Jun 102019
 
 June 10, 2019  Posted by at 9:54 am Finance Tagged with: , , , , , , , , , ,  


Georges Seurat Bathers at Asnières 1884

 

Stupidity, Evil and the Decline of the US (Doug Casey)
The Great Depression: A Real Estate Boom Gone Bust (Vague)
Game Over (Sven Henrich)
ECB Floats Rate Cut Trial Balloon (ZH)
Boris Johnson Pledges Major Tax Cut For Wealthy (Ind.)
Boris Johnson Is ‘Poisoning Our Politics’ – Tory Leadership Rival (Ind.)
Mike Pompeo Tells Jewish Leaders He Would ‘Push Back’ Against Corbyn (G.)
Tulsi Gabbard Pushes No War Agenda – And The Media Is Out To Get Her (SCF)
One Million March In Hong Kong To Protest China Extradition Bill (R.)
Hong Kong Plunged Into Political Crisis (R.)
Boeing 737 Max Seen as ‘Airplane Non Grata’ by Wary Travelers (BBG)
Boeing Used To Getting Its Way, Grip On Congress Is Legendary (Ralph Nader)
Chris Hedges Talks To UN Special Rapporteur About Assange (RT)

 

 

“To the Romans, virtues were things like fortitude, nobility and courage. Those virtues are true to the root of the word. When people think of virtues today they think of faith, hope, charity—which are not related to the word’s root meaning. ”

Stupidity, Evil and the Decline of the US (Doug Casey)

Regrettably, the US is no longer the land of the free and the home of the brave. It’s become the land of whipped and whimpering dogs that roll over on their backs and wet themselves when confronted with authority. Now, why are Americans this way? Let me give you two reasons—though there are many more. First, there’s a simple absence of virtue. Let’s look at the word virtue. It comes from the Latin vir, which means manly, even heroic. To the Romans, virtues were things like fortitude, nobility and courage. Those virtues are true to the root of the word. When people think of virtues today they think of faith, hope, charity—which are not related to the word’s root meaning. These may pass as virtues in a religious sense.

But, outside a Sunday school, they’re actually vices. This deserves a discussion, because I know it will shock many. But I’ll save that for another time. An absence of virtues and the presence of subtle vices is insinuated throughout society. Worse, overt vices like avarice and especially envy are encouraged. Envy, in particular will become a big vice in the years to come. It’s similar to jealousy, but worse. Jealousy says “You have something I want; I’ll try to take it from you”. Envy says “You have something I want. If I can’t take it from you, I’ll destroy it, and hurt you if I can.” Jealousy and envy seem to motivate most Democratic Party presidential candidates. No wonder America is in rapid decline.

A second reason is unsound philosophy. The reigning philosophy in the US used to be based on individualism and personal freedom. It’s now statism and collectivism. But most people don’t think about philosophy—or even have a consistent worldview. More than ever, they do what seems like a good idea at the time. The average American has problems. But his rulers are something else again. Most of the people running the US are either knaves or fools. How do we know if we are dealing with a knave or a fool? In other words, are you dealing with somebody who is evil or just stupid? To give a recent, but classic, example, are you dealing with a Dick Cheney or a George W. Bush? Do you prefer the knavish Obama, or the knavish Biden? The foolish Trump, or the foolish Pence. Not much of a real choice anywhere…

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Excerpt from A Brief History of Doom by Richard Vague.

The Great Depression: A Real Estate Boom Gone Bust (Vague)

Contrary to the explanation found in many histories of the Great Depression, that calamity was a massive real estate boom gone bust. Residential construction more than tripled, and the housing boom was every bit as large as in the Great Recession on a per capita basis. In Manhattan more skyscrapers were built in the late 1920s than during any other comparable span in its history, and the skylines of most major U.S. cities are still testimony to the excesses of that era: “The Great Depression brought a level of misery rarely seen in American history. … [and] was a massive residential and commercial real estate crisis. The financial records of the 1920s, which have largely been overlooked, indelibly show this. During the 1920s, annual housing and commercial real estate construction almost tripled — and nearly all of it was financed by debt.

“This explosion in residential and commercial construction lending, aug≠mented by lending for utilities and stock purchases, created the euphoria of the Roaring Twenties, the jazz age of robust spending and celebration. Com≠panies used the new money from loans to expand and employ more people. “The acceleration in construction resulted in such extensive overbuilding that by the final years of the decade, before the stock market crash, thousands of newly erected office buildings, houses, and apartments sat empty. Office vacancy rates rose, and residential mortgage foreclosures nearly doubled in the final years of the decade.’ As in other cases, this crisis was inevitable be≠fore it was obvious. The only question, and the only area where the president and the Federal Reserve could still have a discretionary impact, was the length and severity of that correction. …

“The iconic structures of American skylines form the silhouette of the Great Depression: New York’s Chrysler Building, Empire State Building, and RCA Building; Chicago’s Merchandise Mart, Wrigley Building, and Tribune Tower; Philadelphia’s PSFS Building; Los Angeles’s City Hall; Dallas’s Cotton Exchange Building; Detroit’s Fischer Building; and Houston’s Gulf Building. These are enduring architectural feats of the 1920s, vestiges of the real estate eruption that came before the fall. Many were speculative projects, unsupported by actual real estate demand; begun toward the end of the 1920s, when loans were still available; and finished after the crash, when lenders had little choice but to make funds available to complete construction or else see their entire loan go bad. None was financially successful for its original investors. They remained partly or largely empty for a decade or more after completion, as would hundreds of others.”

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“Everything every central banker has uttered last year was completely wrong. ”

Game Over (Sven Henrich)

Game over. The grand central bank experiment of the last 10 years has ended in utter and complete failure. The games of cheap money and constant intervention that have brought you record global debt to the tune of $250 trillion and record wealth inequality are about to embark on a new round of peddling blue meth again. Australia has already cut, so has India. The ECB is talking about it, markets are already pricing in multiple Fed cuts. The new global rate cutting cycle begins anew before the last one ever ended. Brace yourselves as no one, absolutely no one, can know how this will turn out. Absolutely staggering. We are witnessing a historic unraveling here. Everything every central banker has uttered last year was completely wrong.


Every projection they made over the last 10 years has been wrong. No wonder Jay Powell wants to toss the dot plot. It’s a public record of failure. Why place confidence in people who are staring at the ruins of the policies they unleashed on the world and are about to unleash again? All the distortions of 10 years of cheap money, debt, wealth inequality, zombie companies, negative debt, TINA, you name it, will all be further exacerbated by hapless and scared central bankers whose only solution to failure is to embark on the same cheap money train again. All under the banner to “extend the business cycle” at all costs. Never asking whether they should nor considering the consequences. But since they are not elected by the people and face zero consequences for failure they don’t have to consider the collateral damage they inflict.

