Jun 132020
 


Gustave Doré Dream of the Eagle (Dante’s Purgatory) 1868

 

32 Yemen Doctors Die Of Coronavirus (MEM)
Italian Prosecutors Question PM Conte For 3 Hours Over Virus Response (R.)
June 12 COVID-19 Test Results (McBride)
CDC Warns Restrictions May Be Needed Again If US COVID-19 Cases Spike (R.)
Seattle Coronavirus Survivor Gets A $1.1 Million, 181-Page Hospital Bill (ST)
No Country for Old Men (Ben Hunt)
Churchill Statue Boarded Up Ahead Of Expected UK Protests On Saturday (R.)
Films Aiming To Win Oscars Will Need To Meet Diversity Criteria – Academy (R.)
The American Press Is Destroying Itself (Taibbi)
The Party of Chaos and Falsehood (Jim Kunstler)
Lawyer For Flynn Judge Says Court Will Eventually Dismiss The Case (JTN)
Judges Appear Skeptical Of DOJ Move To Dismiss Flynn Case (Fox)
Graham Granted Significant Subpoena Power For Russia Probe Investigation (JTN)
Some Claim Mayan Calendar Was Wrong, ‘World Will End On June 21’ (Mirror)

 

 

Worldometer reports new cases for June 9 (midnight to midnight GMT+0) at + 140,917. New record.

My count from about 6 am EDT to 6 am EDT is + 141,854 cases.

 

 

 

 

 

 

New cases past 24 hours in:

• US + 27,221
• Brazil + 25,982
• Russia + 8,706
• India + 11,320
• Pakistan + 6.472
• Chile + 6,754
• Mexico + 5,222

 

 

US coronavirus deaths

90 days ago: 58 deaths
80 days ago: 704 deaths
70 days ago: 7,152 deaths
60 days ago: 23,649 deaths
50 days ago: 49,887 deaths
40 days ago: 67,682 deaths
30 days ago: 84,118 deaths
20 days ago: 97,087 deaths
10 days ago: 106,180 deaths
Today: 116,831 deaths

 

 

Cases 7,763,875 (+ 141,854 from yesterday’s 7,622,021)

Deaths 428,734 (+ 4,409 from yesterday’s 424,325)

 

 

 

 

 

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

 

 

From Worldometer:

 

 

From COVID19Info.live:

 

 

 

 

The number only becomes significant when you read that only 560 patients have been reported.

32 Yemen Doctors Die Of Coronavirus (MEM)

Some 32 doctors in Yemen have died as a result of the coronavirus, the Yemeni Physicians and Pharmacists Syndicate announced yesterday. Doctor Mohammed Ahmed Seif was the latest fatality, he died in the southern province of Taiz. “Seif is the 32nd martyr from coronavirus,” the syndicate said in a statement. By Wednesday, a total of 560 people were reported to have been infected by the virus, 129 of whom have died and 23 have recovered, according to official data. The data does not include the Houthi-controlled areas, which were reported to have registered a total of four infections and one fatality, though many fear the actual number is far higher.


On Monday, the United Nations (UN) said that the mortality rate from the virus in Yemen was “alarmingly increasing”, warning of what it described as a “deteriorating health system”. Since 2014, Yemen has been suffering from an ongoing war between pro-government forces and the Houthis, who have captured most of the north, including the capital, Sanaa.

Read more …

What’s the use of this? Is it not a case for Parliament instead?

Italian Prosecutors Question PM Conte For 3 Hours Over Virus Response (R.)

Italian Prime Minister Giuseppe Conte was questioned by prosecutors on Friday about the country’s response to its coronavirus outbreak, which has killed more than 34,000 people. The prosecutors from Bergamo, one of the northern cities hit hardest by the pandemic, are looking into why badly affected small towns around the city were not locked down earlier in the outbreak, when infections were rising fast. Conte, who was questioned as a witness for three hours in his office in Rome and is not under criminal investigation, later told reporters via his spokesman: “I wanted to explain every stage to the smallest detail.” Prosecutors also questioned Interior Minister Luciana Lamorgese and Health Minister Roberto Speranza.

In interviews with several Italian newspapers on Friday, Conte said he would tell prosecutors everything he knew and was not worried by the possibility he could be personally investigated. If that did happen, it would be likely to weaken an already fractious coalition government and add fuel to already frequent speculation that Conte may be pushed out despite his high personal approval ratings in opinion polls. Prosecutor Maria Cristina Rota said the meeting had taken place “in an atmosphere of great calm and institutional collaboration”. The region of Lombardy, which includes Bergamo, was the original epicentre of Italy’s virus outbreak and has remained by far the worst hit of its 20 regions, accounting for about half of its total deaths and most new infections.

The decision not to isolate Bergamo and the surrounding towns has been one of the most contentious episodes, with the central government and Lombardy’s regional authorities each saying the other was responsible. In Lombardy, which is led by the right-wing opposition League party, the Bergamo prosecutors have already interrogated the regional president and health chief. League leader Matteo Salvini was quick to seek political capital from Conte’s interrogation, tweeting that it was Rome’s decision not to set up a so-called “red zone” to seal off Bergamo and enforce it with the army and police. “Now we expect that Conte will at least apologise to the relatives and the friends of too many Bergamo citizens who have died,” he tweeted.

Read more …

US still not testing nearly enough. Like so many other countries. Without testing there’s no crushing the curve.

June 12 COVID-19 Test Results (McBride)

Note: I started posting this graph when the US was doing a few thousand tests per day. Clearly the US was way under testing early in the pandemic. I’ll continue posting this graph daily at least until the percent positive is continuously under 3% and the daily positive is significantly lower than today.


The US is now usually conducting over 400,000 tests per day, and that might be enough to allow test-and-trace in some areas. Based on the experience of other countries, the percent positive needs to be well under 5% to really push down new infections, so the US still needs to increase the number of tests per day significantly. According to Dr. Jha of Harvard’s Global Health Institute, the US might need more than 900,000 tests per day . There were 583,961 test results reported over the last 24 hours. This was a new high for the number of test results reported (some states might have had a data dump). The percent positive over the last 24 hours was 4.1% (red line).

Read more …

Except for protests.

What on earth will happen if a new lockdown is declared? Should have done the first one right.

CDC Warns Restrictions May Be Needed Again If US COVID-19 Cases Spike (R.)

U.S. health officials on Friday urged Americans to continue adhering to social distancing and other COVID-19 safety measures, and warned that states may need to reimpose strict restrictions if COVID-19 cases spike. In recent weeks, experts have raised concerns that the reopening of the U.S. economy could lead to a fresh wave of infections. About half a dozen states, including Texas and Arizona, are grappling with a rising number of coronavirus patients filling hospital beds. Officials from the U.S. Centers for Disease Control and Prevention (CDC) said the public should continue to maintain 6 feet of social distance, wash hands regularly and wear facial coverings to reduce the risk of infection.


“If cases begin to go up again, particularly if they go up dramatically, it is important to recognize that more mitigation efforts such as what were implemented back in March may be needed again,” said Jay Butler, the deputy director of infectious diseases at the CDC, who spoke to reporters along with CDC Director Robert Redfield. As the United States reopens its economy, a number of U.S. states, including Texas, Arizona and Florida, have relaxed social distancing guidelines in recent weeks. Many U.S. states also do not require residents to wear protective masks. Most Americans support stay-at-home orders and said they always or often wear face coverings in public , according to an online survey conducted early May of over 2,000 adults in New York City and Los Angeles. Most also said they would feel unsafe if restrictions were lifted.

Read more …

In the history books this will be known as: “How Medicare for All Got Started.”

Seattle Coronavirus Survivor Gets A $1.1 Million, 181-Page Hospital Bill (ST)

Remember Michael Flor, the longest-hospitalized COVID-19 patient who, when he unexpectedly did not die, was jokingly dubbed “the miracle child?” Now they can also call him the million-dollar baby. Flor, 70, who came so close to death in the spring that a night-shift nurse held a phone to his ear while his wife and kids said their final goodbyes, is recovering nicely these days at his home in West Seattle. But he says his heart almost failed a second time when he got the bill from his health care odyssey the other day. “I opened it and said ‘holy [bleep]!’ “ Flor says. The total tab for his bout with the coronavirus: $1.1 million. $1,122,501.04, to be exact. All in one bill that’s more like a book because it runs to 181 pages.

The bill is technically an explanation of charges, and because Flor has insurance including Medicare, he won’t have to pay the vast majority of it. In fact because he had COVID-19, and not a different disease, he might not have to pay anything — a quirk of this situation I’ll get to in a minute. But for now it’s got him and his family and friends marveling at the extreme expense, and bizarre economics, of American health care. Flor was in Swedish Medical Center in Issaquah with COVID-19 for 62 days, so he knew the bill would be a doozy. He was unconscious for much of his stay, but once near the beginning his wife Elisa Del Rosario remembers him waking up and saying: “You gotta get me out of here, we can’t afford this.”

Just the charge for his room in the intensive care unit was billed at $9,736 per day. Due to the contagious nature of the virus, the room was sealed and could only be entered by medical workers wearing plastic suits and headgear. For 42 days he was in this isolation chamber, for a total charged cost of $408,912. He also was on a mechanical ventilator for 29 days, with the use of the machine billed at $2,835 per day, for a total of $82,215. About a quarter of the bill is drug costs.

Read more …

For now, I’ll stick to the pandemic having become embedded, but not yet endemic.

Ben’s point is salient: if -when- COVID19 becomes endemic, other health care options must vanish, while premiums rise.

No Country for Old Men (Ben Hunt)

Connecticut is opening up a bit, so I’ve got an outpatient surgery scheduled at the big local hospital (specialty clinics are still closed) next Friday. I feel lucky to get on the calendar so soon. I also feel nervous. My dad was an ER doc. My brother is a healthcare lawyer. Again, these are things that have certainly made an impression on me. To be clear, my lack of healthcare options today and over the past 3 months isn’t because of the lockdown. That’s how a child would see this. My lack of healthcare options is because of the virus. In its acute phase, Covid-19 shuts down non-emergency healthcare provision entirely. In its endemic phase, Covid-19 forces enormous and costly changes in healthcare provision. There is no “v-shaped recovery” for medicine. Covid-19 is now in its endemic phase. The enormous and costly changes in healthcare provision that Covid-19 requires and the resulting impact on healthcare consumption lead me to three conclusions about the healthcare industry and national politics.

Conclusion #1: Endemic Covid-19 permanently dents healthcare provision (and consumption). The days of “efficient” (i.e., insanely lucrative) specialty medical clinics where docs go through 3 knee replacements or 10 lasik procedures in an afternoon are GONE.

Conclusion #2: Although both acute and endemic Covid-19 sharply reduce my healthcare options and healthcare consumption, my healthcare insurance costs have not gone down. They’ve gone up. Healthcare payers (insurance cos) are a public utility. They should be regulated as such. #BITFD

Conclusion #3: For the past 30 years, US fiscal policy has been largely driven by Boomers’ insatiable demand for more and more healthcare, to the advantage of both the Dems AND the GOP. Covid-19 destroys that cozy political dynamic, but neither party realizes this yet.

Read more …

I’m sure we can find a few very wrong things that the Queen is, or has been, invested in. Why stop here?

Churchill Statue Boarded Up Ahead Of Expected UK Protests On Saturday (R.)

Statues of historical figures including Winston Churchill have been boarded up ahead of more expected protests on Saturday as Prime Minister Boris Johnson said it was “shameful” that the monument to Britain’s wartime leader was at risk of attack. Anti-racism protesters, who have taken to the streets following the death of African American George Floyd, have put statues at the forefront of their challenge to Britain’s imperialist past. A statue of Edward Colston, who made a fortune in the 17th century from the slave trade, was torn down in the city of Bristol last Sunday, and authorities have acted to protect monuments they believe could be next.

They have now boarded up a statue opposite parliament of Churchill after demonstrators daubed it with paint last weekend. “It is absurd and shameful that this national monument should today be at risk of attack by violent protesters,” Johnson wrote on Twitter. On Friday, around 500 people gathered in Hyde Park chanting “the UK is not innocent” and “Black Lives Matter”, before marching through central London, with many saying that statues such as Colston’s were legitimate targets. “If we have these big images, and we’re telling people that these people and what they stood for is OK, we’re just allowing everything that they did to pass,” said student Samantha Halsall.

Meanwhile in Britain:

Read more …

Next up: the music scene. Imagine what they can do to country music.

Films Aiming To Win Oscars Will Need To Meet Diversity Criteria – Academy (R.)

The organization that hands out the Academy Awards said Friday it would form a group to develop diversity and inclusion guidelines that filmmakers will have to meet in order for their work to be eligible for Oscars. The Academy of Motion Picture Arts and Sciences, which has been criticized for honoring few movies and creators of color, said the move and other steps represented a new phase of a 5-year effort to promote diversity. The group said in a statement it would work with the Producers Guild of America to convene a task force of industry leaders to develop “representation and inclusion standards” for Oscars eligibility by July 31 that will “encourage equitable hiring practices on and off screen.”


The rules will not apply to films vying for Oscars at the next ceremony in 2021. Criticism of the movie academy intensified in 2015 with the hashtag #OscarsSoWhite, a backlash against an all-white field of acting contenders. The academy responded in part by doubling the number of women and people color in its invitation-only ranks. Still, by 2019 just 32% of its roughly 8,000 members were women, and 16% were people of color. New members will be announced next month. “We know there is much more work to be done in order to ensure equitable opportunities across the board,” Academy Chief Executive Dawn Hudson said. “The need to address this issue is urgent.”

Read more …

Good theme, pretty weak execution. The press has been destroying itself for years. Everything they say has become full-blown partisan.

The American Press Is Destroying Itself (Taibbi)

Probably the most disturbing story involved Intercept writer Lee Fang, one of a fast-shrinking number of young reporters actually skilled in investigative journalism. Fang’s work in the area of campaign finance especially has led to concrete impact, including a record fine to a conservative Super PAC: few young reporters have done more to combat corruption. Yet Fang found himself denounced online as a racist, then hauled before H.R. His crime? During protests, he tweeted this interview with an African-American man named Maximum Fr, who described having two cousins murdered in the East Oakland neighborhood where he grew up. Saying his aunt is still not over those killings, Max asked:

“I always question, why does a Black life matter only when a white man takes it?… Like, if a white man takes my life tonight, it’s going to be national news, but if a black man takes my life, it might not even be spoken of… It’s stuff just like that that I just want in the mix.”

Shortly after, a co-worker of Fang’s, Akela Lacy, wrote, “Tired of being made to deal continually with my co-worker @lhfang continuing to push black on black crime narratives after being repeatedly asked not to. This isn’t about me and him, it’s about institutional racism and using free speech to couch anti-blackness. I am so fucking tired.” She followed with, “Stop being racist Lee.” [..] If there’s an edge to Fang at all, it seems geared toward people in our business who grew up in affluent circumstances and might intellectualize topics that have personal meaning for him.

In the tweets that got him in trouble with Lacy and other co-workers, he questioned the logic of protesters attacking immigrant-owned businesses “with no connection to police brutality at all.” He also offered his opinion on Martin Luther King’s attitude toward violent protest (Fang’s take was that King did not support it; Lacy responded, “you know they killed him too right”). These are issues around which there is still considerable disagreement among self-described liberals, even among self-described leftists. Fang also commented, presciently as it turns out, that many reporters were “terrified of openly challenging the lefty conventional wisdom around riots.”

[..] Max himself was stunned to find out that his comments on all this had created a Twitter firestorm. “I couldn’t believe they were coming for the man’s job over something I said,” he recounts. “It was not Lee’s opinion. It was my opinion.” By phone, Max spoke of a responsibility he feels Black people have to speak out against all forms of violence, “precisely because we experience it the most.”

