Nov 142019
 November 14, 2019  Posted by at 1:30 pm Primers Tagged with: , , , , , , , , ,  21 Responses »

Rembrandt van Rijn Jeremiah lamenting the destruction of Jerusalem 1630


Watching Day 1 yesterday of the impeachment inquiry that isn’t one, I was thinking about an old children’s game, which is just as useful for adults, in which, in a wide circle of persons, no. 1 tells no. 2 a story, no. 2 tells no. 3, and so forth. If the total numbers of persons in the circle is large enough, it’s certain that the story, if it has enough details, will have changed unrecognizably by, say, no. 20.

That little game is a nice illustration of why you’ve all heard the words “Hearsay, Your Honor” spoken by some lawyer or another in 1000+ movies and TV series. And hearsay was all there was yesterday from “witnesses” Bill Taylor and George Kent. They are both “witnesses” who didn’t witness anything related to the hearing in course and neither ever met or spoke to President Trump, but both claim to know exactly what he was thinking, why he did what he did, and said what he said, based on things they heard from third parties, quite a few of whom remain anonymous.

Little of what they said would therefore be ruled admissible in a court of law. But the House inquiry is not a court of law. It can probably best be compared to a grand jury, a very one-sided format designed to let a prosecutor find and present enough evidence to let a case go to court. If Taylor and Kent had been in a court room, you would have heard “Hearsay, Your Honor” about once in every ten seconds. That gets old fast.

So why do we have this circus going on when it is obvious that round 2 (or 3, if you think the basement hearings were round 1), the Senate trial which must follow if the Dems decide to impeach Trump, has to acquit him because the House based its entire case on hearsay? I don’t know, but perhaps we see some of it in Democrat Rep. Mike Quigley (IL)’s statement: “Hearsay can be much better evidence than direct … and it’s certainly valid in this instance”

Note that Quigley in that little video got shut down very rapidly in his enthusiasm for using hearsay by someone (I can’t see who) saying none of the exceptions he seemed to refer to applied to “this testimony”. And that’s the crux here: courts may have in the past, after much deliberation, allowed hearsay in specific cases, but Quigley tries to make it look as if that is now some general rule, and that is certainly not true.

Before I forget, something that struck me at the start yesterday was how both Adam Schiff and Bill Taylor in their openings emphasized their focus on Russia, while this case is not about that, but about Ukraine. And Russia Russia Russia has been shot down along with Robert Muller in his memorably awful “defense” of his failed report a few months ago.

Schiff’s opening words:

In 2014, Russia invaded a United States ally, Ukraine, to reverse that nation’s embrace of the West, and to fulfill Vladimir Putin’s desire to rebuild a Russian empire. In the following years, thirteen thousand Ukrainians died as they battled superior Russian forces.

There is so much wrong and debatable and leading and what not in just those few words, I don’t even know where to start. I guess perhaps I should be shouting out “Hearsay, Your Honor” at the top of my lungs. Then there’s Taylor:

After his opening statement, Taylor answers questions. He tells committee members: “If we withdraw or suspend or threaten to withdraw our security assistance” to Ukraine, it sends a “message to Ukrainians, but its just as important to the Russians who are looking for any sign of weakness”. “That affects us” he adds. It affects the world that we live in; that our children and grandchildren will grow up in,” he adds, appearing to become emotional. “Ukraine is on the front line of that conflict,” he concludes.

These statements are important because they tell us that Schiff and Taylor both see the world through the same glasses. The Russians are looking for signs of US weakness that they can use to advance their grand plan to (re) build a grand empire. That comes with the idea that the US didn’t cause the mayhem in Ukraine in 2014 with their coup, no, it was Russia which reacted so it wouldn’t lose its only warm water port.


Back to the hearing. Taylor said it was his “clear understanding” that President Trump withheld military aid to Ukraine until the Bidens and other matters were investigated. At the very least there is no proof of that. It’s much more likely from what we know today that Ukraine didn’t know Trump withheld the aid until after the July 25 phone call this whole thing rests on. It was suggested yesterday that they didn’t know until the end of August, but I’ve seen people claim that they knew a few weeks earlier. But Zelensky didn’t know on July 25, that we can agree on.

And anyway, this is merely Taylor’s opinion. Based on hearsay. Based on what some guy told him some other guy told him etc etc. And though Taylor never met Trump, the very idea of withholding aid to one of the most corrupt nations on the planet scares the heebees out of him because Russia Russia Russia.

