Sep 132019
 
 September 13, 2019  Posted by at 9:44 am Finance Tagged with: , , , , , , , , , , ,  7 Responses »


Marc Chagall The watering trough 1925

 

The Dogs in the Street Know (Craig Murray)
Speaker Bercow Warns Boris Johnson Against Disobeying Brexit Law (BBC)
Former FBI Deputy Director Andrew McCabe Must Face Criminal Charges (CNBC)
US House Panel Wants Boeing To Allow Employee Interviews On 737 MAX (R.)
US Pressures Israel To Drop China ‘Belt And Road’ Investments (ZH)
Huawei CEO Offers To License 5G Technology To American Companies (F.)
Mnuchin Says 100-Year Treasury Bond Possible (R.)
US Justice Department To Release Name Of Shadowy Figure In 9/11 Case (R.)
Trump’s Taliban Talks Led by Neocon Operation Cyclone Agent (MPN)
Palace Revolt at the ECB, Legitimacy of Policy out the Window (WS)
The New ECB QE Is A Mistake. Here Is What It Should Have Done (Lacalle)

 

 

A Scotsman taking down the Queen.

The Dogs in the Street Know (Craig Murray)

There are some very obvious facts in British politics which nobody seems to be saying. Joanna Cherry stated in her successful court case that “the dogs in the street know” that the real reason that Boris Johnson had prorogued parliament was to prevent parliament from having an effective say on the outcome of Brexit. The documents that the government was forced to produce to the Scottish Courts proved beyond any shadow of a doubt that was indeed Johnson’s motive. So why are we expected to believe that what you knew and I knew, what Joanna Cherry knew, what the very dogs in the street knew, was not known to the Queen?

Do we really believe that the Queen was “misled” and that she and her courtiers were the only people in the entire country who actually believed that Johnson just wanted the longest prorogation for 89 years to prepare a really good Queen’s speech? Are we really expected to believe that the Queen had not noticed that Brexit was at a crucial stage and the effect that prorogation would have on parliament’s say in the process? This is obviously complete and utter nonsense. The Queen has better sources of information than any of us and knew exactly what was happening. She was not “misled” by Boris Johnson, she was his ally in a common purpose. She absolutely understood both the context and the effect of the prorogation. All this utter nonsense about the Queen being “lied to” and “misled” is part of this strange myth of the ultimate goodness of authority which is a recurring theme in human societies.

Peasants died under the knout while building the Trans-Siberian railway thinking “if only the good Tsar knew.” The Queen is not a naive figure of Christ like innocence taken in by Boris Johnson, she is an ultra wealthy woman of very conservative views embedded in a social circle dominated by very rich and reactionary people. To repeat what I have repeatedly explained, it was unconstitutional for the Queen to appoint Boris Johnson in the first place when it was plain as a pikestaff that he could not command a parliamentary majority. That initial crime (and I use the word advisedly) was compounded by the decision to prorogue parliament to enable her no majority Prime Minister to govern. In a sane world we should be getting out the pitchforks. Instead people are tut-tutting about the poor Queen being misled.

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Prior to his election to Speaker, Bercow was a longtime member of the Conservative Party.

Speaker Bercow Warns Boris Johnson Against Disobeying Brexit Law (BBC)

John Bercow has vowed “creativity” in Parliament if Boris Johnson ignores the law designed to stop a no-deal Brexit. The Commons Speaker also said in a speech that the only possible Brexit was one backed by MPs. A new law, passed before the suspension of Parliament, forces the PM to seek a delay until 31 January 2020, unless a deal or no-deal exit is approved by MPs by 19 October. The PM has said he would rather be “dead in a ditch” than ask for a delay. Delivering a lecture in London, Mr Bercow said: “Not obeying the law must surely be a non-starter. Period.” He said it would be a “terrible example to set to the rest of society”.


“The only form of Brexit which we will have, whenever that might be, will be a Brexit that the House of Commons has explicitly endorsed,” he said. “Surely, in 2019, in modern Britain, in a parliamentary democracy, we – parliamentarians, legislators – cannot in all conscience be conducting a debate as to whether adherence to the law is or isn’t required.” He called it “astonishing” that “anyone has even entertained the notion”. If the government comes close to disobeying the Act, the MP said that Parliament “would want to cut off such a possibility and do so forcefully”. “If that demands additional procedural creativity in order to come to pass, it is a racing certainty that this will happen, and that neither the limitations of the existing rule book nor the ticking of the clock will stop it doing so,” he added.

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Hmm. Should McCabe run free?

Former FBI Deputy Director Andrew McCabe Must Face Criminal Charges (CNBC)

Former FBI deputy director Andrew McCabe has failed in his efforts to convince the Justice Department not to file potential criminal charges against him for allegedly lying to federal agents, NBC News reported Thursday. Lawyers for McCabe, who has not been charged in the case, reportedly met last month with a top Justice official the U.S. Attorney for the District of Columbia and in what were believed to be talks seeking to dissuade then from filing criminal charges. The Washington Post reported last week that federal prosecutors for months have been using a grand jury to investigate McCabe, a critic of President Donald Trump.

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They have to ASK?

US House Panel Wants Boeing To Allow Employee Interviews On 737 MAX (R.)

Congress on Thursday asked Boeing Co’s chief executive to make several employees available for interviews as part of a congressional probe into the design, development and certification of 737 MAX aircraft involved in two crashes that killed 346 people. House of Representatives Transportation Committee Chairman Peter DeFazio and Representative Rick Larsen, who chairs the aviation subcommittee, said in a statement that while Boeing has provided substantial documents and shared senior management’s perspective, “it’s important to the committee’s investigation to hear from relevant Boeing employees.”

The committee plans another Boeing hearing in the coming weeks and previously asked whistleblowers to come forward with any information about the plane’s development. Boeing has provided more than 300,000 pages of documents, a person briefed on the matter said, speaking on condition of anonymity. Boeing said in a statement it was “deeply disappointed the committee chose to release private correspondence given our extensive cooperation to date. We will continue to be transparent and responsive to the committee.”

[..] CEO Dennis Muilenburg said at an investor conference on Wednesday that the company is still targeting “early fourth quarter for getting the airplane back up in the air” but added that “ultimately return-to-service timing will be determined by the regulator.” The FAA has repeatedly said it will not certify the plane to fly again until it is safe to do so. The European Aviation and Space Agency said on Tuesday it “intends to conduct its own test flights separate from, but in full coordination with, the FAA. The test flights are not scheduled yet, the date will depend on the development schedule of Boeing.”

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If they’re pressuring Israel, they much be pressuring others too.

