 March, Manning refused to testify in front of a grand jury about Julian Assange and WikiLeaks. Judge Claude Hilton found that Manning was in contempt of court and ordered her jailed. Manning will walk free when she either chooses to testify or the grand jury finishes its work. As a result, Manning could be held in jail for a further 18 months. Her support group Chelsea Resists! published a statement about the appeal. It said that her legal team are basing the appeal on three issues. Firstly, it said: “Judge Hilton denied Chelsea’s motion asking the government to disclose the existence of any unlawful surveillance without actually considering the evidence.”

This is important, it argued, because “evidence derived from unlawful surveillance may not be used in a grand jury”. Secondly, it claimed judge Hilton did not get assurances that the government’s subpoenaing of Manning was “properly motivated”. Chelsea Resists! said: “Prosecutors may not use the grand jury for the primary purpose of preparing for trial of an already-secured indictment. Chelsea raised concerns that the government did not need her testimony to further their investigation, and that rather they intended to use the subpoena to preview and perhaps undermine any testimony she might give at trial for an already-pending indictment.” It said this is “an abuse of process” which would void the initial subpoena. It argued that the judge “did not consider the facts or the law on this motion”.


For now, the US government is still holding Manning in detention. As The Canary previously reported, her support group has also accused the government of torturing her. According to Chelsea Resists!, prison authorities confine Manning to her cell for 22 hours a day. It says that “this treatment qualifies as Solitary Confinement” which “amounts to torture” when maintained for over 15 days. In its latest statement, it also said that this confinement: “..is especially egregious given that Chelsea has not been charged with or convicted of a crime.” The US government previously held Manning in solitary confinement from May 2010 to April 2011.

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“..US district judge Vince Chhabria [..] said there were “large swaths of evidence” showing that the company’s herbicides could cause cancer. He also said there was “a great deal of evidence that Monsanto has not taken a responsible, objective approach to the safety of its product..”

• Who Is Paying For Monsanto’s Crimes? We Are (G.)

The chickens are coming home to roost, as they say in farm country. For the second time in less than eight months a US jury has found that decades of scientific evidence demonstrates a clear cancer connection to Monsanto’s line of top-selling Roundup herbicides, which are used widely by consumers and farmers. Twice now jurors have additionally determined that the company’s own internal records show Monsanto has intentionally manipulated the public record to hide the cancer risks. Both juries found punitive damages were warranted because the company’s cover-up of cancer risks was so egregious.


The juries saw evidence that Monsanto has ghost-written scientific papers, tried to silence scientists, scuttled independent government testing, and cozied up to regulators for favorable safety reviews of glyphosate, the active ingredient in Roundup. Even the US district judge Vince Chhabria, who oversaw the San Francisco trial that concluded Wednesday with an $80.2m damage award, had harsh words for Monsanto. Chhabria said there were “large swaths of evidence” showing that the company’s herbicides could cause cancer. He also said there was “a great deal of evidence that Monsanto has not taken a responsible, objective approach to the safety of its product… and does not particularly care whether its product is in fact giving people cancer, focusing instead on manipulating public opinion and undermining anyone who raises genuine and legitimate concerns about the issue.”

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Oh dear…

• $80 Million Roundup Verdict Is Only $2.5M After Taxes, New IRS Math (F.)

Another Roundup verdict is in. This time, jurors found that Monsanto failed to warn users its product was dangerous and awarded Edwin Hardeman $200,000 for economic losses, $5 million for past and future pain and suffering, and $75 million in punitive damages. Last year, jurors gave $289 million to a man they say got cancer from Monsanto’s Roundup. That verdict was later reduced, and is on appeal. But the latest case is federal, and suggests that others could be headed for big numbers. The jury had already concluded that the weedkiller was a substantial factor in causing Mr. Hardeman’s non-Hodgkins lymphoma. Monsanto faces over 10,000 claims, and can be expected to continue fighting hard. But even if Monsanto pays up, new tax rules could swallow up many of the verdicts plaintiffs might be hoping to collect. Wait until you see the new tax math.

Under President Trump’s tax bill passed in late 2017, there is a new tax on litigation settlements: no deduction for legal fees. Amazingly, many legal fees can no longer be deducted. That means many plaintiffs must pay taxes even on monies their attorneys collect. Of course, the attorneys must also pay tax on the same money. Here’s the new math. Hardeman was awarded a bit over $5 million in compensatory damages, and $75M in punitive damages. The combined contingent fees and costs Mr. Hardeman pays his attorneys might total as much as 50%. If so, the plaintiff would get to keep half, or $2.5 million of the $5 million compensatory award. Since it is for his claimed non-Hodgkin’s lymphoma, that part for physical injuries should not be taxed.


Then, of the $75 million punitive award, $37.5 million goes to legal fees and costs, and $37.5 million to Hardeman. So before taxes, the plaintiff’s take home is $40 million. What about after taxes? The $75 million in punitive damages are fully taxable, with no deduction for the fees to his lawyer. Between federal taxes of 37% and California taxes of up to 13.3%, Hardeman could lose about 50% to the IRS and California Franchise Tax Board. That makes his after-tax (and after legal fee) haul from an $80 million verdict only $2.5 million.

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Everything dies baby that’s a fact. We live in a death culture.

• EU Bans UK’s Most-Used Pesticide Over Health And Environment Fears (G.)

One of the world’s most common pesticides will soon be banned by the European Union after safety officials reported human health and environmental concerns. Chlorothalonil, a fungicide that prevents mildew and mould on crops, is the most used pesticide in the UK, applied to millions of hectares of fields, and is the most popular fungicide in the US. Farmers called the ban “overly precautionary”. But EU states voted for a ban after a review by the European Food Safety Authority (Efsa) was unable to exclude the possibility that breakdown products of the chemical cause damage to DNA. Efsa also said “a high risk to amphibians and fish was identified for all representative uses”.

Recent research further identified chlorothalonil and other fungicides as the strongest factor linked to steep declines in bumblebees. Regulators around the world have falsely assumed it is safe to use pesticides at industrial scales across landscapes, according to a chief scientific adviser to the UK government. Other research in 2017 showed farmers could slash their pesticide use without losses, while a UN report denounced the “myth” that pesticides are necessary to feed the world.