Taylor is a career diplomat who has bought hook line and sinker into established US policy in the region, and who will defend it until his dying breath. And if that means going against the president of the country he allegedly serves, who has every right to rebalance that policy, Taylor will do it. That is what he was saying.

Taylor came close to matching Mueller’s uber-bumbling performance the other day, though he didn’t quite get there. Kent was not quite that bad, but he’s in the same camp, the same career field, and the same deep state, FBI-CIA controlled policy-making no matter who gets elected president. And looking at Bill Taylor, how can one not question the wisdom of people like him making decisions on matters such as that?

Republican counsel Steve Castor started off strong, at least from what I saw, but seemed to fizzle out a little because he became lost in his own one question every five seconds model. Perhaps it was the format, maximum time limits etc., which you don’t have in a courtroom. Jim Jordan did well, he just got named to the committee, but he could have been more effective as well. Still, this part was strong:

You didn’t listen in on President Trump & Zelensky’s call?

Taylor: I did not.

Jordan: You’ve never talked with Chief of Staff Mulvaney?

Taylor: I never did.

Jordan: You’ve never met the President?

Taylor: That’s correct.

Jordan: And you’re their star witness.

All in all, if you thought yesterday was a good day for the Democrats, for the inquiry, or for Adam Schiff, you really need to check a few fundamental issues. All Schiff managed to bring to the table was hearsay. And it’s only because of the grand jury-like format that he even gets to start day 2. No judge would have let him. But there is no judge, and there is no jury. There’s only an executioner.

PS I found this thing from the BBC intriguing and illustrative:

Bill Taylor, the acting US ambassador to Ukraine, said a member of his staff was told Mr Trump was preoccupied with pushing for a probe into Mr Biden. He was speaking at the first public hearings in the impeachment inquiry.

[..] During a detailed opening statement, Mr Taylor said a member of his staff had overheard a telephone call in which the president inquired about “the investigations” into Mr Biden. The call was with Gordon Sondland, the US ambassador to the European Union, who reportedly told the president over the phone from a restaurant in Kyiv that “the Ukrainians were ready to move forward”. After the call, the staff member “asked ambassador Sondland what President Trump thought about Ukraine”, Mr Taylor said. Mr Taylor said: “Ambassador Sondland responded that President Trump cares more about the investigations of Biden.”

First, it argues that a member of Taylor’s staff was told something by a third party, but later it changes to him/her hearing the president “live”. Albeit through an allegedly private phone call in which Trump may have sounded a bit loud. You want to impeach your president on the basis of a maybe overheard phone call that someone told you someone told someone else about?

By the way, that phone call allegedly was between Trump and Gordon Sondland, hotelier cum US ambassador to the EU, the same person who testified in the famous Schiff basement and whose laywer at some point contested Taylor’s statements about what Sondland told him, after which the latter went back to the basement to change his testimony. He said she said but then he said and then she said and so on.

What’s on the schedule for the circus today, is it the clowns or the elephants? I may take a day off. We have weeks more of this. And already I have no idea left of who told whom what.


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Oct 182019
 October 18, 2019  Posted by at 9:10 am Finance Tagged with: , , , , , , , , , , , , ,  9 Responses »

Salvador Dali The three pines 1919


McConnell: Senate Impeachment Trial ‘As Soon As Thanksgiving’ (ZH)
Trump Florida Golf Course To Host G7 Summit (BBC)
Turkey To Suspend Syria Offensive, Mike Pence Announces (BBC)
Washington is Wrong Once Again – Kurds Join Assad to Defend Syria (Ron Paul)
Media And Pundits Misread The ‘Everyone Wins’ Plan For Syria (MoA)
UK Agrees To Best Of Worst Possible Brexit Deals (MW)
EU Leaves Door Open To Brexit Extension, In Blow To Boris Johnson (G.)
UK MPs Win Bid To Vote On 2nd Brexit Referendum In Saturday Showdown (Ind.)
How Slashing Pentagon Budget Could Pay for Medicare for All (Conley)
Going Dutch? Low Interest Rates Rattle ‘World’s Best’ Pension System (R.)



And you thought you had seen absurd theater so far… Biden and Comey and Strzok testifying. Hillary?! Wasserman-Schultz?