US Pressures Israel To Drop China ‘Belt And Road’ Investments (ZH)

As China executes on its “Belt and Road” global trade scheme, more than 130 countries who have either committed to or expressed interest in the $600 billion initiative have been hard at work expanding their infrastructure to accommodate Beijing’s ambitious plan. And while President Trump has been pounding the table in an ongoing US-China trade war, progress made on Belt and Road threatens to reduce US leverage over Beijing – putting US allies such as Israel, which extended a 25-year offer for the operation of the Haifa terminal to state-controlled Shanghai International Port Group – in a tricky position, according to Bloomberg’s Ivan Levingston.

“With national elections approaching on Sept. 17, Prime Minister Benjamin Netanyahu can ill afford to alienate the Trump administration on its signature international issue. Trump has endeared himself to Netanyahu by transferring the U.S. Embassy from Tel Aviv to Jerusalem and recognizing Israeli sovereignty in the disputed Golan Heights. Netanyahu reciprocated by naming a new Golan settlement after Trump and praising the American leader for, among other things, quitting the Iranian nuclear accord. “Over the years, Israel has been blessed to have many friends who sat in the Oval Office, but Israel has never had a better friend than you,” Netanyahu told the president during a March trip to the White House. An October Pew study found that 69% of Israelis had confidence in Trump’s performance as president, and many of Netanyahu’s campaign ads prominently feature the U.S. leader.” -Bloomberg

Of note, China is currently Israel’s second-largest trading partner with around $11.5 billion in annual transactions in 2018, according to the report. Meanwhile, the United States has pressed Israel to create a buffer with China in the interest of national security – which would look something like the Committee on Foreign Investment in the US (the same one that rubber-stamped Russia’s purchase of 20% of America’s Uranium). “Israel and Israeli companies are quickly coming to the realization that it’s going to be difficult to sustain business as usual in work with China while keeping the United States as the primary partner,” said Daniel Shapiro, Barack Obama’s US ambassador to Israel.

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How is Huawei linked to Belt & Road?

Huawei CEO Offers To License 5G Technology To American Companies (F.)

Zhengfei Ren, the CEO and founder of Huawei offered an olive branch to the Trump administration: License the Chinese telecommunications giant’s 5G technology to American companies, with the caveat that the U.S. government ““the U.S. side has to accept us at some level for that to happen.” Currently, the use of Huawei equipment is banned from U.S. networks over concerns that it could be used by the Chinese government as a method to spy or disrupt telecom systems. The offer [..] would essentially allow the U.S. to finally get in the race for 5G supremacy which is now dominated by Chinese firms Huawei and ZTE, Ericsson of Sweden and Nokia from Finland.


“Huawei is open to sharing our 5G technologies and techniques with U.S. companies, so that they can build up their own 5G industry. That would create a balanced situation between China, the U.S. and Europe,” told Ren to the newspaper. [..] Ren added that the U.S. companies would be allowed to modify as they see fit the software code used to run any of Huawei’s 5G equipment or even change it and use their own. [..] Ren added that the American licensees will be able to sell their 5G equipment based on Huawei’s intellectual property anywhere in the world, except in China.

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“We are going to start with 50 years, and if the answer is, 50-years is successful, we’ll consider 100-year bonds..”

Mnuchin Says 100-Year Treasury Bond Possible (R.)

U.S. Treasury Secretary Steven Mnuchin on Thursday said the United States will issue 50-year bonds if there is “proper demand,” a moved aimed at “derisking” the government’s $22 trillion of debt and locking in low interest rates. “We are going to start with 50 years, and if the answer is, 50-years is successful, we’ll consider 100-year bonds,” Mnuchin said in an interview with New York Times’ DealBook and streamed online live, adding that he began looking into the possibility of ultra-long U.S. bonds two years ago. The longest-dated U.S. Treasury currently is 30 years.


U.S. President Donald Trump has proposed a different fix for the rising cost of the record U.S. debt, calling on Wednesday on the “boneheads” at the Federal Reserve to reduce interest rates to below zero so as to reduce interest-rate payments. The Fed is widely expected to cut interest rates by a modest quarter of a percentage point next week when U.S. rate-setters meet. Fed Chair Jerome Powell and other policymakers see U.S. economic conditions as still generally favorable despite a global slowdown and a still-unresolved U.S.-China trade war, and they have consistently pushed back against the notion of negative rates or of setting rates to cater to political pressure.

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Is something moving?

US Justice Department To Release Name Of Shadowy Figure In 9/11 Case (R.)

The U.S. Justice Department on Thursday said it would release the name of an individual sought by people who are suing the government of Saudi Arabia for alleged involvement in the Sept. 11, 2001, hijacking attacks. U.S. prosecutors in New York said in a court filing that Attorney General William Barr had decided not to invoke state secrets and will share the person’s name with attorneys involved in the case. The decision could help victims of the Sept. 11 attacks and their family members, who charge in a long-running lawsuit that the Saudi government supported the hijackers who crashed jet liners into the World Trade Center, the Pentagon and a Pennsylvania field, killing nearly 3,000 people.


The Saudi government has repeatedly denied involvement in the attacks. The Saudi embassy in Washington did not immediately respond to requests for comment on Thursday. The case, filed in 2003, received a boost in 2016 when Congress passed a law making it easier to sue foreign governments for alleged involvement in terrorism. The plaintiffs have been trying to obtain redacted material from a 2012 FBI report which indicated the agency was investigating two Saudi officials, Omar al-Bayoumi and Fahad al-Thumairy, and said there was evidence that a third, unnamed party had ordered them to help the hijackers. Attorneys will now get to learn the name of that person, though their identity will remain under seal.

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Scary people.

Trump’s Taliban Talks Led by Neocon Operation Cyclone Agent (MPN)

John Bolton wasn’t the only veteran of the conflict in Afghanistan now charged with resolving it. Nor was he the only PNAC veteran in the Trump administration. U.S. Special Representative for Afghanistan Reconciliation Zalmay Khalilzad, the top American official in the negotiations, was a PNAC charter member and has been quietly overseeing the destruction of Afghanistan for most of his political career — longer than the Taliban has existed as an organization. Khalilzad worked closely with late National Security Advisor Zbigniew Brzezinski, who took a leading role in Operation Cyclone under President Carter. The secret CIA program pumped the Afghan Mujahideen up with cash, weapons, training, and jihadist school books.

The Brooklyn-based Al-Kifah Afghan Refugee Center — a front for Maktab al-Khidamat, an organization co-founded by Osama bin Laden — would become key to this endeavor. Brzezinski’s aim, as he stated, was to give the Soviets their own Vietnam quagmire. Back then, his message to the Mujahideen fighters that would become al-Qaeda and the Taliban was: “Your cause is right and God is on your side.” Even after the devastating attacks of September 11, Brzezinski defended the decision to support the Mujahideen in the name of defeating the Soviet Union.

