Salvador Dali The tartan el son 1919
Today Julian Assange’s prison term ends. But he will be kept behind bars, not as a prisoner but as a person awaiting extradition. And you are protesting climate change?!
Haven’t heard from Sudden Debt in quite some time.
“In the words of Super Mario: whatever it takes (as long as it involves a hammer)”
In today’s brave new world Time Value Of Money, the bedrock of financial sanity, is out the window. It’s as if the arrow of time is running backwards, the Second Law of Thermodynamics involving Entropy (aka there’s no such thing as a free lunch) is inoperable, that Perpetual Motion machines actually exist. If negative rates were operative in agriculture, you would always reap less than you sowed. I could go on, but you get my drift. It worries me that no one is screaming bloody murder about it, that Bloomberg, Reuters, WSJ, the FT, all take it more or less in stride. It just aint’t natural. I mean it literally, it goes against natural law – unless the Universe has started shrinking. Which, as far as I know, it hasn’t.
Apart from their unnatural state, negative rates resemble something I loudly warned about well before the CMO, CDO, CDS, etc crisis blew up in 2007-08. Namely, that if you take a pile of dogshit (subprime loans) and cut it into pieces (securitize and tranche it), then little piece A is magically transmuted into gold, B becomes silver, C is copper and so on, until only the tail end bit is still poop! Ahuh…that didn’t work out great, did it? Likewise, if an economy cannot be productive and competitive with 2% interest rates, throwing free money at it won’t change a damn thing. MONEY is not the issue! But, central bankers seem to be like handymen who only carry hammers. Economy won’t grow? Hammer it with money. Still doesn’t grow? Hammer harder!! In the words of Super Mario: whatever it takes (as long as it involves a hammer).
The whole thing is only hearsay.
The Washington Post on Wednesday said the complaint referenced a “promise” Trump allegedly made to the unidentified leader. CNN has not confirmed that aspect of the controversy. The whistleblower didn’t have direct knowledge of the communications, an official briefed on the matter told CNN. Instead, the whistleblower’s concerns came in part from learning information that was not obtained during the course of their work, and those details have played a role in the administration’s determination that the complaint didn’t fit the reporting requirements under the intelligence whistleblower law, the official said.
It is hard to know the potential exposure faced by the President. But given the sensitivity of the issue, the complaint is likely to have come from an official familiar with the scope of presidential power. And it was signed off as “urgent and credible” by the inspector general — a Trump appointee — who thought Congress should know in line with whistleblowing laws.
Stolen material? Would you like to rephrase that? Or do you actually think whistleblowers are just thieves?
President Trump declined to comment on his administration’s prosecution of WikiLeaks publisher Julian Assange when asked Friday by a reporter from Mr. Assange’s native Australia. Mr. Trump was pressed about the federal government’s criminal case against Mr. Assange while meeting at the White House with Australian Prime Minister Scott Morrison. “You praised WikiLeaks continuously during the election campaign. Is it right the United States is prosecuting its Australian founder, Julian Assange?” asked Brett Mason, a correspondent for Australia’s SBS News.
“Well, you know, that’s a question I haven’t heard in a long time. I’ll leave that to you to determine,” Mr. Trump replied. Mr. Trump referenced WikiLeaks more than 100 times while campaigning for the White House in 2016, regularly lauding the website for publishing stolen material damaging to his opponent in the race, former Democratic candidate Hillary Clinton.
Across the US, but especially in coastal cities like New York and San Francisco, the ultraluxury property market increasingly looks like a buyers’ market. Ever since the market for condos peaked three years ago, it has been rapidly cooling off across the most popular urban markets. We’ve been documenting this trend for a few years now, and according to a new report by the website StreetEasy that was cited by the New York Times this week, there are now more than 16,200 condo units across 682 new buildings completed in New York City that have appeared since 2013, and 25% remain unsold, roughly 4,050, most of them in luxury buildings.
The biggest difference between the the last recession and the conditions in today’s market are that projects aren’t stalling out today, perhaps due to the overabundance of cheap credit that has made virtually every unprofitable company into a “corporate zombie” which can continue existing largely thanks to record low interest rates. “I think we’re being really conservative,” said Grant Long, StreetEasy’s senior economist, noting that the study looked specifically at ground-up new construction that has begun to close contracts. Sales in buildings converted to condos, a relatively small segment, were not counted, because they are harder to reliably track. And there are thousands more units in under-construction buildings that have not begun closings but suffer from the same market dynamics.”