“’d have basically Thanksgiving to Christmas — which would be wonderful because there’s no deadline in the world like the next break to motivate senators..”

McConnell: Senate Impeachment Trial ‘As Soon As Thanksgiving’ (ZH)

Senate Majority Leader Mitch McConnell (R-KY) told Republican Senators on Wednesday to prepare for an impeachment trial of President Trump as soon as Thanksgiving, according to the Boston Globe. The announcement comes as House Democrats roll the dice on a second-hand claim from a CIA ‘whistleblower’ that President Trump pressured Ukraine’s president to investigate former VP Joe Biden – who the whistleblower worked for – and Biden’s son Hunter [..] .. while Trump will almost certainly be impeached by the Democrat-controlled House, the GOP-controlled Senate will be able to pick apart the entire affair.

“In their closed-door weekly luncheon, McConnell gave a presentation about the impeachment process and fielded questions alongside his staff and Senate Judiciary Committee Chairman Lindsey Graham, Republican of South Carolina, who was a manager for the 1998 impeachment of President Bill Clinton. “Impeachment is the first step to remove a president, with the House voting on formal charges and the Senate holding a trial in which it either convicts or acquits him. -Boston Globe “There’s sort of a planned expectation that it would be sometime around Thanksgiving, so you’d have basically Thanksgiving to Christmas — which would be wonderful because there’s no deadline in the world like the next break to motivate senators,” said Sen. Kevin Cramer (R-ND) following the meeting.

McConnell has previously said that if the House impeaches Trump, Senate rules would force him to begin a trial – one which could force the Bidens to testify. “Not only could Mr. Biden be forced to be in D.C. at a critical moment in the presidential campaign, but so could many of his chief rivals — the half-dozen senators also vying for Democrats’ presidential nomination, impeachment experts said. For that matter, if the House chooses to impeach Mr. Trump on charges stemming from the special counsel’s Russia investigation, aides said it could open the door to witnesses such as fired FBI Agent Peter Strzok or even major figures from the Obama administration. Mr. Trump could even be present for the entire spectacle. Experts said the Senate would have a hard time refusing him if he demanded to confront the witnesses against him.” -Washington Times

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Uber trolling.

Trump Florida Golf Course To Host G7 Summit (BBC)

One of President Donald Trump’s golf resorts in Florida will host the G7 summit next June, the White House says. White House chief of staff Mick Mulvaney denied President Trump would profit from the event. The aide said “Donald Trump’s brand is probably strong enough as it is”, so he did not need a branding boost. Mr Trump has previously said he is not involved with the daily operations of the Trump Organization and that his sons run the business. Mr Mulvaney told reporters on Thursday that an advance team of scouts had started with a list of possible locations for the summit in about a dozen states. The team, he said, went to visit the venues in California, Colorado, Hawaii, Florida, North Carolina, Michigan, Tennessee and Utah.

“And it became apparent at the end of that process that Doral was by far and away, far and away, the best physical facility for this meeting. “In fact I was talking to one of the advance teams when they came back and I said, ‘What was it like?’ And they said, ‘You’re not going to believe this but it’s almost like they built this facility to host this type of event.'” The chief of staff said the event would be made available “at cost” and that using the Doral would save millions of dollars and was cheaper than the other potential sites. Earlier this year the US president floated the idea of his Doral property hosting the G7. But Mr Mulvaney denied on Thursday that his boss was profiting from the presidency, pointing out that he donates his salary to charity.

“It’s the most recognisable name in the English language [Trump] and probably around the world right now, so no, that has nothing to do with that,” he said. Mr Mulvaney said he had initially been sceptical about the idea and “aware of the political sort of criticism that we’d come under for doing it at Doral”. He added: “I get the criticisms, so does he. Basically, he’d be criticised regardless of what he’d chose to do, but no there’s no issue here on him profiting from this any way, shape or form.”

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120 hours. Followed by a ceasefire.

Turkey To Suspend Syria Offensive, Mike Pence Announces (BBC)

Turkey has agreed to a ceasefire in northern Syria to let Kurdish-led forces withdraw, US Vice-President Mike Pence has announced. All military operations will be paused for five days, and the US will help facilitate an “orderly withdrawal” of Kurdish-led troops from what Turkey has termed a “safe zone” on the border. Turkey launched its assault last week. It aimed to repel a Kurdish militia that it views as a terrorist group, and resettle Syrian refugees in the area. Critics fear this could lead to ethnic cleansing of the local Kurdish population.