Read more …

Jim reintroduces Hillary as a candidate. But I think she is simply too unpopular.

The Party of Chaos and Falsehood (Jim Kunstler)

The Democratic Party Resistance apparently believes that all this mayhem, and the false sanctimony excusing it, works to their advantage in the coming national election. They may be disappointed about how that works out, as they’ve been disappointed in three years of previous gambits to overthrow the government and seize power by any means necessary. The picture of them is resolving into the party of bad faith, foul play, coercion, and tyranny. Even the corona virus scare carries a taint of Resistance manipulation. One moment the populace is hustled into an economically devastating lockdown; and then suddenly, on a fine spring day, they’re incited to mix in moiling mobs of street protests with the predictable result of a fresh spike in virus contagion and the possibility of a second lockdown.

Like many activities in our national life lately, it’s another hostage racket, and, guess what, you’re the hostage. Their most transparent artifice is the utterly false elevation of Joe Biden as their candidate for president. Everybody knows he’s incapable of performing the job, and probably even of functioning through a campaign. His inchoate utterances on events and policy make Donald Trump sound like Ralph Waldo Emerson. He’s left behind himself an evidence trail of financial crimes running to at least nine digits of grift. And, of course, if you believe all women, he’s a sexual molester. Everything about his public presentation is false, including his hair, teeth, and soul. This past week, his handlers posed him as Grief Counselor-in-Chief (via video from his basement) at the state funeral for George Floyd, accompanied by an inspirational music soundtrack to shore up the sham sentimentality.

Never have so many hollow platitudes been woven into such garment of alternative reality for public consumption. Most pathetically of all, the audience of mourners, mere props, as black America has long been employed by the cynical party, went along with the charade that George Floyd was a model citizen and father, now soaring on golden wings to the place on high where you don’t need methedrine and fentanyl to feel happy. A couple of days later, Democratic Party bigwig and Clinton henchperson, Terry McAuliffe, told a meeting of the faithful that Joe Biden should remain confined to his basement. In a matter of weeks, you may be sure, we’ll learn that the party is compelled to draft Hillary Clinton as poor Joe’s replacement. It can’t be helped. Her turn will not be denied, even if she has to destroy the country to take it.

Read more …

Everyone agrees and knows the case will be dismissed. But the “lead” judge says: “There’s nothing wrong with him holding a hearing; there’s no authority I know of that says he can’t hold a hearing,”

No wonder people think thiis all just to get this past the election. But I’m convinced Flynn and Sidney Powell have long seen this coming.

Lawyer For Flynn Judge Says Court Will Eventually Dismiss The Case (JTN)

A lawyer representing the judge overseeing the Michael Flynn trial suggested Friday that the court will eventually dismiss the case against the former Trump national security adviser, arguing that the judge’s decision to call in outside opinions on the matter was merely an issue of seeking advice before the probable dismissal. The lawyer, Beth Wilkinson, made the acknowledgement during a roughly two-hour federal appeals court hearing on whether the court should order a lower court to immediately dismiss the case, as was requested last month by the Justice Department, or allow the case to proceed through at least July.

“There’s no reason at this point to fear that the District Court is going to deny the government’s motion to dismiss,” she told the three-judge panel Friday morning, stating that the lower court is simply “getting advice” from third parties before likely doing so. It was unclear at the end of hearing, at about noon, when the panel of judges—Neomi Rao, Robert Wilkins and Karen Henderson—would make a decision. A ruling could come before the weekend but is expected to likely happen no sooner than Monday. Principal Deputy Solicitor General of the United States Jeff Wall argued Friday in the virtual hearing that the federal government has gone “beyond what we thought we were obligated to do” in explaining its reasoning behind its dismissal request, and that Sullivan should honor that decision and drop the case rather than draw it out.

“There’s no reason not to take that final step. This has already become, and I think is only becoming more of, a public spectacle,” he said, arguing that the appeals court should force the lower court to end the trial. Sidney Powell, one of Flynn’s attorneys, made similar arguments, saying the Justice Department provided an “extensive and thoroughly documented” argument in favor of dropping the case and that Sullivan should obey the request and bring the prosecution to an immediate end. The trial “cannot go on any longer,” Powell argued, claiming that the judge overseeing the case “has no authority” to continue it after the executive branch requested it be dropped.

Failing to bring the trial to an end immediately, Powell said, would simply be “delaying the inevitable,” arguing that Sullivan will eventually be found to have exceeded his authority in this case. Yet the court at times appeared reluctant to quickly dismiss the case. Henderson pointed out that Sullivan has scheduled a hearing for July on the matter instead of electing to keep the trial “waiting and languishing.” “There’s nothing wrong with him holding a hearing; there’s no authority I know of that says he can’t hold a hearing,” she said.

Read more …

TEXT

Judges Appear Skeptical Of DOJ Move To Dismiss Flynn Case (Fox)

Judges on a D.C. appeals court Friday seemed skeptical of arguments that they should force a federal judge to dismiss a case against President Trump’s former National Security Adviser Michael Flynn as sought by the Department of Justice (DOJ) – after Flynn’s lawyer said the case was “concocted” and slammed previous “government misconduct” against him. The unusual move from Judge Emmet Sullivan to keep the case alive despite prosecutors’ wishes was preceded by an unusual move from the DOJ itself to drop the charges against Flynn even after he had pleaded guilty – saying the FBI interview that led to his charge of lying to investigators had no “legitimate investigative basis.”

But the long-running case continues to drag on. The latest twist involved the higher D.C. appeals court panel agreeing to review the handling of the matter. After Sullivan moved to accept input from outside parties, he was called to defend his own decisionmaking before the panel in response to a petition from Flynn to force the judge to let the case die. At issue is the discretion of the judiciary to delay, deny or question the prosecution’s decision to continue pursuing a criminal case. “This record contains enormous evidence now of government misconduct,” Flynn’s lawyer Sidney Powell said. She added that she believes Sullivan doesn’t have the authority to do anything but approve the DOJ motion, and that continuing the case would be an unnecessary burden on Flynn.

“We would simply be delaying the inevitable,” Powell said. “He just got dumped on a 72-page brief that we have to answer by Wednesday … the toll it takes on a defendant to go through this is absolutely enormous.” “The government’s just wasting resources out the wazoo,” she said. Powell also complimented the government’s claim that the case against Flynn was flawed: “This is the most impressive motion to dismiss I have ever seen in decades of practice.” [..] For his part, government lawyer Jeff Wall told the judges that it is the government’s position that it does not need to tell the court all of the reasons why it wants to dismiss a case — just those it chooses to disclose.

Read more …

“..the president’s attack on the Russia investigation..”?

The 3-year $40 million investigation ended in utter and complete disgrace for Robert Mueller and the people who appointed him, and now you’re saying none of this should be looked into?

Graham Granted Significant Subpoena Power For Russia Probe Investigation (JTN)

Senate Judiciary Committee Chairman Lindsey Graham on Thursday was granted broad subpoena power in his probe into the federal government’s 2016 Russia-Trump campaign probe, allowing him call more than 50 people for interviews, including high-profile Obama administration officials. Graham received the authorization in a party-line vote in the GOP-controlled committee. “I find myself in a position where I think we need to look long and hard about how the Mueller investigation got off the rails. This committee is not going to sit on the sidelines and move on,” said Graham, a South Carolina Republican.

The committee is currently conducting a broad investigation into the 2016 Russia probe, including “Crossfire Hurricane,” which was the FBI’s name for their investigation into Russian election interference by way of the Trump campaign. The FBI’s actions during that operation gave way to what is broadly referred to as the (now mostly debunked) Russia-collusion narrative. With Thursday’s vote, Graham now has the authority to subpoena former intelligence officials, including former FBI Director James Comey, former national security adviser Susan Rice, and former Director of National Intelligence James Clapper.

The committee chairman has also been granted the authority to subpoena documents and records reference in Justice Department Inspector General Michael Horowitz’s report assessing the use of FISA warrants against former Trump campaign aide Carter Page. Tensions ran high during the committee meeting in which member voted on the subpoenas. To issue a subpoena, the committee chairman needs to either strike a deal with the top Democrat – now California Sen. Dianne Feinstein – or secure a majority vote by the committee. Republicans hold a 12-10 majority, so they were able to grant Graham unilateral subpoena power, rejecting several amendments by the Democrats.

“Unfortunately, it appears that Senate Republicans now plan to spend the next several months bolstering the president’s attack on the Russia investigation and his Democratic nominee, Democrat Joe Biden. Congress should not conduct politically motivated investigations designed to attack or help any presidential candidate,” Feinstein said.

Read more …

Compared to actual news these days, even this is light reading.

Some Claim Mayan Calendar Was Wrong, ‘World Will End On June 21’ (Mirror)

From the coronavirus pandemic to an influx of terrifying murder hornets, 2020 has thrown a number of tricky obstacles in humanity’s way. But the worst is yet to come, according to conspiracy theorists, who claim that the world will end next week. The bizarre theory is based on the fact that when the Gregorian calendar was introduced in 1582, 11 days were lost from the year, to better reflect the time it takes Earth to orbit the sun. While 11 days might not sound a lot, over 286 years it adds up, with some conspiracy theorists claiming we ‘should be in 2012.’ In a now-deleted Twitter post, scientist Paolo Tagaloguin said: “Following the Julian Calendar, we are technically in 2012.


“The number of days lost in a year due to the shift into Gregorian Calendar is 11 days. For 268 years using the Gregorian Calendar (1752-2020) times 11 days = 2,948 days. 2,948 days / 365 days (per year) = 8 years”. According to this theory, June 21 2020 should actually be December 21, 2012. If you cast your mind back to 2012, you may remember various theories, indicating the world would end on December 21. NASA said: “The story started with claims that Nibiru, a supposed planet discovered by the Sumerians, is headed toward Earth. This catastrophe was initially predicted for May 2003, but when nothing happened the doomsday date was moved forward to December 2012 and linked to the end of one of the cycles in the ancient Mayan calendar at the winter solstice in 2012 – hence the predicted doomsday date of December 21, 2012.”

Read more …

 

 

We try to run the Automatic Earth on people’s kind donations. Since their revenue has collapsed, ads no longer pay for all you read, and your support is now an integral part of the interaction.

Thank you.

 

 

 

 

https://twitter.com/i/status/1271121354226642948

 

 

 

 

 

 

 

 

Support the Automatic Earth in virustime.

 

May 202020
 


Russell Lee South Side market, Chicago 1941

 

Study Finds Recovered COVID Patients Who Test Positive Not Infectious (ZH)
Australian Study: COVID19 Spreads In Schools ‘Considerably Less’ Than Flu (JTN)
Why Australia Must SPEND Its Way Out Of The COVID19 Crisis (DM)
EU Exec To Propose €1 Trillion Euro Recovery Plan With Grants And Loans (R.)
The Great Opening-up (Jim Kunstler)
China Backs Investigation Of WHO And Coronavirus Pandemic (SCMP)
8 Countries to Import Iran-Made Coronavirus Test Kits (FARS)
Global Carbon Emissions Down Nearly 20% Since Lockdowns Began (JTN)
The Mystery Behind Worldometer (CNN)
Venezuela Files Claim To Force Bank Of England To Hand Over Gold (R.)
Senate GOP Compile Massive Subpoena List For FBI Abuse Probe (ZH)
Flynn Lawyers Appeal Requests Case Dismissal, Removal Of Judge Sullivan (JTN)
Phone Calls Between Biden And Ukraine’s Poroshenko Leaked (ZH)
Ukraine Judge Orders Joe Biden Listed As Alleged Perpetrator Of Crime (Solomon)

 

 

• Global cases top 5,000,000

• Russia +8,764 (down from 9,263 May 19 and 9709 May 18)

• US records over 21,000 new cases in past 24 hours

• US records 1,536 new deaths (vs 759 day before),

• Total US deaths 93,533, projected to be 113,000 by mid-June

 

 

 

 

 

 

Yesterday I wrote: Obesity means having a body mass index (BMI) of greater than 30. Morbid obesity means having a BMI of 40 or higher.

Well, “according to the results of his medical exam released last year, Trump, 73, had a listed height of 6 feet, 3 inches and a weight of 243 pounds. That would put his body mass index at 30.4, which narrowly qualifies him in the “obese” category of 30 or greater.”

And very far removed from morbidly obese. But Pelosi said it anyway, and then “quipped” that she didn’t know he’d be offended by it. Fine, if that’s the level of conversation you want….. But what do you think will happen if he pays her back in kind? Don’t you dare complain, Nancy.

 

 

 

 

 

Cases 5,006,675 (+ 94,955 from yesterday’s 4,911,720)

Deaths 325,320 (+ 4,866 from yesterday’s 320,454)

 

 

 

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

 

 

From Worldometer

 

 

From SCMP:

 

 

From COVID19Info.live:

 

 

 

 

Tyler claims this is ground for reopening economies, but fear of reinfection has not been a major factor so far, it’s fear of first-time infection.

Study Finds Recovered COVID Patients Who Test Positive Not Infectious (ZH)

[..] a study from the Korean Centers for Disease Control and Prevention has found that patients who test positive for COVID-19 after recovering from the illness appear to be shedding dead copies of the virus. That would suggest that these patients are not infectious, the scientists said, which helped dispel fears that some patients can remain infectious for months after being infected. While the study doesn’t answer every question about the virus’s longevity – such as patients who almost appear to have developed a “chronic” form of the illness because their symptoms have persisted for so long. But still, the finding was greeted as a major relief, and, if anything, should encourage economies to reopen more quickly, as a potential trigger for reinfection that had panicked some experts appears to be a non-issue.

The research also undermines the reliability of ‘antibody’ tests like the ones NY Gov Andrew Cuomo insisted would be ‘critical’ for NY’s reopening. The results mean health authorities in South Korea will no longer consider people infectious after recovering from the illness. Research last month showed that so-called PCR tests for the coronavirus’s nucleic acid can’t distinguish between dead and viable virus particles, potentially giving the wrong impression that someone who tests positive for the virus remains infectious. The research may also aid in the debate over antibody tests, which look for markers in the blood that indicate exposure to the novel coronavirus. Experts believe antibodies probably convey some level of protection against the virus, but they don’t have any solid proof yet. Nor do they know how long any immunity may last.


[..] As a result of the findings in the South Korea study, authorities said that under revised protocols, people should no longer be required to test negative for the virus before returning to work or school after they have recovered from their illness and completed their period of isolation. “Under the new protocols, no additional tests are required for cases that have been discharged from isolation,” the Korean CDC said in a report. The agency said it will now refer to “re-positive” cases as “PCR re-detected after discharge from isolation.” Some coronavirus patients have tested positive again for the virus up to 82 days after becoming infected. Almost all of the cases for which blood tests were taken had antibodies against the virus. If nothing else, this study is just the latest reminder of how much we don’t know about the virus.

Read more …

One study says nothing. Are you going to send your kids to school BECAUSE one Australian study says this?

Australian Study: COVID19 Spreads In Schools ‘Considerably Less’ Than Flu (JTN)

A study out of Australia shows the spread of COVID-19 is not driven by children in educational environments, a finding expected to influence the ongoing debate about when to reopen schools in many Western countries. Authorities in the United States, the European countries and other nations around the world began shutting down schools in February and March under the assumption that schoolhouses – packed full of children and usually hotspots of community virus transmission – would contribute to major coronavirus outbreaks. Many public officials, particularly in the U.S., have vowed to keep schools closed until the fall and possibly beyond. Yet health authorities are beginning to question that approach to pandemic mitigation.