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Take away their powers or else.

ECB Floats Rate Cut Trial Balloon (ZH)

Last week’s non-committal ECB announcement caught markets by surprise, with the Euro jumping despite Mario Draghi’s best attempts to signal further easing even as he hinted at growing “downside risks”, prompting speculation that the ECB may have lost the last shreds of its credibility and leading Rabobank to publish a piece titled “Whatever It Takes” > “Whatever”.” Not used to being spurred by markets, Mario Draghi refused to take such aggression against his legacy quietly – especially as the former Goldman partner is set to retire shortly – and on Sunday, the European Central Bank used its traditional trial balloon conduit, Reuters, which reported that ECB policymakers “are open to cutting the ECB’s policy rate again” if economic growth weakens in the rest of the year and a strong euro hurts a bloc already bearing the brunt of a global trade war, clearly hoping that this jawboning would be sufficient to slam the euro (it wasn’t with the EURUSD basically unchanged from its Friday close).

As a reminder, last Thursday the ECB said that its interest rates would stay “at their present levels” until mid-2020 but President Mario Draghi added rate setters had started a discussion about a possible cut or fresh bond purchases to stimulate inflation. This conflicting message failed to convince some investors, who saw it as too tenuous a commitment to more stimulus, sending the euro rallying to a nearly 3 month high of $1.1347 against the U.S. dollar. So in an attempt to convince the skeptics, Reuters cited its traditionally anonymous “two sources” familiar with the ECB’s policy discussions, who said a rate cut was firmly in play if the bloc’s economy was to stagnate again after expanding by 0.4% in the first quarter of the year.

“If inflation and growth slow, then a rate cut is warranted,” said one of the sources, who requested anonymity because the ECB’s deliberations are confidential. The problem is that no matter what Draghi says, or “floats”, the market is concerned that the ECB is approaching the end of its credible ammo: with the ECB’s deposit rate already negative 40 bps and Germany’s yield hitting all time low. In this context, countering the euro’s strength, rather than lowering already rock-bottom borrowing costs, would be the main reason for a further cut to that deposit rate, one of the sources said.

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Because the Tory members, and they’re wealthy, decide who is the next PM.

Boris Johnson Pledges Major Tax Cut For Wealthy (Ind.)

Boris Johnson has pledged to cut income tax for three million higher earners, in a move that would cost £9.6bn a year. The current frontrunner in the Tory leadership contest said he would raise the threshold for the 40p tax band from £50,000 to £80,000 if he becomes prime minister. The move would be paid for through money currently set aside for no-deal Brexit planning and by rises in National Insurance. Mr Johnson said: “We should be raising thresholds of income tax – so that we help the huge numbers that have been captured in the higher rate by fiscal drag.” But the announcement sparked immediate criticism, including from senior Conservatives.


Nicky Morgan, the chair of the Commons Treasury committee, said: “The question for Boris is why is this a priority when you could be obviously lifting more people out of paying income tax – the lower rate taxpayers – or you could be give people receiving child benefit an extra £15 a week.” And Amber Rudd, the work and pensions secretary, said: “If you want to badge yourself as a One Nation Conservative, you focus on tax cuts and investment in infrastructure to help the lowest paid and the people in most difficulty in all parts of this country. That’s not what he’s doing.”

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Can it be more severely poisoned yet?

Boris Johnson Is ‘Poisoning Our Politics’ – Tory Leadership Rival (Ind.)

Conservative leadership contender Rory Stewart has launched a furious broadside at rival Boris Johnson, accusing the former foreign secretary of not being honest about his Brexit plans and challenging him to rule out suspending parliament to force no deal through. Speaking to The Independent, Mr Stewart said the leadership front-runner was trying to “out-Farage Farage” with an undeliverable plan to renegotiate Theresa May’s withdrawal agreement which was designed to usher in no-deal Brexit but would instead trigger a disastrous general election. And he blasted Johnson’s “swaggering machismo” over Brexit, which he said risked poisoning the UK’s relations with Europe.

The verbal assault came ahead of the formal launch of the contest to replace Ms May at No 10, with the official line-up of candidates to be confirmed after nominations close on Monday. Previously-fancied Michael Gove found his campaign mired in controversy over his admission of past cocaine use, with the environment secretary forced to fend off allegations of hypocrisy and deny having lied on security forms when entering parliament and travelling to the US. He dismissed as “foolish” suggestions that he might be barred from going to the US as prime minister.

Meanwhile, Mr Johnson – who picked up backing from cabinet ministers Chris Grayling and Alun Cairns and former Tory deputy chair James Cleverly – broke his campaign silence with a Sunday Times interview in which he said he would withhold Britain’s £39 billion Brexit divorce bill until Brussels agreed better terms for the UK’s withdrawal from the EU. The threat brought an immediate response from France, where a source close to President Emmanuel Macron said it would be regarded as “a failure of international commitments equivalent to a sovereign debt default” – something that could send the UK’s credit rating tumbling.

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Guess they couldn’t get him with sex smears.

Mike Pompeo Tells Jewish Leaders He Would ‘Push Back’ Against Corbyn (G.)

Labour has accused Donald Trump’s top official, Mike Pompeo, of trying to stop Jeremy Corbyn becoming prime minister, after he was caught on tape telling Jewish leaders that he would “push back” against the party’s leadership. In a recording leaked to the Washington Post, the US secretary of state was asked what he would do if Corbyn were to be elected as prime minister, after sustained criticism over Labour’s handling of accusations of antisemitism within the party. The questioner said: “Would you be willing to work with us to take on actions if life becomes very difficult for Jews in the UK?” In response, Pompeo appeared to suggest that he would seek to intervene in the debate before Corbyn had a chance to become prime minister.

“It could be that Mr Corbyn manages to run the gauntlet and get elected,” he said on the recording. “It’s possible. You should know, we won’t wait for him to do those things to begin to push back. We will do our level best. It’s too risky and too important and too hard once it’s already happened.” A Labour spokesman said: “President Trump and his officials’ attempts to decide who will be Britain’s next prime minister are an entirely unacceptable interference in the UK’s democracy.” He added that the party was “fully committed to the support, defence and celebration of the Jewish community and is implacably opposed to antisemitism in any form”.

Pompeo’s comments emerged after Trump turned down Corbyn’s request for a meeting during his state visit to the UK last week, saying the leader was “somewhat of a negative force”. Corbyn joined protests outside Trump’s press conference with Theresa May, where he pledged to oppose the US president’s drive for greater access for US health companies to NHS contracts. The comments come at a time when Corbyn’s team are nervous about the latest attempts to oust him from within the party over the issues of antisemitism and Brexit, after several senior figures came out in support of a second referendum.