Isn’t tourism growing like nuts?
Iconic British travel firm Thomas Cook has failed to find further private investment to stave off collapse and is now relying on an unlikely government bailout, a source close the matter told AFP on Saturday (Sep 21). The operator said on Friday that it needed £200 million (US$250 million) – in addition to the £900 million rescue deal secured last month – or else face administration. That scenario could potentially trigger Britain’s largest repatriation since World War II, with more than 150,000 of the company’s British customers overseas on holiday. A source close to the negotiations told AFP that the company had failed to find the £200 million from private investors and would collapse unless the government intervened.
But ministers are unlikely to step in due to worries about the pioneering operator’s longer-term viability, the Times reported on Saturday, leaving it on the brink of collapse and stranding its British holiday makers abroad. “We will know by tomorrow if agreement is reached,” the source told AFP. Two years ago, the collapse of Monarch Airlines prompted the British government to take emergency action to return 110,000 stranded passengers, costing taxpayers some £60 million on hiring planes. The government at the time described it as Britain’s “biggest-ever peacetime repatriation”. Thousands of workers could also lose their jobs, with the 178-year-old company employing about 22,000 staff worldwide, including 9,000 in Britain.
Don’t let them. Nothing kills more people and planet than mining.
The global mining industry is increasingly showing a commitment towards greater respect for human rights and the environment, but is accused of wanting to improve its reputation without seeking real progress. Wildcat miners, including children, are risking their lives daily to unearth metals and minerals they sell to mining companies. In return, they earn a subsistence wage but not the working rights of a legal and salaried mining group employee. “While industry initiatives on certain minerals and metals are helpful, companies are still responsible for undertaking comprehensive human rights due diligence across all minerals and metals in their supply chains,” Eniko Horvath, senior researcher at the Business and Human Rights Resource Centre (BHRRC), told AFP.
In June, dozens of illegal miners died when part of a copper mine collapsed in southeastern DR Congo. The mine was in the Kolwezi area operated by Kamoto Copper Company, a subsidiary of the Swiss giant Glencore. Meanwhile at the start of the year, a dam collapse at a mine operated by Brazilian group Vale unleashed a tsunami of mud that killed more than 200 people while around 100 more went missing. China, also the scene of fatal mining accidents, has additionally been in the spotlight for its dumping of toxic waste in Baotou, Inner Mongolia, as Beijing drives global production of rare earth elements used in key technologies such as smartphones. Faced with rising criticism, the mining industry says it wants to adopt standards of good governance.
The London Metal Exchange, the global centre for trading in industrial metals, recently adopted new ethical standards to ensure better traceability of raw materials, especially those most at risk such as cobalt used heavily in high-end technology. “As metals play an increasingly important role in society with increased focus on ethical supply chains, the LME’s role and responsibility is vital,” the exchange’s incoming and first female chair Gay Huey Evans said on her appointment.
What a mess.
Tactical voting could cost the Conservatives up to 60 seats at a snap general election and eject Boris Johnson from No 10, new polling has found. Almost half of Labour supporters and an even higher proportion of Greens say they are ready to switch to the Liberal Democrats if it would help defeat the party committed to Brexit in their constituency. More than a third of Lib Dem backers would make the opposite journey at the ballot box – potentially delivering 60 seats and a mortal blow to Mr Johnson’s hopes of winning a majority. The poll, for the People’s Vote campaign, comes after it unveiled plans for the biggest vote-swapping drive in history, to support the best-placed candidate in more than 100 battleground seats.
“Tactical voting could damage Johnson’s prospects fatally, meaning Labour could make net gains from the Tories,” said pollster Peter Kellner, the former YouGov president. Anti-Brexit voters in the key 100-plus seats are being promised clear, independent advice on which candidate to back, in order to maximise the chances of electing a pro-EU MP. In its first 20 endorsements, People’s Vote recommended they back the Lib Dem candidate in nine seats and the Labour candidate in the other 11 seats. Now, in the YouGov poll, 35 per cent of Lib Dem and 42 per cent of Green voters are ready to switch to Jeremy Corbyn’s party if they “thought that the only parties with a realistic chance of winning in your constituency were the Conservatives or Labour”.
In Conservative-Lib Dem contests, half of Labour supporters and a similar share of Green supporters said they would lend support to the Lib Dems, with hardly any voting Conservative. Mr Kellner added: “These figures suggest that tactical voting on this scale could cost the Conservatives up to 60 seats. “Labour would be the beneficiaries in around 50 and the Lib Dems up to 10.”