Soumya Swaminathan, the chief scientist at the World Health Organization, said last week that “children don’t seem to be getting severely ill from this infection,” that there “have not been big outbreaks in schools” where they have remained open, and that it sees “children are less capable of spreading” the virus. The study out of Australia, released last month by the National Centre for Immunisation Research and Surveillance, found that “SARS-CoV-2 transmission in children in schools appears considerably less than seen for other respiratory viruses, such as influenza.” The study determined that, out of hundreds of “close contacts” that were in proximity to numerous positive COVID-19 patients in a school environment, only a scant number contracted the disease there.


“In contrast to influenza, data from both virus and antibody testing to date suggest that children are not the primary drivers of COVID-19 spread in schools or in the community,” the researchers said. “This is consistent with data from international studies showing low rates of disease in children and suggesting limited spread among children and from children to adults,” they also said. The researchers do note that, in mid-March, the government advised parents to keep their children at home for online learning even as schools remained open. Following that advice, “face-to-face attendance in schools decreased significantly and this may have impacted the results of this investigation.” School holidays in early April may have also affected the results.

Read more …

Steve Keen: ‘Give $100,000 per person as a flat rate to everyone to eliminate the private debt..’

Why Australia Must SPEND Its Way Out Of The COVID19 Crisis (DM)

[Economist Martin North] said Australia just has to accept it’s been hit by a one-in-a-hundred-year storm and that the Budget will not be balanced for a long time. Australia’s government debt level is hovering around 30 per cent of GDP which is low compared to Japans which hit 238 per cent of GDP in 2018. ‘Interest rates have never been as low as now and from a debt servicing perspective we have the capacity to get more funds,’ he said. Mr North said now was the time to invest in solid nation-building infrastructure that would set the groundwork for the next 30 years of Australia’s future. However, Mr North said he feared the Government would be pressured to prop up old economic distortions such as the over-reliance on housing construction which fueled a house price bubble and unsustainable mass migration. ‘We can’t just go back to pre-covid days, it would be a major mistake,’ he said.

[..] Economist Leith Van Onselen, who worked for Treasury, Goldman Sachs and now writes for website Macrobusiness, said governments should take advantage of the low borrowing rates to build infrastructure now. ‘Not only would this help overcome Australia’s massive infrastructure deficit brought about by 15 years of mass immigration, but would also help stimulate the economy during a period of weak private demand and high unemployment,’ he told Daily Mail Australia. Mr Van Onselen said the nation-building benefits would be undone if the government reverted back to mass migration. ‘This would overload the new infrastructure and lift labour supply, thus being self defeating,’ he said. Wages had already stagnated due to an oversupply of labour before the coronavirus pandemic hit.

[..] Australia’s economy has also been distorted by runaway house prices in recent years. Professor Steve Keen of the University College of London said this had resulted in Australia’s private debt levels becoming the ‘biggest bubble in human history’ at 190 per cent of GDP, far greater than the government’s relatively modest debt to GDP ratio of 30 per cent. Professor Keen has advocated massive cash handouts to every Australian to get rid of the enormous levels of private debt so the economy can have a chance to recover. ‘Give $100,000 per person as a flat rate to everyone to eliminate the private debt,’ he told Daily Mail Australia.


The money would need to be distributed in such a way that it would go directly to paying down debt, Professor Keen said. But those without debt should still receive the payment so they are not penalised. The Australian economy may be unable to recover from the coronavirus shock unless the private debt burden is reduced, Professor Keen said. He said the solution was a debt jubilee, reducing private debt from 190 per cent of GDP to just 90 per cent of GDP.

Read more …

Guaranteed to fail spectacularly. The EU should stay out of this.

EU Exec To Propose €1 Trillion Euro Recovery Plan With Grants And Loans (R.)

The European Commission will present a pandemic recovery plan next week that will exceed 1 trillion euros in a mix of grants and loans, Executive Vice President Valdis Dombrovskis said on Tuesday. Dombrovskis, speaking after a meeting of EU finance ministers, welcomed a proposal by France and Germany for a 500 billion euro fund to disburse grants to worst-hit regions and sectors. But he said the Commission would be bolder. “Our ambition is not to increase the financing capacity in the range of hundreds of billions, but rather by a figure exceeding a trillion euros,” he said. “Of course in this case we are talking about both in loans and grants.”

Dombrovskis said the Commission, like France and Germany, would link access to the recovery money to sound economic policies and structural reforms. This could become a friction point with Italy and Spain, worst affected by the epidemic, who are wary of northern fiscal hawks dictating policies in exchange for grants. “We not only need additional money for the recovery, but we also need reforms, we need to ensure a business environment that is conducive to investment,” Dombrovskis said. “So, as part of our recovery instrument, we intend to propose… a Recovery and Resilience Facility, which will be concentrating on investments and structural reforms,” he said.


Dombrovskis also said the recovery money would have to follow the EU’s long-term priorities of making the bloc climate-neutral by 2050, digitalising the economy and investing in research and innovation. mEU governments are divided if the recovery money should be loans or transfers, with the highly indebted southerners like Italy, Greece or Spain calling for grants and less indebted and fiscally frugal countries in favour of loans. The commission’s proposal on May 27, linking the Recovery Fund with the EU’s next long-term budget for 2021-2027, will be the basis for discussions of all EU governments in June. Dombrovskis said the Commission was examining if some of the cash could be available in 2020, but said most was likely to be available in 2021.

Read more …

“Spooky as it’s been, the Covid-19 virus has also been a great cover-story for the natural collapse of a severely unbalanced, ecologically unsound, and dishonestly represented set of arrangements..”

The Great Opening-up (Jim Kunstler)

The current nostalgia for pre-Covid-19 business-as-usual is understandably intense. Gone especially from daily life are all the ceremonies of human togetherness, from gatherings of friends to the casual shoulder-rubbings of urban life to the crowded venues of the lively arts to the great moiling orgies of pro sports. The life of the perpetual jigsaw puzzle, YouTube, and Netflix has proved inadequate to human aspiration. Gone, too, are livelihoods, revenue streams, and rewarding roles in everyday existence. The itch to get out and do, get out and make, get out and be, is overwhelming. Behind those plain yearnings, though, looms the specter of a system that appeared to be already foundering before Covid-19 entered the scene.

There is, at least, considerable agreement that the disease catalyzed the disorders of finance and economy and accelerated the damage – just not among the people most responsible for engineering the fragilities that actually crashed things Jerome Powell, Pope of the Church of the Federal Reserve, went on the 60-Minutes show last night to reassure the nation that things will eventually get back to normal. “I think you’ll see the economy recover steadily through the second half of this year.” Yessir, if you say so. Were his fingers crossed? You couldn’t tell because the camera had him framed in a head-shot. Personally, I think the Fed Chairman was blowing smoke up the nation’s wazoo. Spooky as it’s been, the Covid-19 virus has also been a great cover-story for the natural collapse of a severely unbalanced, ecologically unsound, and dishonestly represented set of arrangements that are now unspooling at horrifying speed.


The car industry is dying. The airline industry is laying out its fleet of big birds in desert graveyards. The college racketeering operation went off a cliff, along with medical profiteering. Agribusiness no longer has a business model. Hundreds of kinds of services no longer have customers who can afford their offerings from acupuncture to zymurgy. None of that will be fixed by injections of miracle money borrowed from ourselves in quantities that would turn every US citizen into a millionaire – if it wasn’t just pounded down the rat-holes of the stock and bond markets. The big question about the Great Opening-up is when the recognition of all that turns to raw emotion. Covid-19 may still be with us then, but it will be the least of our problems. The masks will come off. The dance will commence.

Read more …

But not now. Try again in 5 years.

China Backs Investigation Of WHO And Coronavirus Pandemic (SCMP)

Member states of the World Health Organisation, including China, backed a call on Tuesday for an independent investigation into the coronavirus pandemic that has killed more than 318,000 people around the world. The resolution, which was drafted and promoted by the European Union but did not identify any country by name, called for an “impartial, independent and comprehensive evaluation” of the pandemic, including the actions of the WHO. At a virtual meeting of the WHO’s decision-making body, the World Health Assembly, the United States, which has accused the WHO of being a “puppet of China”, did not block the adoption of the resolution.

The US said the resolution was the “first critical step” in ensuring the world health body could play its roles and there was an international system capable of “responding effectively” to the next pandemic. But it also “dissociated” itself from the resolution’s statement on rights for poor countries to waive intellectual property rules in obtaining medicine in emergencies, Reuters reported. Earlier on Tuesday, US President Donald Trump threatened to permanently freeze US funding to the WHO and reconsider his country’s membership if the United Nations agency did not commit to “major substantive improvements” within the next 30 days.[..]

Chinese foreign ministry spokesman Zhao Lijian said the resolution was in line with Beijing’s positions that countries should support the WHO and that the evaluation should be carried out at “appropriate time”. “These are all consistent with China’s positions and also reflect the common wishes of the majority of countries in the world,” Zhao said. Zhao also hit out at Australia for pushing for an investigation into China’s handling of the outbreak. The two-day gathering did not include discussions of a proposal for Taiwan to regain its observer status. [..] Liu Weidong, a specialist in international affairs at the Chinese Academy of Social Sciences, said that after weeks of posturing by countries such as the US and Australia, Beijing’s cooperative approach at the gathering had softened criticism of China.


“China’s performance at this assembly and its stance, were open and very selfless,” Liu said. “China’s actions do make it seem that it is selflessly contributing to building a global community of health for all.” He said US calls to trace the origins of Sars-CoV-2, the official name for the virus that causes Covid-19, were losing support. “Everybody will realise the [US] criticised China and found fault with China due to internal politics, which is a very calculating behaviour. Not many countries may end up following [the US] because it will affect their own soft power,” he said. “America’s international influence now compared to before Covid-19 definitely has fallen a lot.”

Read more …

A country of 83 million people that sees numbers rise again, should perhaps not export its tests.

8 Countries to Import Iran-Made Coronavirus Test Kits (FARS)

Vice President for Science and Technology Sorena Sattari said that Iranian knowledge-based firms have started manufacturing coronavirus test kits and eight countries have agreed to import such items from the country.
“Iran presently has a capacity of producing 1 million serology test kits per day and 1.5 million of C-Creative Protein (CPR) test kits per month,” Sattari said on Tuesday. “Part of the mentioned figure is used inside the country and the rest is exported,” he added. In relevant remarks on May 10, Deputy head of the Iranian presidency’s office for scientific affairs Mehdi Qalenoyee said that Iranian firms are going to export serological test kits to eight more countries after a first successful cargo was sent to Germany earlier in the week.

Qalenoyee said export of two types of coronavirus test kits to the Philippines and Pakistan was waiting for confirmation from the local officials after Iranian companies manufacturing the special tools sent sample kits to labs in those countries. He added that India, Nigeria and Armenia will receive the items once travel restrictions are eased. The official also said that Qatar, Georgia and Syria will soon be included in the list of export destination for the Iranian test kits. The announcement comes a few days after Iran sent a first cargo of serological test kits to Germany, where officials are trying to conduct the tests on a great scale to identify the immunity rate against COVID-19.


Exports of diagnostic devices and equipment from Iran to other countries is a sign of success for home-grown efforts to fight the coronavirus. Iran has been highly praised for its robust response to the disease as many governments and organizations keep castigating the US for its refusal to lift illegal sanctions to let the country access medical supplies and vital equipment needed to confront the virus.

Read more …

Half the global economy is on hold, and the reduction is still only 20% of what is called for.

Global Carbon Emissions Down Nearly 20% Since Lockdowns Began (JTN)

Carbon emissions worldwide are reportedly down by nearly 20% since the beginning of the coronavirus lockdowns, another highlighting the impact of ongoing shutdowns on human activity and the worldwide economy. A study published in the journal Nature Climate Change, titled “Temporary reduction in daily global CO2 emissions during the COVID-19 forced confinement,” states that the reduction in average global emissions peaked at 26% before settling at 17%, compared mean emission levels in 2019. The authors, who hail from the U.K., the U.S., Norway and other countries, say that the total level of emission reductions for the whole year could range anywhere from 4% to 7%, depending on the disease mitigation procedures that remain in place, and for how long.


“Government actions and economic incentives post-crisis will likely influence the global CO2emissions path for decades,” they write. “At present it is unclear how long and deep the [economic] crisis will be, and how the recovery path will look, and therefore how CO2 emissions will be affected.” Governments worldwide have enacted severe and open-ended lockdowns and shutdowns since the disease began spreading late last year, with presidents, governors and other executives around the world unilaterally closing down huge swaths of their economies in an effort to prevent the spread of the virus.

Read more …

CNN sets out to discredit Worldometer, mentions that Wikipedia editors find it makes errors. First, that would be a badge of honor for anyone not working at either CNN or Wikipedia, and second, it’s not possible to get every detail right when tracking multiple data from 200+ countries. If only because they themselves track data in different ways from each other.

The story falls apart when CNN finds that Johns Hopkins, which it thinks is much more reliable, cites Worldometer on a very regular basis.

The Mystery Behind Worldometer (CNN)

When Spanish Prime Minister Pedro Sánchez boasted of Spain’s high rankings, he didn’t pull his numbers out of thin air. On April 27, the OECD wrongly ranked Spain eighth in testing per capita. Initially, the OECD had used data from OWID to compile its statistics. But it sourced the Spanish numbers independently because OWID’s data was incomplete. [..] In its statement, the OECD said “we regret the confusion created on a sensitive issue by any debate on methodological issues” and stressed that increasing the availability of testing in general is more important than knowing where any particular country ranks. Sánchez’s later reference to a Johns Hopkins study, in which he said Spain ranked fifth for testing worldwide, appears to have been a case of mixed-up attribution by the prime minister.

JHU has not published international testing figures. Jill Rosen, a spokeswoman for the school, told CNN the university couldn’t identify a report that matched Sánchez’s description. At a press conference on May 9, Sánchez evaded a CNN question pressing him on the JHU study’s existence and listed the government’s numbers on testing totals instead. In comments made to a Spanish reporter the next day, health minister Salvador Illa continued to insist the testing data had been released by JHU, though he pointed to Worldometer as the underlying source. Since Johns Hopkins gets its data from Worldometer, he argued, it’s just as good. “It is data given by the John Hopkins University […] taken from as a fundamental source of information, the website Worldometer,” Illa said. “You can check it.”

[..] One Wikipedia editor, James Heilman, a clinical assistant professor of emergency medicine at the University of British Columbia, said Wikipedia volunteers have noticed persistent errors with Worldometer, but also with “a more reputable name with a longer history of accuracy,” referring to Johns Hopkins. “We hope they also double check the numbers.” In an article published in February, JHU said it began manually tracking Covid-19 data for its dashboard in January. When that became unsustainable, the university began scraping data from primary sources and aggregation websites. Lauren Gardner, the associate engineering professor who runs the university’s Covid-19 dashboard, told CNN in a statement that the university uses a “two-stage anomaly detection system” to catch potential data problems.


“Moderate” changes are automatically added to the dashboard but flagged so staff can double-check them in real time. Changes beyond a certain threshold require “a human to manually check and approve the values before publication to the dashboard,” Gardner said. The university’s reliance on Worldometer has surprised some academics. Phil Beaver, a data scientist at the University of Denver, seemed at a loss for words when he was asked what he thought of JHU citing Worldometer. “I am not sure, that is a great question, I kind of got the impression that Worldometer was relying on [Johns] Hopkins,” he told CNN after a lengthy pause.

Read more …

Reuters labels it “foot-dragging”. Like we are clueless nitwits.

Venezuela Files Claim To Force Bank Of England To Hand Over Gold (R.)