The United States’ support for the Mujahideen in Afghanistan, and later Bosnia, was intended to bleed the Soviet Union. It is no surprise that the same leeches — the Taliban and al-Qaeda — that were trained by the United States, would turn on their masters. In the case of the Taliban, clinging on to the U.S. for nearly two decades, slowly sucking away all the while. In the case of al-Qaeda, the attacks on the World Trade Center dealt massive blows. The end-game tactics mirror the CIA’s philosophy in training the Mujahideen against the USSR. U.S officials like Khalilzad would spend decades in luxurious buildings in and around Washington while the people of Afghanistan would continue to suffer nearly another two decades of conflict because of their policies.

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Wolf Richter sees the ECB falling to bits. Wonder what Lagarde is doing these days.

Palace Revolt at the ECB, Legitimacy of Policy out the Window (WS)

ECB President Mario Draghi, who is on his way out, will, as we’re learning more and more, do anything to push his agenda and make it stick at the ECB long after he leaves, but whatever his agenda may be, it’s clearly unrelated to the European economy which has been buckling under the consequences of his agenda: the destructive weight of negative interest rates and QE. And in the process, he is destroying the legitimacy of the ECB’s policy. The latest incident was on Thursday. During the press conference following the ECB’s policy meeting, he lied to reporters, claiming that the “consensus was so broad there was no need to take a vote,” when in fact he had a revolt on his hand during the meeting by the presidents of the national central banks that represented half of the economy of the Eurozone, and by members of the Executive Board.

Among the key policy changes the ECB announced on Thursday was the restart of QE to the tune of €20 billion a month and a tiny 10-basis point cut in its deposit rate, from the old negative -0.4% to the new negative -0.5%. The announcement also included a provision to help banks – which have been getting re-crushed by these idiotic negative interest rates – to survive those negative interest rates: the ECB would exempt part of the banks’ deposits at the ECB from negative rates in a two-tier system. It was the QE portion of the decision that had triggered the unprecedented revolt during the meeting. “Officials with knowledge of the matter” told Bloomberg that during the contentious meeting, the members of the Governing Council and of the Executive Board who vigorously opposed the restart of QE included but was not limited to:

• Jens Weidmann, President of the Bundesbank • Francois Villeroy de Galhau, Governor of the Bank of France • Klaas Knot, President of the Dutch central bank • Ewald Nowotny, Governor of the Austrian central bank • Ardo Hansson, Governor of the Bank of Estonia • Sabine Lautenschlaeger, Member of the Executive Board • Benoit Coeure, Member of the Executive Board. The countries of the five heads of the national central banks, from Weidmann to Hansson, account for about half of the economy of the Eurozone. They opposed the restart of QE, but there was no vote – which is common in ECB proceedings when there is a consensus. But there was no consensus. And Draghi simply imposed his agenda.

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Mistake perhaps. But hardly an honest one, if you read Wolf Richter’s piece above. The ECB IS the mistake.

The New ECB QE Is A Mistake. Here Is What It Should Have Done (Lacalle)

The ECB is creating a dangerous bubble and should not have cut rates by 10bps nor added a new purchase program of €20 billion per month. 1) Eurozone states are already financing themselves at negative rates. There is no need for lower rates and this disguises real risk. This has saved governments more than 1 trillion euro in interest expenses. 2) The ECB has not abandoned its stimulus. It repurchases all maturities, launched a liquidity injection (TLTRO) in March 2019 and balance sheet stands at almost 40% of eurozone GDP. 3) Excess liquidity is 1.7 trillion euro. More liquidity does not lead agents to spend/invest more. There is no higher solvent credit demand because monetary policy perpetuates overcapacity and zombifies the economy. Share of zombie companies has soared c30% since 2013 (BIS).

4) Interest rates are already negative. This has caused a 23 billion euro loss for banks (according to Scope Ratings) and a worrying rise in junk debt demand. 5) There is no evidence of a need for more credit growth. Rather the opposite. The ECB believes the eurozone problem is one of excess saving and lack of demand when it is of excess debt and oversupply. 6) Negative rates zombify the economy and are a massive transfer of wealth from savers and productive sectors to the indebted and inefficient. 7) The ECB already accumulates a disproportionate amount of sovereign debt as well as corporate bonds of issuers that never had a problem financing themselves at low rates. This disguises risk and creates an enormous bubble.

8) The problem of the eurozone is not one of lack of stimuli, but an excess of them. Governments burden the productive private sector with higher taxes and unnecessary regulations, so economic surprise falls despite massive stimulus. 9) When this fails or -even worse- explodes, central planners will likely blame “markets” or “lack of stimulus” to repeat. 10) Saying that negative rates are “demanded” by investors is a sad excuse. Financial repression leads economic agents to take more risk for lower yields and central banks go from lenders of last resort to enablers of financial bubbles.

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Sep 082019
 
 September 8, 2019  Posted by at 9:40 am Finance Tagged with: , , , , , , , , , , ,  9 Responses »


Pablo Picasso Horses and person 1939

 

 

To everyone used to receiving Automatic Earth posts in their email, I’m sorry but since yesterday they’re suddenly bouncing again en masse. This makes me very tired by now, but I’ll look for a solution. I suspect there may be a connection between this and Google accusing me of violating their rules, without telling me what rules I’m supposed to have violated.

 

 

Boris Johnson Will Challenge Law Stopping No-Deal Exit In Court (Ind.)
UK Minister Amber Rudd Resigns, Says Unclear Who Is Running Country (Ind.)
Churchill’s Grandson Blasts ‘Unreliable’ Boris And ‘Fraud’ Rees-Mogg (Mirror)
How Bad Is Boris Johnson? We Can’t Even Find The Words (G&M)
Trump Abruptly Cancels Afghan Peace Deal, Camp David Meeting With Taliban (BBC)
Ukraine And Russia Exchange Prisoners In Landmark Deal (BBC)
China’s August Exports Unexpectedly Shrink, Imports Remain Weak (R.)
China: A Paper Tiger In A Fragile Economy (LN)
Robert Mueller Helped Saudi Arabia Cover Up Its Role In 9/11 Attacks (NYP)
On the Road to Interview Lula, Into a Brazilian Black Hole (Pepe Escobar)

 

 

I’ll keep saying they should have gone to the courts much sooner. But it’s unclear what the courts can do.

Boris Johnson Will Challenge Law Stopping No-Deal Exit In Court (Ind.)

Boris Johnson will go to court to challenge the order from parliament to delay Brexit, the foreign secretary has revealed. Dominic Raab insisted the government would not break the law – after MPs passed legislation requiring him to seek an Article 50 extension – but said it would not comply either. Vowing to “test to the limit” what the new law demands, Mr Raab said: “We will look very carefully, legally at what it requires and what it doesn’t require.” And, pointing to the failed legal actions to stop parliament being suspended, he told Sky’s Sophy Ridge programme: “We had two legal challenges last week and we won both of those.”