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No sex smears for Tulsi either, but Russia might do.

Tulsi Gabbard Pushes No War Agenda – And The Media Is Out To Get Her (SCF)

Tulsi Gabbard could well be the only genuine antiwar candidate that might truly be electable in the past fifty years, and that is why the war party is out to get her. Two weeks ago, the Daily Beast displayed a headline: “Tulsi Gabbard’s Campaign Is Being Boosted by Putin Apologists.” The article also had a sub-headline: “The Hawaii congresswoman is quickly becoming the top candidate for Democrats who think the Russian leader is misunderstood.” The obvious smear job was picked by ABC’s George Stephanopoulos, television’s best known Hillary Clinton clone, who brought it up in an interview with Gabbard shortly thereafter. He asked whether Gabbard was “softer” on Putin than were some of the other candidates.


Gabbard answered: “It’s unfortunate that you’re citing that article, George, because it’s a whole lot of fake news.” Politico the reported the exchange and wrote: “’Fake news’ is a favorite phrase of President Donald Trump…,” putting the ball back in Tulsi’s court rather than criticizing Stephanopoulos’s pointless question. Soon thereafter CNN produced its own version of Tulsi the Russophile, observing that Gabbard was using a Trump expression to “attack the credibility of negative coverage.” Tulsi responded “Stephanopoulos shamelessly implied that because I oppose going to war with Russia, I’m not a loyal American, but a Putin puppet. It just shows what absurd lengths warmongers in the media will go, to try to destroy the reputation of anyone who dares oppose their warmongering.”

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Impressive crowds.

One Million March In Hong Kong To Protest China Extradition Bill (R.)

Organizers said the turnout outstripped a demonstration in 2003 when 500,000 hit the streets to challenge government plans for tighter national security laws. Those laws were later shelved and a key government official forced to resign. Sunday’s outpouring was already raising the pressure on the administration of Hong Kong Chief Executive Carrie Lam and her official backers in Beijing. “She has to withdraw the bill and resign,” veteran Democratic Party lawmaker James To told crowds outside the city’s parliament and government headquarters on Sunday night. “The whole of Hong Kong is against her.” After To spoke, thousands were still arriving, having started the march five hours earlier, filling four lanes of a major thoroughfare.


Some sat in a nearby park singing “Hallelujah” while police increased their numbers around the area. Lam had yet to comment on the rally. The demonstration capped weeks of growing outrage in the business, diplomatic and legal communities, which fear corrosion of Hong Kong’s legal autonomy and the difficulty of ensuring basic judicial protections in mainland China. The protest descended into violence in the early hours of Monday as several hundred protesters clashed with a similar number of police outside the city’s parliament. Protesters charged police lines to try to force their way into the Legislative Council building, and police charged back, using pepper spray, after warning the protesters. The standoff ended in the early hours of Monday.

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What say you, Xi?

Hong Kong Plunged Into Political Crisis (R.)

Riot police surrounded Hong Kong’s parliament early on Monday after what had been a peaceful million-strong protest against an extradition bill descended into running clashes between police and protesters. Several hundred riot police armed with batons, shields, tear gas guns and pepper spray sealed off the Legislative Council as a similar number of protesters charged their lines shortly after midnight, Reuters witnesses said. Police used batons and fired pepper spray at protesters, who still managed to close off part of a nearby road. Several people on both sides appeared to be injured, and ambulances were called. Metal barriers were left twisted and torn in the clashes.


The Legislative Council is where debates will start on Wednesday to pass a new government bill that will allow suspects wanted in mainland China to be sent across the border for trial. Earlier on Sunday, hundreds of thousands had jammed Hong Kong’s streets to protest the bill in the biggest demonstration in years. Many said they feared it put the city’s vaunted legal independence at risk. The rallies — and the violence — plunge the global financial hub into a fresh political crisis, with marchers and opposition leaders demanding the bill be shelved and that the city’s Beijing-backed Chief Executive Carrie Lam resign. After seven hours of marching, organisers estimated 1,030,000 people took part, far outstripping a demonstration in 2003 when half that number hit the streets to successfully challenge government plans for tighter national security laws.

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“Travelers aren’t merely scared of the 737 Max, they’re terrified of it..”

Boeing 737 Max Seen as ‘Airplane Non Grata’ by Wary Travelers (BBG)

U.S. airlines have their work cut out for them in trying to coax frightened travelers back onto Boeing Co.’s 737 Max once a worldwide grounding ends. At least 20% of U.S. travelers say they will definitely avoid the plane in the first six months after flights resume, according to a study led by consultant Henry Harteveldt. More than 40% said they’d be willing to take pricier or less convenient flights to stay off the Max. A separate UBS Group AG survey found that 70% would hesitate today to book a flight on Boeing’s best-selling jet. “Travelers aren’t merely scared of the 737 Max, they’re terrified of it,” Harteveldt, president of Atmosphere Research Group, said in the report, which was released Tuesday.


“The 737 Max is, for now, an ‘airplane non grata’ — a plane passengers do not want to fly.” The surveys underscore the challenge looming for Boeing as it seeks to regain public trust after two deadly crashes and a global flying ban that’s nearing the three-month mark. Boeing is finalizing a software fix for a flight-control system malfunction linked to the accidents, as well as proposed new pilot training. Regulators in the U.S. and other countries say there’s no timeline for when the plane will resume flights. Only 14% of U.S. passengers would definitely fly on a 737 Max within six months of its return, according to the online study for Atmosphere of 2,000 U.S. airline passengers from April 27 to May 1.

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They have to fire the CEO and many others. Nader is not going away.

Boeing Used To Getting Its Way, Grip On Congress Is Legendary (Ralph Nader)

The Boeing-driven FAA is rushing to unground the notorious prone-to-stall Boeing 737 MAX (that killed 346 innocents in two crashes) before several official investigations are completed. Troubling revelations might keep these planes grounded worldwide. The FAA has a clearly established pro-Boeing bias and will likely allow Boeing to unground the 737 MAX. We must demand that the two top FAA officials resign or recuse themselves from taking any more steps that might endanger the flying public. The two Boeing-indentured men are Acting FAA Administrator Daniel Elwell and Associate FAA Administrator for Aviation Safety Ali Bahrami. Immediately after the crashes, Elwell resisted grounding and echoed Boeing claims that the Boeing 737 MAX was a safe plane despite the deadly crashes in Indonesia and Ethiopia.