A European commission spokeswoman said: “The [chlorothalonil ban] is based on Efsa’s scientific assessment which concluded that the approval criteria do not seem to be satisfied for a wide range of reasons. Great concerns are raised in relation to contamination of groundwater by metabolites of the substance.” Chlorothalonil has been used across the world since 1964 on barley and wheat, as well as potatoes, peas and beans. The ban will be passed formally in late April or early May and then enter into force three weeks later, the commission spokeswoman said.

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Inbreeding.

• How The Lion Lost Its Strength (G.)

For more than a century, explorers and settlers have warned about the likely impact of the hunting of lions and other wild animals in Africa. One of the most prescient, Frederick Selous, the inspiration for the character Allan Quatermain in the novels of H Rider Haggard, wrote in 1908 that “since my first arrival in 1871, I had seen game of all kinds gradually decrease and dwindle in numbers to such an extent that I thought that nowhere south of the Great Lakes could there be a corner of Africa left where the wild animals had not been very much thinned out”.

Now researchers have uncovered the impact of that predation on the lion. Lion numbers and range have plunged – but it appears their genetic fitness has also declined. An alarming new study has revealed that lions shot by colonial hunters more than 100 years ago were more genetically diverse than the ones that now populate Africa. The discovery is worrying because it indicates that the species’ fight to survive may be even more difficult than had been previously thought. “Loss of genetic diversity means that lions are now less able to withstand new diseases or environmental problems, such as heatwaves or droughts,” said lead author Simon Dures, of the Zoological Society of London. “It means that we will have to be even more careful about how we try to protect them.”


In the late 19th century there were about 200,000 members of Panthera leo roaming the savannahs of Africa. Then European colonialists arrived and began shooting lions – the most social of all cats – in their thousands, first as sport and later to protect the cattle that the newcomers had begun to farm. With fewer than 20,000 of these majestic predators left on the continent, the species has now been designated as “vulnerable”.


Lions have lost some of their ability to cope with diseases, environmental changes or other threats. Photograph: Heinrich van den Berg/Getty Images

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Always fascinating.

• Chicxulub: Stunning Fossils Record Dinosaurs’ Demise (BBC)

Scientists have found an extraordinary snapshot of the fallout from the asteroid impact that wiped out the dinosaurs 66 million years ago. Excavations in North Dakota reveal fossils of fish and trees that were sprayed with rocky, glassy fragments that fell from the sky. The deposits show evidence also of having been swamped with water – the consequence of the colossal sea surge that was generated by the impact. Robert DePalma, from the University of Kansas, and colleagues say the dig site, at a place called Tanis, gives an amazing glimpse into events that probably occurred perhaps only tens of minutes to a couple of hours after the giant asteroid hit the Earth.


Fossilised fish piled one atop another as they were flung ashore by the seiche

When this 12km-wide object slammed into what is now the Gulf of Mexico, it would have hurled billions of tonnes of molten and vaporised rock into the sky in all directions – and across thousands of kilometres. And at Tanis, the fossils record the moment this bead-sized material fell back down and strafed everything in its path. Fish are found with the impact-induced debris embedded in their gills. They would have breathed in the fragments that filled the water around them. There are also particles caught in amber, which is the preserved remnant of tree resin. It is even possible to discern the wake left by these tiny, glassy tektites, to use the technical term, as they entered the resin.


Dating the tektites gives an age for the impact – 65.76 million years ago

Geochemists have managed to link the fallout material directly to the so-called Chicxulub impact site in the Gulf. They have also dated the debris to 65.76 million years ago, which is in very good agreement with the timing for the event worked out from evidence at other sites around the world. From the way the Tanis deposits are arranged, the scientists can see that the area was hit by a massive surge of water. Although the impact is understood to have generated a huge tsunami, it would have taken many hours for this wave to travel the 3,000km from the Gulf to North Dakota, despite the likely presence back then of a seaway cutting directly across the American landmass.


The outer rim (white arc) of the crater lies partly under Mexico’s Yucatan Peninsula

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Debt Rattle January 16 2019

Jan 162019
 
 January 16, 2019  Posted by at 10:45 am Finance Tagged with: , , , , , , , , , , , ,  11 Responses »


Pablo Picasso Women running on the beach 1922

 

• Theresa May Faces No Confidence Vote After Historic 230-Vote Defeat (Ind.)
• The People Want A Final Say – Whatever The Papers Say (Ind.)
• Market Reaction To Theresa May’s Brexit Defeat Is Over-Optimistic (Coppola)
• Expect A Wild Ride For The British Pound – Steve Keen (RT)
• EU States Escalate No-Deal Brexit Preparations After May Defeat (G.)
• Time For Playing Games On Brexit Over – German Foreign Minister (R.)
• China Vows Tax Cuts, More Public Spending To Halt Economic Slowdown (G.)
• Rosenstein, DOJ Explore Ways To More Easily Spy On Journalists (Solomon)
• Here Is A List Of All The Good Things Trump Did For Russia (MoA)
• Russian Security Chief Calls BBC A ‘Fake News Factory’ (RT)
• Putin Slams FYROM Name-Change Deal (K.)
• Canada Sees No Cancer Risk From Monsanto’s Roundup Weed Killer (RT)
• EU Glyphosate Approval Was Based On Plagiarised Monsanto Text (G.)
• Immediate Fossil Fuel Phaseout Could Arrest Climate Change (G.)

 

 

It’s either the biggest loss ever, or the biggest since 1924. And still May doesn’t want to step down. Someone must force her. Send her the bill.

• Theresa May Faces No Confidence Vote After Historic 230-Vote Defeat (Ind.)

Brexit has been dealt a hammer blow after Theresa May’s plans fell to the biggest ever Commons defeat and Jeremy Corbyn launched a bid to topple her government within 24 hours. Even Downing Street insiders admitted being shocked by the scale of the rout, which sent shockwaves across the English Channel and saw critics brand her deal “dead”. In total, 118 of the prime minister’s own MPs refused to back the withdrawal agreement she spent 19 arduous months negotiating with Brussels. Labour leader Mr Corbyn branded the result “catastrophic” and immediately said he would table a motion of no confidence, which Ms May must win on Wednesday to avoid a general election.