The comments suggest the controversy is heading for the Supreme Court in late October, with Dominic Cummings, Mr Johnson’s key aide, believed to be convinced there is a legal way out. Mr Raab also dismissed a warning by a former director of public prosecutions that the prime minister is heading for jail if he flouts the law as “ridiculous”. Shami Chakrabarti, Labour’s shadow attorney general, condemned the comments, saying: “Is that what we say to our kids? Is that what we say to vulnerable kids? It’s irresponsible and elitist.”

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Boris has claimed progress in talks with the EU, but the EU has said there’s no such thing.

UK Minister Amber Rudd Resigns, Says Unclear Who Is Running Country (Ind.)

Amber Rudd has claimed it is unclear who is running the country following her shock resignation from the government. The former work and pensions secretary said she did not think the cabinet was having “proper discussions about policy”. When asked who was running the country, if not the cabinet, she told The Andrew Marr Show: “If I knew that I would have perhaps had further conversations with the prime minister or them.” Ms Rudd, who announced her resignation from the cabinet on Saturday, said she quit because she had not seen enough evidence of planning for a no-deal Brexit.


She claimed she was shown a “one-page summary” when she asked for evidence of the government’s work in negotiating a deal with the European Union. “It’s 80 to 90 per cent of government time going into preparing for no deal,” she said. “It’s disproportionate.” She added: “There is no evidence of the deal. There is no formal negotiation taking place. “I think we should be doing so much more to get the deal.”

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Outspoken.

Churchill’s Grandson Blasts ‘Unreliable’ Boris And ‘Fraud’ Rees-Mogg (Mirror)

Sacked Tory rebel MP Sir Nicholas Soames says Boris Johnson is “nothing like” his grandfather Sir Winston Churchill – and called Jacob Rees-Mogg an “absolute fraud”. Sir Nicholas, 71, tore into the Prime Minister and his right-hand man in a scathing interview as “unreliable” Mr Johnson’s Brexit strategy lay in tatters. The MP for 37 years said of the PM: “Boris Johnson is nothing like Winston Churchill. “I don’t think anyone has called Boris a diplomat or statesman.


“We all know the pluses and minuses, everyone he has worked for says the same thing: he writes beautifully [but he’s] deeply unreliable.” And of Mr Rees-Mogg, he was even more unforgiving, telling the Times: “He is in serious danger of believing his own shtick. “He is an absolute fraud, he is a living example of what a moderately cut double-breasted suit and a decent tie can do with an ultra-posh voice and a bit of ginger stuck up his arse.” Sir Nicholas blasted Mr Rees-Mogg after the Leader of the House was pictured slouching on the front bench like a sunbed as the Prime Minister suffered one of several humiliating defeats this week.

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View from Canada. Whose head of state still is Elizabeth. “British politics today is what results from the collision of an unstoppable force, an immovable object and a clown car.

How Bad Is Boris Johnson? We Can’t Even Find The Words (Globe & Mail)

We begin this editorial with an apology to you, our faithful readers. In March, we described the Brexit situation, then careening through its third year and nowhere close to resolution, as an “omnishambles.” An omnishambles is a state of utter chaos, total disorder and perfect mismanagement – which brings us to our apology. If you’ve been paying any attention to British Prime Minister Boris Johnson, you know that, in declaring United Kingdom politics to have reached peak shambolic six months ago, we spoke too soon. Oh, did we ever. Because if the Conservative government was making an omnishambles of Brexit back in the spring – a happy era now remembered as a halcyon age of a merely half-hearted appetite for national self-destruction – then what words can adequately describe the scale of Mr. Johnson’s achievements?

Megashambles? Summa cum laude shambles? Tyrannosaurus shambles? The-Chernobyl-reactor-just-exploded-and-the-dosimeter-reads-15,000-roentgen shambles? Mr. Johnson is the author of 11 books, some admittedly banged out in the careless haste that is his style. But this week, without breaking a sweat, the PM penned the Odyssey and the Iliad of shambles. He faced his first votes in Parliament and lost them; lost his minority government’s governing majority; sacked 21 of his own MPs, including his party’s longest-serving member and Winston Churchill’s grandson; provoked his own brother into resigning from cabinet, citing a conflict between “family loyalty and the national interest”; and lost control of the House of Commons while remaining so offside the chamber’s confidence that it will not yet allow him to resolve the matter by calling an election.

Mr. Johnson did all that, and more, in the space of two days. What will tomorrow bring? British politics today is what results from the collision of an unstoppable force, an immovable object and a clown car.

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Leaving should still be the priority.

Trump Abruptly Cancels Afghan Peace Deal, Camp David Meeting With Taliban (BBC)

US President Donald Trump says he has called off peace negotiations with the Taliban that sought to end America’s 18-year war in Afghanistan. Mr Trump tweeted he had been set to meet Afghan President Ashraf Ghani and senior Taliban leaders on Sunday. But he cancelled the secret meeting at his Camp David retreat after the militants admitted they were behind a recent attack that killed a US soldier. The US invaded Afghanistan and overthrew the Taliban in 2001. The militants had provided a safe haven for the al-Qaeda network to plan the 11 September 2001 attacks on the US. A source from the Taliban’s political office in Doha told the BBC that the group was set to hold an “urgent internal meeting” to discuss Mr Trump’s decision.


A meeting with the Taliban at Camp David, just ahead of the 18th anniversary of 9/11, would have been an extraordinary diplomatic move by the US president. The top US negotiator had announced a peace deal “in principle” on Monday. It was the result of nine rounds of talks between the US and Taliban representatives, held in Doha, the capital of the Gulf state of Qatar. Mr Trump’s tweets on Saturday evening appeared to put an end to nearly a year of painstaking negotiations which had excluded the Afghan government in Kabul, dismissed by the Taliban as American puppets. “Unfortunately, in order to build false leverage, [the Taliban] admitted to an attack in Kabul that killed one of our great great soldiers,” the president tweeted.

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I like.

Ukraine And Russia Exchange Prisoners In Landmark Deal (BBC)

Russia and Ukraine have completed a long-awaited exchange of prisoners. Those freed include 24 Ukrainian sailors and – controversially – a “person of interest” over the downing of flight MH17 which killed 298 people. The swap is hoped to ease tensions between the two neighbours. Greeting the Ukrainians at the airport, President Volodymyr Zelensky said: “We have to do all the steps to finish this horrible war.” Russia said it was glad its citizens had returned home. Relations between the two countries deteriorated dramatically in 2014, when Russia annexed Ukraine’s Crimean peninsula and Russian-backed rebels began an insurgency in two regions of eastern Ukraine.

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The trade war can only be part of it.