Ali Bahrami is known for aggressively pushing the FAA through 2018 to further abdicate its regulatory duties by delegating more safety inspections to Boeing. Bahrami’s actions benefit Boeing and are supported by the company’s toadies in the Congress. Elwell and Bahrami have both acquired much experience by going through the well-known revolving door between the industry and the FAA. They are likely to leave the FAA once again for lucrative positions in the aerospace lobbying or business world. With such prospects, they do not have much ‘skin in the game’ for their pending decision.

[..] Boeing has about 5,000 orders for the 737 MAX. It has delivered less than 400 to the world’s airlines. From its CEO, Dennis Muilenburg to its swarms of Washington lobbyists, law firms, and public relations outfits, Boeing is used to getting its way. Its grip on Congress – where 300 members take campaign cash from Boeing – is legendary. Boeing pays little in federal and Washington state taxes. It fumbles contracts with NASA and the Department of Defense but remains the federal government’s big vendor for lack of competitive alternatives in a highly concentrated industry.

[..] Time is not on the side of the 737 MAX 8. A comprehensive review of the 737 MAX’s problems is a non-starter for Boeing. Boeing’s flawed software and instructions that have kept pilots and airlines in the dark have already been exposed. New whistleblowers and more revelations will emerge. More time may also result in the Justice Department’s operating grand jury issuing some indictments.

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One of Melzer’s many interviews. Where is the UN suppoort for him?

Chris Hedges Talks To UN Special Rapporteur About Assange (RT)

Chris Hedges discusses with UN Special Rapporteur on Torture Nils Melzer the conditions of Julian Assange’s detention, his psychological and physical health as well as the judicial proceedings against the WikiLeaks founder.

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Jan 152017
 
 January 15, 2017  Posted by at 11:28 am Finance Tagged with: , , , , , , , ,  Comments Off on Debt Rattle January 15 2017


John Collier Street Corner, Monday after Pearl Harbor, San Francisco 1941

Trump Team Denies Report Of Meeting With Putin In Iceland (Fox)
Trump is Hand Grenade Thrown by American Working Class Against the System (Sp.)
Americans Overwhelmingly Support Bernie Sanders’ Economic Policies (Salon)
Tulsi Gabbard Has a Bill to Stop the US Arming ISIS (RI)
We Are Getting Worried About Paul Krugman (ZH)
RealVision’s 15 “Killer Charts” For Q1 2017 (ZH)
Aid In Reverse: How Poor Countries Develop Rich Countries (G.)
More Than 100 Refugees Drown As Boat Sinks In Mediterranean (Ind.)

 

 

Something will happen though. And it should.

Trump Team Denies Report Of Meeting With Putin In Iceland (Fox)

President-elect Donald Trump’s incoming press secretary Sean Spicer denied a report from the Sunday Times on Saturday that said Trump was seeking to have a summit with Russian President Vladimir Putin in Iceland. The Sunday Times reported that Trump aides told British officials that Trump plans to meet with Putin on his first foreign trip, possibly in Reykjavik. The paper, citing unidentified sources, reported that Trump plans to begin working out a deal to limit nuclear weapons and that Moscow agreed to the meeting. According to the newspaper, Trump sought to emulate former President Ronald Reagan’s meeting with the Soviet Union’s Mikhail Gorbachev in 1986 that took place in the Icelandic capital. The two met in an effort to work on a major nuclear disbarment treaty at the height of the Cold War. Spicer lashed out at the report on Twitter, calling it “100% false.”

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When left became right.

Trump is Hand Grenade Thrown by American Working Class Against the System (Sp.)

The last year has taught us, with Brexit, the US elections, growing anti-EU sentiment on the continent of Europe, that ignoring national interests, which are more and more often expressed in terms of national culture and identity, is not possible anymore. Will this translate through into the reconstruction of economic protectionism? Professor Steve Keen, from the University of Kingston, an economist and an author answers this question. Are identity and culture the new important subjects in politics? Professor Keen gives an explanatory answer. To him, a progressive form of identity and gender politics and socialist politics have been bedfellows for the past 40 years.

One of the clearest examples is in France, he says, where you have Hollande; a socialist leader imposing austerity whilst talking about progressive attitudes to identity politics. Progressive identity politics has been tainted with the brush of austerity politics imposed by the European Union. The socialists have been sunk by it, with a resurgent Marine Le Pen benefiting from the support of middle aged white farmers, and white workers in America supporting Trump. It was a massive mistake, Professor Keen says, for the ‘left’ to align itself with neoliberal economics and failed economic policies which are now falling apart. The centre left, Professor Keen continues, which has been the mainstream socialist thought for some time are basically saying that we have to get into power, and then make capitalism work better.

This is a complete travesty, because success was only brought about by leveraging unsuccessful economies. They ended up deregulating the financial sector, and the next thing they know, economies come crashing down. There is identification of failed social policy with the failed neoliberal policy. The main sufferers have been what is used to be called the industrial workers, they are now saying that if you can’t protect us, we are going across to the people who might be able to. They might be ugly but they might allow us to throw a political hand grenade into the system to wake up those Americans who have been neglected ideologically by the left and also because they have actually lost their jobs to benefit people in China, as Trump has been arguing.

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Title continues: So how’d we end up here? Interesting question. What happened? Hillary happened.

Americans Overwhelmingly Support Bernie Sanders’ Economic Policies (Salon)

During a CNN town hall held by Sen. Bernie Sanders last Monday, the Vermont senator and progressive icon tried to drive home a point that he has frequently made in the past: There is widespread support for most of the economic policies that he ran on, even if they were often portrayed as radical and divisive by the media. “The overwhelming majority of the American people – including many people who voted for Mr. Trump – support the ideas that we’re talking about,” insisted Sanders. “On many economic issues you would be surprised at how many Americans hold the same views. Very few people believe what the Republican leadership believes now: tax breaks for billionaires and cutting Social Security, Medicare and Medicaid.”

Public polling tends to support his claim. A Gallup survey from last May, for example, revealed that a majority of Americans (58%) support the idea of replacing the Affordable Care Act with a federally funded health care system (including four in 10 Republicans!), while only 22% of Americans say they want Obamacare repealed and don’t want to replace it with a single-payer system. A Kaiser Family Foundation poll from last year had similar results: Almost two-thirds of Americans (64%) had a positive reaction to “Medicare-for-all,” while only a small minority (13%) supported repealing the ACA and replacing it with a Republican alternative. These are surprising numbers when you consider how the Sanders campaign’s “Medicare-for-all” plan was written off by critics as being too extreme.

On other issues, a similar story presents itself. Public Policy Polling (PPP) has found that the vast majority (88%) of voters in Florida, Nevada, Ohio, Pennsylvania and Wisconsin – four crucial swing states, three of which went to Trump this fall – oppose cutting Social Security benefits, while a majority (68%) oppose privatizing Social Security. Similarly, 67% of Americans support requiring high-income earners to pay the payroll tax for all of their income (the cap is currently $118,500), according to a Gallup poll. America’s two other major social programs, Medicare and Medicaid, are also widely supported by Americans, and the vast majority oppose any spending cuts to either. In fact, more Americans support cutting the national defense budget than Medicare or Medicaid. It goes on and on. A majority of Americans, 61%, believe that upper-income earners pay too little in taxes.