The prime minister will simultaneously begin a desperate scramble to save her deal, meeting senior parliamentarians from across the political spectrum to see what changes she might seek to win support. But sources from both the pro-EU and Eurosceptic wings of the cabinet admitted to The Independent in the aftermath, that a softer Brexit was now a more likely outcome. Ms May’s spinners had briefed that they hoped to limit the number of Tory MPs opposing her to double digits, with many people thinking Conservative opposition would weaken as the big moment approached. But there were gasps as the result was read out – 432 votes against and just 202 for – making it a bigger margin of defeat than the previous comparable loss suffered by Labour’s Ramsay MacDonald in 1924.

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The Independent had two headlines for this piece. The other one was: “Despite the views of the right-wing press, the British people still want a Final Say on Brexit”. Because they’re just one the papers themselves. Also interesting: they talk about “Her Majesty’s Press”. What a curious view of the media that is.

• The People Want A Final Say – Whatever The Papers Say (Ind.)

Judging by the polling evidence, a small but consistent majority of people favour a second referendum to resolve the current crisis over Britain’s relationship with Europe. The divergence between this and the house views of most traditional media outlets is quite striking. Of the national titles, only The Independent has given its unequivocal support to such an outcome, although The Guardian has come close with its call for “people’s assemblies” that it admitted could very well lead to a fresh poll. The remainder have either backed May’s deal, with more or less tepidity, or a no deal – with the exception of the Daily Mirror, which is in tune with the Labour leadership’s desire for a general election that probably won’t resolve anything and, as things stand, is unlikely to happen.

The London-centric media is often said to be “out of touch” with the world outside the M25. I’d suggest that the gulf has seldom been as wide as it is today, at least on this issue. Whichever way you look at it, the views of such a substantial portion of the British population have one only one, or perhaps two, outlets in what one might describe as the mainstream media. That could be considered worrying. It surely can’t be a good thing at such a polarised time that such a substantial portion of the population is being ignored by the majority of Her Majesty’s press – even though it is probably true that many if not most readers of the right-leaning titles (including The Sun, the Daily Express, the Daily Mail and the The Daily Telegraph) would, on balance, reject a Final Say referendum on Theresa May‘s Brexit deal.

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“It’s time to buy the pound,” said Deutsche Bank’s analysts..

• Market Reaction To Theresa May’s Brexit Defeat Is Over-Optimistic (Coppola)

Theresa May has just suffered the heaviest defeat of any U.K. Prime Minister for a century. Her Brexit deal was resoundingly rejected by the House of Commons. More than twice as many lawmakers voted against the deal as for it, including over a hundred members of her own party. Previous prime ministers that have suffered such humiliation have resigned. But not Mrs. May. Her deal is dead in the water, but she intends to struggle on. Though it is not clear where she goes from here, or even for how long she will survive. Tomorrow, she faces a vote of no confidence. If she loses it, her government will fall. You would think that all this drama would elicit a strongly negative response from markets, wouldn’t you?

A run on the pound, perhaps? After all, May’s previous gaffes and humiliations caused sterling’s exchange rate to fall. Not a bit of it. The pound rose on the news that May’s horrible deal had been resoundingly defeated. On Twitter, Jamie McGeever of Reuters reported that both Deutsche Bank and Nomura were going long sterling. “It’s time to buy the pound,” said Deutsche Bank’s analysts: “Prime Minister May lost tonight’s UK parliamentary vote on her Brexit deal by a larger margin than expected – 432 votes to 202. Notwithstanding, after more than two years since the UK triggered Article 50 to leave the EU and over eighteen months of negotiations, a positive Brexit resolution is finally in sight.”

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Steve doesn’t agree with Deutsche: “In general, I think the pound will be at least 30 percent lower than it had been..”

• Expect A Wild Ride For The British Pound – Steve Keen (RT)

As the British Parliament voted down Prime Minister Theresa May’s Brexit plan on Tuesday, analysts expect more losses for sterling amid uncertainty over how the UK’s eventual withdrawal from the EU will take shape. Professor of Economy, Steve Keen who is the author of Debunking Economics, told RT that it’s hard to say how the vote will affect the British currency but added “definitely, expect a wild ride,” while the markets are “completely dominated with speculation.” “With speculators gambling one can’t actually say whether it will have impact one way or the other,” he said. “In general, I think the pound will be at least 30 percent lower than it had been,” Keen said, explaining “I think it is overvalued and that makes British manufacturing uncompetitive…”

The professor also said that if the break with the European Union happens the pound will fall in value but “overall it won’t be a good thing or a bad thing” because it is already seriously overvalued. The British currency has been sliding since 2008, well before the Brexit referendum. According to Keen, that means that Britain has some other serious economic problems. “The main problem the British have had is that they made a mistake 40 years ago deciding to go with services rather than manufacturing.” He explained that Britain is now running a substantive deficit compared to Germany which is running a gigantic balance of trade surplus. “So, that is the key problem for the British economy and it really has almost nothing to do with Brexit,” Keen said.

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The costs are already running in the many billions. Who will pay, the UK?

• EU States Escalate No-Deal Brexit Preparations After May Defeat (G.)

European Union capitals were ramping up their preparations to minimise the chaos and disruption of a possible no-deal Brexit after Theresa May’s plan was crushed by MPs. With 72 days until the UK is due to leave the EU, the Belgian prime minister, Charles Michel, met cabinet ministers on Tuesday to discuss their top priorities for a package of emergency Brexit laws that he wants to present to parliament before the end of February. The Belgian government has told businesses and citizens that a no-deal Brexit could lead to the imposition of up to €2.2bn in extra tariffs on goods and the loss of more than 40,000 jobs. In France, which has already passed its no-deal contingency legislation, the Europe minister, Nathalie Loiseau, stressed that no further concessions could be expected from the bloc.