The cross-border offensive came after US President Donald Trump pulled US forces out of the border region. His decision prompted a raft of criticism at home and abroad, with some accusing him of giving Turkish President Recep Tayyip Erdogan a “green light” for the operation. Mr Trump tweeted about the ceasefire before Mr Pence announced it, writing that “millions of lives will be saved!” Mr Pence thanked Donald Trump’s “strong leadership” during the announcement. “He wanted a ceasefire. He wanted to stop the violence,” the vice-president said.

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It’s obvious where Ron Paul stands, he always has: The best way to help the Kurds and everyone else in the region is to just come home.

Washington is Wrong Once Again – Kurds Join Assad to Defend Syria (Ron Paul)

When President Trump Tweeted last week that “it is time for us to get out of these ridiculous endless wars,” adding that the US would be withdrawing from Syria, Washington went into a panic. Suddenly Republicans, Democrats, the media, the think tanks, and the war industry all discovered and quickly became experts on “the Kurds,” who we were told were an “ally” being sent to their slaughter by an ignorant President Trump. But it was all just another bipartisan ploy to keep the “forever war” gravy train rolling through the Beltway. Interventionists will do anything to prevent US troops from ever coming home, and their favorite tactic is promoting “mission creep.”

As President Trump Tweeted, we were told in 2014 by President Obama that the US military would go into Syria for just 30 days to save the Yazidi minority that they claimed were threatened. Then that mission crept into “we must fight ISIS” and so the US military continued to illegally occupy and bomb Syria for five more years. Even though it was the Syrian army with its Russian and Iranian allies that did the bulk of the fighting against al-Qaeda and ISIS in Syria, President Trump took credit and called for the troops to come home. But when the military comes home, the military-industrial-Congressional-media complex loses its cash cow, so a new rationale had to be invented.

The latest “mission creep” was that we had to stay in Syria to save our “allies” the Kurds. All of a sudden our military presence in Syria was not about fighting terrorism but rather about putting US troops between our NATO ally Turkey and our proxy fighting force, the Kurds. Do they really want us to believe that it is “pro-American” for our troops to fight and die refereeing a long-standing dispute between the Turks and Kurds?

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Moon of Alabama is the first I’ve seen mention that the YPG “will be disbanded and integrated into the Syrian army.”

As I wrote a few days ago in Trump Talks To Putin. But How?, this whole thing has been planned and co-ordinated, much more than western media report.

Media And Pundits Misread The ‘Everyone Wins’ Plan For Syria (MoA)

The U.S. media get yesterday’s talks between U.S. Vice President Mike Pence and the Turkish President Recep Tayyip Erdogan all wrong. Those talks were just a show to soothe the criticism against President Donald Trump’s decision to withdraw U.S. troops from northeast Syria. The fake negotiations did not change the larger win-win-win-win plan or the facts on the ground. The Syrian Arab Army is replacing the Kurdish PKK/YPG troops at the border with Turkey. The armed PKK/YPG forces, which had deceivingly renamed themselves (vid) “Syrian Democratic Forces” to win U.S. support, will be disbanded and integrated into the Syrian army. Those moves are sufficient to give Turkey the security guarantees it needs. They will prevent any further Turkish invasion.

[..] The U.S. can not “allow Turkey to annex a portion of Syria”. The U.S. does not own Syria. It is completely bollocks to think that it has the power to allow Turkey to annex parts of it. Turkey will not “gain territory”. There will be no Turkish “security corridor”. The Kurdish civilians in Kobani, Ras al Ain and Qamishli areas will not go anywhere. The Turks will not touch those Kurdish majority areas because they are, or soon will be, under control of the Syrian government and its army. [..] The Turkish Foreign Minister Cavusoglu confirmed that Turkey agrees with the Syrian government moves: “Russia “promised that the PKK or YPG will not be on the other side of the border,” Cavusoglu said in an interview with the BBC. “If Russia, accompanied by the Syrian army, removes YPG elements from the region, we will not oppose this.”