China’s August Exports Unexpectedly Shrink, Imports Remain Weak (R.)

China’s exports unexpectedly fell in August while imports shrank for a fourth month, pointing to further weakness in the world’s second-largest economy and underlining a pressing need for more stimulus as the Sino-U.S. trade war escalates. Beijing is widely expected to announce more support measures in coming weeks to avert the risk of a sharper economic slowdown as the United States ratchets up trade pressure, including the first cuts in some key lending rates in four years. On Friday, the central bank cut banks’ reserve requirements for the seventh time since early 2018 to free up more funds for lending, days after a cabinet meeting signaled that more policy loosening may be imminent.


August exports fell 1% from a year earlier, the biggest fall since June, when it fell 1.3%, customs data showed on Sunday. Analysts had expected a 2.0% rise in a Reuters poll after July’s 3.3% gain. That’s despite analyst expectations that looming tariffs may have prompted some Chinese exporters to bring forward or “front-load” U.S.-bound shipments into August, a trend seen earlier in the trade dispute. Many analysts expect export growth to slow further in coming months, as evidenced by worsening export orders in both official and private factory surveys. More U.S. tariff measures will take effect on Oct. 1 and Dec. 15. Sunday’s data also showed China’s imports shrank for the fourth consecutive month since April. Imports dropped 5.6% on-year in August, slightly less than an expected 6.0% fall and unchanged from July’s 5.6% decline.

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Pon Zi.

China: A Paper Tiger In A Fragile Economy (LN)

We typically imagine the Chinese entrepreneur crunching numbers, working around the clock to boost the economy, and repeating Communist propaganda about the West being the supreme devil. But we might have it wrong. Considering that the major source of funding for tens of thousands of companies in China originates from the central bank’s printing press, the reality could be businessmen and employees getting plastered on baijiuand beating each other to death with Pokémon cards during office hours. Think of it as the Eastern version of The Wolf of Wall Street.

[..] Even prior to the trade war, the Chinese government had employed a series of measures to reverse the slump. Thanks to the dispute with the Americans, Beijing’s growth prospects are bearish, projected to fall to a 30-year low of 6.2% in the second quarter of 2019. Because of this, analysts anticipate the PBOC will impose another 50-basis-point RRR decrease. In addition, observers prognosticate that the central bank could cut at least one of its key policy interest rates later this month. This would be the first time since 2015. The routine intervention and stimulus have ostensibly metastasized the economy into an addict, reliant on its next fix. So, can the Chinese economy survive without the state?

In the last five years, China’s M2 money supply – a measurement of the money supply that includes cash, checking deposits, and liquid assets – has ballooned 120%. Since the country is being paralyzed by the trade spat and other negative trends that threaten its foundation, China is not showing any signs that it is ready to hit the pause button on money-printing. In fact, judging by previous remarks by PBOC heads, Beijing might rev it up even more, especially if the downturn intensifies. But can China print to infinity? It may have to because seemingly every area of the economy counts on being propped up by the Communists through cash injections, stimulus projects, and bailouts.

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“He was the master when it came to covering up the kingdom’s role in 9/11..”

Robert Mueller Helped Saudi Arabia Cover Up Its Role In 9/11 Attacks (NYP)

After a lengthy investigation, special counsel Robert Mueller charged Russia made “multiple, systematic efforts to interfere in our election” and said the incursion “deserves the attention of every American.” But former FBI investigators say their old boss didn’t feel the same concern when they uncovered multiple, systemic efforts by the Saudi government to assist the hijackers in the lead-up to the 9/11 attacks — a far more consequential, to say nothing of deadly, foreign influence operation on America. As the head of the FBI at the time, they say Mueller was not nearly as interested in investigating that espionage conspiracy, which also involved foreign intelligence officers. Far from it, the record shows he covered up evidence pointing back to the Saudi Embassy and Riyadh — and may have even misled Congress about what he knew.


9/11 victims agree. “He was the master when it came to covering up the kingdom’s role in 9/11,” said survivor Sharon Premoli, who was pulled from the rubble of the World Trade Center 18 years ago. “In October of 2001, Mueller shut down the government’s investigation after only three weeks, and then took part in the Bush [administration’s] campaign to block, obfuscate and generally stop anything about Saudi Arabia from being released,” added Premoli, now a plaintiff in the 9/11 lawsuit against Saudi Arabia. In fact, Mueller threw up roadblocks in the path of his own investigators working the 9/11 case, while making it easier for Saudi suspects to escape questioning, multiple case agents told me. Then he deep-sixed what evidence his agents did manage to uncover, according to the 9/11 lawsuit against the Saudis.

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Pepe with Lula and Dilma Rousseff, astonished at the changes in the country.

On the Road to Interview Lula, Into a Brazilian Black Hole (Pepe Escobar)

We were just beginning to hit cruising speed in our wide-ranging, 2 hour and 10 minute world exclusive interview with former President Luis Inacio Lula da Silva in his prison at the Federal Police building in Curitiba, in southern Brazil. And then it hit us hard when he told us: “The US was very much afraid when I discussed a new currency and Obama called me, telling me, ‘Are you trying to create a new currency, a new euro?’ I said, ‘No, I’m just trying to get rid of the U.S. dollar. I’m just trying not to be dependent.’”


It was the foundation stone of what would build into a complex, rolling Hybrid War coup, from NSA spying on the Brazilian government and leading national companies, to the Car Wash corruption investigation (now demolished as a monster racket) to the impeachment of President Dilma Rousseff, the imprisonment of Lula, and the emergence of the Purveyor of Chaos, Jair Bolsonaro. My journey started in Cambodia. I had spent hours wandering around Beng Mealea, the jungle squeezing the stony repose of the Angkorian ruins, meditating on the rise and fall of empires. The message popped up on my phone in the dead of night: the request for an interview with Lula, placed five months ago, had been approved. How soon could I get to Sao Paulo?

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Apr 172019
 


Jacques-Louis David Coronation of Napoleon in 1804 in Nôtre-Dame Cathedral 1805-7 (10 metres wide, 6 metres tall)

 

World Trade Suffers Biggest Collapse Since Financial Crisis (ZH)
Iran Parliament Declares US Central Command A ‘Terrorist Organization’ (RT)
CIA Director Used Fake Skripal Incident Photos To Manipulate Trump (MoA)
Affidavit Tries To Put WikiLeaks In Cahoots With The Taliban (ZH)
Suzie Dawson on Julian Assange’s Mistreatment (Unity4J)
Jesus Christ, Julian Assange: When Dissidents Become Enemies Of The State (JW)
First They Came For Assange (Varoufakis)
Macron Commits To Rebuilding Notre Dame Within Five Years (Ind.)
May Has ‘No Chance’ Of Avoiding EU Elections (Ind.)
Tory Deregulation Agenda Is Stalling Brexit Talks – Corbyn (G.)
Not In It To Win It: The Dirty Little Secret Of The Democrats’ 2020 Battle (G.)
Six-Decade Plankton Study Charts Rise Of Ocean Plastic Waste (G.)
Mark Carney Tells Global Banks They Cannot Ignore Climate Change (G.)
The Kids Aren’t Nearly Angry Enough (Spiegel)

 

 

The financial crisis is 11-12 years old. But the deception is brilliant: everybody thinks it’s over.