“It’s up to the British parliament and the British government to have a back-up plan in case,” Loiseau told reporters at the European parliament in Brussels. “It’s no longer up to us – we have given everything we can give.” The Spanish government this week launched an online information service for citizens and businesses, including advice on how to prepare for a no-deal Brexit. It has also drafted a decree enabling it to enact no-deal contingency provisions drawn up by the European commission. [..] The EU’s executive last month unveiled bare-bones plans to keep planes in the air and money flowing should the UK crash out, saying it would take all necessary steps to limit the fallout from the ensuing disruption for its members.

A temporary nine-month regime would allow UK airlines to fly to the continent and back (but not between EU cities), EU banks to clear transactions in the City of London, British trucks to deliver goods into the EU, and vital data to be shared. The bloc can terminate this regime unilaterally. [..] The Netherlands, home to Europe’s largest port in Rotterdam, aims to have hired more than 900 extra customs officials by the end of the year – one-third of them by the time Britain plans to leave the EU on 29 March – as well as 150 vets and other scientists for checks on food, plant and animal products. Along with the Belgians, French and Danish, the Dutch have launched comprehensive Brexit impact assessment schemes allowing companies to analyse their specific no-deal risks based on business sector and relationship with the UK.

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German car exports are down some 10%. They would not like losing UK sales.

• Time For Playing Games On Brexit Over – German Foreign Minister (R.)

With the clock ticking ahead of Britain’s scheduled exit from the European Union at the end of March, German Foreign Minister Heiko Maas said on Wednesday the “time for playing games” was over after London’s rejection of a withdrawal agreement. Maas said further talks would almost certainly be needed after Britain’s parliament voted down the exit deal worked out between London and the bloc over the past two years. “The time for playing games is over,” Maas told Deutschlandfunk radio, adding that the EU would deal “constructively” with any British request to delay the departure date. German economy minister Peter Altmaier said that the EU would look at any fresh proposals London made, but said the substance of the deal was non-negotiable.

But umbrella groups representing German industry, whose cross-border supply chains stand to be hit by the imposition of a hard customs border between Britain and the continent, were less conciliatory. Martin Wansleben, head of the German Chambers of Commerce, warned that the political uncertainty now made planning almost impossible and that German companies were already starting to build inventory in preparation. German auto makers would start asking whether it was worth investing in Britain, he added. “The House of Commons has missed an opportunity to avert a hard Brexit and lay the foundations for close ties to the EU,” said Carl Martin Weicker, head of machine tools association VDMA.

“It is simply irresponsible that the British governing coalition is still trying to reach a unified position 10 weeks before the exit deadline,” he added.

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China’s like Japan: deperate attempts to stimulate domestic demand fail miserably. You can’t force people to consume, and the more you try, the more suspicious they become, causing them to halt spending.

• China Vows Tax Cuts, More Public Spending To Halt Economic Slowdown (G.)

China has vowed to take action to support its slowing economy with a package of tax cuts for small businesses and higher public spending. Officials said they would cut taxes “on a larger scale” in order to boost business activity, announced against a backdrop of disappointing industrial production figures and the first drop in car sales for almost three decades. The interventions, designed to soothe concerns among international investors, come after official figures on Monday revealed a 4.4% decline in exports in December – the biggest drop since 2016 – on the back of faltering demand in most of its key markets. Imports also fell by 7.6% as domestic appetite waned.

China has been embroiled in a trade dispute with the US, which has put a handbrake on global trade. Although Beijing and Washington are edging closer to a deal, concerns remain the dispute could be reignited. Financial markets around the world rallied after the announcement from Beijing, with the FTSE 100 closing up more than 40 points and gains on other stock markets elsewhere across Europe. The Dow Jones industrial average had gained about 90 points in afternoon trading in New York. While exact details of the stimulus package are yet to be unveiled, the Chinese finance ministry suggested the measures would include cutting value added tax for some companies, particularly in the manufacturing sector, as well as rebates for other businesses to ward off a more damaging slowdown.

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“Sources close to Whitaker say he will await final judgment but, in recent days, has developed reservations about proceeding with the plan…”

• Rosenstein, DOJ Explore Ways To More Easily Spy On Journalists (Solomon)

For months now, the Department of Justice (DOJ) quietly has been working on a revision to its guidelines governing how, when and why prosecutors can obtain the records of journalists, particularly in leak cases. The work has been supervised by Deputy Attorney General Rod Rosenstein’s office, especially since former Attorney General Jeff Sessions departed, but is not wrapped up. The effort has the potential to touch off a First Amendment debate with a press corps that already has high degrees of distrust of and disfunction with the Trump administration. Acting Attorney General Matt Whitaker is aware of the effort but has not been given a final recommendation. Sources close to Whitaker say he will await final judgment but, in recent days, has developed reservations about proceeding with the plan.

“After a lengthy period of turmoil and regular criticism from President Trump, DOJ has enjoyed a period of calm normalcy that has put employees’ focus back on their work and not the next tweet. Matt doesn’t want to disrupt that unless a strong legal case can be made,” a source close to the acting AG told me. The current guidelines have their origins back to a time when Bill Clinton was president and Janet Reno was attorney general, long before WikiLeaks was a twinkle in Julian Assange’s eye. They were designed to strike a balance between law enforcement’s investigative interests and the First Amendment rights of reporters.

[..] With Rosenstein signaling last week that he plans to step aside in a few weeks, palace intrigue has risen inside Justice about whether the rule changes will be finished and whether Whitaker might reject them. If not, a process begun under Sessions could drag into the tenure of a new attorney general. Trump has nominated William Barr for the job, which Barr held under President George H.W. Bush three decades earlier. According to my sources, the arguments for changing the rules emanate from the stresses that a massive increase in criminal leak investigations have placed on the DOJ.

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Moon of Alabama has a long list. Check it out.