These moves have been planned all along. The Turkish invasion in northeast Syria was designed to give Trump a reason to withdraw U.S. troops. It was designed to push the Kurdish forces to finally submit to the Syrian government. Behind the scene Russia had already organized the replacement of the Kurdish forces with Syrian government troops. It has coordinated the Syrian army moves with the U.S. military. Turkey had agreed that Syrian government control would be sufficient to alleviate its concern about a Kurdish guerilla and a Kurdish proto-state at its border. Any further Turkish invasion of Syria is thereby unnecessary. The plan has everyone winning. Turkey will be free of a Kurdish threat. Syria regains its territory. The U.S. can leave without further trouble. Russia and Iran gain standing. The Kurds get taken care of.

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“Boris Johnson has signed a deal he said he didn’t need, creating a border he didn’t want, under the authority of a Court he didn’t accept, to be submitted to a Parliament he doesn’t control. ”

UK Agrees To Best Of Worst Possible Brexit Deals (MW)

Boris Johnson has signed a deal he said he didn’t need, creating a border he didn’t want, under the authority of a Court he didn’t accept, to be submitted to a Parliament he doesn’t control. The one “great” thing about the agreement with the European Union that the U.K. prime minister hailed Thursday is that it reduces – if slightly – the possibility of a hard Brexit, and the associated foreseeable economic crisis. But beyond the forex market’s obvious relief at the possible end of three years of uncertainty — the pound jumped almost 1% on the news, before reversing — this is still a deal that will hurt the British economy. On a scale of 1 to 10 — from no-pain, remain in the EU to maximum damage, no-deal Brexit — the agreement concluded just a few hours before an EU leaders summit in Brussels registers as an 8 or 9.

Its economic impact will be worse than the deal negotiated by Johnson’s predecessor Theresa May and rejected three times by the U.K. Parliament earlier this year. That is true both in the short term and in the long term. In the short term, it leaves the U.K. outside the customs union where it would have stayed under the infamous “backstop” negotiated by the previous government. But more uncertainty is also hanging over the near term economic future. The dearth of investment in the last three years has been the main drag on the U.K. economy, which explains why the country’s GDP is now 1-to-3% lower than it would have been if voters had opted for remain in 2016.

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People are pressed to vote for a deal they don’t want. Is that really such a good idea?

EU Leaves Door Open To Brexit Extension, In Blow To Boris Johnson (G.)

EU leaders have left open the option of extending Brexit beyond 31 October if the new deal is voted down by the Commons, in a blow to Boris Johnson’s strategy. The prime minister had been seeking to pitch Saturday’s vote in the Commons as a choice between deal or no deal after coming to an agreement with the EU. Johnson was helped by comments from Jean-Claude Juncker casting doubt on the possibility of a further Brexit delay, but the heads of state and government did not follow the European commission president’s lead. A summit communique issued after two hours of discussion tasked the commission and European parliament with taking “the necessary steps to ensure that the agreement can enter into force on November 1”.

But a senior EU official said that the leaders would follow events on Saturday, and reflect on the next steps if they were in a “different situation”. A second diplomatic source said they had chosen not to interfere in a “sensitive domestic debate … but they leave the door open to the possibility of an extension, to be discussed at a later stage – if required”. Johnson is facing an uphill battle to build a majority after the Northern Irish Democratic Unionist party rejected the revised deal, describing it as driving “a coach and horses through the professed sanctity of the Belfast agreement”. Juncker had tried to help sell the deal by pouring doubt on a further Brexit extension in the event of it being rejected.

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So even if the deal is accepted, it may still not be?

UK MPs Win Bid To Vote On 2nd Brexit Referendum In Saturday Showdown (Ind.)

MPs have won a key parliamentary vote paving the way for a Commons bid to secure a second referendum on Saturday. Ex-Tory backbencher Sir Oliver Letwin led a successful attempt to allow backbench MPs to amend Boris Johnson’s Brexit plans, in a knife-edge vote that passed by 287 votes to 275. MPs also approved a rare Saturday sitting to scrutinise Mr Johnson’s new plan – but the government’s proposal for a short debate on a motion to either “approve the deal or approve a no-deal Brexit” were derailed by the backbench victory. The move now clears the way for pro-EU MPs to force a vote on a second referendum, by tacking on an amendment calling for another public vote on the prime minister’s Brexit blueprint.