World Trade Suffers Biggest Collapse Since Financial Crisis (ZH)

The recent collapse in world trade volume is the worst since the financial crisis and as dangerous as during the dot-com bubble of the early 2000s, according to The Telegraph. Data from the CPB Netherlands Bureau for Economic Policy Analysis revealed that world trade volume dropped 1.8% in the three months to January compared to the preceding three months as a synchronized global downturn gained momentum. “An industrial slump has been triggered by a perfect storm of factors, including China’s slowdown, the car industry downturn, Brexit paralysis and Donald Trump’s attempt to upend the international trade system with tariffs on European and Chinese goods,” explained The Telegraph.

A further escalation of the trade war between the U.S. and China could spark a world trade recession. Already, Washington has imposed steep tariffs on Chinese imports worth $250bn in a tit-for-tat battle with industrial centers in Asia and Germany experiencing sharp drops in trade in recent months. The Telegraph describes the sudden loss in trade momentum is equivalent to the months after the dot com bubble imploded in 2001 when trade volumes sank as much as 2.2%. Today’s current move is the biggest fall since the financial crisis of 2007–2008 when global trade plummeted, diving as much as 12.7%. The IMF warned last week that this is a “delicate moment” for the global economy as many countries are in the midst of a severe slowdown.

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“We” are losing to Iran all over again.

Iran Parliament Declares US Central Command A ‘Terrorist Organization’ (RT)

The US Central Command (CENTCOM) has been designated as a “terrorist organization” by the Iranian parliament, in a mirror response to Washington’s blacklisting of Tehran’s Revolutionary Guard. All organizations, institutions and forces under CENTCOM command were acknowledged to be “terrorists” by the overwhelming majority of the Iranian MPs, who approved the contents of the bill, which also condemns the US move to blacklist the IRGC, an official military branch of the Islamic Republic of Iran’s Armed Forces. “The Islamic Republic of Iran’s government and Armed Forces are required to adopt preventive actions and preemptive defensive measures whenever necessary, to deter any hostile US forces’ use of any possibilities against the Islamic Republic of Iran’s interests,” the bill states, according to Fars news.


Anyone offering military, intelligence, financial, or any other support to CENTCOM and its affiliate forces will be considered supporters of terrorism. The 13-article legislation also mandates the general staff to begin gathering intelligence about CENTCOM activities so that the material can be used in Iranian courts to prosecute specific individuals. The bill, however, does not mention the exact mechanisms through which Americans are expected to be brought to justice under Iranian laws. Last week the US, for the first time ever, designated an official foreign military institution –the IRGC– as a terrorist organization, as tensions between the states were pushed to the limit following President Donald Trump’s unilateral withdrawal from the Iranian Nuclear deal (JCPOA) and the reintroduction of sanctions that followed.

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Ducks and babies. We kid you not.

CIA Director Used Fake Skripal Incident Photos To Manipulate Trump (MoA)

An ass kissing portrait of Gina Haspel, torture queen and director of the CIA, reveals that she lied to Trump to push for more aggression against Russia. In March 2018 the British government asserted, without providing any evidence, that the alleged ‘Novichok’ poisoning of Sergej and Yulia Skripal was the fault of Russia. It urged its allies to expel Russian officials from their countries. The U.S. alone expelled 60 Russian officials. Trump was furious when he learned that EU countries expelled less than 60 in total. The expulsion marked a turn in the Trump administration’s relation with Russia: “The incident reflects a tension at the core of the Trump administration s increasingly hard-nosed stance on Russia: The president instinctually opposes many of the punitive measures pushed by his Cabinet that have crippled his ability to forge a close relationship with Russian President Vladimir Putin. “

Today the New York Times portraits Gina Haspel’s relation with Trump. The writers seem sympathetic to her and the CIA’s position. They include an anecdote of the Skripal expulsion decision that is supposed to let her shine in a good light. But it only proves that the CIA manipulated the president for its own purpose: “Last March, top national security officials gathered inside the White House to discuss with Mr. Trump how to respond to the nerve agent attack in Britain on Sergei V. Skripal, the former Russian intelligence agent. London was pushing for the White House to expel dozens of suspected Russian operatives, but Mr. Trump was skeptical. …

[..] During the discussion, Ms. Haspel, then deputy C.I.A. director, turned toward Mr. Trump. She outlined possible responses in a quiet but firm voice, then leaned forward and told the president that the strong option was to expel 60 diplomats. Ms. Haspel showed pictures the British government had supplied her of young children hospitalized after being sickened by the Novichok nerve agent that poisoned the Skripals. She then showed a photograph of ducks that British officials said were inadvertently killed by the sloppy work of the Russian operatives. Ms Haspel was not the first to use emotional images to appeal to the president, but pairing it with her hard-nosed realism proved effective: Mr. Trump fixated on the pictures of the sickened children and the dead ducks. At the end of the briefing, he embraced the strong option.

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Can we throw in Pol Pot next? I’ll see your Bin Laden and raise you a Stalin.

Affidavit Tries To Put WikiLeaks In Cahoots With The Taliban (ZH)

The document uses maximal and hyped language to describe “one of the largest compromises of classified information in the history of the United States,” yet struggles to ascertain whether “illegal agreement that Assange and Manning reached” specifically led to the release of the document trove (obviously crucial for charges against Assange to hold up). Concerning a potential extradition to the US, “probable cause” is cited to be the hundreds of messages sent between Manning and Assange on the Jabber platform. The argument is that Assange and Manning understood that it “would cause injury to the United States,” especially with US forces active on the ground in Afghanistan.

But on this point of whether the leaks did actual harm and damage to US efforts, the document is left reaching, trying to spin and insinuate a narrative that puts WikiLeaks and terrorist groups like the Taliban and al-Qaeda in cahoots. It starts by claiming that “after the release of the Afghanistan War Reports, a member of the Taliban contacted the New York Times.” The supposed Taliban member said, “We are studying the report… If they are US spies, then we will know how to punish them.” This strange and somewhat comical example is meant to support the notion that Assange ultimately aided America’s enemies with the leaks. [..] Worse, the affidavit makes Osama bin Laden — killed in a 2011 raid by US Navy Seals while living comfortably in an Abbottabad, Pakistan compound — out to be a WikiLeaks fan, given letters had been found instructing an al-Qaeda member to “gather” the publicly available material leaked by Manning.