Venezuela’s central bank has made a legal claim to try to force the Bank of England to hand over €930 million ($1.02 billion) of gold so President Nicolas Maduro’s government can fund its coronavirus response, according to the document submitted in a London court. The claim follows a request Venezuela made to the Bank of England in April to sell part of its gold reserves there and send the proceeds to the United Nations to help with the country’s coronavirus-fighting efforts. Since 2018, the Bank of England has delayed the transfer of 31 tonnes of Venezuelan gold stored there to Maduro, who Britain does not recognize as the country’s legitimate leader. The bank offers gold custodian services to many developing nations.


The claim, submitted in a commercial court and dated May 14, says the Venezuelan central bank “seeks an order requiring BoE to comply with the proposed instruction.” The funds, once transferred to the United Nations Development Programme, would be used to buy healthcare equipment, medicine, and food to address Venezuela’s “COVID-19 emergency,” the document seen by Reuters said. Selling off the country’s gold reserves has become one of the Maduro administration’s few options to raise funds due to U.S. sanctions. The collapse in global oil prices and a paralyzing coronavirus quarantine has further crippled Venezuela’s moribund economy. “The foot-dragging by the Bank of England is critically hampering Venezuela and the UN’s efforts to combat COVID-19 in the country,” Sarosh Zaiwalla, a London-based lawyer representing the central bank, said in a statement.

Read more …

Nice list.

Senate GOP Compile Massive Subpoena List For FBI Abuse Probe (ZH)

In the wake of bombshell evidence that shows the Obama DOJ inappropriately targeted the 2016 Trump campaign, Senate Republicans have compiled a list of 53 individuals they want to interview as part of their own comprehensive probe into the matter, separate of the Trump DOJ’s separate criminal investigation headed up by US Attorney John Durham. That said, as Fox News reports, the effort is being led by Senate Judiciary Committee Chairman Lindsey Graham (R-SC), so we expect weekly cable news appearances in which Graham wags his finger and issues the sternest of empty threats to investigate the swamp. Graham has previously come under fire for failing to follow through on promises to seek testimony from current and former DOJ and FBI officials – telling Fox News’ Maria Bartiromo that he doesn’t want to interfere with Durham’s probe.

But – in the unlikely event Graham isn’t going to simply run cover for the swamp in a sham investigation designed to placate those who seek justice, here are the names of those on the subpoena list, via Fox News: The majors: [former FBI Director] James Comey, [former FBI Deputy Director] Andrew McCabe, [former Director of National Intelligence] James Clapper, [former CIA Director] John Brennan, [former Deputy Attorney General] Sally Yates. We note that the names of both President Obama and his VP Joe Biden are conspicuously absent, despite the fact that both of them were in a January 5, 2017 meeting in which Obama gave Comey the nod to conceal information from the incoming Trump administration. Graham, in response, said that asking for testimony from a former president would set a ‘dangerous precedent.’


Everyone else: “Trisha Anderson, Brian Auten, James Baker, William Barr, Dana Boente, Jennifer Boone, Kevin Clinesmith [the FBI lawyer who allegedly falsified a CIA email to secure the Carter Page FISA warrant], Patrick Conlon, Michael Dempsey, Stuart Evans, Tashina Gauhar [a top DOJ deputy when classified details of Flynn’s calls with the Russian ambassador were illegally leaked to The Washington Post], Carl Ghattas, Curtis Heide, Kathleen Kavalec, David Laufman [who arranged a key meeting with a Steele dossier source], Stephen Laycock, Jacob Lew, Loretta Lynch, Mary McCord, Denis McDonough, Arthur McGlynn, Jonathan Moffa, Sally Moyer, Mike Neufield, Sean Newell, Victoria Nuland, Bruce Ohr, Nellie Ohr, Stephanie L. O’Sullivan, Lisa Page, Joseph Pientka [who interviewed Flynn at the White House while also playing a key role in the Carter Page probe, and whom the FBI has hidden from scrutiny], John Podesta, Samantha Power, E.W. “Bill” Priestap [who authored the memo debating whether the bureau simply wanted Flynn “fired”], Sarah Raskin, Steve Ricchetti, Susan Rice, Rod Rosenstein, Gabriel Sanz-Rexach, Nathan Sheets, Elizabeth Sherwood-Randall, Glenn Simpson, Steve Somma [an FBI case agent who apparently was involved in several key FISA omissions], Peter Strzok, Michael Sussman, Adam Szubin, Jonathan Winer, and Christopher Wray.”

Read more …

The more they resist, the harder Powell will come.

Flynn Lawyers Appeal Requests Case Dismissal, Removal Of Judge Sullivan (JTN)

Attorneys for former National Security Advisor Michael Flynn on Tuesday asked a federal appeals court to force a district court to dismiss the case, as the Justice Department has requested. The petition also asks that the judge, Emmet Sullivan, be removed from Flynn’s case and that his U.S. District Court for the District of Columbia vacate his order to appoint former federal judge John Gleeson to argue against the dismissal of Flynn’s case and discuss whether the retired lieutenant general deserves to face contempt for perjury. Flynn in 2017 plead guilty to lying to the FBI but later sought to withdraw his plea. Evidence has since emerged suggesting the FBI had no case against Flynn but set up an interview hoping it would catch him lying, his lawyers and Justice officials have said.

Sullivan last week announced his intention to allow the filing of amicus curiae briefs, which meant that Flynn’s case would not immediately conclude. These “friend of the court” briefs allow parties interested in but not involved in a case to present their views. Sullivan also announced last week the appointment of Gleeson. In the petition filed Tuesday, Flynn’s legal team, which includes attorney Sidney Powell, blasted Sullivan and requested that the case be reassigned to a different judge.


“The district judge’s latest actions – failing to grant the Government’s Motion to Dismiss, appointing a biased and highly-political amicus who has expressed hostility and disdain towards the Justice Department’s decision to dismiss the prosecution, and the promise to set a briefing schedule for widespread amicus participation in further proceedings – bespeaks a judge who is not only biased against Petitioner, but also revels in the notoriety he has created by failing to take the simple step of granting a motion he has no authority to deny,” the petition says of Sullivan. “This is an umpire who has decided to steal public attention from the players and focus it on himself. He wants to pitch, bat, run bases, and play shortstop. In truth, he is way out in left field” the petition also states.

Read more …

Haven’t heard from Zelensky for a while.

Phone Calls Between Biden And Ukraine’s Poroshenko Leaked (ZH)

Leaked phone calls between Joe Biden and former Ukrainian President Petro Poroshenko explicitly detail the quid-pro-quo arrangement to fire former Ukrainian Prosecutor General Victor Shokin – who Poroshenko admits did nothing wrong – in exchange for $1 billion in US loan guarantees (which Biden openly bragged about in January, 2018). The calls were leaked by Ukrainian MP Andrii Derkach, who says the recordings of “voices similar to Poroshenko and Biden” were given to him by investigative journalists who claim Poroshenko made them. Shokin was notably investigating Burisma, the Ukrainian energy company that hired Biden’s son, Hunter, to sit on its board.

Shokin had opened a case against Burisma’s founder, Mykola Zlochevsky, who granted Burisma permits to drill for oil and gas in Ukraine while he was Minister of Ecology and Natural Resources. In January, 2019, Shokin stated in a deposition that there were five criminal cases against Zlochevesky, including money laundering, corruption, illegal funds transfers, and profiteering through shell corporations while he was a sitting minister. The leaked calls begin on December 3, 2015, when former Secretary of State John Kerry starts laying out the case to fire Shokin – who he says “blocked the cleanup of the Prosecutor Generals’ Office,” and sated that Biden “is very concerned about it,” to which Poroshenko replies that the newly reorganized prosecutor general’s office (NABU) won’t be able to pursue corruption charges, and that it may be difficult to fire Shokin without cause.

Later in the leaked audio on February 18, 2016 – less than three months after the Kerry conversation – Poroshenko delivers some “positive news.” “Yesterday I met with General Prosecutor Shokin,” says Poroshenko. And despite of the fact that we didn’t have any corruption charges, we don’t have any information about him doing something wrong, I specially asked him – no, it was day before yesterday – I specially asked him to resign. In, uh, as his, uh, position as a state person. And despite of the fact that he has a support in the power. And as a finish of my meeting with him, he promised to give me the statement on resignation. And one hour ago he bring me the written statement of his resignation. And this is my second step for keeping my promises.” To which Biden replied: “I agree.”


Four weeks later on March 22, 2016, Biden says “Tell me that there is a new government and a new Prosecutor General. I am prepared to do a public signing of the commitment for the billion dollars.” Poroshenko tells Biden that one of the leading candidates is the man who replaced Shokin, Yuriy Lutsenko who later said in a deposition that Hunter Biden and his business partners were receiving millions of dollars in compensation from Burisma. Then, on May 13, 2016, Biden congratulates Poroshenko on “getting the new Prosecutor General,” saying that it will be “critical for him to work quickly to repair the damage Shokin did.” “And I’m a man of my word,” Biden adds. “And now that the new Prosecutor General is in place, we’re ready to move forward to signing that one billion dollar loan guarantee.”

Read more …

Next nail. Same coffin.

Ukraine Judge Orders Joe Biden Listed As Alleged Perpetrator Of Crime (Solomon)

The infamous story of Joe Biden’s effort to force the firing of Ukraine’s chief prosecutor in 2016 has taken a new legal twist in Kiev, just as the former vice president is sewing up the 2020 Democratic presidential nomination in America. In Kiev late last month, District Court Judge S. V. Vovk ordered the country’s law enforcement services to formally list the fired prosecutor, Victor Shokin, as the victim of an alleged crime by the former U.S. vice president, according to an official English translation of the ruling obtained by Just the News. The court had previously ordered the Prosecutor General’s Office and the State Bureau of Investigations in February to investigate Shokin’s claim that he was fired in spring 2016 under pressure from Biden because he was investigating Burisma Holdings, the natural gas company where Biden’s son Hunter worked.


The court ruled then that there was adequate evidence to investigate Shokin’s claim that Biden’s pressure on then-President Petro Poroshenko, including a threat to withhold $1 billion in U.S. loan guarantees, amounted to unlawful interference in Shokin’s work as Ukraine’s chief prosecutor. But when law enforcement agencies opened the probe they refused to name Biden as the alleged perpetrator of the crime, instead listing the potential defendant as an unnamed American. Vovk ruled that anonymous listing was improper and ordered the law enforcement agencies to formally name Biden as the accused perpetrator.

Read more …

We try to run the Automatic Earth on people’s kind donations. Since their revenue has collapsed, ads no longer pay for all you read, and your support is now an integral part of the process.

Thank you.

 

 

Taleb likes to say it’s not the state that shuts down an economy, it’s the people:

 

 

 

 

 

 

 

 

 

 

Support the Automatic Earth in virustime.

 

Oct 052019
 


Pablo Picasso Head of a bearded man 1940

 

Democrats Subpoena White House For Ukraine Documents (ZH)
2nd Whistleblower May File Complaint About Trump/Ukraine: New York Times (RawS)
House Democrats Target Pence Over Ukraine; Peddle Fiction Over ‘Favor’ (ZH)
Newly Released Rosenstein Emails Reveal Crusade To Investigate Trump (ZH)
Do You Have a Lisance for that Minky? (Kunstler)
Boris Johnson Brexit Plan Hangs By Thread As EU Dismisses Weekend Talks (G.)
China Has No Room for Dissenting Friends (FP)
PayPal Becomes First Member To Exit Facebook’s Libra Association (R.)
Regulators Weigh ‘Startle Factors’ For Boeing 737 MAX Pilot Training (R.)
Boeing Crash Victims’ Lawyer To Seek Testimony From 737 MAX Whistleblower (R.)
Greece Needs To Face Reality About Asylum Seekers (HRW)
Air Pollution And Human Health Impacts Of Cryptocurrency Mining (SD)

 

 

This is not how US election campaigns used to look.

Democrats Subpoena White House For Ukraine Documents (ZH)

Just one day after President Trump dared House Speaker Nancy Pelosi to hold an impeachment inquiry vote – a move which would open Democrats up to Republican subpoenas, House Democrats slapped the White House with a subpoena first. Addressed to acting White House Chief of Staff Mick Mulvaney, the subpoena demands documents and communications related to the case being constructed against Trump – namely that his request that Ukraine investigate former Vice President Joe Biden and his son for corruption constitutes election interference and endangered national security. Of note, the Justice Department concluded that Trump’s phone call with Zelensky did not violate campaign finance law.

“How the White House, which has routinely rejected congressional requests for information, responds to the demands for documents could significantly shape the impeachment investigation going forward. Under normal circumstances, the White House could claim materials referred to in both requests were privileged, using that as a defense in court.” -New York Times. What Democrats aren’t pursuing, by the by, is anything resembling due diligence on Biden – the (still) leading Democratic candidate trying to fend off accusations of nepotism in Ukraine and China while abusing his office as Vice President. As we noted earlier Friday, Vice President Mike Pence was hit with a subpoena as well over, demanding information on “any role you may have played” in helping with the Ukraine effort against Biden.


Pence press secretary Katie Waldman said “given the scope, it does not appear to be a serious request but just another attempt by the ‘Do Nothing Democrats’ to call attention to their partisan impeachment.” Pelosi and House Intelligence Committee Chairman Adam Schiff (D-CA) have warned that failure to comply with subpoenas will be viewed as obstruction of Congress – which the Times says is “itself a potentially impeachable offense.” “The White House has refused to engage with — or even respond to — multiple requests for documents from our Committees on a voluntary basis,” reads the subpoena, demanding information by October 15. “After nearly a month of stonewalling, it appears clear that the president has chosen the path of defiance, obstruction, and cover-up.”

Read more …

Also CIA.

2nd Whistleblower May File Complaint About Trump/Ukraine: New York Times (RawS)

President Donald Trump’s impeachment inquiry continues to grow, according to a bombshell new report in The New York Times. “A second intelligence official who was alarmed by President Trump’s dealings with Ukraine is weighing whether to file his own formal whistle-blower complaint and testify to Congress,” The Times reported, citing two people briefed on the matter. “The official has more direct information about the events than the first whistle-blower, whose complaint that Mr. Trump was using his power to get Ukraine to investigate his political rivals touched off an impeachment inquiry,” the newspaper explained. “The second official is among those interviewed by the intelligence community inspector general to corroborate the allegations of the original whistle-blower, one of the people said.”


“A new complaint, particularly from someone closer to the events, would potentially add further credibility to the account of the first whistle-blower, a C.I.A. officer who was detailed to the National Security Council at one point,” the newspaper noted. “Whistle-blowers have created a new threat for Mr. Trump. Though the White House has stonewalled Democrats in Congress investigating allegations raised in the special counsel’s report that Mr. Trump obstructed justice, the president has little similar ability to stymie whistle-blowers from speaking to Congress.”

Read more …

If both Trump and Pence are impeached, Nancy Pelosi is next in line to become president.

But the Dems won’t get any documents until they hold a House vote.

House Democrats Target Pence Over Ukraine; Peddle Fiction Over ‘Favor’ (ZH)

House Democrats on Friday roped Vice President Mike Pence into their investigation into whether President Trump “jeopardized national security” by asking Ukraine to investigate what looks like obvious corruption by former Vice President Joe Biden and his son Hunter. In a letter from Democratic House Committee Chairs Eliot Engel (NY), Adam Schiff (CA) and Elijah Cummings (MD), Pence is given a deadline of October 15 to turn over all documents related to President Trump’s April 21 and July 25 phone calls with Ukrainian President Volodymyr Zelensky. The letter also requests all communications between administration officials regarding the calls, as well as information concerning Trump attorney Rudy Giuliani’s efforts to investigate or pressure Ukraine to investigate the Bidens.