Sir Oliver said the plan would allow MPs to move any amendment to the government’s proposal and for them to be voted upon, if selected by Speaker John Bercow. He suggested that it could close a loophole in the so-called Benn Act – which requires the PM to seek a Brexit delay if he does not have a deal by 19 October. The law only compels the PM to seek an extension if MPs fail to pass a motion. Sir Oliver told MPs: “That will enable those of us, like me, who wish to support and carry through and eventually see the ratification of this deal, not to put us in the position of allowing the government off the Benn Act hook on Saturday, but only at a time when the bill has been taken through both Houses of Parliament and legislated on.”

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A discussion you won’t be able to escape. It might be good to get the terminology straight. I think Tucker Carlson called Medicare for All pure socialism, but that would mean Canada, the UK, most of Europe and Asian countries like Thailand all pure socialist countries. Hard to maintain.

How Slashing Pentagon Budget Could Pay for Medicare for All (Conley)

The Institute for Policy Studies on Thursday shared the results of extensive research into how the $750 billion U.S. military budget could be significantly slashed, freeing up annual funding to cover the cost of Medicare for All—calling into question the notion that the program needs to create any tax burden whatsoever for working families. Lindsay Koshgarian, director of the National Priorities Project at the Institute for Policy Studies (IPS), took aim in a New York Timesop-ed at a “chorus of scolds” from both sides of the aisle who say that raising middle class taxes is the only way to pay for Medicare for All. The pervasive claim was a primary focus of Tuesday night’s debate, while Medicare for All proponents Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) attempted to focus on the dire need for a universal healthcare program.

At the Democratic presidential primary debate on CNN Tuesday night, Sen. Elizabeth Warren (D-Mass.) was criticized by some opponents for saying that “costs will go down for hardworking, middle-class families” under Medicare for All, without using the word “taxes.” Sen. Bernie Sanders (I-Vt.), on the other hand, clearly stated that taxes may go up for some middle class families but pointed out that the increase would be more than offset by the fact that they’ll no longer have to pay monthly premiums, deductibles, and other medical costs. “All these ambitious policies of course will come with a hefty price tag,” wrote Koshgarian. “Proposals to fund Medicare for All have focused on raising taxes. But what if we could imagine another way entirely?”

“Over 18 years, the United States has spent $4.9 trillion on wars, with only more intractable violence in the Middle East and beyond to show for it,” she added. “That’s nearly the $300 billion per year over the current system that is estimated to cover Medicare for All (though estimates vary).” “While we can’t un-spend that $4.9 trillion,” Koshgarian continued, “imagine if we could make different choices for the next 20 years.”

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The state of denial. Pensions funds have all moved into risk assets, so if stocks start falling, it’s over and out. Moreover, there will be far more elderly people soon vs the young, which will reduce contributions enormously while increasing payouts. At least try some realism. Zero interest rates klill pensions. Period.

Going Dutch? Low Interest Rates Rattle ‘World’s Best’ Pension System (R.)

The planned reductions, due to take effect from January 2020, have shaken a country renowned for having one of the world’s strongest pension systems, and are an early warning to others about the impact of record low interest rates. [..] The European Central Bank’s (ECB) stimulus policies, which have helped drive interest rates into negative territory, are blamed in part for the impending cuts in the Netherlands and have triggered a fierce debate over how the funding of pensions should be calculated. ECB President Mario Draghi said last month that the central bank was “very concerned” about the side effects of negative rates, but maintained they were required for economic growth.

At the heart of the Dutch debate is a technical question over how to calculate the cost of future pension payouts while the ECB helps keep rates low. Actuaries make assumptions about how long pensioners will live, count up the future payments that have been promised to them and then use an assumed interest rate to “discount” how much must be put away to pay them. The lower this interest rate, “rekenrente” in Dutch, the more conservative the accounting, and the more it costs to meet future liabilities. The rekenrente is derived from government bond yields — which have turned negative across Europe as interest rates steadily fell this summer.

Each 1% fall in interest rates has led to roughly a 12% fall in the coverage ratio between assets and liabilities in pension pots, the Dutch central bank says. As a January deadline approaches, cuts appear inevitable. That has led several funds and some experts to argue that the rekenrente, which is around 0.3%, should be raised instead. Many blame ECB policy and see its effects as temporary. Increasing the rekenrente to 2% or 3% would restore the funds to full solvency. Corien Wortmann-Kool, the chairwoman of the 456 billion euro ABP civil servants fund, told Reuters she opposes pension cuts as “unnecessary” for now.

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