A majority of 64% believe that corporations don’t pay their fair share in taxes. Significant majorities believe that wealth distribution is unfair in America, support raising the minimum wage (though perhaps not as high as Sanders would like), and say they are worried about climate change. So a consistent majority of Americans would seem to agree almost across the board with a self-proclaimed democratic socialist and object to the reactionary agenda of congressional Republicans. How, then, did we end up with a Republican-controlled Congress that is dead set on repealing the ACA without a viable replacement (let alone a single-payer type of system supported by the majority); cutting and possibly privatizing Medicare, Social Security and Medicaid; slashing taxes for the wealthiest Americans; and ignoring climate change?

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Go Tulsi.

Tulsi Gabbard Has a Bill to Stop the US Arming ISIS (RI)

FOX’s Tucker Carlson scored another great interview when he spoke to Hawaii’s congresswoman Tulsi Gabbard. Rep. Gabbard talked about her meeting with President-elect Trump some weeks ago to discuss the danger of further neocon escalation of the war in Syria. She has also recently introduced a bill in congress aimed at preventing the US from funding terrorist groups like ISIS in the future. The bill is brilliantly named the “Stop Funding Terrorists Act.” Seems guaranteed to pass – who could possibly justify voting against it to their constituents? Having this on the books would be a useful tool to stop any further terror-funding operations. Something to watch.

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Too good to skip.

We Are Getting Worried About Paul Krugman (ZH)

When a delicate snowflake is suddenly faced with a perceived reality so devastating as to be an existential crisis, the mind's reaction to dealing with this cognitive dissonance can be disabling for some. Certainly for The New York Times' flip-flopping, hate-mongering, fact-twisting, Keynesian poster-boy Paul Krugman it appears coping with "no" is not going well and his tirade last night in Twitter has us gravely concerned for his mental stability, which is ironic given how he began yesterday…

But that was followed quickly by a six-tweet-rant nothing short of what we would expect from a dejected five-year-old who just got denied another scoop of ice cream

Krugman once again blames the ignorance of the deplorable masses (who just don't get what a "fraudster" Trump is) in shunning him and his "know-it-alls", but he has been heading down this hill of manic-depressive lashing out for weeks now having recently suggested Trump will unleash a 9/11-style attack to legitimize his presidency.

Is he hoping to maintain a groundswell of "well, if he is not hitler… he must be worse" thoughts among those so easily led? Still, coming from a man who has prognosticated alien invasions as a global economic growth engine, we are not sure if he is mental situation is improving or deteriorating. We wish him well.

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I picked 3.

RealVision’s 15 “Killer Charts” For Q1 2017 (ZH)

Ranging from the most expensive stock market ever to the dis-similarity in the economic situations facing Donald Trump and Ronald Reagan; and from the excess liquidity driving the price oil to the extraordinarily dangerous growth of credit (debt) relative to GDP, Raoul Pal’s Real Vision has expanded its exceptional services into investment research by publishing the “killer charts” that every market participant should comprehend for the first quarter of 2017…

 

 

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And there are people surprised to see this?! How then do they think we got so rich? Simple: we rape and pillage.

Aid In Reverse: How Poor Countries Develop Rich Countries (G.)

We have long been told a compelling story about the relationship between rich countries and poor countries. The story holds that the rich nations of the OECD give generously of their wealth to the poorer nations of the global south, to help them eradicate poverty and push them up the development ladder. Yes, during colonialism western powers may have enriched themselves by extracting resources and slave labour from their colonies – but that’s all in the past. These days, they give more than $125bn (£102bn) in aid each year – solid evidence of their benevolent goodwill. This story is so widely propagated by the aid industry and the governments of the rich world that we have come to take it for granted. But it may not be as simple as it appears.

The US-based Global Financial Integrity (GFI) and the Centre for Applied Research at the Norwegian School of Economics recently published some fascinating data. They tallied up all of the financial resources that get transferred between rich countries and poor countries each year: not just aid, foreign investment and trade flows (as previous studies have done) but also non-financial transfers such as debt cancellation, unrequited transfers like workers’ remittances, and unrecorded capital flight (more of this later). As far as I am aware, it is the most comprehensive assessment of resource transfers ever undertaken. What they discovered is that the flow of money from rich countries to poor countries pales in comparison to the flow that runs in the other direction.

In 2012, the last year of recorded data, developing countries received a total of $1.3tn, including all aid, investment, and income from abroad. But that same year some $3.3tn flowed out of them. In other words, developing countries sent $2tn more to the rest of the world than they received. If we look at all years since 1980, these net outflows add up to an eye-popping total of $16.3tn – that’s how much money has been drained out of the global south over the past few decades. To get a sense for the scale of this, $16.3tn is roughly the GDP of the United States.

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Checked your account at the karma bank lately?

More Than 100 Refugees Drown As Boat Sinks In Mediterranean (Ind.)

More than 100 refugees have drowned after a boat sank in rough conditions in the Mediterranean Sea as the crisis shows no sign of slowing. The Italian Navy was searching for survivors from the vessel, which was believed to be carrying up to 110 people. Only four survivors were pulled from the water, with at least eight bodies found so far. Flavio Di Giacomo, from the International Organisation for Migration, told The Independent around 106 people were thought to have died and described the conditions at sea as “extremely bad”. The boat went down in waters between Libya and Italy, which has become the deadliest sea crossing in the world since the start of the refugee crisis.It claimed the vast majority of more than 5,000 lives lost in treacherous boat journeys to Europe in 2016, the deadliest year on record, with people drowning or being crushed or suffocated in overcrowded smugglers’ boats.

Saturday’s disaster was the worst single incident so far this year, which has already seen at least 122 deaths at sea. Rescue workers warn that the crisis is showing no sign of slowing in the Central Mediterranean, which has become the main route since the EU-Turkey deal was implemented in March to reduce comparatively shorter and safer crossings over the Aegean Sea. At least 550 refugees were rescued on Friday alone off the coast of Libya, where continuing conflict and lawlessness since the British-backed defeat of Muammar Gaddafi has allowed the smuggling and exploitation of migrants to thrive. Two people were found dead at the bottom of one of the four boats saved and the bodies of four other migrants were found off the coast of Spain. Several asylum seekers have also died in the extreme weather conditions gripping much of Europe in recent weeks.