• Here Is A List Of All The Good Things Trump Did For Russia (MoA)

Slate’s Fred Kaplan writes: “The Washington Post’s Greg Miller reported Sunday that President Donald Trump’s confiscation of the translator’s notes from a one-on-one conversation with Russian President Vladimir Putin in 2017 was “unusual.” This is incorrect. It was unprecedented. There is nothing like it in the annals of presidential history.” Not really. Other U.S. leaders held long private meetings with their counterparts without notes being taken. When Richard Nixon met Leonid Brezhnev he did not even bring his own interpreter: “Nixon would meet Brezhnev alone, the only other person in attendance being Viktor Sukhodrev, the Soviet interpreter. “Our first meeting in the Oval Office was private, except for Viktor Sukhodrev, who, as in 1972, acted as translator.” Nixon on Brezhnev’s 1973 visit. RN, p.878 .

Therefore, the only “notes” that would exist would be those of the Soviet interpreter. Not sure he would have time to make notes and translate and, even if he did so, whether those notes would be housed in any US archive. Nixon’s White House office was bugged. There are probably tape recordings of the talks. There might also be recordings of the Trump-Putin talks. At their 1986 Reykjavik summit Ronald Reagan and Mikhail Gorbachev talked without their notetakers: “Mr. Reagan and Mr. Gorbachev began their second day of talks with a private meeting that had been scheduled to last 15 minutes but ran for nearly 70 minutes, with only interpreters present. They met in a small room in the Soviet Mission, with the Soviet leader seated in a small armchair and Mr. Reagan on a sofa. In the afternoon, they meet alone for a little over 20 minutes and then again for 90 minutes. All told, the two leaders have spent 4 hours and 51 minutes alone, except for interpreters, over the two days here.”

The archives of the Reykjavik talks do not include any notes of those private talks. But, who knows, maybe Nixon and Reagan where also on the Russian payroll, just like Donald Trump is today. Only that Trump is controlled by Putin can explain why the FBI opened a counter-intelligence investigation against Trump (see section three). That the FBI agents involved in the decision were avid haters of Russia and of Trump has surely nothing to do with it. That the opening of a counter-intelligence investigation gave them the legal ability under Obama’s EO12333 to use NSA signal intelligence against Trump is surely irrelevant.

What the FBI people really were concerned about is Trump’s public record of favoring Russia at each and every corner. Trump obviously wants better diplomatic relations with Russia. He is reluctant to counter its military might. He is doing his best to make it richer. Just consider the headlines below. With all those good things Trump did for Putin, intense suspicions of Russian influence over him is surely justified.

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“Britain is not alone in its Russophobic policy. Except the nations with the same mindset mostly are in Eastern Europe.”

• Russian Security Chief Calls BBC A ‘Fake News Factory’ (RT)

Britain is a former empire trying to stay relevant in European affairs by becoming an anti-Russian champion, Nikolai Patrushev, a senior Russian security official, believes. British people see through this ruse, he said. Patrushev, the former head of the security service FSB, who currently chairs the Russian national security council, painted a highly unfavorable picture of modern Britain in an interview with Rossiyskaya Gazeta. He said the British establishment still cannot get over their country’s rapid transition from the world’s most-powerful empire to a nation subjugated by its former colony, the United States. Today the British leadership learns about the most important decisions taken in the White House from the media. Britain cannot remain even the leader of the Old World.

The continental Europe is tired of London’s arrogant one-sided policy, its outdated habit of trying to dictate terms to others. The Russian official said Britain is trying to preserve its diminishing influence by becoming Europe’s champion in an anti-Russian crusade, based on supposed common European values. This foundation however is false, Patrushev said. “Britain poses as a model democracy. But it’s not clear how it complies with the strict censorship in the British media, for example,” he said. “The BBC has pretty much become a fake news factory that the Britons themselves take with a smile,” Patrushev added. “Admittedly, Britain is not alone in its Russophobic policy. Except the nations with the same mindset mostly are in Eastern Europe.”

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The deal is designed to let FYROM enter NATO. Greek PM Tsipras has lost his coalition partner recently over it, and called a confidence vote this week. All for NATO.

• Putin Slams FYROM Name-Change Deal (K.)

Russian President Vladimir Putin has criticized the name deal between Greece and the Former Yugoslav Republic of Macedonia (FYROM) suggesting it is part of a campaign to increase western influence in the Balkan region. In an interview with Serbia’s Vecernje Novosti newspaper Tuesday ahead of his scheduled visit to the country later this week, Putin said that the so-called Prespes accord had been enforced from outside against popular will in a bid to draw the country into the NATO military alliance. In the same interview, the Russian president said the United States were destabilizing the Balkan peninsula by “asserting their dominant role” in the region.

Also on Tuesday, Moscow dismissed Greece’s accusation that it was meddling in its internal affairs but insisted it will express its opinion about the Prespes agreement to the United Nations Security Council. “We are in no way meddling in Greece’s internal affairs, but Russia will be expressing its point of view on the issues within the competence of the UN Security Council,” said Russia’s Deputy Foreign Minister Alexander Grushko. Grushko said the Russian Foreign Ministry statement was a fundamental assessment of “how negotiations [between Athens and Skopje] had proceeded.” He said the West’s interference was unprecedented and was aimed at achieving quite clear geopolitical goals.

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Canada is for sale. And Monsanto has plenty cash.

• Canada Sees No Cancer Risk From Monsanto’s Roundup Weed Killer (RT)

Canadian farmers will continue using glyphosate after Health Canada concluded that the active ingredient in Monsanto’s Roundup weed killer poses no human risks. The federal agency dismissed eight notices of objection and assertions made in the so-called Monsanto Papers in 2017. “After a thorough scientific review, we have concluded that the concerns raised by the objectors could not be scientifically supported when considering the entire body of relevant data. The objections raised did not create doubt or concern regarding the scientific basis for the 2017 re-evaluation decision for glyphosate,” Health Canada said in a press release.

The 2017 re-evaluation determined that glyphosate is not genotoxic and is unlikely to pose a human cancer risk. It also determined that dietary exposure associated with the use of glyphosate is not expected to pose a risk of concern to human health. When used according to revised label directions, glyphosate products are not expected to pose risks of concern to the environment, according to the study. Health Canada said it has selected a group of 20 of its own scientists who were not involved in the 2017 decision to evaluate the eight objections and the concerns raised publicly around glyphosate. The agency said its scientists “left no stone unturned in conducting” the review.