Of note, the letter danced around a popular lie about the call between Trump and Zelensky: According to the record, President Trump stated, “I would like you to do us a favor though.” He also stated, “I would like to have the Attorney General call you or your people and I would like you to get to the bottom of it.” The letter then jumps to a transcript of the July 25 phone call in which Trump said: “There’s a lot of talk about Biden’s son, that Biden stopped the prosecution and a lot of people want to find out about that so whatever you can do with the Attorney General would be great.” Meanwhile, House Democrats purposely conflate Trump’s “favor” – which was actually for the investigation of the DNC servers involving their contractor Crowdstrile – and the Biden investigation.

 

If Pence refuses to comply, the chairmen say it “shall constitute evidence of obstruction” in their impeachment inquiry. For those keeping track – Rep. Schiff lied when he said his office had no contact with the whistleblower (which earned him ‘four Pinocchios’ from the Washington Post). Schiff also fabricated a quote from the Trump-Zelensky call which he read during an official hearing. And now, he and two other House Democratic chairs are doing their best narrative shaping by misrepresenting more facts.

Read more …

Not looking good.

Newly Released Rosenstein Emails Reveal Crusade To Investigate Trump (ZH)

New emails obtained through a Freedom of Information Act (FOIA) lawsuit reveal the details surrounding communications between Deputy Attorney General Rod Rosenstein and Robert Mueller in the days leading up to the former FBI Director’s appointment as special counsel in the Russia probe. Mueller would go on to assemble a team comprising “13 Angry Democrats” as Trump called them, due to their obvious animus towards the president. According to the 145 pages of documents obtained by Judicial Watch, Rosenstein and Mueller were discussing just three days after President Trump fired former FBI Director James Comey, and ostenisbly for some time before that.


“The boss and his staff do not know about our discussions,” Rosenstein wrote Mueller on May 12, 2017 as the two tried to nail down a time for their next conversation. Four days later on May 16- the day before Mueller’s appointment, Rosenstein told former Bush administration Deputy Attorney General and current Kirkland & Ellis Partne, Mark Filip “I am with Mueller. He shares my views. Duty Calls. Sometimes the moment chooses us.” “And on May 17 Rosenstein appointed former FBI Director Robert Mueller to investigate Russian meddling in the 2016 presidential election. Also, during the same time period, between May 8 and May 17, Rosenstein met with then-acting FBI Director Andrew McCabe and other senior Justice Department FBI officials to discuss wearing a wire and invoking the 25th Amendment to remove President Trump.” -Judicial Watch

Read more …

“..that claque of lesser monsters who cooked up the coup to overthrow the president, and botched the job.”

Do You Have a Lisance for that Minky? (Kunstler)

[..] what if it turns out that there actually is no Whistleblower, that the figure was just a fiction, a CGI figment cooked up by Adam Schiff, his lawyers, and sundry other players on the Deep State bench? Sounds outlandish perhaps, but I wouldn’t put it past the congressman from Hollywood. We’ll find out soon enough. Meanwhile, it appears that the purported Whistleblower and his chief handler, Intelligence Community Inspector General (ICIG) Michael Atkinson failed to observe the proper procedures in reporting the complaint through channels, not to mention the legerdemain of sketchy paperwork that attested to the complaint.

Remember who Michael Atkinson is: the former legal counsel to John P. Carlin, who was Assistant Attorney General for National Security during the origin months of the RussiaGate operation in the summer of 2016, and before that chief of staff to… wait for it… Robert Mueller, when he was FBI Director. Do you begin to detect a claque of senior bureaucrats scrambling to cover each other’s ass? Interesting days ahead as this feculent blob of malfeasance creepy-crawls through the spooky weeks of October, climaxing in Halloween. These are the weeks when the DOJ Inspector General’s report on FISA court shenanigans comes down. It’s also the month of the Brexit Absolute Deadline.


That hairball over in Old Blighty might seem of unconcern over here, but it contains enough explosive power to destabilize the European banking system and, with it, America’s, which would lead to some rather scary action in the bond and equity markets at exactly the time of year when accidents like that happen. And then, deeper in the background, like Hades and Thanatos, stand the grave figures of Barr and Durham, whose very silence lo these many months must be giving the vapors to that claque of lesser monsters who cooked up the coup to overthrow the president, and botched the job.

Read more …

“..no basis for such discussions, given the British prime minister’s insistence on there being a customs border on the island of Ireland.”

Boris Johnson Brexit Plan Hangs By Thread As EU Dismisses Weekend Talks (G.)

Boris Johnson’s Brexit plans look to be falling apart as the European commission said there are no grounds to accept a request from the UK for intensive weekend negotiations two weeks before an EU summit. EU sources said there was no basis for such discussions, given the British prime minister’s insistence on there being a customs border on the island of Ireland. Johnson’s chief negotiator, David Frost, along with a team of a dozen British officials, failed to convince their EU counterparts in Brussels on Friday that he had a mandate from Downing Street to compromise on what the EU sees as major flaws in the UK government’s proposals. Frost had been seeking to rescue the British prime minister’s proposed deal after it was strongly criticised.


The EU’s chief negotiator, Michel Barnier, had told diplomats on Thursday evening that the British needed to “fundamentally amend their position”. A European commission spokeswoman said: “We have completed discussions with the UK for today. We gave our initial reaction to the UK’s proposals and asked many questions on the legal text. “We will meet again on Monday to give the UK another opportunity to present its proposals in detail.” The spokeswoman added that the proposals did not “provide a basis for concluding an agreement”. An EU official said: “The UK often asks for meetings to keep [the] process going; we agree we should leave no stone unturned. But there is nothing useful that could be done this weekend.”

Read more …

Muslim silence on Uighurs.

China Has No Room for Dissenting Friends (FP)

In July this year, 22 Western-aligned countries issued a joint statement to the high commissioner of the United Nations’ Human Rights Council objecting to China’s abuses against the Uighur Muslim minority in Xinjiang province. That’s not unusual: The reports of human rights abuses in the province are coming out thick and fast, and Western countries are more than happy to raise concerns against such abuses, whether out of genuine concern, domestic virtue signaling by political leaders, or the use of any available stick to whack a geopolitical rival.

What was remarkable was the 37 countries issuing a counter letter praising China’s human rights record, from humanitarian luminaries including such as Syria, Myanmar, and North Korea. More interestingly, about half of the signatories of this letter were Muslim-majority countries. If the issues had been about Palestinians or even the Rohingya, one might expect the usual cynical domestic virtue signaling by political leaders around the well-worn claims of Muslim solidarity. Instead, they chose to loudly broadcast their support for Beijing’s policy of eradicating the old Islamic culture of the ancient Silk Road gateway to the Chinese heartland in Xinjiang.


The calculation of such leaders, from Turkish President Recep Tayyip Erdogan to Mohammed bin Salman, the de facto head of government of Saudi Arabia, the custodian of the Two Holy Mosques, is well understood and publicized: “Muslim solidarity” is a convenient and effective slogan to be thrown at domestic audiences, but if your national economy—and the personal profits of the elite—depends on the goodwill of Beijing, then you must defer to China’s supposedly sovereign right to do as it pleases within its borders, and forget about the umma.

Read more …

Won’t be the last.

PayPal Becomes First Member To Exit Facebook’s Libra Association (R.)

U.S. payments processor PayPal said on Friday it was leaving Libra Association, the entity managing the Facebook-led effort to build global digital currency Libra, making it the first member to exit the group. PayPal said it would forgo any further participation in the group and would instead focus on its own core businesses. “We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future,” PayPal said in a statement. In response, Geneva-based Libra Association said it was aware of the challenges lying ahead in its attempts to “reconfigure” the financial system.


“The type of change that will reconfigure the financial system to be tilted towards people, not the institutions serving them, will be hard. Commitment to that mission is more important to us than anything else. We’re better off knowing about this lack of commitment now, rather than later”, Libra Association said in a statement. Facebook declined to comment.

Read more …

Now it’s ‘pilot overload’. And software of course. But the pilots were not overloaded, the hardware didn’t work.

Regulators Weigh ‘Startle Factors’ For Boeing 737 MAX Pilot Training (R.)

Global regulators are looking at “startle factors” that can overwhelm pilots as they consider revised protocols for the Boeing 737 MAX, Nicholas Robinson, the head of civil aviation for Transport Canada, told Reuters on Friday. Boeing Co’s fastest-selling jetliner, the 737 MAX, was grounded worldwide in March after two fatal crashes that killed a total of 346 people within five months. Pilot overload appears to have played a role in both crashes, in which crews struggled to regain control of the airplane while a new flight control system repeatedly pushed the nose down amid a series of other audio and sensory alarms and alerts. “What we need to do is ensure that the aircrew in the MAX are able to handle that environment,” Robinson said in an interview with Reuters.

Transport Canada is among a core group of regulators that is evaluating the requirements for the 737 MAX to fly again after a seven-month grounding. It has been convening weekly by phone, video conferences or face-to-face with the U.S. Federal Aviation Administration and its counterparts in the European Union and Brazil, Robinson said. Their decisions could lead to sweeping changes to pilot flight operating manuals and classroom instruction and even mandates for costly simulator training, industry sources have said. However, no training decisions can be made until Boeing submits software updates to the FAA for review and approval, Robinson said.


Transport Canada is closely aligned with the European Union Aviation Safety Agency on return to service demands and has also raised questions over the architecture behind the 737 MAX’s angle of attack system. “We continue to look for a solution proposed by the manufacturer and the FAA on that area,” he said. Still, Canada’s goal is for the MAX to return in countries across the globe simultaneously, or at least in close succession. “It’s not a necessity, but it’s a goal,” Robinson said.

Read more …

What is it about October and whistleblowers?

Boeing Crash Victims’ Lawyer To Seek Testimony From 737 MAX Whistleblower (R.)

An attorney representing families of passengers killed in a Boeing Co 737 MAX crash in Ethiopia said on Friday he will seek sworn evidence from a Boeing engineer who claims the company rejected a proposed safety upgrade to the 737 MAX because it was too costly. The engineer, Curtis Ewbank, said the upgrade could have reduced risks that contributed to two fatal crashes in Indonesia and Ethiopia that together killed 346 people, according to two people familiar with the complaint. Ewbank filed the complaint through internal Boeing channels after the March crash of Ethiopian Airlines flight 302, the sources said. The sources described the complaint to Reuters, but Reuters has not seen a copy of the complaint.


Managers rejected the proposed upgrade from Ewbank’s team of engineers, called synthetic airspeed, on the basis of “cost and potential (pilot) training impact,” according to the Seattle Times, which first reported the complaint on Wednesday. Robert Clifford, the lead counsel representing families of victims from the Ethiopian Airlines crash, said in an email the complaint raises fresh concerns about Boeing’s culture and whether the company placed too great an emphasis on cost and schedule at the expense of safety. He said he would take steps to depose Ewbank as quickly as possible.

Read more …

Things are getting out of hand again. Hundreds of refugees daily, courtesy of Erdogan. A right wing government is not going to help. Still a dumb headline though.

Greece Needs To Face Reality About Asylum Seekers (HRW)

The Greek islands are under the spotlight again, as a new wave of tragic events has hit asylum seekers trapped there. On 29 September, a big fire broke out in Moria – the notorious camp on the island of Lesbos – killing one woman, and injuring at least nine more people, including a baby, the health ministry reported. On 24 September, a truck killed a five-year-old Afghan boy who was playing just outside Moria. The number of asylum seekers crossing the Aegean from Turkey is also increasing. With camps already overcrowded, conditions are horrific for asylum seekers and migrants trapped there. According to the government’s most recent figures, 26,753 women, men and children live in camps designed for about 6,300. The number has almost doubled since June.


But while the numbers have increased, neither the horrible conditions nor the flawed policies that cause them are new. Underinvestment, a poorly functioning asylum system, and a deliberate policy choice to confine asylum seekers to islands has left thousands trapped there for months or years in inhuman and degrading conditions. Forcing migrants and asylum seekers to remain on the islands was ostensibly to expedite their return to Turkey under the March 2016 EU-Turkey deal. But on 11 September, Gerald Knaus, head of a research organisation whose ideas inspired the EU-Turkey deal, wrote that: “The situation on Greek islands is unacceptable, the asylum system on the verge of collapse. This is a moment of truth.”

Read more …

Abstract of an academic study published at Science Direct.

Air Pollution And Human Health Impacts Of Cryptocurrency Mining (SD)

Cryptocurrency mining uses significant amounts of energy as part of the proof-of-work time-stamping scheme to add new blocks to the chain. Expanding upon previously calculated energy use patterns for mining four prominent cryptocurrencies (Bitcoin, Ethereum, Litecoin, and Monero), we estimate the per coin economic damages of air pollution emissions and associated human mortality and climate impacts of mining these cryptocurrencies in the US and China. Results indicate that in 2018, each $1 of Bitcoin value created was responsible for $0.49 in health and climate damages in the US and $0.37 in China.


The similar value in China relative to the US occurs despite the extremely large disparity between the value of a statistical life estimate for the US relative to that of China. Further, with each cryptocurrency, the rising electricity requirements to produce a single coin can lead to an almost inevitable cliff of negative net social benefits, absent perpetual price increases. For example, in December 2018, our results illustrate a case (for Bitcoin) where the health and climate change “cryptodamages” roughly match each $1 of coin value created. We close with discussion of policy implications.

Read more …

 

The child who is not embraced by the village will burn it down to feel its warmth.

– African proverb

 

 

 

 

May 112019
 


Pierre-Auguste Renoir Riding in the Bois de Boulogne (Madame Henriette Darras or The Ride) 1873

 

Labour Without Energy Is A Corpse; Capital Without Energy Is A Sculpture (Keen)
Traditional Economics Has Absolutely Screwed Us (Tyee)
House Dems To Bundle Numerous Contempt Citations For Trump Advisers (R.)
House Democrat Subpoenas Six Years Of Trump Tax Returns (AP)
FISA Applications Were Illegally Obtained – DiGenova (PJ)
William Barr vs. Eric Holder: A Tale of Two Attorneys General (McConnell)
Fugees Founder, Banker Charged In 1MDB, Obama Campaign Scandal (RT)
Crisis? What Crisis? (Jim Kunstler)
Manning Could Delay US Superseding Indictment Against Assange (Sp.)
Dutch Court Blocks Extradition Of Man To ‘Inhumane’ UK Prisons (G.)
Varoufakis On Eurozone: ‘We Created A Monster’ (Exp.)
70 Migrants Dead After Boat Capsizes Trying To Reach Europe From Libya (G.)
Nearly All Countries Agree To Stem Flow Of Plastic Waste Into Poor Nations (G.)

 

 

First saw this a few days ago, and it slipped from my radar. Now, Steve Keen announced that he got a grant for his work with Tim Garrett and Matheus Grasselli on “developing models of production in which energy plays [a role] in production (and, necessarily, in climate degradation)”. Yes, you read that right: in 2019, economists need to begin the study the role of energy in an economic system, because it’s always been ignored. What a crazy field that is.

Labour Without Energy Is A Corpse; Capital Without Energy Is A Sculpture (Keen)

With the simple insight that “labour without energy is a corpse, and capital without energy is a sculpture”, I realised why economists have failed to properly incorporate the role of energy in production for so long. All previous attempts had treated energy as a third “factor of production”, on an equal footing with Labour and Capital. But that treatment is simply unrealistic. Adding energy on its own to a production process is like letting off a bomb in a factory: it will produce mayhem, not output. Equally, both Labour and Capital are “sterile”, to use the old Physiocratic term: without energy, they can’t produce anything.