More than 5,000 refugees were drowned, suffocated or crushed while attempting to cross the Mediterranean and Aegean seas in 2016, making it the deadliest year on record. Many deaths are thought to go unrecorded, with bodies either disappearing or washing up on the shores of Libya, where authorities do not routinely release casualty figures. Some boats are sighted by Italian authorities but disappear before they can be reached by rescue ships. The Unravelling the Mediterranean Migration Crisis (Medmig) project partly blamed Britain and EU nations for rocketing death rates, concluding that the refusal to open up legal routes for those seeking safety in Europe has increased demand for people smuggling on ever more dangerous routes.

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Jan 142017
 
 January 14, 2017  Posted by at 9:53 am Finance Tagged with: , , , , , , , ,  


Arnold Genthe 17th century Iglesia el Carmen, Antigua, Guatemala 1915

Investors Are Bracing For A Massive Stock-Market Selloff (MW)
Trump Suggests He May Drop Russia Sanctions If Moscow ‘Is Helpful’ (G.)
Tucker Carlson and Glenn Greenwald Discuss Deep State War Vs. Trump (ZPN)
As VW Settles, Probes Open Into Fiat, Renault Emissions Test Cheating (BBG)
Senior VW Managers Warned Not To Travel To US (R.)
Tulsi (Midweek)
Generate Your Own Personalized Insulting Trump Tweets (TG)
Deutsche Bank Rejects Claims of ‘Economic Terror’ in Turkey (BBG)
Greek Supreme Court Rules Against Extradition of Turkish Officers (GR)
UNCHR Calls On Greece To Fix ‘Dire’ Situation For Migrants (Kath.)
Refugees, Migrants Dying Of Cold, ‘Dire’ Situation In Greece (R.)
Woman Dies From Superbug Resistant To All Available Antibiotics In US (CBS)

 

 

Trump volatility, sort of like an aftertaste of the Trump effect.

Investors Are Bracing For A Massive Stock-Market Selloff (MW)

If options traders are correct, stocks are in for a wild ride in February. Demand for one-month call options tied to the CBOE Volatility Index, a popular gauge of stock-market volatility, has spiked in the past week, a sign that some are bracing for a sharp downturn following the inauguration of President-elect Donald Trump. In that time, investors have purchased 250,000 VIX call options with a strike price at 21, and another 100,000 with the strike at 22, according to Brian Bier, head of sales and trading at Macro Risk Advisors, an options brokerage. The options cost roughly 49 cents per contract, Bier said. By comparison, the CBOE Volatility Index was at 11.16 in midday trading on Friday as the Dow Jones Industrial Average and the S&P 500 were on track to record modest daily gains. It would take a massive selloff to make these options profitable, Bier said.

Call options represent bets that the level or price of a given asset or index will rise during a given time—in this case, the period between Friday and Feb. 15, when these options expire. Investors frequently use VIX futures and options as a hedge against volatility. That way, if stocks tank, they can offset some of those losses with the profits from their options trades. “Even in the current low volatility environment, we’ve seen a lot of people still looking at the VIX as a hedge,” Bier said. Since the beginning of the year, stock-market volatility has been relatively subdued despite increasing uncertainty surrounding the future direction of fiscal and monetary policy in the U.S. The Daily Shot, a popular market newsletter, illustrates this divergence in the chart below.

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The right thing to say.

Trump Suggests He May Drop Russia Sanctions If Moscow ‘Is Helpful’ (G.)

Donald Trump has suggested he might drop sanctions against Russia and that the communist party rulers in Beijing needed to show good faith on currency and trade practices before he committed to a “One China” policy on Taiwan. In fresh signs that the US president-elect is prepared to reshape longstanding Washington foreign policy, he told the Wall Street Journal that he would keep sanctions against Russia in place “at least for a period of time”. But he added: “If you get along and if Russia is really helping us, why would anybody have sanctions if somebody’s doing some really great things?” Trump’s policy towards Russia is the subject of intense interest in Washington amid a Senate inquiry into allegations that the Kremlin ordered a hacking operation against the Democratic party to help the billionaire politician win the November election.

Trump – who has praised Vladimir Putin for being “very smart” – said he was willing to meet the Russian president in the months after he moves into the White House following his January 20 inauguration. “I understand that they would like to meet, and that’s absolutely fine with me,” he said. Controversy also surrounds the Trump administrations’s attitude towards China, with soon-to-be secretary of state Rex Tillerson warning Beijing this week that China would “not be allowed access” to its artificial islands in the South China Sea. Asked if he supported the “One China” policy on Taiwan that has underpinned US relations with Beijing for decades, Trump said: “Everything is under negotiation including ‘One China’,” the Journal reported.

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Who could have predicted a year ago that the Democrats would fall in love with the CIA, and Tucker and Glenn Greenwald would become friends?

Tucker Carlson and Glenn Greenwald Discuss Deep State War Vs. Trump (ZPN)

Journalist Glenn Greenwald, who is not a fan of President-elect Trump, appeared on Tucker Carlson tonight to discuss the dangerous ongoing effort among powerful anti-Trump factions within the US Government’s “Deep State,” who have collaborated with members of the Democratic Party and the traditionally liberal media to inflict maximum damage on the incoming President. Recall Senate Minority Leader Chuck Schumer’s ominous “six ways from Sunday” comment from 10 days ago. Greenwald, an accomplished litigator, journalist, and author, does a masterful job illustrating the players, motives, and potential fallout from this dangerous effort within the US Government’s intelligence apparatus. Greenwald goes deep, discussing how Trump’s election ruined the plan for regime change in Syria, specifically mentioning, among other things, that the deep state was waiting for Obama to leave office before executing their plan:

“The number one foreign policy priority of the CIA over the last four to five years has been the proxy war they’re waging in Syria to remove Bashar Al Assad – and Hillary Clinton was quite critical of Obama for constraining them. She wanted to escalate that war to unleash the CIA, to impose a no-fly zone in Syria to confront Russia, whereas Trump took the exact opposite position. He said we have no business in Syria trying to change the government, we ought to let the Russia and Assad go free and killing ISIS and Al Quaeda and whoever else they want to kill. He [Trump] was a threat to the CIA’s primary institutional priority of regime change in Syria.

Beyond that, Clinton wanted a much more confrontational and belligerent posture towards Moscow, which the CIA has been acrimonious with for decades, whereas Trump wanted better relations. They viewed Trump as a threat to their institutional pre-eminence to their ability to get their agenda imposed on Washington. What you’re seeing is actually quite dangerous. There really is at this point obvious open warefare between this un-elected, but very powerful faction that resides in Washington and sees Presidents come and go – on the one hand, and the person that the American democracy elected to be elected on the other. There’s clearly extreme conflict and subversion taking place.”