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What a surprise.

• EU Glyphosate Approval Was Based On Plagiarised Monsanto Text (G.)

EU regulators based a decision to relicense the controversial weedkiller glyphosate on an assessment plagiarised from industry reports, according to a report for the European parliament. A crossparty group of MEPs commissioned an investigation into claims, revealed by the Guardian, that Germany’s Federal Institute for Risk Assessment (BfR) copy-and-pasted tracts from Monsanto studies. The study’s findings have been released hours before a parliamentary vote on tightening independent scrutiny of the pesticides approvals process. The authors said they found “clear evidence of BfR’s deliberate pretence of an independent assessment, whereas in reality the authority was only echoing the industry applicants’ assessment.”

Molly Scott Cato, a Green MEP, said the scale of alleged plagiarism by the BfR authors shown by the new paper was “extremely alarming”. “This helps explain why the World Health Organization assessment on glyphosate as a probable human carcinogen was so at odds with EU assessors, who awarded this toxic pesticide a clean bill of health, brushing off warnings of its dangers,” she said. The study found plagiarism in 50.1% of the chapters assessing published studies on health risks – including whole paragraphs and entire pages of text. The European Food Safety Authority (Efsa), based its recommendation that glyphosate was safe for public use on the BfR’s assessment.

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But are we ready for no economy?

• Immediate Fossil Fuel Phaseout Could Arrest Climate Change (G.)

Climate change could be kept in check if a phaseout of all fossil fuel infrastructure were to begin immediately, according to research. It shows that meeting the internationally agreed aspiration of keeping global warming to less than 1.5C above pre-industrial levels is still possible. The scientists say it is therefore the choices being made by global society, not physics, which is the obstacle to meeting the goal. The study found that if all fossil fuel infrastructure – power plants, factories, vehicles, ships and planes – from now on are replaced by zero-carbon alternatives at the end of their useful lives, there is a 64% chance of staying under 1.5C.

In October, the IPCC said the difference between 1.5C of warming and the earlier international target of 2C was a significantly lower risk of drought, floods, heatwaves and poverty for hundreds of millions of people. Christopher Smith, of the University of Leeds, who led the research, said: “It’s good news from a geophysical point of view. But on the other side of the coin, the [immediate fossil fuel phaseout] is really at the limit of what we could possibly do. We are basically saying we can’t build anything now that emits fossil fuels.” Nicholas Stern, of the London School of Economics, who was not part of the research team, said: “We are rapidly approaching the end of the age of fossil fuels. This study confirms that all new energy infrastructure must be sustainable from now on if we are to avoid locking in commitments to emissions that would lead to the world exceeding the goals of the Paris agreement.”

[..] The study, published in the journal Nature Communications, used computer models to estimate by how much global temperatures would rise if a fossil fuel infrastructure phaseout began immediately. The lifespan for power plants was set at 40 years, cars an average of 15 years and planes 26 years. The work also assumes a rapid end to beef and dairy consumption, which is responsible for significant global emissions. In this scenario, the models suggest carbon emissions would decline to zero over the next four decades and there would be a 66% chance of the global temperature rise remaining below 1.5C. If the phaseout does not begin until 2030, the chance is 33%.

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Debt Rattle January 4 2019

Jan 042019
 
 January 4, 2019  Posted by at 10:24 am Finance Tagged with: , , , , , , , , , , , ,  11 Responses »


Yasuhiro Ishimoto Untitled, Chicago 1950

 

• Congratulations! Apple Loses Record $463 Billion in Market Cap in Three Months (Mish)
• Apple Just Lost A Facebook (CNBC)
• Apple Suffers Its Biggest Single-Day Loss In 6 Years (CNBC)
• Why This Time Is Different (MooTrades)
• Democrats Introduce Impeachment Articles On 1st Day In The House (RT)
• Canada Says 13 Citizens Detained In China Since Huawei CFO’s Arrest (R.)
• UBS Chairman Pours Cold Water On Deutsche Bank Merger Talk (R.)
• Google Shifted $23 Billion To Tax Haven Bermuda In 2017 (R.)
• Over Half Of Tory Members Consider Quitting Party Over May’s Brexit Deal (BI)
• US Judge Limits Evidence In Trial Over Roundup Cancer Claims (R.)
• New Brazil President Bolsonaro Launches Assault On Amazon Rainforest (G.)

 

 

Losing half a trillion in 3 months should be no surprise now central banks have killed the negative feedback from a functioning market. It’ll be runaway wild swings till it is restored.

• Congratulations! Apple Loses Record $463 Billion in Market Cap in Three Months (Mish)

Apple set a record that will take a long time to beat. The first $ trillion company lost nearly half that in 3 months. On, August 2, Apple became the World’s First Trillion-Dollar Company at $207.05 per share. Hooray! On October 3, Apple had a peak market cap of about $1.138 trillion. Today, Apple’s market cap is about $675 billion. That’s a record market cap loss of $463 billion in three short months. Expect more stories similar to this, but this may be hard to top. Amazon has a chance but it needs a big disaster soon.

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• more than double the size of Wells Fargo • more than three times the size of McDonald’s • more than five times the size of Costco • more than 10 times the size of Raytheon.

• Apple Just Lost A Facebook (CNBC)

In only three months, Apple has lost $452 billion in market capitalization, including tens of billions on Thursday as the tech giant’s stock sank further. Apple shares have fallen by 39.1 percent since Oct. 3, when the stock hit a 52-week high of $233.47 a share. With its market cap down to about $674 billion, those losses are larger than individual value of 496 members of the S&P 500 — including Facebook and J.P. Morgan. Microsoft, Amazon, Alphabet and Berkshire Hathaway are the only S&P 500 members with larger market caps than Apple’s loss since its recent high.

To put the Apple market value plunge in context, $446 billion is: • more than double the size of Wells Fargo • more than three times the size of McDonald’s • more than five times the size of Costco • more than 10 times the size of Raytheon. Apple gave a sudden warning to investors on Wednesday afternoon, lowering its fiscal first-quarter revenue guidance. Wall Street reacted, with one analyst saying this will represent Apple’s “biggest miss in years” and another saying the company’s announcement “raises more questions than answers.” Apple CEO Tim Cook’s letter to investors blamed a variety of factors for the guidance cut, including declining iPhone revenue and China’s weakening economy.