Figure 1: The incorrect way to show energy as a factor of production

The correct way to incorporate energy into economic models of production, therefore, is to see energy as an input to both Labour and Capital (in vastly different forms, of course), which enable them to perform useful work. By the Second Law of Thermodynamics, this useful work necessarily results in disorder (waste energy, mainly in the form of waste matter, including CO2). Also by the Second Law, entropy increases globally, even though it can be reduced locally by the application of energy; so the increase in disorder in the waste from production necessarily exceeds the reduction in disorder manifest in output itself (raw materials turned into finished products).


Figure 2: The correct way: Energy as an input to labour and capital, output as necessarily generating waste

This useful work is what we call GDP, though we currently erroneously measure this as the inflation-adjusted sum of all monetary output—which means we add the cost of traffic accidents to GDP. Instead, the true measure of GDP is the sum of all the useful things we produce and consume: in transportation, that is moving a mass from one location to another in a given time, and traffic accidents (and congestion) subtract from it.

Read more …

Palm oil or orangutans? For economists, an easy choice.

Traditional Economics Has Absolutely Screwed Us (Tyee)

Capitalism is killing the planet. That is the gist of an exhaustive United Nations report on the bleak state of the world’s biodiversity. One million species face extinction in what has been aptly called a global murder-suicide, driven by a race to commodify ecosystems and externalize the costs of their destruction. If you were looking for a perky read to start your week, this report was not it. However, the collective efforts of 350 leading experts from 51 countries have resulted in the definitive wake-up call for those still doubting the dire consequences of business-as-usual on our one and only planet. A Noah’s ark of iconic species seems bound for oblivion due to our growing collective consumption and population.

Will your children be able to enjoy a world with wild elephants, orcas, or blue whales? Sixty per cent of primate species are threatened with extinction. The taste of a tuna sandwich may soon be consigned to lore. All of this has been happening in plain view but only recently has this become economically relevant by cutting into the bottom line. Up to $577 billion in global crop production is at risk due to collapsing populations of pollinating insects. One-third of commercial fish stocks are in steep decline with another 60 per cent being fully exploited, leaving only seven per cent of the world’s fisheries under safe management. This is exacerbated by regulatory failure where landings may be 50 per cent higher than reported, and illegal fishing accounts for up to one-third of the global catch.

Expanding agriculture is one of the main drivers of exploding extinction rates. Between 1980 and 2000, about 100 million hectares of tropical forests — roughly the area of France and Germany combined — were converted for grazing, monoculture plantations like palm oil, or short-term subsistence farming. Desperate humans and multinational companies both encroach on remaining rainforests, seeing only as far as the next growing season or financial quarter. Why does economics prioritize palm oil over orangutans? Because palm plantations are profitable, producing almost five times the oil yield per hectare of sunflowers, coconut or soybeans. Consumers too unintentionally contribute to this destruction, driving a market for a ubiquitous ingredient found in everything from lipstick to ice cream.

Read more …

McGahn, Barr, Mueller, Mnuchin, are these all the same?

House Dems To Bundle Numerous Contempt Citations For Trump Advisers (R.)

U.S. House Judiciary Committee Chairman Jerrold Nadler said lawmakers may bundle numerous contempt citations from different committees into a single resolution that the full House of Representatives could then vote on. “There obviously are going to have to be, perhaps from our committee and certainly from other committees, other contempt citations to enforce subpoenas,” Nadler told reporters. Asked about bundling citations together, the New York Democrat replied: “It’s a great idea. In fact, I suggested it … It just makes sense, to spend as little floor time as possible, to group them together.”


A consolidated contempt vote is among options Democrats are considering in response to Trump’s stonewalling of congressional investigations into his presidency and business investments. Another option is reviving Congress’s “inherent” contempt authority. Some Democrats say that would allow lawmakers to fine uncooperative officials up to $25,000 per day. Some Democrats are also calling for impeachment proceedings against recalcitrant Trump Cabinet members. Nadler said Congress faces “the unprecedented situation in which the administration is essentially stonewalling all subpoenas – we’ve never had this before in American history, so far as I know.”

Read more …

They lost two years on the Russia collusion story. Doesn’t look so smart now, does it?

House Democrat Subpoenas Six Years Of Trump Tax Returns (AP)

A top House Democrat on Friday issued subpoenas for six years of Donald Trump’s tax returns, giving the treasury secretary, Steven Mnuchin, and the IRS commissioner, Charles Rettig, a deadline of next Friday to deliver them. Richard Neal, the chairman of the House ways and means committee, issued the subpoenas days after Mnuchin refused to comply with demands to turn over Trump’s returns. Mnuchin told the panel he wouldn’t provide Trump’s tax records because the panel’s request “lacks a legitimate legislative purpose”, as supreme court precedent requires.

Neal reminded the two Trump appointees in a Friday letter that federal law states that the IRS “shall furnish” the tax returns of any individual upon the request of the chairmen of Congress’s tax-writing committees, and that ways and means “has never been denied” a request. The White House and the Democratic-controlled House are waging a multi-front battle over investigations into Trump, with the administration refusing to comply with subpoenas for the unredacted Mueller report and documents related to testimony by the former White House counsel Donald McGahn. If Mnuchin and Rettig refuse to comply with the subpoenas, Neal is likely to file a lawsuit in federal court.

He indicated earlier this week that he was leaning toward filing a court case immediately but changed course after meeting with lawyers for the House. Neal originally demanded access to Trump’s tax returns in early April. He maintains that the committee is looking into the effectiveness of mandatory IRS audits of tax returns of all sitting presidents, a way to justify his claim that the panel has a potential legislative purpose. Democrats are confident in their legal justification and say Trump is stalling in an attempt to punt the issue past the 2020 election. In rejecting Neal’s request earlier this week, Mnuchin said he relied on the advice of the justice department. He concluded that the treasury department was “not authorized to disclose the requested returns and return information”. Mnuchin has also said that Neal’s request would potentially weaponize private tax returns for political purposes.

Read more …

I don’t think John Solomon is done yet.

As for the Papadopoulos $10,000 story, how is that an “explosive revelation”? Have known that for a long time.

FISA Applications Were Illegally Obtained – DiGenova (PJ)

Washington attorney Joe diGenova claimed in an interview last night that the Department of Justice inspector general has determined that “the final three FISA extensions were illegally obtained,” and the first one is still being investigated. For the past year, DOJ IG Michael Horowitz has been investigating the FBI’s 2016 surveillance activities and his report is expected later this month or in early June. Washington power couple Joe diGenova and Victoria Toensing appeared on Lou Dobbs’ Fox Business Network show Thursday night to talk about the latest turns in the “SpyGate” saga. “The only question now is whether or not the first FISA was illegally obtained,” diGenova said.

He told Dobbs that the latest revelations in investigative reporter John Solomon’s piece at The Hill, have prompted further investigation from Horowitz’s team. On Thursday, Solomon reported that newly unearthed memos show that a high-ranking government official from the Obama State Department met with former British spy Christopher Steele in October of 2016, and figured out pretty quickly that his dossier was a political hit job intended to slime Donald Trump on behalf of Hillary Clinton’s campaign. [..] DiGenova said the inspector general was unaware of the memos, which were obtained last week through open-records litigation by the conservative group Citizens United. “The Bureau hid those memos from Horowitz. As a result of that, they are doing some additional work on the first FISA,” diGenova explained, adding: “It may be that all four FISAs will have been obtained illegally.”

[..] DiGenova and Toensing shared another explosive revelation on Sebastian Gorka’s Salem Radio talk show “America First” on Thursday. According to Toensing, the FBI tried to frame former Trump campaign adviser George Papadopoulos by having an informant give him $10,000 in cash during a trip to Israel in the summer of 2017. An individual allegedly talked the then-29-year-old into traveling to Israel to make a deal, and invited him to his hotel room. “And there on the bed is $10,000 in cash in a suitcase,” she continued. Papadopoulos took the money and gave it to his lawyer, who has it still. Toensing said when Papadopoulos returned to the United States, he was greeted by FBI agents at Dulles Airport and they started searching through everything that he had “the second he landed.”

She added, “in fact, they already had his baggage from the plane. He couldn’t believe they had his baggage.” “It was a set up!” exclaimed Gorka. “It was a complete set up,” agreed Toensing. DiGenova explained that the Feds already knew that he hadn’t declared that he had $10,000 and were expecting to find the undeclared cash so they could arrest him and “put the thumbscrews on and make him squeal,” as Gorka put it. Worst of all, according to Toensing, “one of the FBI agents said to him, ‘this is what happens when you work for Donald Trump.’”

Read more …

Good read. To a large extent, the Democrats made their own bed. Very far from a black and white story.

William Barr vs. Eric Holder: A Tale of Two Attorneys General (McConnell)

Speaker of the House Nancy Pelosi has declared it a “constitutional crisis” that Attorney General William Barr refuses to divulge the small parts of the Mueller report that contain grand-jury material. By a straight party-line vote, the House Judiciary Committee voted to hold Barr in contempt of Congress. What did Pelosi think when Barr’s predecessor, Eric Holder, refused to divulge documents to a congressional committee and was held in contempt? “Ridiculous!” she said. What did Holder and Obama say? That the House subpoena was a violation of “separation of powers.” To partisans, the difference between the cases is obvious. Barr is defending Trump; Holder was Obama’s self-proclaimed “wing man.”

That is enough for many journalists and most politicians. The rest of us might want to know: What is the legal or constitutional difference between Holder’s refusal to provide documents and Barr’s? Here is the background of the Holder contempt. The Bureau of Alcohol, Tobacco, Firearms and Explosives (BATFE), a unit of Holder’s Department of Justice (DOJ), conducted an operation called “Fast & Furious,” intended to track illegal gun sales. In fact it put hundreds of weapons in the hands of Mexican criminal gangs, leading to the death of an American officer. On February 2, 2011, after news of the operation emerged, Holder’s assistant attorney general sent a letter to Congress declaring that the Obama administration had no knowledge of the operation. This letter was false, as Holder later admitted.

A congressional committee wanted to know why it had been misled. BATFE employees leaked to Congress that the department was still suppressing the truth about the operation and retaliating against whistleblowers. The committee wanted to dig into that. It demanded DOJ documents “relating to actions the Department took to silence or retaliate against Fast and Furious whistleblowers,” so that it could determine “what the Department knew about Fast and Furious, including when and how it discovered its February 4 letter was false, and the Department’s efforts to conceal that information from Congress and the public.”

Read more …

“..funnelled [over $21 million] personally and through straw donors to President Obama’s 2012 re-election campaign, then lied about it to the Federal Elections Commission in 2015.”

Fugees Founder, Banker Charged In 1MDB, Obama Campaign Scandal (RT)

A founding member of the Fugees is accused of conspiracy to funnel illegal campaign contributions to Barack Obama’s 2012 presidential campaign and lying about it, in a spinoff of the 1MDB corruption scandal. The indictment against Prakazrel “Pras” Michel, 46, was unsealed on Friday, the government says he received over $21 million from Malaysian businessman Low Taek Jho (also known as “Jho Low”) and funnelled it personally and through straw donors to President Obama’s 2012 re-election campaign, then lied about it to the Federal Elections Commission in 2015. Michel was charged with conspiracy to defraud US government, falsifying records, and making a false statement. He appeared before a federal judge in Washington, DC on Friday and pleaded not guilty.


Mr. Michel is extremely disappointed that so many years after the fact the government would bring charges related to 2012 campaign contributions,” said his attorney Barry Pollack. “Mr. Michel is innocent of these charges and looks forward to having the case heard by a jury.” Michel is best known as one of the founding members of the Fugees, an award-winning group that set music charts on fire with ‘Killing me softly’ in 1996 and launched the solo careers of Wyclef Jean and Lauryn Hill. Low, 37, was also charged in the case, adding to the existing indictments against the Malaysian businessman already wanted for conspiring to launder billions of dollars and violating the Foreign Corrupt Practices Act.

Read more …

“..he rode on the back of that fraud for two years, as if touring a political landfill on a donkey, leaving the public to stew in anxious hallucinations.”

Crisis? What Crisis? (Jim Kunstler)

Information emerged over the weeks since the Mueller Report’s release that Mr. Mueller and his team knew unequivocally that the Special Counsel’s mission and the FBI operations that preceded it were based on concocted political bullshit supplied by Mrs. Clinton and her network of flunkies and fixers, ranging throughout the permanent DC bureacuracy (a.k.a. the Swamp), to outposts in foreign intel services and the political kitty-litter box known as Ukraine. Mr. Mueller must have suspected this from the outset, but knew for sure by the summer of 2017, and omitted to advise the American public that he had uncovered a fraud. Rather, he rode on the back of that fraud for two years, as if touring a political landfill on a donkey, leaving the public to stew in anxious hallucinations.


What else did Mr. Mueller do, or omit to do? He never engaged US government forensic computer analysts to examine the DNC servers at the heart of RussiaGate story. Rather, he allowed the conclusions to stand of a company called CrowdStrike, hired by the DNC itself to supposedly investigate the theft of emails, especially those of Clinton campaign chairman John Podesta. Mr. Mueller never bothered to interview the one person who might have known exactly who supplied the purloined emails to Wikileaks, namely Julian Assange. Mr. Mueller also did not bother to interview several dozen retired Intel Community computer experts, led by William Binney, former Technical Director of the NSA, who determined that the hack was accomplished by direct download by an insider onto a flash drive.

Read more …

This is about what the US wants to add to the Assange charge once he’s been extradited.

Manning Could Delay US Superseding Indictment Against Assange (Sp.)

According to Manning’s legal team, her release was triggered by the expiration of the term of the grand jury that had demanded her testimony. She will be back in court on May 16, trying to convince a new grand jury of what she failed to prove to the last one: that she cannot be forced to cooperate, as she fundamentally disagrees with the concept of a grand jury, which she says use activists’ testimonies against them. “This will go on until they get what they want or she continues to stay in jail,” Joe Lauria, editor-in-chief of Consortium News, told Radio Sputnik’s Loud and Clear Friday. “She’s in a position where she could delay or slow down what the Justice Department wants to do in terms of a superseding indictment against Assange.

Nobody believes that they are going to want to just put him in jail for five years… this initial indictment is a placeholder, and they have a deadline of June 12 to give to British court the charges; the decision has to be made in the UK,” Lauria said. However, there is a way around that, Lauria told hosts Brian Becker and John Kiriakou, called the Doctrine of Specialty, which, according to reference website USLegal.com, is “a principle of international law that is included in most extradition treaties, whereby a person who is extradited to a country to stand trial for certain criminal offenses may be tried only for those offenses and not for any other pre-extradition offenses.” “Once the asylum state extradites an individual to the requesting state under the terms of an extradition treaty, that person can be prosecuted only for crimes specified in the extradition request,” the website notes.

“This doctrine allows a nation to require the requesting nation to limit prosecution to declared offenses.” “In other words, Assange could come to the US based on this very silly charge that he tried to help Chelsea Manning hack into a computer — when she had top secret clearance and total access anyway — clearly he was trying to just help her hide her identity. But, he could come to the US and they could start adding charges there. I suspect that might happen if she doesn’t testify — which she will not do, obviously; she’s made that abundantly clear.” “They clearly need something from her, or they wouldn’t be throwing her back in jail, effectively, because she refuses to testify,” Lauria said. “But she’s not going to say a damn thing; she’s not going to cooperate, at incredible personal expense to herself, and that just goes to show what a person of principle she is.”

Read more …

Curious but still..

Dutch Court Blocks Extradition Of Man To ‘Inhumane’ UK Prisons (G.)

Judges in the Netherlands have refused to send a suspected drug smuggler back to the UK because of concerns that conditions in British jails are inhumane. An initial application to extradite the unnamed man, who had been on the run for two years, was refused this week due to the reported state of HMP Liverpool where he would probably be sent.The court of Amsterdam heard how inspectors had found “some of the most disturbing prison conditions we have ever seen” and “conditions which have no place in an advanced nation in the 21st century”, in reference to report on the state of prisons in the UK published last July.