“…and then publication vanishes..”
Google’s new quantum computer reportedly spends mere minutes on the tasks the world’s top supercomputers would need several millennia to perform. The media found out about this after NASA “accidentally” shared the firm’s research. The software engineers at Google have built the world’s most powerful computer, the Financial Times and Fortune magazine reported on Friday, citing the company’s now-removed research paper. The paper is said to have been posted on a website hosted by NASA, which partners with Google, but later quietly taken down, without explanation.
Google and NASA have refused to comment on the matter. A source within the IT giant, however, told Fortune that NASA had “accidentally” published the paper before its team could verify its findings. In the research, Google reportedly claimed that it takes their new quantum processor just around 200 seconds to make calculations that existing supercomputers would require around 10,000 years to perform. They also said the processor requires mere 30 seconds to complete a task the Google Cloud server would need 50 trillion hours to do.
But would about arms sales?
The United Nations envoy for Yemen welcomed Saturday an offer from the country’s Huthi rebels to halt all attacks on Saudi Arabia, saying it could bring an end to years of bloody conflict. Implementation of the initiative by the Huthis “in good faith could send a powerful message of the will to end the war,” Special Envoy for Yemen Martin Griffiths said. The Iran-backed Huthis, which control the capital Sanaa and other parts of Yemen, have been fighting against a Saudi-led coalition which supports the country’s internationally recognized government in a devastating five-year war. Griffiths hailed “the desire for a political solution to end the conflict” in a statement issued from UN headquarters in New York.
On Friday, the Huthis proposed halting attacks on Saudi Arabia as part of a peace initiative. Saudi Arabia gave a cautious response, with minister of state for foreign affairs Adel al-Jubeir saying on Saturday, “We judge other parties by their deeds, actions and not by their words, so we will see (whether) they actually do this or not.” Griffiths stressed “the importance of taking advantage of this opportunity and moving forward with all necessary steps to reduce violence, military escalation and unhelpful rhetoric.” [..] Yemen’s conflict has killed tens of thousands of people — most of them civilians — and driven millions more to the brink of famine in what the United Nations calls the world’s worst humanitarian crisis.
But no civil rights for Assange. Got it.
Prominent Hong Kong protesters expressed optimism Saturday that US legislators will pass by year’s end a bill aimed at defending civil rights in the global financial hub roiled by pro-democracy demonstrations and accusations of police abuse. The activists testified on Tuesday at a congressional hearing that examined the legislation. The bill, which enjoys wide support in Congress, would end Hong Kong’s special trading status with the United States unless the State Department certifies annually that city authorities are respecting human rights and rule of law. “We are optimistic that the bill can pass within this year,” Joshua Wong, one of the most recognizable faces in the leaderless protest movement, told AFP in an interview.
Millions have taken to the streets of Hong Kong, initially against a now-dropped bid by its leaders to allow extraditions to the authoritarian Chinese mainland. The months-long movement has expanded into a broader pro-democracy push in the semi-autonomous territory where activists say freedoms are being eroded by Beijing. They also accuse police of brutality. Wong, 22, said there is “new bipartisan consensus” in Congress towards China and Hong Kong. More than 50 US lawmakers are co-sponsors of the bill, the Hong Kong Human Rights and Democracy Act, he said.
“Canada’s first black Prime Minister..”
In response to huge climate protests around the world, leaders from all nations have announced plans to hope it all sorts itself out. The plans have been agreed by 156 out of 195 countries, and will be implemented immediately. “I am pleased to be on television,” announced President Macron of France, before adding “to announce an agreement amongst leaders from around the globe to hope this whole climate thing sorts itself out. “All countries have pledged to begin hoping it all sorts itself out with immediate effect. So I’m sure we will see some real results in the coming months and years.” Other leaders were quick to agree.
“I hereby promise to really hope the climate catastrophe sorts itself out,” pledged British ‘Prime’ Minister Boris Johnson before going on to do anything but hope that the climate catastrophe sorts itself out. Canada’s first black Prime Minister Justin Trudeau revealed he had signed up to the plans. “Irie, irie. ‘Ear me know. Me am pledge to hope climate catastrophe sort itself out. Rastafari! Jah!” Finally, President Trump clarified his thoughts on the matter. “Everyone like President. Radical Democrat CNN Hillary Fake News WEATHER,” he tweeted. It is currently anticipated that the climate catastrophe could render large portions of the planet uninhabitable within a generation.