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Only 6 years? That makes it sound cookie cutter.

• Apple Suffers Its Biggest Single-Day Loss In 6 Years (CNBC)

Apple stock cratered almost 10 percent Thursday, a day after slashing revenue guidance in a rare acknowledgement of waning sales. The stock ended trading at $142.19, its lowest price level since July 2017. The plunge makes for Apple’s worst day of trading since January 2013, and it extends a painful year-end trend for Apple into 2019. The stock, which once traded above $230 per share, shed 30 percent in the fourth quarter of 2018. Thursday’s losses push Apple’s market valuation below $700 billion and behind the market cap of Alphabet to become the fourth most valuable publicly traded U.S. company — down from the top spot just two months ago. The company has lost $450 billion in market value since its peak of about $1.1 trillion last year.

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Hard not to think that people working in finance still can’t believe the industry doesn’t function. They keep trying to explain what happens, from inside their faulty models.

• Why This Time Is Different (MooTrades)

We have seen the last three bull markets catalyzed largely by loosening liquidity conditions during the bear markets that preceded them by central banks — in more and more of a globally coordinated fashion. This has led me to believe that the expansion of liquidity is the primary driver for consistent risk asset upward price revisions (aka bull markets). More than economic developments, earnings or political discourse. As a result it is crucial to realize that the ‘punch bowl’ of quantitative easing, the veritable liquidity spigot that juiced markets higher over the last 9.5 years, is not only running dry, but going in reverse (taking liquidity from markets). The impact of this reversal cannot overstated. It will be the primary catalyst that drives this bear market in equities lower. Only a reversal of tightening liquidity conditions will drive risk assets higher again.

Macro: • $1 of US GDP growth now costs $4 of debt, and is only growing as we push on the string of debt to borrow forward demand to today. • US now has $200 trillion of unfunded liabilities over the next 10 year period. • Debt monetization isn’t just important, it will become a necessity. Otherwise rates normalize and the party ends in a very bad way (insolvency and/or extreme austerity measures).

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Everybody is getting ready for a fight. Just not one that would benefit their voters.

• Democrats Introduce Impeachment Articles On 1st Day In The House (RT)

Democrats are flexing their muscles as the incoming majority in the US House of Representatives, introducing articles of impeachment and even quixotic constitutional amendments even though they have no hope of passing. Rep. Brad Sherman (D-CA) introduced articles of impeachment on the first day of the 2019 Congress, starting with a resolution demanding President Donald Trump be impeached for “threatening, and then terminating” then-FBI Director James Comey in 2017. Reserving the option to introduce more articles later, Sherman told CNN he wanted to be able to “force the conversation on impeachment” when (if?) the Mueller report is released, “challenging” his Democratic colleagues who haven’t yet chosen to support Trump’s impeachment.

Sherman filed the exact same impeachment resolution in 2017 but could only muster one supporter, Rep. Al Green (D-TX), who later filed his own articles of impeachment. Rep. Rashida Tlaib (D-MI) didn’t even wait until she was seated as a congresswoman to go after the president’s job, publishing an op-ed on Thursday entitled “Now is the time to begin impeachment proceedings against President Trump.” “We already have overwhelming evidence that the president has committed impeachable offenses,” she wrote, accusing Trump of “abuse of power and abuse of the public trust” along with a laundry list of crimes. In person, she was even more direct, reportedly telling a MoveOn.org reception, “We’re gonna impeach that mother**ker.”

Speaker of the House Nancy Pelosi has been noticeably reticent on impeachment, telling NBC on Thursday that Democrats should wait for the Mueller report before making any moves. “We shouldn’t be impeaching for a political reason, and we shouldn’t avoid impeachment for a political reason,” she said. Many rank-and-file Democrats ran on pro-impeachment platforms, but with polls indicating only a third of Americans support the idea and a two-thirds majority in the Republican-controlled Senate required to remove the president, they are unlikely to make any sudden moves.

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“..there are almost 900 Canadians in a similar situation in the United States..”

• Canada Says 13 Citizens Detained In China Since Huawei CFO’s Arrest (R.)

Canada has said 13 of its citizens have been detained in China since the Huawei executive Meng Wanzhou was arrested in December in Vancouver at the request of the US. “At least” eight of those 13 have since been released, a Canadian government statement said, without disclosing what charges if any had been laid. Prior to Thursday’s statement, detention of only three Canadian citizens had been publicly disclosed. Diplomatic tensions between Canada and China have escalated since Meng’s arrest on 1 December. The Canadian government has said several times it sees no explicit link between the arrest of Meng, the daughter of Huawei’s founder, and the detentions of Canadian citizens. But Beijing-based western diplomats and former Canadian diplomats have said they believe the detentions were a “tit-for-tat” reprisal by China.

Meng was released on a C$10m ($7.4m) bail on 11 December and is living in one of her two Vancouver homes as she fights extradition to the US. The 46-year-old executive must wear an ankle monitor and stay at home from 11pm to 6am. The 13 Canadians detained included Michael Kovrig, Michael Spavor and Sarah McIver, a Canadian government official said on Thursday. McIver, a teacher, has been released and returned to Canada. Kovrig and Spavor remain in custody. Canadian consular officials saw them once each in mid-December. Overall there are about 200 Canadians who have been detained in China for a variety of alleged infractions and continue to face on-going legal proceedings. “This number has remained relatively stable,” the official said. In comparison there are almost 900 Canadians in a similar situation in the United States, the official said.

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Who’s going to save Deutsche? It’s far too big not to be saved. But it would drag down any other bank with it. Let the German government do it.

• UBS Chairman Pours Cold Water On Deutsche Bank Merger Talk (R.)