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[Fiat] CEO Sergio Marchionne called the allegations “unadulterated hogwash.”

I said when this broke in late 2015 that it was unpossible that VW’s competitors would not have known. Nobody had succeeded in making ‘clean’ engines’. Then VW claims it has. So the others go out, buy a VW car and take it completely apart, including software. They knew. Simple as that. And some will have used that knowledge.

As VW Settles, Probes Open Into Fiat, Renault Emissions Test Cheating (BBG)

Pressure weighing on the global auto industry for more than a year finally appeared to ease on Wednesday as Volkswagen agreed to $4.3 billion in fines for cheating on emissions tests, largely putting the scandal to rest. Less than a day later, the outlook darkened again as Renault and Fiat Chrysler were hit with similar allegations of violating clean-air regulations. Paris prosecutors, who raided Renault a year ago in an initial emissions investigation, opened a probe into the automaker on Thursday. About the same time, the U.S. Environmental Protection Agency accused Fiat Chrysler of installing software in 104,000 Jeep Grand Cherokees and Ram 1500 pickups that allowed them to exceed pollution limits on the road. The Justice Department also is investigating Fiat Chrysler over its diesel emissions, according to people familiar with the matter, Bloomberg reported Friday.

Both companies denied using software like Volkswagen’s, which was designed to lower emissions to legal limits when it senses the car is being tested and then easing pollution controls on the road to improve performance. Nonetheless, the prospect of a fight with authorities sent shares of the two automakers tumbling. Fiat fell 16% on Thursday before clawing back some of those losses today after CEO Sergio Marchionne called the allegations “unadulterated hogwash.” Renault lost as much as 6% in Paris trading Friday morning, its sharpest drop since June, after word of the probe filtered out. The shares finished the day down 3.2%.

[..] “There will be many more probes,” said Matthias Holweg, a management professor at Oxford University’s Said Business School. “The scope for manipulation is very present for every car company.” Renault, whose biggest shareholder is the French government with a 20% stake, says it hasn’t received any official notification about the latest developments in the probe, which French prosecutors announced in a brief statement on Friday. The company insists its vehicles comply with French and European Union legislation and aren’t equipped with software to cheat on emissions.

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There must be a lot of data on them then.

Senior VW Managers Warned Not To Travel To US (R.)

Senior Volkswagen managers have been warned not to travel to the United States, legal and company sources told Reuters, after six current and former managers were indicted for their role in the German carmaker’s diesel test-cheating scheme. One of the six charged, Oliver Schmidt, was arrested at Miami International Airport on Saturday as he was about to fly home from holiday in Cuba. Schmidt, who is caught up in the “Dieselgate” investigation by the U.S. Department of Justice, was ordered to be charged and held without bail on Thursday pending trial. Under the constitution, German citizens can be extradited only to other European Union countries or to an international court.

But leaving Germany at all could pose a risk of being extradited to the United States from a third country. “Several Volkswagen managers have been advised not to travel to the United States,” one legal adviser to Volkswagen said on condition of anonymity because the matter is confidential. A second legal adviser said this also applied to managers who had not yet been charged with any offense in the United States. “One doesn’t need to test the limits,” the adviser said. Schmidt was among those who had been warned by lawyers working for the company not to travel to the United States, one of the legal sources said.

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I’m still hoping she takes a job with Trump. If only as an antidote to all the hysteria emanating from Washington.

Tulsi (Midweek)

Tulsi Gabbard has had a banner year. She resigned as vice chairwoman of the Democratic National Committee, broke ranks with her colleagues in Hawaii’s congressional delegation by throwing her support to Bernie Sanders rather than Hillary Clinton, drew the largest applause at the Hawaii Democratic Party Convention, and entered the national spotlight by putting Sanders’ name in nomination at the Democratic National Convention in August. But Gabbard wasn’t done. Following Clinton’s loss to Donald Trump in the last half-century’s most vile campaign, she was invited to Trump Tower to meet with the president-elect. Worse in the eyes of some of the bluest of blue Democrats, she accepted the invitation. Gabbard offers no apologies, starting with the Trump meeting.

“He invited me to talk about Syria,” she says. “I’ve been focused on Syria for a long time. It’s a counterproductive regime-change war. “We had an hour-long, very substantive discussion about Syria and the Middle East. On some things we seemed to agree, on others we didn’t. I think the issue provides an opportunity for bipartisanship.” Nor does Gabbard have second thoughts about her support for Sanders. “I don’t make decisions based on political expediency,” she insists. “I supported him because of his positions on the issues, particularly on foreign policy. He opposed destructive regime-change wars, like Iraq and Syria. He called for Wall Street reform, reinstating the Glass-Steagall Act. I thought he was right on trade, opposing the Pacific Partnership that, like NAFTA, undermines our sovereignty.”

Nor to those who feel that, as a woman, she should have been supporting Clinton: “I’m offended that I must think with my gender regarding the candidacy of Hillary Clinton for president. I’m interested in the issues.” For Gabbard, a major in the Hawaii National Guard and veteran of two deployments to the Middle East, “issues of war and peace can’t be dealt with like other issues. I’ve seen firsthand the cost of war, the deaths of fellow soldiers — the billions of dollars spent on regime-change wars that could have been used for our own domestic needs. “That’s why I supported Bernie Sanders. That’s why I took the meeting with Trump. I wanted to share my views on these subjects, to get to him before the neoconservative voices get behind another regime-change war.”

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Some things in life are inevitable.

Generate Your Own Personalized Insulting Trump Tweets (TG)

Have Trump insult your friends!

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The Turkish lira is getting hammered. Erdogan needs scapegoats.

Deutsche Bank Rejects Claims of ‘Economic Terror’ in Turkey (BBG)

Deutsche Bank’s Turkish unit rejected claims by a pro-government newspaper that it’s plotting to undermine the economy, and said it’s “unacceptable” for the lender’s name to be associated with terrorism. The daily Yeni Safak on Thursday reported that Deutsche Bank and other German institutions were attempting “economic terror” against Turkey by recalling loans to companies before their their due dates. It didn’t identify the debtors or the other German institutions. “Claims in the story about calling loans before their maturity and conducting operations in coordination with other institutions are totally groundless,” the lender’s Istanbul-based business said in an e-mailed statement Friday. Deutsche Bank hadn’t been approached for comment before the publication of the article, it said.

President Recep Tayyip Erdogan and his aides often invoke a conspiracy against Turkey by outside powers when the lira declines, saying other nations are jealous of the country’s economic growth under his leadership. On Thursday, Erdogan accused Turkey’s enemies of speculating in the lira and called on Turks to “thwart these games” by selling their holdings in other currencies. Deutsche Bank, which has been in Turkey since 1987, employs 143 people at its Turkish unit, which posted net income of 72.5 million lira ($19.2 million) at the end of 2015, according to its annual report. It’s not the first time that Deutsche Bank has attracted the fury of the Turkish press. In January 2014, the German lender denied local reports that it deliberately drove down shares of a Turkish state-run lender that had been implicated in a corruption scandal.