A surprise inspection of HMP Liverpool in September 2017 found it was infested with rats and that inmates lived in squalid conditions, afraid of being attacked because of increasing violence. Similar conditions were found in HMP Birmingham and HMP Bedford. The Dutch judges said on Wednesday they were concerned the man, who was wanted in relation to cocaine and heroin smuggling on Merseyside, was at “real risk of inhuman or degrading treatment” if returned. The man had been made the subject of a European arrest warrant at Liverpool magistrates court in July 2017. His lawyer argued that the extradition should be refused based on the prison inspectors’ reports.

Read more …

“.. If you start with a monetary union, you make sure there will not be a democratic political union.”

Varoufakis On Eurozone: ‘We Created A Monster’ (Exp.)

Former Greek financial minister Yanis Varoufakis branded the eurozone “a monster” for allegedly taking away financial oversight from European Union member states. Mr Varoufakis, an outspoken opponent of the European monetary union, claimed the creation of the common currency led to an “undemocratic political union”. Recounting his first meeting with other eurozone Finance Ministers in 2015, Mr Varoufakis said: “When I was in the Eurogroup, Wolfgang Schauble was very clear. The first time he spoke, in my presence, he said –spectacularly and very honestly – ’democracy cannot be allowed to change economic policies.’


Mr Varoufakis continued: “We’ve created a monster. We’ve created a monetary union that has a central bank without a state behind it because the European Central Bank (ECB) doesn’t have a corresponding state. Before the euro, you had the Treasury, the ministry of finance and you had the central banks – correspondence. “The ECB is a gigantic central bank with no state behind it and you’ve got 19 states without a central bank. This is not the way to create a monetary union which is consistent with the political union.” He added: “The fallacy in 1992 with Helmut Kohl and Francois Mitterrand, is that they believed you start with a monetary union and then you move towards a democratic political union. “No. If you start with a monetary union, you make sure there will not be a democratic political union.”

Read more …

Not sure the biggest EU monster is a finance one.

70 Migrants Dead After Boat Capsizes Trying To Reach Europe From Libya (G.)

As many as 70 people trying to reach Europe from Libya have drowned after their vessel capsized in the deadliest such incident in the Mediterranean since January. According to survivors, at least 16 of whom were rescued, the boat left Zuwara in Libya, where renewed warfare between rival factions has gripped the capital, Tripoli, in the past five weeks. The vessel capsized 40 miles off the coast of Sfax, south of Tunis, as it headed towards Italy. The survivors reported that a Tunisian fishing boat came to their rescue and transferred them to a Tunisian coastguard vessel.


The incident came as overall number of people reaching Europe has decreased, whilethe journey has become increasingly dangerous. So far this year, 17,000 migrants and refugees have entered Europe via the sea, about 30% fewer than in the same period last year, according to the International Organization for Migration. The IOM said 443 people have reportedly died on Mediterranean crossings since 1 January, compared with 620 in the same period in 2018. The Institute for International Political Studies (ISPI) thinktank said that one person died for every eight people who left Libya from January to April, based on analysis of figures from the Italian interior ministry.

Read more …

There’ll always be a dictator somewhere who invites a few million dollars. There’s only one solution: stop producing the stuff. 2 trillion drinks containers were sold in 2018. Cut it out.

Nearly All Countries Agree To Stem Flow Of Plastic Waste Into Poor Nations (G.)

Almost all the world’s countries have agreed on a deal aimed at restricting shipments of hard-to-recycle plastic waste to poorer countries, the United Nations announced on Friday. Exporting countries – including the US – now will have to obtain consent from countries receiving contaminated, mixed or unrecyclable plastic waste. Currently, the US and other countries can send lower-quality plastic waste to private entities in developing countries without getting approval from their governments. Since China stopped accepting recycling from the US, activists say they have observed plastic waste piling up in developing countries. The Global Alliance for Incinerator Alternatives (Gaia), a backer of the deal, says it found villages in Indonesia, Thailand and Malaysia that had “turned into dumpsites over the course of a year”.


“We were finding that there was waste from the US that was just piled up in villages throughout these countries that had once been primarily agricultural communities,” said Claire Arkin, a spokeswoman for Gaia. The legally binding framework emerged at the end of a two-week meeting of UN-backed conventions on plastic waste and toxic, hazardous chemicals that threaten the planet’s seas and creatures. The pact comes in an amendment to the Basel convention. The US is not a party to that convention so it did not have a vote, but attendees at the meeting said the country argued against the change, saying officials didn’t understand the repercussions it would have on the plastic waste trade.

Read more …

 

 

 

 

May 022017
 
 May 2, 2017  Posted by at 9:00 am Finance Tagged with: , , , , , , , , , ,  3 Responses »


Grand Central Station NY WWII

 

Trump Weighs Breaking Up Wall Street Banks, Raising Gas Tax (BBG)
Life After Oil Makes Real Estate Canada’s New Economic Crutch (BBG)
How Did Home Capital Get Into Trouble? (BBG)
China Leverage Rising At ‘Alarming Pace’: Central Bank Official (R.)
UBS, BNP, RBS Get Subpoenas in US Treasuries Probe (BBG)
The US Health Care Industry Is Bound To Collapse Soon (NYP)
Exhaustion Gaps and the Fear of Missing Out (John Hussman)
Barack Obama Cashes In, But Harry Truman And Jimmy Carter Refused (IC)
The Sound of One Wing Flapping (Jim Kunstler)
Emmanuel Macron Has Taken French Voters For Granted. Now He Risks Defeat (G.)
How Juncker’s Downing Street Dinner Turned Sour (G.)
Greece Reaches Deal With Creditors To Pave Way For Bailout Talks (G.)
Greece: Any Better Times Or More Pitfalls Ahead? (LSE)

 

 

Don’t hold your breath for breaking up banks. Gas tax is more interesting: keep oil prices low and off you go. Could be a huge source of revenue, and Trump needs a few of those.

Trump Weighs Breaking Up Wall Street Banks, Raising Gas Tax (BBG)

President Donald Trump said he’s actively considering a breakup of giant Wall Street banks, giving a push to efforts to revive a Depression-era law separating consumer and investment banking. “I’m looking at that right now,” Trump said of breaking up banks in a 30-minute Oval Office interview with Bloomberg News. “There’s some people that want to go back to the old system, right? So we’re going to look at that.” Trump also said he’s open to increasing the U.S. gas tax to fund infrastructure development, in a further sign that policies unpopular with the Republican establishment are under consideration in the White House. He described higher gas taxes as acceptable to truckers – “I have one friend who’s a big trucker,” he said – as long as the proceeds are dedicated to improving U.S. highways.

During the presidential campaign, Trump called for a “21st century” version of the 1933 Glass-Steagall law that required the separation of consumer and investment banking. The 2016 Republican Party platform also backed restoring the legal barrier, which was repealed in 1999 under a financial deregulation signed by then-President Bill Clinton. A handful of lawmakers blame the repeal for contributing to the 2008 financial crisis, an argument that Wall Street flatly rejects. Trump couldn’t unilaterally restore the law; Congress would have to pass a new version. Trump officials, including Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn, have offered support for bringing back some version of Glass-Steagall, though they’ve offered scant details on an updated approach. Both Mnuchin and Cohn are former bankers who worked for Goldman Sachs.

Read more …

A deeply unstable economy.

Life After Oil Makes Real Estate Canada’s New Economic Crutch (BBG)

Two things happened last week that were a reminder of just how vital real estate has become to Canada’s economy. On Friday, Statistics Canada released GDP data that showed February was a banner month for sectors linked to housing. The real estate industry, residential construction, financial and legal services generated a combined 0.5% increase in output, the biggest one-month gain since 2014. Without those, the overall economy would have contracted slightly in February. A day earlier, the Ontario government released a budget that projects land transfer taxes will surpass C$3 billion ($2 billion) in the current fiscal year, from C$1.8 billion three years ago. For the province, it’s the difference between a balanced budget and a deficit.

Measures of housing’s contribution to the economy are imprecise, but estimates largely put the direct contribution in excess of 20%. It’s much more than that once you add all the indirect effects, with benefits spread widely from lawyer fees to government revenue and increased retail purchases through so-called wealth effects as rising home equity values prompt households to ramp up consumption. The big worry is that Canada has moved from a reliance on oil to a reliance on real estate. The influence of housing on the economy is so pervasive that it won’t take much of a slowdown to act as a major drag on the economy, said Mark Chandler, head of fixed-income research at RBC Capital Markets in Toronto.

“You don’t need a collapse in house prices, you don’t need housing starts to be cut in half for weaker real estate sector to have a significant effect on GDP and incomes,” Chandler said. RBC’s ballpark estimate is that a 10% decline in national home prices would knock a full percentage point off growth. A Toronto Dominion Bank report from 2015 found the housing wealth effect has been responsible for about one-fifth of all growth in consumption since 2001. “A lot of the strength we have seen in consumption is housing related,” said Brian DePratto, the economist who wrote the 2015 report. If you strip out the direct and indirect impact from housing on the economy, “you are talking about a much lower trend pace of growth.”

Read more …

Subprime.

How Did Home Capital Get Into Trouble? (BBG)

The world is suddenly paying attention to Home Capital, the tiny Canadian mortgage lender that’s on the ropes. The stock is plunging, it faces a run on deposits and regulators are probing management’s disclosure of fraudulent mortgages. Its troubles are raising questions: Is this an isolated case of a struggling mortgage company, or early signs of cracks forming in Canada’s red-hot housing market?

1. How did Home Capital get into trouble? It started in 2014 when the company, formed 31 years ago by Gerald Soloway, failed to screen a pile of questionable mortgages brought in by outside brokers. Some 45 brokers falsified income information on borrowers, prompting Home Capital to cut ties with them, leading to a drop in new business. This eventually led to an investigation by the Ontario Securities Commission, which said on April 19 that Home Capital had misled investors by not disclosing the fraud until five months after they became aware of the problem.

2. Will Home Capital fail? There are plenty of signs of stress. The stock has plunged almost 75% this year, cutting its market value to about C$515 million, from C$3.5 billion in 2014. Most pressing is the run on deposits. Customers pulled C$1.5 billion from high-interest savings accounts in four weeks, cutting the balances to C$500 million. The company has another C$13 billion in GICS. As these 30- and 60-day deposits come due, more withdrawals may follow. Without a deposit base, Home Capital can’t fund new mortgages. Home Capital hired investment bankers for a possible sale, though there is likely as much interest in the loan book as the company itself. Commercial banks may be interested, precluding any need for a government bailout. Financial regulators say they are watching closely.

3. Will this fallout spread to other lenders? Possibly. Home Capital competes with other companies in the so-called alternative mortgage space. They cater to small-business owners, new immigrants and other people who can’t get mortgages from the big commercial banks. It’s a niche segment but growing, accounting for almost 13% of the market. Unlike in the U.S. housing crash when loan defaults soared, there is little evidence of faulty loans so far. Home Capital’s delinquency rate, for example, was just 0.20% as of February. Still, shares of rivals First National and Equitable have been dragged lower by the Home Capital woes as investors fear contagion.

Read more …

Beijing sends a lot of signals, but it cannot make good on them without risking the economy, and everybody knows it. It’s all based on the idea that a centralized economy can be forced into a smooth descent, but that’s just a fallacy.

China Leverage Rising At ‘Alarming Pace’: Central Bank Official (R.)

China’s level of leverage is rising at an “alarming pace”, particularly in the finance sector, a senior central bank official said in a commentary, amid growing concern by the country’s senior leaders over financial security. The official Xinhua news agency on Monday cited Xu Zhong, head of the People’s Bank of China’s research bureau, as saying the country needed to deleverage at a “proper pace” to reduce financial sector debt and avoid systemic financial risk. “China’s overall leverage level is reasonable but is rising at an alarming pace, especially in the financial sector,” Xu said. The original commentary was published in business journal Caijing Magazine. Xu said high levels of stimulus spending from government paired with poor corporate management and financial supervision were key factors causing rising levels of leverage, Xinhua said.

He added the government should stick to “prudent and neutral” monetary policy, reduce emphasis on economic growth targets, and improve corporate governance so authorities did not have to step in so frequently to help companies out. “Financial security is achieved via reforms, not bail-outs,” Xinhua reported Xu as saying. Last week President Xi Jinping called for increased efforts to ward off systemic risks and help maintain financial security. Analysts say financial risk and asset bubbles pose a threat to the world’s second-largest economy if not handed well. Former Chinese finance minister Lou Jiwei also said last month that high leverage was the biggest risk facing China’s economy because debt has piled up despite government efforts to deleverage. The Bank for International Settlements warned last year that excessive credit growth in China is signaling an increasing risk of a banking crisis in the next three years.

Read more …

Well, maybe they’ll get serious because it’s about Treasuries this time, and foreign banks. Then again, these are primary dealers in Treasuries.

UBS, BNP, RBS Get Subpoenas in US Treasuries Probe (BBG)

Federal prosecutors have subpoenaed several banks as part of a criminal investigation into possible manipulation of the U.S. Treasuries market, according to people familiar with the matter. The Justice Department issued subpoenas last month to banks including UBS, BNP Paribas and the Royal Bank of Scotland seeking information on the $14 trillion market, said two people, who asked not to be named because the investigation is confidential. U.S. authorities have been examining the U.S. Treasuries market for roughly two years. In November 2015, Goldman Sachs disclosed that U.S. authorities had sought information related to its trading of when-issued securities, which are among the least transparent instruments in the world’s largest debt market. When-issued securities act as placeholders for bills, notes or bonds before they’re auctioned. The instruments change hands over the counter, with lifespans of just days. There’s scant public information on trading volumes or the market’s biggest players.

[..] The Justice Department in late 2015 asked about when-issued securities as part of broader requests for documents it sent to most or all of the roughly two dozen primary dealers in U.S. Treasuries, a person familiar with the matter told Bloomberg News at the time. UBS, BNP Paribas and RBS are primary dealers in U.S. Treasuries. Authorities haven’t accused any of the banks of wrongdoing. Trading of these instruments is also the subject of several lawsuits against primary dealers filed since July 2015. In them investors allege that traders at global banks colluded to artificially inflate the price of the when-issued securities, which allow the banks to sell U.S. debt before they own it. Then they bought the debt at auctions for an artificially suppressed price, unfairly profiting at investors’ expense, the lawsuits contend. The banks are scheduled to file motions to dismiss those lawsuits once the lead counsel for the plaintiffs is chosen.

Read more …

Increased health care spending presumably adds to GDP, so why worry?

The US Health Care Industry Is Bound To Collapse Soon (NYP)

As industry spending and debt servicing rage out of control, health care is ranked as the No. 1 US “systemic recession risk” in a new report. The sums at stake are staggering: Spending in the sector accounted for $3.3 trillion in 2015, and is 18% of the US economy today. The industry generates 16% of private sector jobs nationwide, up from 10% in 1990. US health care spending is forecast to grow by an average 5.6% annually in the coming decade, according to a report by the Center for Medicare and Medicaid Services (CMS), a projection based on no changes out of Washington and in the Affordable Care Care through 2025. Meanwhile, national spending on health care is forecast to outpace US GDP growth by 1.2%. CMS has estimated that spending will comprise 19.9% of GDP by 2025, up from 17.8% in 2015.

“There’s no question that rising health care costs are hurting our overall economy,” said New York-based financial adviser Michael Mondiello. “With consumer spending accounting for some 70% of economic activity, the more we spend on health care, the less we have to purchase other things like a vacation or to save for retirement.” [..] The first murmurs of early trouble may have been detected. “Companies in the health care sector are starting to lay people off,” said John Burns, CEO of John Burns Real Estate Consulting.. [..] “Health care companies borrowed too much money, and have grown their debt faster than their revenue, so you have to have a pullback.”