Swiss bank UBS is not looking to merge with any other bank, Chairman Axel Weber told the Tages-Anzeiger newspaper, dismissing speculation that UBS could join forces with Deutsche Bank. “There is a lot of talk in Europe and the United States about mergers but nothing happens. These are all simulation games,” he said in an interview published on Thursday. Asked specifically about whether UBS, the world’s largest wealth manager, was running simulations about Germany’s biggest lender, Weber said: “Every company has to think things over, but it makes little sense to consider mergers at group level now. These paralyze companies for years.

“UBS is much stronger today than before the financial crisis, but combining with another bank — no matter which — would be premature at this moment. We want to grow primarily organically and we surely have to be able to walk before we want to run.” Weber, a former Bundesbank chief who joined UBS in 2012, said he could imagine remaining in his post until 2022. Asked how long Chief Executive Sergio Ermotti might stay, he said UBS wanted an orderly leadership transition and was under no pressure to act while it ensured the right talent was in place.

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The Dutch finance minister published a list of tax havens a few days ago. Holland wasn’t on it. These people don’t give a sh*t about their credibility.

• Google Shifted $23 Billion To Tax Haven Bermuda In 2017 (R.)

Google moved 19.9 billion euros ($22.7 billion) through a Dutch shell company to Bermuda in 2017, as part of an arrangement that allows it to reduce its foreign tax bill, according to documents filed at the Dutch Chamber of Commerce. The amount channeled through Google Netherlands Holdings BV was around 4 billion euros more than in 2016, the documents, filed on Dec. 21, showed. “We pay all of the taxes due and comply with the tax laws in every country we operate in around the world,” Google said in a statement. “Google, like other multinational companies, pays the vast majority of its corporate income tax in its home country, and we have paid a global effective tax rate of 26 percent over the last ten years.”

For more than a decade the arrangement has allowed Google owner Alphabet to enjoy an effective tax rate in the single digits on its non-U.S. profits, around a quarter the average tax rate in its overseas markets. The subsidiary in the Netherlands is used to shift revenue from royalties earned outside the United States to Google Ireland Holdings, an affiliate based in Bermuda, where companies pay no income tax. The tax strategy, known as the “Double Irish, Dutch Sandwich”, is legal and allows Google to avoid triggering U.S. income taxes or European withholding taxes on the funds, which represent the bulk of its overseas profits.

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“76% of Tory members said that warnings about no deal Brexit — like those on food & medicine — are “exaggerated or invented, and in reality leaving without a deal would not cause serious disruption.”

• Over Half Of Tory Members Consider Quitting Party Over May’s Brexit Deal (BI)

Conservative party members overwhelmingly want MPs to vote down Theresa May’s Brexit deal, with more than half saying they have even considered ripping up their membership over it, according to a new poll. A survey of 1,215 Tory party members published on Friday found that 59% of Conservative party members oppose the Withdrawal Agreement May has negotiated with the European Union, while just 38% support it. Among all Conservative party members, more than half (56%) said they had considered quitting the party over May’s deal, according to YouGov polling for leading academics at the ESRC-funded Party Members Project.

The findings will spook figures in Downing Street who had hoped that Conservative MPs would return from their constituencies over Christmas having been urged by party members to get behind May and her deal. The prime minister was forced to postpone a parliamentary vote on her deal after more than 100 of her MPs announced that they planned to oppose it. [..] The Tory party membership is particularly supportive of leaving the EU without a deal, despite the myriad warnings from ministers about the disruption it would cause across multiple aspects of life in the UK, including food and medicine. A whopping 76% of Tory members said that warnings about a no deal Brexit are “exaggerated or invented, and in reality leaving without a deal would not cause serious disruption.” Just 18% said the warnings were realistic.

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The -legal- power of Monsanto should never be underestimated.

• US Judge Limits Evidence In Trial Over Roundup Cancer Claims (R.)

A federal judge overseeing lawsuits alleging Bayer’s glyphosate-based weed killer causes cancer has issued a ruling that could severely restrict evidence that the plaintiffs consider crucial to their cases. U.S. District Judge Vince Chhabria in San Francisco in an order on Thursday granted Bayer unit Monsanto’s request to split an upcoming trial into two phases. The order initially bars lawyers for plaintiff Edwin Hardeman from introducing evidence that the company allegedly attempted to influence regulators and manipulate public opinion.

Thursday’s order applies to Hardeman’s case, which is scheduled to go to trial on Feb. 25, and two other so-called bellwether trials which will help determine the range of damages and define settlement options for the rest of the 620 Roundup cases before Chhabria. But Hardeman’s lawyers contended that such evidence, including internal Monsanto documents, showed the company’s misconduct and were critical to California state court jury’s August 2018 decision to award $289 million in a similar case. The verdict sent Bayer shares tumbling though the award was later reduced to $78 million and is under appeal. Under Chhabria’s order, evidence of Monsanto’s alleged misconduct would be allowed only if glyphosate was found to have caused Hardeman’s cancer and the trial proceeded to a second phase to determine Bayer’s liability.

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Time to cut all ties with Brazil.

• New Brazil President Bolsonaro Launches Assault On Amazon Rainforest (G.)

Hours after taking office, Brazil’s new president, Jair Bolsonaro, has launched an assault on environmental and Amazon protections with an executive order transferring the regulation and creation of new indigenous reserves to the agriculture ministry – which is controlled by the powerful agribusiness lobby. The move sparked outcry from indigenous leaders, who said it threatened their reserves, which make up about 13% of Brazilian territory, and marked a symbolic concession to farming interests at a time when deforestation is rising again. “There will be an increase in deforestation and violence against indigenous people,” said Dinaman Tuxá, the executive coordinator of the Articulation of Indigenous People of Brazil (Apib).

“Indigenous people are defenders and protectors of the environment.” Sonia Guajajara, an indigenous leader who stood as vice-presidential candidate for the Socialism and Freedom party (PSOL) tweeted her opposition. “The dismantling has already begun,” she posted on Tuesday. Previously, demarcation of indigenous reserves was controlled by the indigenous agency Funai, which has been moved from the justice ministry to a new ministry of women, family and human rights controlled by an evangelical pastor. The decision was included in an executive order which also gave Bolsonaro’s government secretary potentially far-reaching powers over non-governmental organizations working in Brazil.

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