Somehow this is meant to imply WikiLeaks in a round-about way assisted al-Qaeda’s mission. The FBI is perhaps left grasping with this “bin Laden benefited” theory given the relative flimsiness of evidence to support the original “conspiracy to commit computer intrusion” aspect on which the case originated.

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Brilliant argument: “The question is not whether Julian is a journalist, the question is whether THEY are journalists.”

Suzie Dawson on Julian Assange’s Mistreatment (Unity4J)

Suzie Dawson powerfully expresses her feelings of righteous indignation on witnessing Julian Assange being dragged from the Ecuadorean Embassy, and reflects on his mistreatment by the establishment and their propaganda arm, the complicit corporate media.

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So let that Pope of yours stand up for Julian. Do something useful with the $600 million already donated for the Notre Dame. THAT is what your Jesus would have done.

Jesus Christ, Julian Assange: When Dissidents Become Enemies Of The State (JW)

And then there was Jesus Christ, an itinerant preacher and revolutionary activist, who not only died challenging the police state of his day—namely, the Roman Empire—but provided a blueprint for civil disobedience that would be followed by those, religious and otherwise, who came after him. Indeed, it is fitting that we remember that Jesus Christ—the religious figure worshipped by Christians for his death on the cross and subsequent resurrection—paid the ultimate price for speaking out against the police state of his day. A radical nonconformist who challenged authority at every turn, Jesus was a far cry from the watered-down, corporatized, simplified, gentrified, sissified vision of a meek creature holding a lamb that most modern churches peddle.


In fact, he spent his adult life speaking truth to power, challenging the status quo of his day, and pushing back against the abuses of the Roman Empire. Much like the American Empire today, the Roman Empire of Jesus’ day had all of the characteristics of a police state: secrecy, surveillance, a widespread police presence, a citizenry treated like suspects with little recourse against the police state, perpetual wars, a military empire, martial law, and political retribution against those who dared to challenge the power of the state. For all the accolades poured out upon Jesus, little is said about the harsh realities of the police state in which he lived and its similarities to modern-day America, and yet they are striking.

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Yanis has this completely upside down, like so many other well-meaning people:

“Let’s join forces to block #Assange’s extradition from any European country to the #US so that he can travel to Stockholm & give his accusers an opportunity to be heard”.

The accusers, if they are real, which is by no means clear, have been silenced by the Swedish government for a reason. And to say now that you can’t speak on the allegations because you too are a man, only reinforces that reason.

Assange has offered for years to talk, and for his accusers to be heard. That never needed to take place in Stockholm, and it does not now. It wouldn’t help anyone.

First They Came For Assange (Varoufakis)

My meetings with WikiLeaks founder Julian Assange all took place in the same small room. As the intelligence services of a variety of countries know, I visited Assange in Ecuador’s London embassy many times between the fall of 2015 and December 2018. What these snoops do not know is the relief I felt every time I left. I wanted to meet Assange because of my deep appreciation of the original WikiLeaks concept. As a teenager reading George Orwell’s Nineteen Eighty-Four, I, too, was troubled by the prospect of a high-tech surveillance state and its likely effect on human relations. Assange’s early writings – particularly his idea of using states’ own technology to create a huge digital mirror that could show everyone what they were up to – filled me with hope that we might collectively defeat Big Brother.

By the time I met Assange, that early hope had faded. Surrounded by bookcases featuring Ecuadorian literature and government publications, we would sit and chat late into the night. A device on top of a bookshelf emitted mind-numbing white noise to counter listening devices. As time passed, the claustrophobic living room, the badly hidden ceiling-mounted camera pointing at me, the white noise, and the stale air made me want to run out into the street. Assange’s detractors have been saying for years that his confinement was self-inflicted: he hid in Ecuador’s embassy because he jumped bail in the United Kingdom to avoid answering sexual assault allegations in Sweden. As a man, I feel I have no right to express an opinion regarding those allegations. Women must be heard when reporting assault.

Only the violence that men have inflicted upon women for millennia is viler than the disrespect and denigration to which women are subjected when they speak up. I recall saying to Julian that, had it been me, I would want to confront my accusers, and listen to them carefully and respectfully, regardless of whether official charges had been brought. He replied that he, too, wanted that. “But, Yanis,” he said, “if I were to go to Stockholm, they would throw me in solitary and, before I got a chance to answer any allegations, I would be bundled into a plane heading for a US supermax prison.” To drive the point home, he showed me his lawyers’ offer to Swedish authorities to go to Stockholm if they guaranteed that he would not be extradited to the United States on espionage charges. Sweden never considered the proposal.

During Assange’s years in Ecuador’s embassy, in circumstances that the United Nations deemed “arbitrary detention,” many friends and colleagues mocked his fear – and lambasted me for believing him. Last September, the historian and feminist intellectual Germaine Greer summed up that belief on Australian public radio: “He won’t be extradited to the United States,” she said derisively, blaming Julian’s lawyers for misleading him into fearing such an extradition while collecting his book’s royalties.

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Make that 50. Jesus himself would have to help. Alternatively, we can see this as a sign that Macron doesn’t expect to last as president for 5 years.

Macron Commits To Rebuilding Notre Dame Within Five Years (Ind.)

French president Emmanuel Macron promised that Notre Dame will be renovated within five years and will be “even better than before” after the devastating fire that ravaged much of the building. Investigators have already begun assessing the damage and questioning people to try to establish what started the blaze that consumed the roof and spire of the 850-year-old Gothic masterpiece. More then €600m has already been raised for rebuilding and restoration and the UK has said it stands ready to help. Firefighters battled for 14 hours to extinguish the flames, as onlookers feared the entire structure would be wrecked. But Parisians breathed a sigh of relief when it became clear the twin medieval bell towers had been spared and later when fire investigators revealed that “most precious” treasures have been saved.


They included the Crown of Thorns, a relic venerated by Christians and believed to have been worn by Jesus Christ, as well as the cathedral’s 18th-century organ and a number of artworks. European Council president Donald Tusk called on the European Union’s member countries to help, saying the site in central Paris is a symbol of what binds Europe together. The fire, which began on Monday evening, is thought to have been caused by an accident rather than arson, the Paris public prosecutor said. Architects warned repairs could take decades but in a televised address to the nation Mr Macron said: “We will rebuild Notre Dame even more beautifully, and I want it to be completed in five years, we can do it.”

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“..experts have concluded..”

May Has ‘No Chance’ Of Avoiding EU Elections (Ind.)