[..] In a report published by Burns, health care is identified as the largest systemic risk to the economy, of the three sectors Burns examined, which also included technology and automotive. The conventional wisdom points to US demographic trends, and an aging population, as supportive of the long-term strength, but the report shows industry growth has surpassed what is sustainable:
• Health care company debt is up 308% since 2009.
• The number of hospitals in health systems has expanded by 26% since 1999.
• The yearly medical costs for a family of four have jumped 189% since 2002, from $9,000 to $26,000.
“It could be like a Lehman Brothers scenario, where a couple of big health care companies take the economy down,” Burns told The Post.

Read more …

As usual, a long essay from John. A few bites:

Exhaustion Gaps and the Fear of Missing Out (John Hussman)

To offer a sense of the market return/risk profile that has typically been associated with exhaustion gaps at overvalued, overbought, overbullish extremes, the chart below shows the maximum gain and maximum loss in the market as measured from each instance to the subsequent bear market low. Multiple exhaustion gaps in the same market cycle are depicted separately. I recognize that my regular comments about the likelihood of the S&P 500 losing half or more of its value over the completion of this cycle may seem preposterous. A review of market history may help to understand these expectations, which are consistent with both the valuation evidence later in this comment, and with the outcomes that have typically completed prior speculative market cycles.

Two caveats are important here. First, given the simplicity of the conditions that define an exhaustion gap above, and their reliance on daily market behavior, it’s not clear that investors should wait for such gaps in future market cycles if other danger signs are already present. The best way to view these exhaustion gaps, I think, is that they represent points, late in a bull market cycle, where investors become overwhelmed by fear of missing out (FOMO), leaving a lopsided equilibrium where the remaining pool of potential buyers evaporates and the pool of potential sellers becomes saturated. Conversely, it seems likely that simple daily signals like the exhaustion gaps above could be misleading in the future, if more robust measures still indicate persistent risk-seeking among investors.

As a reminder of where market valuations stand, based on what actually works across market cycles, the chart below presents several of the most historically reliable equity valuation measures we track. We can form expectations about the likely range of market losses over the completion of this cycle by asking what amount of retreat would be required to bring these measures to either: a) the highest level of valuation reached at any previous bear market low, or b) the historical norm of each measure. Emphatically, these estimates do not assume that valuations will move below their historical norms at the next bear market low (as they did, in fact, as recently as the 2009 low). The smallest expected loss estimate comes in at -45.6%, while the largest loss estimate (taking each measure to its respective historical norm) is -62.1%. The average range of estimated market losses is -47.7% to -60.1%, while the median range is -45.6% to -62.0%.

Read more …

I think I already know which way Trump will lean.

Barack Obama Cashes In, But Harry Truman And Jimmy Carter Refused (IC)

It used to be the norm for presidents to retire to ordinary life after their stint in the White House — just ask Harry Truman. When the Democratic president was getting ready to leave the White House in 1953, he was approached by many employers. The Los Angeles Times noted that if he was “unemployed after he leaves the White House it won’t be for lack of job offers … but [he] has accepted none of them.” One of those job offers was from a Florida real estate developer, asking him to become a “chairman, officer, or stockholder, at a figure of not less than $100,000” — the sort of position that is commonplace today for ex-politicians. Presumably, had Truman taken the position, it would have been a good deal for both parties: the president’s prestige and connections would also enrich the company.

Truman declined. “I could never lend myself to any transaction, however respectable, that would commercialize on the prestige and dignity of the office of the presidency,” he wrote of his refusal to influence-peddle. Although he had access to a small pension from his military service, Truman had little financial support after leaving office. He moved back into his family home in Independence, Mo., and insisted on being treated like anyone else. He would tell people not to call him “Mr. President,” and settled on a fairly ordinary routine once he was back in Independence. He would take a morning walk through the town square. He kept an office nearby where he would answer mail from Americans. He chose to engage with just about anyone who walked into his office — not only people who wrote him big checks, or invited him onto their private yachts and private islands.

“Many people,” he once said, “feel that a president or an ex-president is partly theirs — they are right to some extent — and that they have a right to call upon him.” Indeed, his office number was even listed in a nearby telephone directory. He eventually agreed to write a memoir for Life magazine, but it was a lengthy project that provided far from luxurious stipends. Truman’s modest life post-presidency moved Congress in 1958 to establish a pension system that provides an annual cash payout as well as expenses for an office and staff. Gerald Ford nevertheless shattered precedent when he joined the boards of corporations such as 20th Century Fox, hit the paid speech circuit, and was made an honorary director by Citigroup.

But his successor, Jimmy Carter, who grew up in a modest home in Plains, Georgia, did not follow Ford’s example. He refused to become a professional paid speaker or join corporate boards. He moved back to Plains, and was welcomed home by a crowd of neighbors and supporters. He quickly made himself busy as a nonprofit founder and a volunteer diplomat. He did make money post-presidency — but by serving ordinary people, not elites. He wrote dozens of best-selling books bought by millions of people across the world — the post-presidency equivalent of small donors. Carter explained his thinking to the Guardian in 2011, telling them that his “favorite president, and the one I admired most, was Harry Truman. When Truman left office he took the same position. He didn’t serve on corporate boards. He didn’t make speeches around the world for a lot of money.”

Read more …

“Rest easy America… oh, and buy every dip.”

The Sound of One Wing Flapping (Jim Kunstler)

And suddenly the storms of early Trumptopia subside, or seem to. The surface of things turns eerily placid as the sweets of May sweep away the toils of an elongated mud season. Somebody stuffed Kim Jong Un back in his bunker with a carton of Kools and the Vin Diesel video library. France appears resigned to Hollandaise Lite in the refreshing form of boy wonder Macron. It’s been weeks since The New York Times complained about the Russians stealing Hillary’s turn as leader of the free world. We’re given to understand that Congress managed overnight to cook up a spending bill that will avert a Government shut-down until September. Rest easy America… oh, and buy every dip.

A calm surface is exactly what Black Swans like to land on, though by definition we will not know they’re out there until our reveries are broken by the sound of wings flapping. Some kind of dirty bird showed up on Canada’s thawing pond last week when that country’s biggest home loan lender suffered a 60 percent pukage of shareholder equity and had to be bailed out — not by the Canadian government directly, but by the Ontario Province’s Health Care Workers Pension Fund, a neat bit of hocus pocus that amounts to a one-year emergency loan at ten percent interest. If that’s a way for insolvent public employee pension plans to find enough “yield” to meet their obligations, then maybe that could be the magic bullet for the USA’s foundering pension funds.

The next time Citibank, Goldman Sachs, JP Morgan, and friends get a case of the Vapors, let them be bailed out by the Detroit School Bus Drivers’ Pension Fund at ten percent interest. That ought to work. And let Calpers take care of Wells Fargo. The situation across Western Civilization is as follows: virtually every major financial institution has become a check-kiting operation or a Ponzi scheme, and we’ve reached the point where they can only pretend to be rescued. Bailout or not, the Toronto-based Home Capital Group is still stuck with shit-loads of non-performing sub-prime mortgage loans — its specialty — and Canada’s spectacular real estate bubble has hardly begun to pop. The collateral is starting to turn, like dead meat in the May sunshine, and the odium will waft across the border.

Read more …

“It is truly astonishing that the man who inspired (as personal secretary) and implemented (as finance minister) the policies of President François Hollande could be branded as something radically new.”

Emmanuel Macron Has Taken French Voters For Granted. Now He Risks Defeat (G.)

The rise of Macron is characteristic of the age of spin doctors: it illustrates both their power and their limits. It is truly astonishing that the man who inspired (as personal secretary) and implemented (as finance minister) the policies of President François Hollande could be branded as something radically new. To achieve this feat, spin doctors resorted to celebrity-building in ways previously unknown in French political life. Macron was new because he was young and handsome, and because he had never been elected before. He appeared repeatedly on the front pages of Paris Match with his wife, whose name is chanted by his supporters at his rallies. In the final weeks of the campaign Macron was so careful not to expose the true nature of his programme (which amounts to little more than the unpopular liberalism-cum-austerity implemented by Hollande) that his speeches degenerated into vacuous exercises in cliche and tautology.

The strategy worked up to a point: he qualified for the second round. Yet its limits are also clear. Last spring, France saw nationwide protests against the labour laws that Macron had largely designed. The opposition was not only to their content, but also to the manner in which they were passed: the government bypassed a parliamentary vote. During these demonstrations police used high levels of violence, yet Macron never uttered a word to calm things down. He has already announced that he would resort to governing by decree if needed, and it is easy to anticipate increased social tensions by the autumn. To those who would oppose him, Macron would answer that he is implementing the programme on which he was elected. Theoretically, Macron should defeat Le Pen hands down. The problem is that the meaning of such a result would be unclear: how many would have voted for him, and how many against her?

Read more …

The EU can do what it wants with the UK, because whatever it is, the Brits will blame each other for anything that goes wrong. No need for divide and conquer, there’s a hopeless divide already; Brussels can focus on conquer.

How Juncker’s Downing Street Dinner Turned Sour (G.)

The meeting last Wednesday started with a kiss on the cheek, gratefully immortalised by the photographers on Downing Street’s pavement. It ended with a withering putdown: “I’m leaving Downing Street 10 times more sceptical than I was before,” Juncker told his host. It is said that the talks started pleasantly enough. During half of an hour of chit-chat in an anteroom, before taking their place at the dinner table, May told Juncker that she didn’t want just to talk Brexit during the evening but there were other matters of world affairs to discuss. “Like what?”, Juncker asked. In fact, little else seemed to be on the prime minister’s mind. Juncker did have a topic to raise though, and the issue at hand may just explain some of the current iciness between the two leaders.

That very morning the EU should have been shuffling around its money to deal with issues such as the migration crisis, which could not have been expected a few years ago when the bloc’s budget had been set. But on Monday morning Juncker had been made aware of an email from the UK’s permanent representative in Brussels explaining that because a general election had been announced, the British government couldn’t give its support to any changes in how the EU was going to spend its cash. Juncker smelled mischief – maybe it was a way to show the EU what trouble Britain could cause if it didn’t get its way? “What on earth is all this supposed to mean?” he is said to have asked May. Perhaps you won’t be able to talk about Brexit then, he queried, when May explained the rules of purdah, under which governments in an election are to avoid binding the hands of the next administration.

[..] it was the substance of the talks that were to cause Juncker the most unease. And it was Juncker’s despair that got to his colleagues. This was the man who through the trickiest of negotiations had always seen a path through. But when presented with May’s insistence that EU citizens in the UK would be treated in the future like any other foreign national, that trade talks needed to start before the issue of Britain’s divorce bill was settled or her claim that technically the UK owed nothing at all to the union, his lack of optimism for the future became clear. “Theresa May started by stating that the UK wanted to discuss first future arrangements, then article 50 stuff,” one source with knowledge of the dinner said.

“It felt to the EU side like she does not live on planet Mars but rather in a galaxy very far away.” She was “deluded” and appeared to be “living in a parallel universe”, Juncker told the German chancellor, Angela Merkel, in a phone call said to have taken place just moments after the delegation left Downing Street.

Read more …

Absolute insanity: “..pensions are to be cut by 9% on average..”

Greece Reaches Deal With Creditors To Pave Way For Bailout Talks (G.)

Greece has reached a preliminary deal with its creditors that should pave the way for long-awaited debt relief talks, the Greek finance minister said on Tuesday. “The negotiations are concluded,” Euclid Tsakalotos told reporters, according to state agency ANA. After overnight talks, Tsakalotos said a “preliminary technical agreement” had been achieved ahead of a 22 May meeting of eurozone finance ministers, which is required to approve the deal. Tsakalotos added he was “certain” that the agreement would enable Greece to secure debt relief measures from its creditors, which he has said is vital to spearhead recovery in the country’s struggling economy. A compromise is required to unblock a tranche of loans Greece needs for debt repayments of €7bn ($7.6bn) in July.

Under pressure from its creditors – the EU, ECB and the IMF – the government agreed earlier this month to adopt another €3.6bn in cuts in 2019 and 2020. Athens conceded fresh pension and tax break cuts in return for permission to spend an equivalent sum on poverty relief measures. A government source on Tuesday said pensions are to be cut by 9% on average, ANA said. The measures are to be approved by parliament by mid-May. However, prime minister Alexis Tsipras has said he will not apply these cuts without a clear pledge later this month on debt-easing measures for Greece. Athens also hopes to be finally allowed access to the ECB’s QE asset purchase programme, to help its return to bond markets.

Read more …

So many numbers it’s easy to forget this is about people.

Greece: Any Better Times Or More Pitfalls Ahead? (LSE)

In 2015, Greece, an EU state member since 1981 with a population of 10,846,979 people, recorded the highest level of GGD (General Government Gross Debt to GDP ratio) in the EU-28, at 176.9%. Concerning the volume index of GDP per capita in PPS (Purchasing Parity Standards) we find Greece’s GDP per capita dropped from 4% lower than the EU-28 average in 2004 to 29% lower in 2015. However, GDP is a measure of a country’s economic activity, and therefore it should not be considered a measure of a country’s well-being. If we take the AIC (Actual Individual Consumption) per capita in PPS (Purchasing Power Standard) as a better indicator to describe the material welfare of households, Greece showed an AIC index per capitalower by some 19% than the EU-28 average in 2015. Labour productivity per hour worked expressed in US $ (which means GDP per hour worked expressed in US $) was estimated among the lowest in the EU-28, at $32 in 2015.

Curiously, Greece has the highest average hours worked per year in the EU-28, at 2,042 hours, its average hourly labour cost is among the lowest in the EU-28, at €14.5, its average annual wages at US $25,211 and unemployment rate of 24.90%. 43% of pensioners live on €660/month on average, and many Greek pensioners are also supporting unemployed children and grandchildren. [..] Unemployment is a tragedy for Greece. The highest jobless rate was recorded in 2014, at 27.8%. The current level of unemployment, the highest in the EU, is about 24%. Unemployed workers between 45 and 64 years of age (currently almost one in three unemployed, around 347,400 people, whereof 280,000 are long-term unemployed, in 2009 they were one in five, or 99,000 people)- , and young unemployed people aged 15-24 (close to 50% of the total) are the most adversely affected demographics.

According to ELSTAT (Hellenic Statistical Authority) – GSEE (General Confederation of Greek Workers), nine out of ten Greeks without job do not receive unemployment benefits and 71.8-73.8% (around 807,000 people) of all unemployed (1,124,000 people) have been out of work for more than twelve months, while only 1.5% of them receive the 700 euro/month applicable to the long-term registered unemployed. In the last quarter report for 2016, ELSTAT shows that the amount of Greeks facing long-term unemployment has risen some 146% (from 327,700 to 807,000 people) over the 6-year period. Additionally, there are 350,000 Greek families without a single member working, and unemployment has led some 300,000 highly skilled professionals and workers to leave the country.

[..] According to a study carry out by the Cologne Institute of Economic Research, poverty rate in Greece increased by 40% from 2008 to 2015, the largest increase among EU countries. A new multidimensional poverty index was used to calculate poverty, which is not based on income alone but on other factors such as the deprivation of material goods, quality of education, underemployment and, access to healthcare. In 2015, according to Eurostat, more than one in three residents of Greece experienced conditions of poverty and/or social exclusion. The percentage of those within this group had risen from 29.1% in 2008 to 35.7% in 2015, or 3.8 million people. 21.4% of the Greek population are living below the national poverty line (with an income less than 60 % of the national average), 22.2 % are severely materially deprived,

Read more …