Deutsche Bank said most of the shares it processed in that episode were owned by its clients, and it wasn’t trading sufficient volumes to affect the company’s share price. More recently, the Frankfurt-based institution figured in a different way in government rhetoric. At the height of the bank’s share slide and capital concerns last September, Yigit Bulut, a chief adviser to Erdogan, said Turkey should consider buying Deutsche Bank. “Some very good companies in the EU are going to fall into trouble and we need to be ready to buy a controlling stake in them,” Bulut wrote on Twitter. “Wouldn’t you be happy to make Germany’s biggest bank into a Turkish Bank!!”

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How to make friends with Erdogan. Politicians can still overrule this, but that’s a slippery slope.

Greek Supreme Court Rules Against Extradition of Turkish Officers (GR)

Supreme Court prosecutor Nikos Pantelis on Friday suggested that the remaining four Turkish army officers who sought asylum in Greece should not be extradited to Turkey. The four Turkish military men are part of a group of eight who fled to Greece after the July 15 failed coup attempt in the neighboring country and request asylum. Earlier in the week, the Supreme Court also ruled against the extradition of the other four. Nikos Pantelis cited the risk of torture and the prospect of an unfair trial in Turkey as the key reasons behind his recommendation that Greek authorities refuse Ankara’s extradition request. Earlier this week, in two separate sessions at the Supreme Court, two other prosecutors also opposed extradition for the other four men, citing the same concerns.

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Question: what is the UNCHR doing to help? Who got paid to winterize the camps but didn’t deliver?

UNCHR Calls On Greece To Fix ‘Dire’ Situation For Migrants (Kath.)

Governments along the Western Balkan route into the European Union must do more to help migrants and refugees who are dying in the cold winter weather rather than just violently push them back from the border, the UN Refugee Agency (UNHCR) said on Friday, adding that the “situation in Greece is dire.” “Children are particularly prone to respiratory illnesses at a time like this,” said UNICEF spokesperson Sarah Crowe at a UN briefing in Geneva, while the UNHCR called for the transfer of some 1,000 people, including children, who are living outdoors in tents with no heating on the island of Samos to shelters on the Greek mainland.

Meanwhile, locals on the island of Lesvos are reportedly dismayed by the presence of the Lesvos, a navy vessel which has become a temporary shelter for just 40 asylum seekers. In a letter to Migration Policy Minister Yiannis Mouzalas, the island’s mayor, Spyros Galinos, called for the transfer of a sizable number of asylum seekers from camps on Lesvos in order to “finally decongest the island.” Galinos accused Mouzalas of transforming the port into a reception center and slammed what he described as the minister’s failed policies which have had “tragic consequences for the island.” Despite the presence of the vessel, migrants at the Moria camp are refusing to move there as they prefer to remain close to the nearby Asylum Service to get information and updates on their applications.

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The deaths of 5-6 human beings have been, let’s say, underreported so far. Wonder why.

Refugees, Migrants Dying Of Cold, ‘Dire’ Situation In Greece (R.)

Refugees and migrants are dying in Europe’s cold snap and governments must do more to help them rather than pushing them back from borders and subjecting them to violence, the U.N. refugee agency UNHCR said on Friday. “Children are particularly prone to respiratory illnesses at a time like this. It’s about saving lives, not about red tape and keeping to bureaucratic arrangements,” Sarah Crowe, a spokeswoman for the U.N. children’s agency UNICEF told a U.N. briefing in Geneva. “The dire situation right now is Greece.” UNHCR spokeswoman Cecile Pouilly cited five deaths so far from cold and said about 1,000 people including children were in unheated tents and dormitories on the Greek island of Samos, calling for them to be transferred to shelter on the mainland.

Hundreds of others had been moved to better accommodation on the islands of Lesbos and Chios in the past few days. In Serbia, about 80% of the 7,300 refugees, asylum seekers and migrants are staying in heated government shelters, but 1,200 men were sleeping rough in informal sites in Belgrade. The bodies of two Iraqi men and a young Somali woman were found close to the Turkish border in Bulgaria and two Somali teenagers were hospitalized with frostbite after five days in a forest, Pouilly said. The body of a young Pakistani man was found along the same border in late December. A 20-year-old Afghan man died after crossing the Evros River on the Greece-Turkey land border at night when temperatures were below -10 degrees Celsius.

The body of a young Pakistani man was found on the Turkish side of the border with Bulgaria. “Given the harsh winter conditions, we are particularly concerned by reports that authorities in all countries along the Western Balkans route continue to push back refugees and migrants from inside their territory to neighboring countries,” Pouilly said. Some refugees and migrants said police subjected them to violence and many said their phones were confiscated or destroyed, preventing them from calling for help, she said. “Some even reported items of clothing being confiscated thus further exposing them to the harsh winter conditions,” she said. “These practices are simply unacceptable and must be stopped.”

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“This is not some future, fantasized armageddon threat..”

Woman Dies From Superbug Resistant To All Available Antibiotics In US (CBS)

A Nevada woman has died from an infection resistant to all available antibiotics in the United States, public health officials report. According to the Centers for Disease Control and Prevention, the woman’s condition was deemed incurable after being tested against 26 different antibiotics. Though this isn’t the first case of pan-resistant bacteria in the U.S., at this time it is still uncommon. Still, experts note that antibiotic resistance is a growing health concern globally and call the newly reported case “a wake up call.” “This is the latest reminder that yes, antibiotic resistance is real,” Dr. James Johnson, a professor specializing in infectious diseases at the University of Minnesota Medical School, told CBS News. “This is not some future, fantasized armageddon threat that maybe will happen after our lifetime. This is now, it’s real, and it’s here.”

According to the report, the woman from Washoe County was in her 70s and had recently returned to America after an extended trip to India. She had been hospitalized there several times before being admitted to an acute care hospital in Nevada in mid-August. Doctors discovered the woman was infected with carbapenem-resistant Enterobacteriaceae (CRE), which is a family of germs that CDC director Dr. Tom Frieden has called “nightmare bacteria” due to the danger it poses for spreading antibiotic resistance. The woman had a specific type of CRE, called Klebsiella pneumoniae, which can lead to a number of illnesses, including pneumonia, blood stream infections, and meningitis. In early September, she developed septic shock and died. The authors of the report highlight the need for doctors and hospitals to ask incoming patients about recent travel and if they have been hospitalized elsewhere.

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