Theresa May has “no chance” of passing her Brexit deal in time to pull the UK out of the European parliament elections and avoid a likely devastating defeat, experts have concluded. Time has already effectively run out on attempts to ratify the agreement by 22 May, they say – despite the prime minister insisting talks with Labour can still deliver a compromise before the deadline. The verdict puts the Conservatives on course to lose most of their MEPs, polls suggest, as Leave voters protest at the failure to deliver Brexit, a disastrous result that would trigger huge pressure on Ms May to resign. The staging of the elections will also be a personal humiliation for the prime minister, who repeatedly told MPs they should not take place, three years after the Brexit referendum.


More talks with Labour are planned, as No 10 claims the complex (Withdrawal Agreement) Bill – required to ratify EU withdrawal – can clear parliament before voters go to the polls on 23 May. But two respected think tanks have told The Independent the timetable is a fantasy, with one suggesting it will take “several months” to approve the legislation, which could involve up to 100 votes. Unlike the simple meaningful vote, the full legislation will trigger lengthy and gruelling parliamentary trench warfare, with echoes of the bitter battles over the Maastricht and Lisbon treaties. Approval of Maastricht took 41 days in 1993, while Lisbon required 25 days in 2008 – but there are only 17 sitting days planned before 22 May.

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There is no way they could ever agree.

Tory Deregulation Agenda Is Stalling Brexit Talks – Corbyn (G.)

Jeremy Corbyn has said Brexit talks with the government are stalling because of a Tory desire for post-withdrawal deregulation, including as part of a US trade deal. Corbyn said Labour had been putting forward a robust case for a customs union during the talks over the past week but suggested he feared the two sides would not find common ground. “There has to be access to European markets and above all there has to be a dynamic relationship to protect the conditions and rights that we’ve got for environment and consumer workplace rights,” he said. “We’ve put those cases very robustly to the government and there’s no agreement as yet.”


Meetings are scheduled this week between ministers and shadow ministers on environmental protections, security and workers’ rights, which Corbyn described as “quite interesting, quite long technical discussions, particularly on environment regulations”. However, there will be no discussion before Easter on the big issues of a customs union or a confirmatory referendum. Corbyn underlined again that an agreement could only be reached if Theresa May was prepared to accept Labour’s central demand for a common external tariff policy with the EU. “The government doesn’t appear to be shifting the red lines because they’ve got a big pressure in the Tory party that actually wants to turn this country into a deregulated, low-tax society which will do a deal with Trump. I don’t want to do that,” he said.

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The Delusional Party.

Not In It To Win It: The Dirty Little Secret Of The Democrats’ 2020 Battle (G.)

Political scientists are quick to point out two reasons why a record number of candidates is running for president on the Democratic side in 2020. One: the Republican president, Donald Trump, is vulnerable with a low-40s approval rating, so the Democratic nominee has a good shot at winning the White House. Two: there’s no bigfoot candidate this time around – no incumbent, no Hillary Clinton – to dissuade other potential candidates from running. Those conditions have lured 15 major candidates so far into the race for the Democratic nomination, with as many as half a dozen more potentially getting in, including former vice-president Joe Biden, who has yet to officially declare. The previous record for major candidates in a presidential primary field was 17, on the Republican side in 2016.


But analysts also nod to a third factor inflating the gigantic 2020 Democratic field, a not-quite-dirty little secret about presidential politics. The fact is, not all of the people running for president are actually running for president. “There is almost always at least a few candidates in these kinds of fields that are either there to push an issue agenda, or these are candidates who are interested in building their name recognition, building their stature and status within the party,” said John Sides, professor of political science at George Washington University and editor-in-chief of The Monkey Cage politics analysis site.

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How much plastic is inside of you?

Six-Decade Plankton Study Charts Rise Of Ocean Plastic Waste (G.)

A trove of data showing when the Atlantic began choking with plastic has been uncovered in the handwritten logbooks of a little-known but doggedly persistent plankton study dating back to the middle of the last century. From fishing twine found in the ocean in the 50s, then a first carrier bag in 1965, it reflects how the marine refuse problem grew from small, largely ignored incidents to become a matter of global concern. The unique dataset, published in Nature Communications, is based on records from the continuous plankton recorder, a torpedo-shaped marine sampling device that has been towed across more than 6.5m nautical miles of ocean over the past 60 years.


Bryozoans, nudibranchs, crabs, and barnacles live on a clear plastic bottle in the ocean. Photograph: Justin Hofman/Greenpeace/PA

Based firstly in Hull, then Edinburgh and Plymouth, the long-running programme was initially designed to collect pelagic plankton, which are an indicator of water quality and also a source of food for whales and other marine life. But the operators have also kept a chart-and-counter track of entanglements that disrupted their work: what snared the equipment, where it happened and when. This has proved a valuable source of data on plastic waste, according to contemporary researchers. “This consistent time series provides some of the earliest records of plastic entanglement, and is the first to confirm a significant increase in open ocean plastics in recent decades,” the paper notes.

The start of the problem was so slow it was barely noticed. The log shows strands of fishing twine found off the east coast of Iceland in 1957, then a carrier bag in waters to the north-west of Ireland eight years later. The paper states this was a couple of years before the first reports of turtles and seabirds becoming ensnared in plastic. Over the following decades the problem grew steadily. In the 50s, 60s and 70s, fewer than 1% of tows were disrupted by entanglements with synthetic materials. By the 90s it was almost 2%, and in the first decade of this century the increase “was of an order of magnitude”, according to the paper. The figure is now hovering somewhere between 3% and 4%.

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Note: if you find yourself agreeing with Carney, and you fail to see the absurdity in this, seek treatment. Carney is a full-time douche. He’s saying going green is a profit opportunity.

Mark Carney Tells Global Banks They Cannot Ignore Climate Change (G.)

The global financial system faces an existential threat from climate change and must take urgent steps to reform, the governors of the Bank of England and France’s central bank have warned, writing in the Guardian. In an article published in the Guardian on Wednesday aimed at the international financial community, Mark Carney, the Bank’s governor, and Villeroy de Galhau, the governor of the Banque de France, said financial regulators, banks and insurers around the world had to “raise the bar” to avoid catastrophe. They said: “As financial policymakers and prudential supervisors we cannot ignore the obvious physical risks before our eyes. Climate change is a global problem, which requires global solutions, in which the whole financial sector has a central role to play.”


The warning comes as concern over the impact of climate change and the lack of urgent action is increasing, reflected in the Extinction Rebellion protests and schoolchildren’s strikes across the world. The heads of two of the world’s most influential central banks urged other financial regulators around the world to carry out climate change stress tests to spot any risks in the system, while also calling for more collaboration between nations on the issue. They warned that a “massive reallocation of capital” was necessary to prevent global warming above the 2°C maximum target set by the Paris climate agreement, with the banking system required to play a pivotal role. “If some companies and industries fail to adjust to this new world, they will fail to exist,” Carney and De Galhau said.

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